Opinion on Relocating from IL to FL Central Gulf Coast Condo

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debrajo61
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Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by debrajo61 » Tue May 19, 2020 12:25 am

We're 60 and retired Govt, combined pension of around $8,500 a month. No debt. Home worth 300k. Approx 2 mil investments, tsp and cash. Looking at a condo $450k, expenses would increase by about 50,000 a year if we relocate and do this. That's a good chunk out of our funds. We have 2 adult children who we have helped enormously so far. Are we unrealistic to think this is our time now to enjoy vs. worrying about leaving a legacy? Are we looking above our means? Is FL just a bad choice overall? We've wintered there for 5 years. We love it but havent been there in summer heat, oh and there are hurricanes 🙄. We really want to pull the trigger but continue to waffle. Retirement changes are difficult to make it seems.

Opinions, thoughts are appreciated. Thanks!
Last edited by debrajo61 on Tue May 19, 2020 9:04 am, edited 1 time in total.

Mr. Rumples
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Re: Opinion on Relocating from IL to FL Condo

Post by Mr. Rumples » Tue May 19, 2020 12:44 am

We retired at about your age and moved to CO. We loved visiting and had friends. But he died and after a year of crushing depression, my family packed me up and I moved back to VA to be with family and friends. I suggest looking at your support system where you will be moving to. If you move to FL do you have people to help you in the event of illness and what about when you get really old and need more care? Also, visit FL in the summer, but a week in the heat doesn't compare to 3 months of it; southern heat is so exhausting I feel like I can't get my breath and I grew up in the south without AC; though some thrive in it. And take a look at the bugs, will they bother you? My cousin moved to FL from New England and loves it, she doesn't mind the heat and living indoors and sure doesn't miss the cold and snow; a friend moved there and couldn't stand it. It takes all kinds of folks I suppose.

Regarding a legacy, I will leave one if that is the right term for family, but now as I get a lot older it is more important to help those in need and hence have set up an endowed scholarship fund. There are so many struggling kids who need a helping hand, for me that is very important.

shelanman
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Re: Opinion on Relocating from IL to FL Condo

Post by shelanman » Tue May 19, 2020 12:54 am

I would recommend an extended visit in the summer -- more than 2 weeks -- to make sure you would be able to cope (I can't cope with the humidity there, myself)

You're going to spend a lot of money getting set up there, and you should make sure you won't have instant regret.

It seems like you have a clear idea of how much this will cost. $2M wouldn't ordinarily sound like enough to me, but you've got that fantastic pension, which radically changes the calculus. You say your expenses will increase by $50k, which I believe -- but that is a big jump. How much are your total expenses going to be?

It seems like you could make this work, though. If you're sure it's what you want, go for it.

If your kids are currently with you in IL, keep in mind that you'll be seeing radically less of them. Only you can decide how important a consideration that is. As you get older, you might wish they were a short enough distance away to help you when you need it. Even of they can afford to fly at the drop of a hat, that's very different than popping into the car and heading over. Of course, you could always move back of need be, but that gets harder over time, and you won't have the friends network that you currently do. I'm not trying to talk you out of this at all, just making sure you consider these things.

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LilyFleur
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Re: Opinion on Relocating from IL to FL Condo

Post by LilyFleur » Tue May 19, 2020 1:04 am

Remember that, should one of you die, that leaves the other in a much more challenging single tax bracket. Just something to think about if taking on significantly greater annual expenses.

ballons
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Re: Opinion on Relocating from IL to FL Condo

Post by ballons » Tue May 19, 2020 1:41 am

You should go in the late summer and for an extended period before you even consider this. It looks like IL gets about 30 days of 70F+ dewpoints at most. So imagine your worst summer conditions for nearly 6 months. The only way to avoid this is if your condo is practically on the water.

Katietsu
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Re: Opinion on Relocating from IL to FL Condo

Post by Katietsu » Tue May 19, 2020 2:07 am

Two separate thoughts come to mind regarding the children.

I do not think it is selfish or inappropriate to spend your money on yourself instead of your adult children. However, if regular gifts of significant amounts have been the norm, I think you should let them know explicitly in advance if those gifts will no longer be possible/forthcoming. It is only fair that they be able to plan for the change.

Are grandchildren in the picture? If not yet but maybe in the near future, being in a different part of the country might not be appealing. I have friends and relatives who spend a great deal of time either traveling back and forth or just not being home for extended time periods because they want to be able to go to soccer games and birthday parties.

jjface
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Re: Opinion on Relocating from IL to FL Condo

Post by jjface » Tue May 19, 2020 2:39 am

You have $102k in pension income and a $2m portfolio. You should have more than enough to live well in Fl and have plenty to spare. The 50k in added expenses a year sounds very inflated. Might want to have a proper look at what it would really cost. Sounds to me like you do not have a good grasp of your expenses and need to sort that out in your mind before making a decision. You should be able to spend on yourselves and have freedom to give to your children if you want to.

The easiest way forward would be to rent in Florida for a few years to see how you like it. Keep your house in IL until you decide to make it permanent.

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Re: Opinion on Relocating from IL to FL Condo

Post by BionicBillWalsh » Tue May 19, 2020 3:34 am

If you can get rid of that property in Illinois, do it. Yesterday. The State is in dire financial shape with nothing but pain to be experienced in the future. Your property tax (and others) is about to go up and businesses and people that can move will leave. Those left behind are going to bear the brunt of never ending tax increases and dysfunction by the perpetually mismanaged State finances.

Your financial situation seems quite doable for what you wish to do.

The last time I checked, Florida has air conditioning for those high dew point days. It also lacks a State income tax and is quite a bit more interesting than Illinois. Run.
Jerry Garcia: If I knew the way...I would take you home.

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Re: Opinion on Relocating from IL to FL Condo

Post by Bfwolf » Tue May 19, 2020 3:50 am

I don't think you are being selfish. I also think you have enough funds to do what you want to do (probably).

Florida in the Summer is going to be fairly miserable. I guess my first question is what don't you like about what you're doing now--Summering in Illinois and Wintering in Florida. Why the change?

You could do the opposite. Buy a place in Florida and live there 7 or 8 months out of the year. And rent a place in Illinois (or anywhere else) to Summer in. I guess that would make you a tax citizen of Florida. Since FL has no state income tax but IL exempts pretty much all retirement income, I guess this would be a wash in income taxes (unless your $2MM includes significant investments in taxable accounts in which case FL will have the advantage), though property tax might change for better or worse.

ScubaHogg
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Re: Opinion on Relocating from IL to FL Condo

Post by ScubaHogg » Tue May 19, 2020 4:50 am

One more endorsement for trying out for FL summer before committing. You might not mind, but if you do it’s long and toasty.

Are you leaving a big social network in IL? Will you all be lonely leaving all your friends behind?
“There is no problem so bad you can’t make it worse.” - Chris Hatfield, Astronaut mantra

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Re: Opinion on Relocating from IL to FL Condo

Post by eldinerocheapo » Tue May 19, 2020 7:20 am

Where in Fla do you plan to relocate? I volunteered at a crisis intervention center in S Fla, and many calls came from transplants from the Midwest who missed friends and family back home, and were totally unprepared for the reality of hot weather, hurricanes, and rude condo neighbors from NE states. The level of their despair was astounding. After talking a few of them off the cliff, most resolved to sell and move back because one year there was pure Hell. SW, Central and Northern Fla are altogether different, and I'd encourage you to go anywhere but S. Fla.
"Do, or do not." Yoda

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tennisplyr
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Re: Opinion on Relocating from IL to FL Condo

Post by tennisplyr » Tue May 19, 2020 7:33 am

Originally from NY and wintered in FL for a few years before deciding to sell up north and move here permanently. We're happy here, sure it's hot in the summer but I continue to play tennis all year long here. NY was certainly no bargain for weather...snowstorms, Nor'easters, hurricanes, ice storms, etc...not to mention the HCOL. If you like FL why not give it a try, it's your life.
Those who move forward with a happy spirit will find that things always work out.

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Re: Opinion on Relocating from IL to FL Condo

Post by Dandy » Tue May 19, 2020 7:58 am

You seem to be aware of the Florida risks e.g. heat, hurricanes. My feeling is those risks will increase rather than decrease. That would suggest renting vs buying if Florida is your desire. Of course getting to and back from the Florida rental is now more of an issue. You might want to check what the cost of hurricane insurance is -- I've heard it is very high if you can get it. Good luck

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debrajo61
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Re: Opinion on Relocating from IL to FL Condo

Post by debrajo61 » Tue May 19, 2020 8:35 am

Thank you everyone. As I wrote this last night at 1 a.m. I waa not thinking clearly obviously. The increase in costs would be more like $6,000-$10,000 a year I believe. An addl $ 600-700 on home/condo plus other costs inflated.

We do not have a huge social network in IL. In fact it's very limited. Friends are leaving as they retire if possible. Our social network in FL is much larger than IL IL honestly and that's many locals also.

Why move? IL s$cks, the winters are horrible, we came back from winter in FL in mid Mar, we MAY have had a week with sun since then. I despise the weather here. Is sitting in the house because its gloomy and cold for literally months worse than heat humidity and sun (with ac)? To me sun heat is better.

Kids- one in Colorado two grands. One local, no kids and may have one in 6 yrs per daughter in law. Son says none. We do not have a huge support network in OL as we age. My family is gone. My husband's is here but wouldn't say jumping to support. So we would have one son and DIL here.

Weve given each child full college tuition paid, a new car in past yr plus each if them around $125000 towards homes. So that's a good launch in my opinion, and they are all doing fine financially as of now.

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Re: Opinion on Relocating from IL to FL Condo

Post by kabob » Tue May 19, 2020 8:46 am

Absolutely - Go for it!
Originally from the Indianapolis area, went to Fla in early 80's lived there 30+ yrs, Loved it!
Also went from house to condo - Great Livin, no lawn mower, no maintenance, easy patio livin, and lo cost a livin - all ya need in Fla is a roof and bathin suit... $450K is Hi (ripoff) in fla, Shopit! There's MANY nice well established (well managed) condo's around in Florida (however definitely check out townhouses/patiohomes with 1/1.5 car garage). Condo's & Townhomes are Everywhere in fla (no shortage at all) Shop it! RealEstate is generally less in fla - And realator' make their livin rippin off Yankees new to Fla...
Be a prudent(Wise) and patient Boglehead and you'll do well!
(and Kiss those Grey Sky's GoodBy!)
Last edited by kabob on Tue May 19, 2020 8:48 am, edited 1 time in total.

jhsu802701
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Re: Opinion on Relocating from IL to FL Condo

Post by jhsu802701 » Tue May 19, 2020 8:48 am

I don't know about everyone else, but the hurricanes would be enough to scare me away from moving to Florida. The combination of a hurricane AND pendemic is particularly scary.

bayview
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Re: Opinion on Relocating from IL to FL Condo

Post by bayview » Tue May 19, 2020 8:48 am

Are you both retired Federal, or state or municipal? In other words, how stable are those pensions?

I would think that you could do this with the edited figures you provided. (I had been thinking that that must be one HECK of a condo. :D ) Looks like you already have a good network down there.

I would rather have all my finger- and toenails pulled one by one than live in Florida, but if you like it, it seems a very reasonable decision.
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

bayview
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Re: Opinion on Relocating from IL to FL Condo

Post by bayview » Tue May 19, 2020 8:49 am

kabob wrote:
Tue May 19, 2020 8:46 am
Absolutely - Go for it!
Originally from the Indianapolis area, went to Fla in early 80's lived there 30+ yrs, Loved it!
Also went from house to condo - Great Livin, no lawn mower, no maintenance, easy patio livin, and lo cost a livin - all ya need in Fla is a roof and bathin suit... $450K is Hi (ripoff) in fla, Shopit! There's MANY nice well established (well managed) condo's around in Florida (however definitely check out townhouses/patiohomes with 1/1.5 car garage). Condo's & Townhomes are Everywhere in fla (no shortage at all) Shop it! RealEstate is generally less in fla - And realator' make their livin rippin off Yankees new to Fla...
Be a prudent(Wise) and patient Boglehead and you'll do well!
(and Kiss those Grey Sky's GoodBy!)
You’re in Loudon now? That makes you a “halfback”! :D

(For those not familiar with the term, there are a number of residents of East Tennessee and WNC who started out up North - sorry Midwesterners, that includes you - moved to Florida, didn’t like it, and moved halfway back toward their original areas. Thus, “halfbacks”.)
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

Topic Author
debrajo61
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Re: Opinion on Relocating from IL to FL Condo

Post by debrajo61 » Tue May 19, 2020 8:55 am

kabob wrote:
Tue May 19, 2020 8:46 am
Absolutely - Go for it!
Originally from the Indianapolis area, went to Fla in early 80's lived there 30+ yrs, Loved it!
Also went from house to condo - Great Livin, no lawn mower, no maintenance, easy patio livin, and lo cost a livin - all ya need in Fla is a roof and bathin suit... $450K is Hi (ripoff) in fla, Shopit! There's MANY nice well established (well managed) condo's around in Florida (however definitely check out townhouses/patiohomes with 1/1.5 car garage). Condo's & Townhomes are Everywhere in fla (no shortage at all) Shop it! RealEstate is generally less in fla - And realator' make their livin rippin off Yankees new to Fla...
Be a prudent(Wise) and patient Boglehead and you'll do well!
(and Kiss those Grey Sky's GoodBy!)
Haha thanks. Market is high in FL. We are looking gulf coast near St. Pete, Treasure Island, near beach not on.

Not sure if their market will tank at all. It's high high now. 450k gets 2 br 2 ba super nice condo complex 1600 sq ft plus under blog parking. They are flying off the market still, since Mar Mar covid. Any other info? Thx.

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debrajo61
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Re: Opinion on Relocating from IL to FL Condo

Post by debrajo61 » Tue May 19, 2020 8:56 am

jhsu802701 wrote:
Tue May 19, 2020 8:48 am
I don't know about everyone else, but the hurricanes would be enough to scare me away from moving to Florida. The combination of a hurricane AND pendemic is particularly scary.
I'm not living in fear of covid. More worried about global warming and hurricanes than pandemic in this situation. But that's just me.

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debrajo61
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Re: Opinion on Relocating from IL to FL Condo

Post by debrajo61 » Tue May 19, 2020 8:57 am

bayview wrote:
Tue May 19, 2020 8:48 am
Are you both retired Federal, or state or municipal? In other words, how stable are those pensions?

I would think that you could do this with the edited figures you provided. (I had been thinking that that must be one HECK of a condo. :D ) Looks like you already have a good network down there.

I would rather have all my finger- and toenails pulled one by one than live in Florida, but if you like it, it seems a very reasonable decision.
Yes retired federal so pensions are forever.
Why a FL hater? Wheres your retirement dream? Thx

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debrajo61
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Re: Opinion on Relocating from IL to FL Condo

Post by debrajo61 » Tue May 19, 2020 9:01 am

eldinerocheapo wrote:
Tue May 19, 2020 7:20 am
Where in Fla do you plan to relocate? I volunteered at a crisis intervention center in S Fla, and many calls came from transplants from the Midwest who missed friends and family back home, and were totally unprepared for the reality of hot weather, hurricanes, and rude condo neighbors from NE states. The level of their despair was astounding. After talking a few of them off the cliff, most resolved to sell and move back because one year there was pure Hell. SW, Central and Northern Fla are altogether different, and I'd encourage you to go anywhere but S. Fla.
St. Pete Beach area, Isla Del Sol, Treasure Island, not on but close to beach...10 min away or so. Central gulf coast.

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debrajo61
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Re: Opinion on Relocating from IL to FL Condo

Post by debrajo61 » Tue May 19, 2020 9:02 am

bayview wrote:
Tue May 19, 2020 8:48 am
Are you both retired Federal, or state or municipal? In other words, how stable are those pensions?

I would think that you could do this with the edited figures you provided. (I had been thinking that that must be one HECK of a condo. :D ) Looks like you already have a good network down there.

I would rather have all my finger- and toenails pulled one by one than live in Florida, but if you like it, it seems a very reasonable decision.

Yes retired federal. Pensions for life

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TomatoTomahto
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Re: Opinion on Relocating from IL to FL Condo

Post by TomatoTomahto » Tue May 19, 2020 9:05 am

debrajo61 wrote:
Tue May 19, 2020 8:56 am
jhsu802701 wrote:
Tue May 19, 2020 8:48 am
I don't know about everyone else, but the hurricanes would be enough to scare me away from moving to Florida. The combination of a hurricane AND pendemic is particularly scary.
I'm not living in fear of covid. More worried about global warming and hurricanes than pandemic in this situation. But that's just me.
I also don’t live in fear of COVID, but that’s based on how responsibly my neighbors in MA deal with it. There are portions of the country that appear to think that COVID is an opportunity to express one’s political sentiments.

I share your concerns about global warming and hurricanes, and this year is expected to possibly be a doozy storm wise. Have you seen the shelters on TV in years past? Not exactly social distancing.

My sister lives in FL and is always telling me how wonderful it is and that I should move there. Unless she points a shotgun at my head, no way! Btw, she lives in FL but spends 6 months per year traveling away from FL, so her praise of FL rings a bit hollow.

I’m happy in rural MA. Maybe eventually we will move to VT or NH.
Okay, I get it; I won't be political or controversial. The Earth is flat.

bayview
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Re: Opinion on Relocating from IL to FL Condo

Post by bayview » Tue May 19, 2020 9:17 am

debrajo61 wrote:
Tue May 19, 2020 8:57 am
bayview wrote:
Tue May 19, 2020 8:48 am
Are you both retired Federal, or state or municipal? In other words, how stable are those pensions?

I would think that you could do this with the edited figures you provided. (I had been thinking that that must be one HECK of a condo. :D ) Looks like you already have a good network down there.

I would rather have all my finger- and toenails pulled one by one than live in Florida, but if you like it, it seems a very reasonable decision.
Yes retired federal so pensions are forever.
Why a FL hater? Wheres your retirement dream? Thx
I’m living in my retirement dream in a perfect-sized city in the mountains of western North Carolina. Four seasons, none of them harsh, beautiful scenery, nice variety of people.

I lived several years in Houston as a kid, and one of my memories is of passing out at my desk in third grade from heat. I spent my teen years in Hawaii (Army brat), and near-constant trade winds kept the temps mostly under control, but the six-legged house companions were still huge and unwelcome.

So, heat, humidity, and bugs, in no particular order. (Also politics.) But again, I know that many love it. It’s just not for me.

Agree with a poster above about the sad and scary future for Indiana. I hope it doesn’t play out to that degree.
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

kabob
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Re: Opinion on Relocating from IL to FL Condo

Post by kabob » Tue May 19, 2020 9:21 am

Yep, I'm a half-back! I love Fla, the only reason we left Fl was, as a software engineer/developer we always had to livein hi-density city's, Tampa, Jax & Boca... (and it IS crowed tuff traffic in Fl's big cities). Plus if ya only got a couple mil ya live on the po sida Palm Beach county - take a couple mil(and Good! pensions) to Tenn - Your a BIG Fish! (and it's a Steal of a Deal!)

RealEstate, Condo/Townhouses , in Fla are Inexpensive (but ya gotta learn Fla).
Check out http://rplewis.homeip.net/Bp311/ - Just a quick Website for our CondoTownhouse.
Stuff like this is all over Fla for less than halfa $450K (but not ours anymore, it sold almost immediately)
Don't Get Ripped of goin to Fla...
(and there's a LOTTA places like the above round Tampa area also, I lived/worked in Tampa also)

I like Tenn, but it is Soooooo Last Century! We might be goin back to Fla...

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Re: Opinion on Relocating from IL to FL Condo

Post by ScubaHogg » Tue May 19, 2020 9:59 am

TomatoTomahto wrote:
Tue May 19, 2020 9:05 am
debrajo61 wrote:
Tue May 19, 2020 8:56 am
jhsu802701 wrote:
Tue May 19, 2020 8:48 am
I don't know about everyone else, but the hurricanes would be enough to scare me away from moving to Florida. The combination of a hurricane AND pendemic is particularly scary.
I'm not living in fear of covid. More worried about global warming and hurricanes than pandemic in this situation. But that's just me.
I also don’t live in fear of COVID, but that’s based on how responsibly my neighbors in MA deal with it. There are portions of the country that appear to think that COVID is an opportunity to express one’s political sentiments.
Of course, it’s possible that “news reports” aren’t capturing a representative sample of a region/state/area. For example, a certain young gentleman Spring Breaker had 15 minutes of fame back in March for his lax attitude towards COVID. Based on his accent, I might assume he was from the NE. But I probably wouldn’t paint a broad brush about the entire NE from that story.

As for hurricanes, I don’t think there is a natural disaster easier to physically avoid, if you are willing to suffer a few false alerts by unnecessarily driving inland.
“There is no problem so bad you can’t make it worse.” - Chris Hatfield, Astronaut mantra

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OAG
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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by OAG » Tue May 19, 2020 1:15 pm

Lived in Chicago for about 17 years. Have lived in many states (IN, MD, VA, TX, KY, AL, FL, OH and Alaska). Lived in FL for 20 years, loved it (also liked Alaska for 4 years). Would still be in FL but moved to OH to be near to family. We loved FL but we lived in the Northeast portion (south of Jacksonville; some people call it South Georgia). Would not move to Central or South FL.

Go for it YOLO.
OAG=Old Army Guy. Retired CW4 USA (US Army) in 1979 21 years of service @ 38.

kabob
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Re: Opinion on Relocating from IL to FL Condo

Post by kabob » Tue May 19, 2020 1:57 pm

debrajo61 wrote:
Tue May 19, 2020 8:55 am
Haha thanks. Market is high in FL. We are looking gulf coast near St. Pete, Treasure Island, near beach not on.

Not sure if their market will tank at all. It's high high now. 450k gets 2 br 2 ba super nice condo complex 1600 sq ft plus under blog parking. They are flying off the market still, since Mar Mar covid. Any other info? Thx.
St Pete round Treasure Isl and that area's nice to visit/vacation... but that's Super Hi-Rent right off Honky Tonk Highway! Not very far from there ya can buy a whole block a 2beds with garages for < 450K. Hey, lots just dying to go to St Pete area, you see the signs goin in, "$199 Cremations - With Free Ash shipping to anywhere in US..." (and thats no joke!)
Nice place to visit - ya really wanta Live there?
(and your definitely lookin the Wrong Time of the year, am sure ALL(agents) have real steals Now as most are leavin in the spring...

What cha gonna go the restayour life? Golf, Boat/Float, relax by the sea...
Go north, Duneden (near Honeymoon Isl), Palm Harbor, Tarpon Springs - Or South, anywhere near a good navigable inlet! (Yet away from crowds/traffic... Plus easy access to floatin on the Ocean/Gulf)
Thats, the easy livin in Fla... Super Nice, Totally Updated, Established, Steals just waitin for ya)
(and always remember, the Treasure isle in Fla, is for the Salesagents snaggin your easy money when your overly enthusiastic bout movin there!)

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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by DeskJumper » Wed May 20, 2020 7:33 pm

You will save a ton in property and state taxes alone making the move. In that area you should have no trouble finding what you're after in that price range. HOA's are much more common here so consider the cost in your financial plan as well, but the better ones provide a lot of service in utilities and internet/cable. If you're not averse to 55+ communities, there are very nice 2b/2bath condo's that can be had for less than the equity you already own in your IL home. If not near the beach many are on some waterway or manmade pond, and they can come turnkey furnished if you wanted to just hold an estate sale in IL and get rid of everything.

Keep in mind 55+ units tend to sit on the market longer because of said age restriction, and that would make it not a great asset to leave your kids if you choose to do so. Closer to the beach beware of first floor units and be sure to find out if/how you can secure homeowner's insurance and at what cost. Hurricane windows and shutters are common, but you could make a good case for allowance if they're not already installed. You may want to look at buildings constructed after 1992-1993 due to revised building codes in response to hurricane Andrew if you're very concerned.

tphp99
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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by tphp99 » Wed May 20, 2020 8:21 pm

May I ask why you chose Pinellas County beach area?

I grew up in that area, loved it, but would not want to live there now that we're retired. Too crowded, gave up boating, don't enjoy fishing, golf is lousy or real expensive in that area, restaurants too crowed during season, traffic can be a pain at times.

I would highly recommend that you rent the first few years and figure out where you actually want to live. Going to the beach was a lot of fun growing up but it's gotten old (as I've gotten old). We're in central FL, like it better because it's slower paced. We still visit the area you're looking at maybe 4-5 per year, great restaurants.

Have fun in your retirement. PM me if you want specific info.

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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by wfrobinette » Thu May 21, 2020 2:54 pm

debrajo61 wrote:
Tue May 19, 2020 12:25 am
We're 60 and retired Govt, combined pension of around $8,500 a month. No debt. Home worth 300k. Approx 2 mil investments, tsp and cash. Looking at a condo $450k, expenses would increase by about 50,000 a year if we relocate and do this. That's a good chunk out of our funds. We have 2 adult children who we have helped enormously so far. Are we unrealistic to think this is our time now to enjoy vs. worrying about leaving a legacy? Are we looking above our means? Is FL just a bad choice overall? We've wintered there for 5 years. We love it but havent been there in summer heat, oh and there are hurricanes 🙄. We really want to pull the trigger but continue to waffle. Retirement changes are difficult to make it seems.

Opinions, thoughts are appreciated. Thanks!
I don't get how expenses increase by $50 by leaving IL.

Are you keeping both properties? If that answer is yes then its a bad idea.

Forget the legacy and enjoy your life. Consider SC, NC and other too. Get into an over 55 community and you'll have plenty of social life.

FoolStreet
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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by FoolStreet » Thu May 21, 2020 3:08 pm

My back of the envelope says you can do it pretty easily, and any child would want you to be happy. I'd want my parents to enjoy life and be available to share good times together, not necessarily share $. Can you rent for a full-year to try it out, to give you a feel for the summer heat and lifestyle changes?

Golf maniac
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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by Golf maniac » Thu May 21, 2020 3:46 pm

St Pete area is nice along with Clearwater. If you haven’t visited The Villages I strongly suggest you spend a few days there. You really can’t imagine all they have to offer. Lots of incorrect info about the place. Jacksonville area also has a lot of nice retirement areas also at fairly reasonable prices. I was born and raised in Florida, left for 20 years for work and now retired back in Florida. I agree I would never Live in South Florida, just a completely different vibe from the rest of Florida. I am more than happy to discuss with you just send me a message. Good luck!

3504PIR
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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by 3504PIR » Fri May 22, 2020 1:02 am

I think the move would be perfectly fine financially. I honestly don’t know why anyone would move to Orlando in your situation. Orlando does not have much character and many other destinations in FL would be much more desirable, like in the Tampa/Clearwater footprint to start. I realize coming from where you are Orlando may seem like a great place, but many, many, many locations in Florida make it seem like Peoria.

Take your time and do this right.

ballons
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Re: Opinion on Relocating from IL to FL Condo

Post by ballons » Fri May 22, 2020 2:49 am

debrajo61 wrote:
Tue May 19, 2020 9:01 am
St. Pete Beach area, Isla Del Sol, Treasure Island, not on but close to beach...10 min away or so. Central gulf coast.
https://www.youtube.com/watch?v=2U8Huqbxxus
https://www.youtube.com/watch?v=xZXrGLc6sm8

Storm surge map:
http://noaa.maps.arcgis.com/apps/MapSer ... ad&entry=1

Check flood maps.



I would buy based on height above sea level. Also price out insurance *before* you buy so you aren't shocked at how much it is.

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debrajo61
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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by debrajo61 » Fri May 29, 2020 3:57 pm

DeskJumper wrote:
Wed May 20, 2020 7:33 pm
You will save a ton in property and state taxes alone making the move. In that area you should have no trouble finding what you're after in that price range. HOA's are much more common here so consider the cost in your financial plan as well, but the better ones provide a lot of service in utilities and internet/cable. If you're not averse to 55+ communities, there are very nice 2b/2bath condo's that can be had for less than the equity you already own in your IL home. If not near the beach many are on some waterway or manmade pond, and they can come turnkey furnished if you wanted to just hold an estate sale in IL and get rid of everything.

Keep in mind 55+ units tend to sit on the market longer because of said age restriction, and that would make it not a great asset to leave your kids if you choose to do so. Closer to the beach beware of first floor units and be sure to find out if/how you can secure homeowner's insurance and at what cost. Hurricane windows and shutters are common, but you could make a good case for allowance if they're not already installed. You may want to look at buildings constructed after 1992-1993 due to revised building codes in response to hurricane Andrew if you're very concerned.
Thanks. What's not to love about the area? To us it works. We love walking, have a little happy hour drink on the ocean, go see sunset,ride bikes, downtown St. Pete is amazing, Pass a Grille beach is beautiful, Fort DeSoto park, plus always fests, bands, music, easy to meet people. We just like the area.

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debrajo61
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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by debrajo61 » Fri May 29, 2020 4:02 pm

3504PIR wrote:
Fri May 22, 2020 1:02 am
I think the move would be perfectly fine financially. I honestly don’t know why anyone would move to Orlando in your situation. Orlando does not have much character and many other destinations in FL would be much more desirable, like in the Tampa/Clearwater footprint to start. I realize coming from where you are Orlando may seem like a great place, but many, many, many locations in Florida make it seem like Peoria.

Take your time and do this right.
Thanks. Never mentioned Orlando, we are looking at central gulf coast, Treasure Island St. Pete area.

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gr7070
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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by gr7070 » Fri May 29, 2020 4:04 pm

As I mentioned in your other thread you're finances are amazing! And your haven't mentioned SSI, which I presume will not be insignificant. Additionally, I presume you have pension provided healthcare - also significantly adding to your assets.

Assuming the lifestyle is what you want I'd pull the trigger and not think twice. Finances are not the concern here.

Your choice in football teams are likely a bigger concern for your future happiness, though. ; )

Go Pack!

ballons
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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by ballons » Fri May 29, 2020 5:33 pm

debrajo61 wrote:
Fri May 29, 2020 3:57 pm
Thanks. What's not to love about the area? To us it works. We love walking, have a little happy hour drink on the ocean, go see sunset,ride bikes, downtown St. Pete is amazing, Pass a Grille beach is beautiful, Fort DeSoto park, plus always fests, bands, music, easy to meet people. We just like the area.
Everything you are doing is tourist stuff in the dry, mild winter during the off-season. You need to make sure you like the area year round. "We love walking" is something you would be hard pressed to find a Florida resident saying and the local infrastructure reflects that.

X528
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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by X528 » Fri May 29, 2020 5:37 pm

Read this article before buying a condo:

Buy a principal residence, but reject the condo form of ownership.

https://johntreed.com/blogs/john-t-reed ... -ownership

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debrajo61
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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by debrajo61 » Sat May 30, 2020 9:02 am

gr7070 wrote:
Fri May 29, 2020 4:04 pm
As I mentioned in your other thread you're finances are amazing! And your haven't mentioned SSI, which I presume will not be insignificant. Additionally, I presume you have pension provided healthcare - also significantly adding to your assets.

Assuming the lifestyle is what you want I'd pull the trigger and not think twice. Finances are not the concern here.

Your choice in football teams are likely a bigger concern for your future happiness, though. ; )

Go Pack!
Haha about football.

We won't get SSI because we are both retired govt, 36 yrs each approximate, and neither of us have 40 quarters.

Insurance we will have forever but we pay a portion, govt pays a portion, still $4,500 a year out of our pocket for good BCBS coverage, comes out of hubs pension check.

Thanks!

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debrajo61
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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by debrajo61 » Sat May 30, 2020 9:22 am

X528 wrote:
Fri May 29, 2020 5:37 pm
Read this article before buying a condo:

Buy a principal residence, but reject the condo form of ownership.

https://johntreed.com/blogs/john-t-reed ... -ownership
Interesting article and good points.

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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by whodidntante » Sat May 30, 2020 9:40 am

Personally, I dislike Florida and I also think it's needlessly expensive. If I wanted someplace warmer, and I do, I would prefer South America, Central America, SE Asia, or southern Europe. If your life has not included significant exploration of these places, I suggest living as a nomad for the 15 years or so that your health could permit that. Doing that would still be cheaper and far more interesting than Florida, at least if you do it like I do.

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debrajo61
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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by debrajo61 » Sat May 30, 2020 9:44 am

ballons wrote:
Fri May 29, 2020 5:33 pm
debrajo61 wrote:
Fri May 29, 2020 3:57 pm
Thanks. What's not to love about the area? To us it works. We love walking, have a little happy hour drink on the ocean, go see sunset,ride bikes, downtown St. Pete is amazing, Pass a Grille beach is beautiful, Fort DeSoto park, plus always fests, bands, music, easy to meet people. We just like the area.
Everything you are doing is tourist stuff in the dry, mild winter during the off-season. You need to make sure you like the area year round. "We love walking" is something you would be hard pressed to find a Florida resident saying and the local infrastructure reflects that.
True, it is tourist stuff in season, its winter snowbird stuff and we love it in winter. Maybe we need to continue renting as much as I am having thoughts of (last month) full time permanent move, and now potentially a condo of our own we could use 6 months. But might not be worth the hassle or price. Pros and cons so we will keep researching and asking all you great people for input.

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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by dowse » Sat May 30, 2020 10:12 am

I haven't seen in mentioned so far, but my biggest concern would be rising sea levels. My understanding is that all coastal areas in Florida are likely to experience significant issues over the coming decades.

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Re: Opinion on Relocating from IL to FL Central Gulf Coast Condo

Post by tnr » Sat May 30, 2020 3:18 pm

Go for it.

We lived in Indianapolis for over 10 years and moved to Tampa eight years ago for my job change. We also plan to retire somewhere in Pinellas County and have not really missed the Midwest. We had one major hurricane scare 3 years ago - minor damage to our property. More of an inconvenience as opposed to a life threatening situation. Yes, a bigger one could come, but in Indy, we worried about tornados.

We think St. Pete area is great for the reasons you mention. As you know, the character of neighborhoods very close in proximity can be very different so it’s important to find your niche. We like the Dunedin area because of the proximity to the state park, and the downtown area. Good luck in your search.

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