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South Carolina is the "new Florida".
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How times have changed.... at least if retirement trends are the measure.
When my parents' generation thought of retirement living, it was in Florida, probably on a golf course. If you lived in the Northeast, it was Boca Raton, Fort Lauderdale or Miami. Midwesterners typically opted for Naples or Fort Myers.
But Baby Boomers -- always the individualists -- are breaking the mold. As the post-war generation begins hitting retirement age, they are bypassing the golf course communities, Sunshine State and other traditional retirement trappings of their parents. Instead, they're choosing smaller urban areas, in states such as North and South Carolina, and even downsizing on housing choices.
The newly released 2010 Del Webb Baby Boomer survey, conducted by Harris Interactive for Pulte/Del Webb, found that 42 percent of today's 50-year-olds plan to move during retirement. The researchers found the Carolinas are now considered "the new Florida" among young and older boomers: 20 percent preferred South Carolina, while 16 percent favored North Carolina. Florida hasn't lost all its charm, however: 15 percent of those queried would opt for the Sunshine State. Tennessee, Arizona, California and Virginia are also contenders.
What's driving the changes? Aside from errant golf balls, you can blame it on the economy, says a report on Marketwatch.com. The economic recession has eroded savings and fundamentally altered the retirement plans of Americans 55 and older.
The Del Webb survey found that 72 percent of younger Baby Boomers plan to continue working even after retirement. Among young boomers, 14 percent fear they'll never retire.
Some of the retirement choices reflect a broader trend towards more pedestrian-friendly urban living. A study by the National Association of Home Builders, done in conjunction with the MetLife Mature Market Institute, found that when Baby Boomers start thinking about the attractions of a community as a place for retirement or a second home, proximity to shopping, walking and jogging trails, public transportation, doctors offices/hospitals, churches looms large.
What amenity did they rate dead last? Proximity to golf courses.
Larry Meyer and Anne Robertson exemplify the trend. The couple retired to a small village in the mountains of northern Virginia -- a choice thy say was reinforced by a recent visit with friends who live in a grand home overlooking a championship golf course in Ponte Vedra Beach, Fla. The Virginia community has rural charm, organic farms and a friendly air. But it's also got a touch of sophistication -- Lorin Maazel, former New York Philharmonic director stages a summer music and arts festival -- and it's just 70 miles from Washington, D.C.
"We have no regrets that there are no golf courses, no clubhouses and no 19th hole," says Meyer.
Gail Meadows and Bill Robertson, long-time Miami residents are recent retirees, bought a condo in a 1925 former department store that was converted into apartments in downtown Asheville, N.C. (pictured). The nearby cultural activities, the ability to walk to just about everything they want to do, and having some family in the area all factored into their choice. "We got a great apartment with high ceilings and very tall windows and we can look out onto this fabulous little streetscape," said Bill Robertson, a former journalist.
Those two couple bought existing homes. But, with many recent retirees opting for new ones, real estate developers and homebuilders are taking heed of their likes and wants. And no wonder: those aged 55 and up represent about a quarter of the population, figures the NAHB -- or 76.6 million people, up from 21 percent when the last U.S. Census was done in 2000. What's more, the 55 + demographic is expected to grow by around 26 percent, to 85.3 million, in 2014.
And what will senior citizen Boomers fill those new homes with? Desired amenities include bigger bathrooms, first-floor master bedrooms, washer/dryers inside the unit or house, storage space, wider doors and extra lighting, according to the homebuilder group's survey. And these are tech-savvy seniors. Their golden years will be digital, with high speed internet access, home security systems, lighting controls, and energy management systems.
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2009 LAND VALUES REMAIN STRONG IN THE CAROLINAS.
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During 2008, as the Dow fell by 31.4 percent and home prices dropped 12.4 percent, according to NAR research, the prices of farm and pasture land generally maintained its value. Land prices usually stabilize during a down turn and hold their value during financial storms.
According to the most recent figures available from the U.S Department of Agriculture, farm real estate values rose 8.8 percent between 2007 and 2008 (the most recent figures available). Pasture land saw an increase of 6 percent during the same period . Although many sectors of the real estate market have experienced a recent downturn in prices, large acreage land tracts have maintained their value in 2009 throughout the Carolinas. Many investors are now putting their money into land deals. This trend is true of both the large institutional investor as well as the traditional private buyer, who typically purchases 25 acres - 250 acres for investment, recreation, or future home site. Today's real estate savvy buyers recognize the fact that large acreage land tracts remain one of the safest real estate investments that one can make, especially in times of economic uncertainty. Combine that stability with the low management and maintenance requirements and rising scarcity, and you have an investment ideal for these challenging times.
Land is the ultimate source of wealth. As the population expands, there will be more demand for an increasingly scarce resource, so values will trend up. It's a basic economic principle, says Dr. John Baen of the University of North Texas at Denton.
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FARM CREDIT SYSTEM
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Farm Credit System (www.farmcredit.com), a federally chartered network of borrower-owned lending institutions, are still offering loans for as much as 85 percent of purchase price with a 20-year amortization in 2009.
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SOUTH CAROLINA ANNOUNCES NEW STATE EQUESTRIAN CENTER
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The State has announced that a new State Equestrian Center will be built in Camden, SC. at exit 101 off of I-20. . . .
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OWNER FINANCING AVAILABLE ON MANY PROPERTIES.
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Many banks have restricted the number of loans . . .
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SOUTH CAROLINA CONTINUES TO GROW
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South Carolina is one of the fastest growing states in the U.S., particularly in the Southeast,. . . .
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INVESTMENT OPPORTUNITIES.
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We specialize in land banking, timber and acreage investments, and rural development tracts, as well as recreational properties. Our main focus is to help our clients make money in the land business. Whether you are buying land for recreational purposes or as an investment option, our goal is to assist you in making the most informed decision and to provide you with the best possible investment tracts available. With the recent downturn in the overall real estate market, many people are turning to land/acreage investments. This market segement has remained strong and prices have continued to rise in South Carolina.
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