Destin is "Up and Coming" and PC Airport

[beachmouse]

You missed the step about mass protests by 30-A property owners about how an office park would kill their own property values. I was thinking more of the industrial park in Freeport that still seems to have some space available, and wouldn't make for too awful of a commute from DeFuniak or Mossy Head if need be.

 

[SHELLY]

You missed the step about mass protests by 30-A property owners about how an office park would kill their own property values. I was thinking more of the industrial park in Freeport that still seems to have some space available, and wouldn't make for too awful of a commute from DeFuniak or Mossy Head if need be.

Didn't you mention in another thread that businesses "up north Florida" were having a difficult time attracting employees because the cost of living was too high (so they're building worker's housing)?

Look what's happened to our state in just the last couple of years--outrageous housing prices, stagnant wages, growing service-worker economy, increasing property taxes (due to housing prices), soaring insurance rates and changing weather patterns. Florida's ship has pretty much sailed as an attractive Mecca for business relocation. If a privately-owned company's CEO and staff want to relocate, that wouldn't be too much of a problem....BUT if a publicly-held company wants to move the operation to Florida, they're going to have to do come pretty slick tap-dancing to convince the shareholders it is a sound economic decision.

 

[Bob]

Florida ranked 44th lowest of 50 states for state/local tax burdens as a percentage of per capita income according to CNN/Money for 2005. Also, Florida is one of only 9 states with no state income tax. Shelly, it's not all bad. People are moving here in droves to live/retire, and it's not just the warm weather.

 

[Jellyfish]

THis has been occuring in Las Vegas for years- mostly 10-50 employee professional Sub S firms where owner moves to where they want to live. NV has many of same attractions (weather, low taxes, etc). Compared to many parts of the US, the Southeast US is still a major bargain.

 

[SHELLY]

Florida ranked 44th lowest of 50 states for state/local tax burdens as a percentage of per capita income according to CNN/Money for 2005. Also, Florida is one of only 9 states with no state income tax. Shelly, it's not all bad. People are moving here in droves to live/retire, and it's not just the warm weather.

When one's tax burden as a percentage of per capita income is low based on a wage of $8 - $12 per hour, that's not a very attractive statistic.

How about CNN/Money's take on the "Most Overvalued Housing Areas Jan 2006)?

Panama City +46% (same as San Diego);
Ft Walton Beach +43% (Las Vegas 38%);
Pensacola +33% (Honolulu 31%);
Tallahassee +22% (Boston 18%).

These numbers are based on local interest rates and INCOME LEVELS for the area.

Florida Housing Overvalued

 

[Bob]

When one's tax burden as a percentage of per capita income is low based on a wage of $8 - $12 per hour, that's not a very attractive statistic.

How about CNN/Money's take on the "Most Overvalued Housing Areas Jan 2006)?

Panama City +46% (same as San Diego);
Ft Walton Beach +43% (Las Vegas 38%);
Pensacola +33% (Honolulu 31%);
Tallahassee +22% (Boston 18%).

These numbers are based on local interest rates and INCOME LEVELS for the area.

Florida Housing Overvalued

Shelley, low tax burden and zero state income tax in Florida are a given. Additionally, second-homeownership so badly skews overvaluation/local income stats, as to render them meaningless. What's your original point, other than gratuitous baiting? Service workers should be able to own in resort areas? Cool! My bowtie is ready....drinks all around for a lot in Seacrest Beach!!!

 

[Just_In_Thyme]

These numbers are based on local interest rates and INCOME LEVELS for the area.

If these numbers are based on local income levels, wouldn't they be a bit off since many of these areas have large popultions of 2nd home owners whose income is not included in the calculations? Or for that matter people who are retired and may not have large incomes?

 

[DBOldford]

Just in Thyme is right. Income levels are hardly a factor for most buyers of homes in South Walton. Many sales are cash and many of the mortgages are granted on the basis of credit rating alone (income not even factored). No one buying homes in the area counts the existence of affordable workforce housing in their decision to purchase. It is just so much traffic to them and they probably come from places where the traffic congestion is far worse than in South Walton, anyway. They also come from places where the prices for waterfront resort property are five times or more the price of South Walton's. So all things are relative.

That said, the most important aspect of requiring developers to provide some affordable housing is....it may be the only way they learn that such housing can be built and a profit made on it, too. The demand is already there. Affordable housing in other parts of the country (many areas much, much higher than South Walton) has been shown to be profitable for the builders. But they have to learn how to do it and they won't offer because they are locked into the idea of building 4,000-sq. ft. houses with 3-car garages and swimming pools. Like the automotive industry, the development industry is slow to accept change and only does so when there is a very strong motivation, such as....inclusionary housing requirements! Local government should think of inclusionary zoning as a learning curve for developers. It is sad that the fat cats are walking away with so little in the way of exactions, leaving the cleanup work to the smaller players later down the line.

 

[SHELLY]

These numbers are based on local interest rates and INCOME LEVELS for the area.

If these numbers are based on local income levels, wouldn't they be a bit off since many of these areas have large popultions of 2nd home owners whose income is not included in the calculations? Or for that matter people who are retired and may not have large incomes?

What this means is that based on the cost of housing compared to the income level of the area's "average worker (read school teacher, cop, firefigher)" the houses are WAY overpriced and judged too expensive for the "average worker" to purchase.

It doesn't matter whether the cost of area housing was driven up by "investulators," blue-hairs, Paris Hilton, or a granite countertop shortage...the fact remains that it is a dangerous financial stretch for "average workers" to purchase a residence in the Panhandle at this point in time and at these prices. Either wages must go up or housing prices must come down or a little of both. Until that happens, the resale housing inventory will continue to grow (BTW Joe...what's Walton's January stats?? ;-) )

So this summer when visitors get sloppy service (or no service) and stressed out Assistant Managers are working the grill, wiping down tables, and cleaning the toilets--you'll know why. ;-)

 

[Bob]

What this means is that based on the cost of housing compared to the income level of the area's "average worker (read school teacher, cop, firefigher)" the houses are WAY overpriced and judged too expensive for the "average worker" to purchase.

It doesn't matter whether the cost of area housing was driven up by "investulators," blue-hairs, Paris Hilton, or a granite countertop shortage...the fact remains that it is a dangerous financial stretch for "average workers" to purchase a residence in the Panhandle at this point in time and at these prices. Either wages must go up or housing prices must come down or a little of both. Until that happens, the resale housing inventory will continue to grow (BTW Joe...what's Walton's January stats?? ;-) )

So this summer when visitors get sloppy service (or no service) and stressed out Assistant Managers are working the grill, wiping down tables, and cleaning the toilets--you'll know why. ;-)

" The houses are way overpriced".-Shelly What houses Shelly? Where? At the beach? There is no correlation between blue collar wages and resort property values. I'm going to Kiawah Island soon to a rental house for the week, and when or if I eat out at a nearby restaurant, I'm sure the waiter serving us will have driven the 30-60 minute drive out from metro Charleston to work for less than minimum wage plus tips. He or she probably won't declare the tips, and the sky will not fall. If that waiter has good credit, they can buy an affordable home anywhere but the resort islands or the historic downtown area with a stated income mortgage. It's the free market at work allowing home ownership to more people, not less as you presuppose.