Did you Know???
FLORIDA NO. 2 FOR NEW RESIDENTS
About 40 million Americans move each year, and Florida is the No. 2 spot for relocation, second only to California, according to a survey conducted by Relocation.com. The survey finds that 19 percent of those relocating went from owning their own homes to renting, with only 15 percent shifting the other way. Only 14 percent of the 1,237 respondents owned their previous residence and moved to a newly purchased home, and the majority (52 percent) went from one rental situation to another. The survey shows that most people relocate for a new job, a transfer within their current job or to seek a new lifestyle, including retirement. About half the moves were from one state to another. Two-thirds moved more than 100 miles and 54 percent moved more than 500 miles away. California is the number one destination state with 6 percent of the total sample moving there from another state, while 5 percent of all relocations move to Florida, followed by Texas (4 percent), New York (3 percent) and Georgia (2 percent).
Friday, June 20, 2008
Thursday, June 19, 2008
Florida’s strong population growth boosts demand for housing!
As one of the fastest growing states in the nation, Florida’s population is expected to increase by 325,000 in 2008, spurring demand for working-age and retirement housing.
“Florida remains a prime destination for workers seeking new jobs and for the growing wave of baby boomers,” said economist Hank Fishkind, president of Fishkind & Associates in Orlando. “However, a slower national economy means that 2008 growth will be somewhat below the levels seen during the recent boom years.”
Fishkind’s analysis of demographic data indicates Florida enjoyed a net population growth of 350,000 each year from 2000 to 2006. That includes about 203,000 people who moved to Florida from other states, about 107,000 migrants from foreign countries and about 47,000 from natural increase (total births minus total deaths).
“It’s important to note that this is net growth,” added Fishkind. “The actual number of people who move to Florida each year is far greater.” On the domestic side, the strongest “sending” states are New York, New Jersey, Illinois, Ohio, Pennsylvania, Georgia, Michigan and California. Among top foreign countries are Venezuela, Puerto Rico, the United Kingdom and Canada.
“Florida has a long history of population growth regardless of the nation’s economic cycle,” said Nancy Riley, a broker with Coldwell Banker Residential Real Estate in Pinellas County and the 2007 president of the Florida Association of Realtors® (FAR). She added that Florida has been one of the top ten fastest growing states for seven decades in a row, exceeding the U.S. average by 100 percent since 1970.
In fact, the U.S. Census Bureau projects that in 2010 Florida will surpass New York and become the nation's third most populous state. By 2030, the Census Bureau projects the state’s population will reach 28.6 million, an increase of 12.7 million since 2000.
One reason for that growth is that the state’s highly diversified economy continues to attract jobs in tourism, technology, international trade and business services. That brings in individuals, couples and families in their 20s to 50s, primarily to Florida’s larger metropolitan areas.
In addition, Florida traditionally captures a large share of the domestic retiree market, ranging from highly affluent entrepreneurs and executives to moderate-income couples seeking a warm-weather destination with plenty of recreational opportunities.
According to the Census Bureau, there are 76 million baby boomers born between 1946 and 1964. If only 5 percent retire to Florida, that alone would add 3.8 million new residents.
International buyers provide a third stream of migration into Florida, including working-age professionals, retirees and affluent second-home buyers.
As Riley said, “The bottom line is that more than 900 people move to Florida every day. That provides a solid foundation for our state’s residential real estate market.”
As one of the fastest growing states in the nation, Florida’s population is expected to increase by 325,000 in 2008, spurring demand for working-age and retirement housing.
“Florida remains a prime destination for workers seeking new jobs and for the growing wave of baby boomers,” said economist Hank Fishkind, president of Fishkind & Associates in Orlando. “However, a slower national economy means that 2008 growth will be somewhat below the levels seen during the recent boom years.”
Fishkind’s analysis of demographic data indicates Florida enjoyed a net population growth of 350,000 each year from 2000 to 2006. That includes about 203,000 people who moved to Florida from other states, about 107,000 migrants from foreign countries and about 47,000 from natural increase (total births minus total deaths).
“It’s important to note that this is net growth,” added Fishkind. “The actual number of people who move to Florida each year is far greater.” On the domestic side, the strongest “sending” states are New York, New Jersey, Illinois, Ohio, Pennsylvania, Georgia, Michigan and California. Among top foreign countries are Venezuela, Puerto Rico, the United Kingdom and Canada.
“Florida has a long history of population growth regardless of the nation’s economic cycle,” said Nancy Riley, a broker with Coldwell Banker Residential Real Estate in Pinellas County and the 2007 president of the Florida Association of Realtors® (FAR). She added that Florida has been one of the top ten fastest growing states for seven decades in a row, exceeding the U.S. average by 100 percent since 1970.
In fact, the U.S. Census Bureau projects that in 2010 Florida will surpass New York and become the nation's third most populous state. By 2030, the Census Bureau projects the state’s population will reach 28.6 million, an increase of 12.7 million since 2000.
One reason for that growth is that the state’s highly diversified economy continues to attract jobs in tourism, technology, international trade and business services. That brings in individuals, couples and families in their 20s to 50s, primarily to Florida’s larger metropolitan areas.
In addition, Florida traditionally captures a large share of the domestic retiree market, ranging from highly affluent entrepreneurs and executives to moderate-income couples seeking a warm-weather destination with plenty of recreational opportunities.
According to the Census Bureau, there are 76 million baby boomers born between 1946 and 1964. If only 5 percent retire to Florida, that alone would add 3.8 million new residents.
International buyers provide a third stream of migration into Florida, including working-age professionals, retirees and affluent second-home buyers.
As Riley said, “The bottom line is that more than 900 people move to Florida every day. That provides a solid foundation for our state’s residential real estate market.”
Florida’s strong population growth boosts demand for housing
As one of the fastest growing states in the nation, Florida’s population is expected to increase by 325,000 in 2008, spurring demand for working-age and retirement housing.
“Florida remains a prime destination for workers seeking new jobs and for the growing wave of baby boomers,” said economist Hank Fishkind, president of Fishkind & Associates in Orlando. “However, a slower national economy means that 2008 growth will be somewhat below the levels seen during the recent boom years.”
Fishkind’s analysis of demographic data indicates Florida enjoyed a net population growth of 350,000 each year from 2000 to 2006. That includes about 203,000 people who moved to Florida from other states, about 107,000 migrants from foreign countries and about 47,000 from natural increase (total births minus total deaths).
“It’s important to note that this is net growth,” added Fishkind. “The actual number of people who move to Florida each year is far greater.”
On the domestic side, the strongest “sending” states are New York, New Jersey, Illinois, Ohio, Pennsylvania, Georgia, Michigan and California. Among top foreign countries are Venezuela, Puerto Rico, the United Kingdom and Canada.
“Florida has a long history of population growth regardless of the nation’s economic cycle,” said Nancy Riley, a broker with Coldwell Banker Residential Real Estate in Pinellas County and the 2007 president of the Florida Association of Realtors® (FAR). She added that Florida has been one of the top ten fastest growing states for seven decades in a row, exceeding the U.S. average by 100 percent since 1970.
In fact, the U.S. Census Bureau projects that in 2010 Florida will surpass New York and become the nation's third most populous state. By 2030, the Census Bureau projects the state’s population will reach 28.6 million, an increase of 12.7 million since 2000.
One reason for that growth is that the state’s highly diversified economy continues to attract jobs in tourism, technology, international trade and business services. That brings in individuals, couples and families in their 20s to 50s, primarily to Florida’s larger metropolitan areas.
In addition, Florida traditionally captures a large share of the domestic retiree market, ranging from highly affluent entrepreneurs and executives to moderate-income couples seeking a warm-weather destination with plenty of recreational opportunities.
According to the Census Bureau, there are 76 million baby boomers born between 1946 and 1964. If only 5 percent retire to Florida, that alone would add 3.8 million new residents.
International buyers provide a third stream of migration into Florida, including working-age professionals, retirees and affluent second-home buyers.
As Riley said, “The bottom line is that more than 900 people move to Florida every day. That provides a solid foundation for our state’s residential real estate market.”
As one of the fastest growing states in the nation, Florida’s population is expected to increase by 325,000 in 2008, spurring demand for working-age and retirement housing.
“Florida remains a prime destination for workers seeking new jobs and for the growing wave of baby boomers,” said economist Hank Fishkind, president of Fishkind & Associates in Orlando. “However, a slower national economy means that 2008 growth will be somewhat below the levels seen during the recent boom years.”
Fishkind’s analysis of demographic data indicates Florida enjoyed a net population growth of 350,000 each year from 2000 to 2006. That includes about 203,000 people who moved to Florida from other states, about 107,000 migrants from foreign countries and about 47,000 from natural increase (total births minus total deaths).
“It’s important to note that this is net growth,” added Fishkind. “The actual number of people who move to Florida each year is far greater.”
On the domestic side, the strongest “sending” states are New York, New Jersey, Illinois, Ohio, Pennsylvania, Georgia, Michigan and California. Among top foreign countries are Venezuela, Puerto Rico, the United Kingdom and Canada.
“Florida has a long history of population growth regardless of the nation’s economic cycle,” said Nancy Riley, a broker with Coldwell Banker Residential Real Estate in Pinellas County and the 2007 president of the Florida Association of Realtors® (FAR). She added that Florida has been one of the top ten fastest growing states for seven decades in a row, exceeding the U.S. average by 100 percent since 1970.
In fact, the U.S. Census Bureau projects that in 2010 Florida will surpass New York and become the nation's third most populous state. By 2030, the Census Bureau projects the state’s population will reach 28.6 million, an increase of 12.7 million since 2000.
One reason for that growth is that the state’s highly diversified economy continues to attract jobs in tourism, technology, international trade and business services. That brings in individuals, couples and families in their 20s to 50s, primarily to Florida’s larger metropolitan areas.
In addition, Florida traditionally captures a large share of the domestic retiree market, ranging from highly affluent entrepreneurs and executives to moderate-income couples seeking a warm-weather destination with plenty of recreational opportunities.
According to the Census Bureau, there are 76 million baby boomers born between 1946 and 1964. If only 5 percent retire to Florida, that alone would add 3.8 million new residents.
International buyers provide a third stream of migration into Florida, including working-age professionals, retirees and affluent second-home buyers.
As Riley said, “The bottom line is that more than 900 people move to Florida every day. That provides a solid foundation for our state’s residential real estate market.”
Florida’s strong population growth boosts demand for housing
As one of the fastest growing states in the nation, Florida’s population is expected to increase by 325,000 in 2008, spurring demand for working-age and retirement housing.
“Florida remains a prime destination for workers seeking new jobs and for the growing wave of baby boomers,” said economist Hank Fishkind, president of Fishkind & Associates in Orlando. “However, a slower national economy means that 2008 growth will be somewhat below the levels seen during the recent boom years.”
Fishkind’s analysis of demographic data indicates Florida enjoyed a net population growth of 350,000 each year from 2000 to 2006. That includes about 203,000 people who moved to Florida from other states, about 107,000 migrants from foreign countries and about 47,000 from natural increase (total births minus total deaths).
“It’s important to note that this is net growth,” added Fishkind. “The actual number of people who move to Florida each year is far greater.”
On the domestic side, the strongest “sending” states are New York, New Jersey, Illinois, Ohio, Pennsylvania, Georgia, Michigan and California. Among top foreign countries are Venezuela, Puerto Rico, the United Kingdom and Canada.
“Florida has a long history of population growth regardless of the nation’s economic cycle,” said Nancy Riley, a broker with Coldwell Banker Residential Real Estate in Pinellas County and the 2007 president of the Florida Association of Realtors® (FAR). She added that Florida has been one of the top ten fastest growing states for seven decades in a row, exceeding the U.S. average by 100 percent since 1970.
In fact, the U.S. Census Bureau projects that in 2010 Florida will surpass New York and become the nation's third most populous state. By 2030, the Census Bureau projects the state’s population will reach 28.6 million, an increase of 12.7 million since 2000.
One reason for that growth is that the state’s highly diversified economy continues to attract jobs in tourism, technology, international trade and business services. That brings in individuals, couples and families in their 20s to 50s, primarily to Florida’s larger metropolitan areas.
In addition, Florida traditionally captures a large share of the domestic retiree market, ranging from highly affluent entrepreneurs and executives to moderate-income couples seeking a warm-weather destination with plenty of recreational opportunities.
According to the Census Bureau, there are 76 million baby boomers born between 1946 and 1964. If only 5 percent retire to Florida, that alone would add 3.8 million new residents.
International buyers provide a third stream of migration into Florida, including working-age professionals, retirees and affluent second-home buyers.
As Riley said, “The bottom line is that more than 900 people move to Florida every day. That provides a solid foundation for our state’s residential real estate market.”
As one of the fastest growing states in the nation, Florida’s population is expected to increase by 325,000 in 2008, spurring demand for working-age and retirement housing.
“Florida remains a prime destination for workers seeking new jobs and for the growing wave of baby boomers,” said economist Hank Fishkind, president of Fishkind & Associates in Orlando. “However, a slower national economy means that 2008 growth will be somewhat below the levels seen during the recent boom years.”
Fishkind’s analysis of demographic data indicates Florida enjoyed a net population growth of 350,000 each year from 2000 to 2006. That includes about 203,000 people who moved to Florida from other states, about 107,000 migrants from foreign countries and about 47,000 from natural increase (total births minus total deaths).
“It’s important to note that this is net growth,” added Fishkind. “The actual number of people who move to Florida each year is far greater.”
On the domestic side, the strongest “sending” states are New York, New Jersey, Illinois, Ohio, Pennsylvania, Georgia, Michigan and California. Among top foreign countries are Venezuela, Puerto Rico, the United Kingdom and Canada.
“Florida has a long history of population growth regardless of the nation’s economic cycle,” said Nancy Riley, a broker with Coldwell Banker Residential Real Estate in Pinellas County and the 2007 president of the Florida Association of Realtors® (FAR). She added that Florida has been one of the top ten fastest growing states for seven decades in a row, exceeding the U.S. average by 100 percent since 1970.
In fact, the U.S. Census Bureau projects that in 2010 Florida will surpass New York and become the nation's third most populous state. By 2030, the Census Bureau projects the state’s population will reach 28.6 million, an increase of 12.7 million since 2000.
One reason for that growth is that the state’s highly diversified economy continues to attract jobs in tourism, technology, international trade and business services. That brings in individuals, couples and families in their 20s to 50s, primarily to Florida’s larger metropolitan areas.
In addition, Florida traditionally captures a large share of the domestic retiree market, ranging from highly affluent entrepreneurs and executives to moderate-income couples seeking a warm-weather destination with plenty of recreational opportunities.
According to the Census Bureau, there are 76 million baby boomers born between 1946 and 1964. If only 5 percent retire to Florida, that alone would add 3.8 million new residents.
International buyers provide a third stream of migration into Florida, including working-age professionals, retirees and affluent second-home buyers.
As Riley said, “The bottom line is that more than 900 people move to Florida every day. That provides a solid foundation for our state’s residential real estate market.”
Use Your IRA to Their Purchase Your Dream Home Today!
Baby Boomers Here's How to Use Your IRA to Their Purchase Your Dream Home Today!
Real Estate is not necessarily rocket scientist work.
The key is to buy when everyone is selling and sell when everyone
is buying. Obviously, it is a great time to buy.
One tool I have promoted in the past was to utilize your IRA to purchase investment property through establishing a Self- Directed IRA. Unfortunately, if your IRA held the property you were precluded from utilizing the property for personal use. The property must strictly have been purchased solely for investment purposes. In addition, no bank I have ever worked with has ever agreed to lend money to property titled in a Self-Directed IRA.
Fortunately, thanks to a little utilized provision in the Internal Revenue Code there is a way for Buyers to get at their retirement account for personal use without paying a penalty and still obtain mortgage financing as title will be placed in their individual name. A friend of mine Harry J. Abrahamsen, a Financial Planner in Holmdel, New Jersey recently introduced this concept to me over dinner. Harry is quoted in the recent special issue of Forbes Investment Guide which is on newsstands through August 17, 2008.
I discovered the IRS allows individuals to dodge the standard early withdrawal tax at any age via a 72(t) distribution. However, there is a catch. Distributions are subject to ordinary income. Additionally, once distributions start they must continue for five years or until the beneficiary reaches 59 1/2 years old, whichever is longer.
Harry claims the best people suited for 72(t) distributions are individuals with fairly large IRA's who want to enjoy their money before retiring. "Maybe you're 50 and ten years away from a retirement that you dream will include a beach cottage. Why not use your IRA to start enjoying the beach house now, when real estate is cheap and you can lock in low interest rates?"
Forbes Magazine Illustrates that Alfonse DeMaria, a 41 year old New Jersey Chiropractor followed Harry's advice four years ago when he tapped into his $700,000.00 IRA to buy a farm house with acreage in rural New York. His $3,000.00 monthly distribution covers his monthly mortgage payments and real estate taxes. DeMaria enthusiastically claims "My kids and I can start enjoying the house now rather than 25 years from now, and it will still be here then, too!!!"
WOW! What an opportunity for baby boomers. What better reason to get off the fence. Monthly periodic payments can be used to qualify for mortgage financing opening doors most people don't even know exist.
If a 72(t) distribution makes sense the next step is deciding on one of three ways to calculate distribution. Depending on which method is chosen, if a 50 year old has an existing IRA account of $500,000.00, he or she can receive approximately $24,000.00 a year (or $2,000.00 a month) to pay their mortgage which will allow them to buy their dream home today.
Feel free to contact me should you have any questions.
Have a GREAT day!
Michelle
Prudential Florida WCI Realty
Michelle@NaplesHomeSweetHome.com
Cellular Phone 239.404.7787
www.MichelleDeNomme.com
Michelle DeNomme, REALTOR
This e-mail was provided by Law Offices of Ronald S. Webster
Baby Boomers Here's How to Use Your IRA to Their Purchase Your Dream Home Today!
Real Estate is not necessarily rocket scientist work.
The key is to buy when everyone is selling and sell when everyone
is buying. Obviously, it is a great time to buy.
One tool I have promoted in the past was to utilize your IRA to purchase investment property through establishing a Self- Directed IRA. Unfortunately, if your IRA held the property you were precluded from utilizing the property for personal use. The property must strictly have been purchased solely for investment purposes. In addition, no bank I have ever worked with has ever agreed to lend money to property titled in a Self-Directed IRA.
Fortunately, thanks to a little utilized provision in the Internal Revenue Code there is a way for Buyers to get at their retirement account for personal use without paying a penalty and still obtain mortgage financing as title will be placed in their individual name. A friend of mine Harry J. Abrahamsen, a Financial Planner in Holmdel, New Jersey recently introduced this concept to me over dinner. Harry is quoted in the recent special issue of Forbes Investment Guide which is on newsstands through August 17, 2008.
I discovered the IRS allows individuals to dodge the standard early withdrawal tax at any age via a 72(t) distribution. However, there is a catch. Distributions are subject to ordinary income. Additionally, once distributions start they must continue for five years or until the beneficiary reaches 59 1/2 years old, whichever is longer.
Harry claims the best people suited for 72(t) distributions are individuals with fairly large IRA's who want to enjoy their money before retiring. "Maybe you're 50 and ten years away from a retirement that you dream will include a beach cottage. Why not use your IRA to start enjoying the beach house now, when real estate is cheap and you can lock in low interest rates?"
Forbes Magazine Illustrates that Alfonse DeMaria, a 41 year old New Jersey Chiropractor followed Harry's advice four years ago when he tapped into his $700,000.00 IRA to buy a farm house with acreage in rural New York. His $3,000.00 monthly distribution covers his monthly mortgage payments and real estate taxes. DeMaria enthusiastically claims "My kids and I can start enjoying the house now rather than 25 years from now, and it will still be here then, too!!!"
WOW! What an opportunity for baby boomers. What better reason to get off the fence. Monthly periodic payments can be used to qualify for mortgage financing opening doors most people don't even know exist.
If a 72(t) distribution makes sense the next step is deciding on one of three ways to calculate distribution. Depending on which method is chosen, if a 50 year old has an existing IRA account of $500,000.00, he or she can receive approximately $24,000.00 a year (or $2,000.00 a month) to pay their mortgage which will allow them to buy their dream home today.
Feel free to contact me should you have any questions.
Have a GREAT day!
Michelle
Prudential Florida WCI Realty
Michelle@NaplesHomeSweetHome.com
Cellular Phone 239.404.7787
www.MichelleDeNomme.com
Michelle DeNomme, REALTOR
This e-mail was provided by Law Offices of Ronald S. Webster
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