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The 10 Worst States to Retire In (Hint: You have to bundle up AND spend a bundle!)
While those lucky enough to live on the Emerald Coast know the area has a thriving retirement community, the same can’t be said for these states which have been targeted as the worst places to retire by TopRetirements.com
Jayme Nabors, co-founder and real estate broker with NBI Properties, said that retirement communities on the Emerald Coast are thriving and that many second home sales can be attributed to snowbirds who fell in love with the area while visiting.
“There has always been a steady stream of business from newcomers who decide to retire here after vacationing in the area for years,” said Nabors. “After enduring so many cold winters up north, we have people telling us that northwest Florida feels like paradise to them!”
With their frosty temperatures and high taxes, it’s no wonder that the snowbirds flock to the Emerald Coast for the winter and end up settling here permanently after retirement. Just in case you’re wondering exactly where it’s chilly and expensive to retire, the 10 worst states were determined based on their economic health, property taxes, income taxes, cost of living and climate. The list features three new states this year – Vermont, Minnesota and Maine – while Ohio, Nevada and California fell off the list this year. The 10 worst states are:
No. 10: Wisconsin
High property taxes and the high number of foreclosures sunk this state that is famous for its fried cheese curls and rabid Green Bay Packers’ fans.
No. 9: Maine
Maine gets low marks for high income taxes. The state’s governor has gone on record saying he wants to make retirement income tax-exempt in Maine, but so far this hasn’t come to pass.
No. 8: New York
New York’s median property taxes are the fourth highest in the nation its overall tax burden is also high. However, cost of living is high and if you factor in the chilly winters with high heating bills, it doesn’t hold much appeal for many retirees.
No. 7: Minnesota
With no income tax exemptions for pensions or Social Security, Minnesota puts a heavy tax burden on retirees.
No. 6: New Jersey
New Jersey levies the nation’s highest median property tax ($6579), and has the highest income tax burden as well.
No. 5: Massachusetts
Often called “Taxachusetts,” property taxes are among the nation’s highest and the flat rate applied to earnings beside Social Security, which is exempt (like government pensions, but not private ones), can prove costly.
No. 4: Vermont
This scenic state harbors high median property and income taxes, and its cost of living is in the top 10. Winters are described locally as “too cold to snow.”
No. 3: Rhode Island
Rhode Island’s scenic too, but is facing choppy economic waters with underfunded pension and health care liabilities, as well as budget deficits.
No. 2: Illinois
Illinois in dire fiscal straits, with terrible figures for pension funding, deficit spending, unemployment and foreclosures.
No. 1: Connecticut
Neck-to-neck overall with No. 2 Illinois, Connecticut won its spot at the top of the list because of higher property and income taxes as well as a greater cost of living.
WHERE TO RETIRE?
We’ll admit that we’re biased because we live, work and play on the Emerald Coast. Aside from telling you about all of the wonderful communities, beaches, parks, festivals, climate and other amenities retirees enjoy here, Florida also offers the following advantages:
Personal Income Taxes
No state income tax
Retirement Income: Not taxed.
Individuals, married couples, personal representatives of estates, and businesses are no longer required to file an annual intangible personal property tax return reporting their stocks, bonds, mutual funds, money market funds, shares of business trusts, and unsecured notes.
Property Taxes All property is taxable at 100% of its just valuation. Every person who owns and resides on real property in Florida on January 1 and makes the property their permanent residence is eligible to receive a homestead exemption up to $50,000. The first $25,000 applies to all property taxes, including school district taxes. The additional exemption up to $25,000, applies to the assessed value between $50,000 and $75,000 and only to nonschool taxes. If one spouse holds the title, the other spouse may file for the exemption with the consent of the titleholder.
Most of the retirees we talk to feel that the Emerald Coast is hard to beat! Give us a call today at Lifestyle Properties, Inc. (850-424-7310) and we’ll find a perfect spot for you!
Florida Real Estate is Sunny Side Up!
Florida’s real estate brokers have reason to smile. A new report from the Federal Reserve’s latest Beige Book shows the Sunshine State has once again weathered the “gloom and doom” forecast hitting the housing industry throughout the nation.
The Federal Reserve issues a Beige Book report every six weeks that serves as a snapshot of the nation’s economic well being. While the latest report said brokers across the U.S. reported “soft” home sales for November and December 2011, Florida sales rebounded due to interest from international buyers and cash deals. Overall, home sales are up 47 percent in Florida since the real estate bubble in 2008.
Pointing to reports from tourism businesses throughout the Southeast, the report indicated that Florida saw greater travel activity from international visitors, and particularly from Canadians and South Americans.
NBI Properties co-founder and real estate broker Craig Barrett said the last three months have been extremely busy for his company, which has closed on numerous commercial and residential properties.
“Leasing and sales have been brisk for us during 2011,” said Barrett. “For example, just this month we’ve closed on some huge deals, such as a 50,000 square foot building at 340 Beal Parkway in Fort Walton Beach for $1.5 million, the Chelsea Building in Destin, the former Starbucks in Shalimar, and 11 commercial condo units at The Plaza in Destin — just to name a few. Overall, we’re on our way to a record-setting quarter!”
Foreign buyers see big bargains in U.S. real estate
MIAMI – Jan. 16, 2012 – Foreign investors are finding plenty of deals in the U.S. when it comes to real estate, and, as such, more international investors are flocking to key states to buy their piece of the American Dream. Mexico is the top country of origin for foreign buyers purchasing U.S. homes, according to a recent study by Credit Sesame, which used National Association of Realtors® data for its findings. “In this period of tremendous uncertainly globally, real estate here is a safe haven,” Susan Wachter, professor of real estate and finance at The University of Pennsylvania, told MSNBC.com. The top destinations of foreign investors for U.S. real estate purchases are: 1. Florida: Thirty-one percent of all home purchases are made by foreign buyers, with most coming from Cuba, Haiti and Colombia. 2. California: Twelve percent of all home purchases, with most coming from Mexico, the Philippines, China, India and Vietnam. 3. Texas: Nine percent of all home purchases, with most coming from Mexico, India, Vietnam, China and the Philippines. Source: “Housing more affordable than ever … for foreign investors,” MSNBC.com (Jan. 13, 2012)
Commercial Real Estate Leader NBI Properties, Inc. Expands with Launch of Residential Properties Division
FORT WALTON BEACH, FL — NBI Properties, Inc., a leader in commercial real estate,
recently launched a new division, Lifestyle Properties, Inc. According to co-founders Jayme Nabors and Craig Barrett, the new division specializes in exclusive residential properties on the Emerald Coast.
“We’ve been honored to serve communities on the Emerald Coast since 2005 as a full-service commercial real
estate firm,” said Barrett. “We feel privileged that so many people, businesses, and investors have entrusted us with their commercial real estate needs and so it’s a natural extension for us to extend our expertise in the residential market with Lifestyle Properties.”
The Lifestyle Properties office is located in the former Regions Bank Building across from The Bass Pro
Shop in Destin. As the Southeast’s fastest growing commercial real estate firm, NBI Properties also has offices located in Fort Walton Beach and Fort Lauderdale. The company has sold hundreds of millions of dollars of property in Florida, has leased millions of square feet of commercial space, and manages more than 1000 properties.
Both Nabors and Barrett are native residents of the Emerald Coast and are optimistic that residential property values in the area will remain attractive and outperform many other parts of the country.
“We’re committed to this area and love selling the lifestyle because it’s something we’re passionate
about,” explained Barrett.
NBI Properties currently represents multinational corporations, governmental agencies and contractors, major defense contractors, developers, institutions, lenders and investors. The company is a proud sponsor of many local events and charities.
Daily News Building – Fort Walton Beach
200 RACETRACK RD, FORT WALTON BEACH, FL 32547 (MLS # 566203)
(all data current as of 2/22/2012)
| Price | $10,360 |
|---|---|
| Beds | n/a |
| Baths | 0 baths |
| Home size | 48,100 sq ft |
| Lot Size | 194,277 sq ft |
| Days on Market | 127 |
Currently houses the NWF Daily News Paper, this is a 48,100 sf facility that sits on 4.46 acres that could be used for multiple purposes, Professional, Flex/ Industrial, retail, etc, property is priced to sell, the building has office space and warehouse space with 2 loading docks and also has access from Denton Blvd. The owner is willing to lease out just the office space as well.
Property Type(s): Commercial Lease
| Last Updated | 10/19/2011 | Tract | n/a |
|---|---|---|---|
| Year Built | 1983 | Community | Fort Walton Beach |
| Garage Spaces | n/a | County | OKALOOSA |
| Total Parking | n/a | Walk Score ® |
43
|
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Listing provided by NBI Properties Inc
Outlook for Commercial Markets Optimistic for 2012
Although commercial real estate markets have been flat in many parts of the country this year, more positive trends are expected in 2012, according to the National Association of Realtors® (NAR).
Lawrence Yun, NAR chief economist, says there is little change in most of the commercial market sectors. “Vacancy rates are flat, leasing is soft and concessions continue to make it a tenant’s market,” he says. “However, with modest economic growth and job creation, the fundamentals for commercial real estate should gradually improve in the coming year.”
Jayme Nabors, a partner with NBI Properties in Fort Walton Beach, Florida, said commercial real estate activity on the Emerald Coast has continued to exceed expectations.
“We are fortunate to be in an area that is boosted by over 17 million annual visitors, including 8 million in Okaloosa and Walton counties,” Nabors said. “A new study by the Strategic Planning Group in Jacksonville showed that visitors now spend more than $1 billion annually here and the re-book rate for a Walton County visitor is a phenomenal 89 percent.”
Nabors added that tourists have helped fuel projects such as the Silver Sands Outlet in Sandestin and most recently the $250 million Grand Boulevard development located at the entrance to the prestigious Sandestin Golf and Beach Resort.
In addition to tourists, Nabors said that Walton County has more than 900,000 year-around residents, is the most affluent county in the region, and is among the fastest growing counties in America. All of these factors have kept NBI’s realtors busy with leases for office, restaurant and warehouse spaces as well as many other businesses establishing start-ups n the area.
“We are blessed that there is so much potential for growth here,” said Nabors. “South Walton County is about 55,000 acres and is only 40% developed and all of Walton County is only 28% developed. We’re in a very unique market and that’s why we’re seeing more and more people who want to do business here.”
NBI Reports Healthy Third-Quarter Sales and Leasing Activity
Despite a sluggish U.S. economy and political turmoil in Europe, commercial real estate service providers continued to report gains from the rebound in global investment sales and leasing in the third quarter. According to commercial real estate executives and analysts, the strong performance is attributed to robust leasing activity and property sales, both of which have been booming on the Emerald Coast.
“We’ve had an extremely busy third quarter,” said Craig Barrett, a partner with NBI Properties, Inc. in Fort Walton Beach, Florida. “We’re anticipating a very active fourth quarter also, as it’s typically the most active period of the year for commercial real estate transactions.”
Barrett added that property sales are also expected to increase due to improved capital availability and investors’ preferences for stable CRE yields in the ever-fickle financial markets.
Leasing revenue, considered a good leading indicator for job growth and overall revenue growth among brokerages, has also grown steadily on the Emerald Coast with many new businesses setting up shop in Destin.
“We’ve leased approximately 275,000 square feet of retail space this quarter and we don’t see any signs that it will slow down,” added Barrett. “We realize we’re in a fortunate situation because in other areas of the country, there are only gloom and doom reports with no signs of recovery.”
Investors Banking on Commercial Real Estate on the Emerald Coast
Many investors are banking on commercial real estate as the lone bright spot in a risky investment landscape. In Northwest Florida, most encouraging of all is that despite a worldwide recession, the area’s rents, values, absorption and occupancy levels have all shown improvement while job growth is up 15 percent in Fort Walton Beach and Panama City. According to Craig Barrett, licensed broker and a partner with NBI Properties, these are all signs that there is light at the end of the tunnel, and especially on the Emerald Coast.
“While the commercial real estate market is still volatile, it is much more stable than any other investment in the market place right now,” Barrett said. “Fortunately our area has more stability than other areas because of a strong military presence. In addition, we’ve just enjoyed the best tourism year on record with hotel occupancy rates up 84 percent higher year over year.”
Barrett added that many investors he has spoken with confirm that debt remains available for qualified buyers, and especially for well-located core assets with reliable rent rolls. Statistics compiled in 35 markets showed an average loan-to-value (LTV) ratio of 59.4 percent while apartment investors had some of the highest LTVs of the quarter.
The good news has also been shared by apartment and condo dwellers who have benefited from competitive rent prices.
“Some rents have remained the same while others have dropped considerably for commercial and residential properties,” said Barrett, who noted that NBI manages more than three million square feet of properties in the Southeast.
Competition among buyers is healthy and strong, especially for prime waterfront properties and office buildings.
“We’re leasing a lot of spaces to defense contractors, restaurants, retailers, and professionals,” said Barrett. “On most days it’s great to see our agents scrambling around like Tasmanian devils to see all of their clients.
To check out available properties or for more information, go to www.NBIProperties.com or call 850-243-0007.
HAFA May Help More Military Families Keep Their Homes
More military service families who are underwater on their homes on the Emerald Coast may now be able to take part in the Home Affordable Foreclosure Alternatives (HAFA) program. According to a recent announcement by the Treasury Department, HAFA will make it possible for military personnel to qualify for short sales and deeds-in-lieu of foreclosure.
The Treasury Department revised its guidelines for HAFA following numerous complaints from military families that the program failed to recognize a permanent change of station as a financial hardship. As a result of the omission, some underwater military members were prevented from taking part in the program while many others claimed they were current on their mortgage until receiving orders to move.
“”An example of such hardship includes a service member citing a “Permanent Change of Station’ order as the basis for his or her financial hardship when requesting HAFA, eve if such service member’s income has not been decreased, so long as the service member does not have sufficient liquid assets to make his or her monthly mortgage payments,” the Treasury said in a directive sent to mortgage services.
Jayme Nabors, co-founder of NBI Properties, Inc., said the HAFA program is an important step to ensure that military service members in Okaloosa and Walton counties will have every chance to hold onto their homes.
“Our area’s strong military presence is the primary economic generator on the Emerald Coast,” said Nabors. “Although we have 17 million tourists annually, we still depend on the 900,000 year-round residents and military personnel to preserve our economy.”
Source: TreasurMoves to Help More Military Qualify for HAFA – HousingWire 2011
Office Space North of Mooney Road
SINGLE STORY OFFICE BUILDING WITH 28 ON SITE PARKING SPACES. THIS IS A UNIQUE OPPORTUNITY FOR A USER TO MAKE A DEAL. BRING ALL OFFERS. GREAT FOR MEDICAL OR PROFESSIONAL OFFICE USE