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Florida Mortgage | Second Homes - Hot market now that "Season" is starting!

Florida has long been a winter haven for people from the "North".   The definition of North has expanded quite noticeably recently beyond the typical Chicago, New England, & New York retiree to include people looking to Florida for proximity to the beach and the tropical warm weather that we get year round. 

Now the people "wintering" in Florida include Canadians, Europeans, Brits and other people from all over the US... these people are fondly called Snowbirds as many of them fly the coop before the snow up North.

Now that we've reached September, the Florida Snowbirds are coming down to roost in their 2nd homes or are renting while they decide where to buy their second home... so for them, we should probably discuss second homes and their definition.

From a Lending standpoint - all the different names for a second home have some commonalities that help us classify them as Second Homes and NOT Primary Homes or Investment Properties.  Can you pick them out?

  1. First of all... Location, Location, Location. 
  2. Second of all...  Notice Ski Lodge, Hamptons, Getaway, Beach... Those are descriptives that help qualify the property as Significantly Superior. 
  3. Third of all... and this is the tricky one... it isn't an investment property!!!
  4. Fourth... you're really committed to the property being a place that you will use for part of the year and set it up to use it like a second residence. 

Look No Further than Florida for a great place to buy your Second Home!

For more information about Second Homes in Florida read: Florida Mortgage | Second Homes ~ What are they?

More Florida Mortgage & Real Estate News You Can Use from
David A. Podgursky, MBA
The Mortgage Go To Guy!
Your Source for Residential and Commercial Mortgage Loans in Florida

Posted Wednesday Sep 12
( 09/12/07 10:50AM ) — Thomas Weiss

David,

I haven't heard much about Second home purchases lately, but I guess it is still a Viable option for those looking for another home.. Great post on Second home purchases!!!

Tom Weiss

( 09/12/07 11:58AM ) — Matthew J Blum - MyFavoriteMortgage.net

David, Good post.. Great reminder that season is coming and get ready..:-)

( 09/12/07 04:56PM ) — Bill Roberts - "Baby Boomer" Retirement Planning

David, with prices soft in your market it seems to me that it would be a good time for investors to buy.

Bill Roberts

( 09/12/07 08:49PM ) — George Souto

David, I don't know about you closing costs, but for me there is a big difference in closing costs between a Second Home (Owner Occupied) and an Investment Property (Non Owner Occupied).  One automatically has Points with me, and the other does not.

( 09/13/07 07:16AM ) — Leah Ross ~ Tampa, Florida Mortgage

David, great information for buyers looking for second homes in Florida. 

( 09/16/07 05:12PM ) — Barbara Martino-Sliva, Vero Beach Real Estate, Homes for Sale

 

Great post David.  Great information.

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