Now that the economy, real estate market and consumer confidence is at an all time low in the United States there’s not much to be happy about in terms of finance. But is this economic downturn bad for everyone? A silver lining for the Baby Boomer generation that is saving up and working on their golf game as retirement approaches is that real estate is cheaper than it has been in a long time. But, Florida is a big state and choosing somewhere in its 1,200 miles of coastline may prove difficult.
Palm Beach has seen a significant growth in popularity. South Florida is divided by three major counties: Miami-Dade, Broward and Palm Beach. Miami Dade and Broward have seen large commercial growth and urban renaissance, this development has made them lose a touch of residential seclusion as high-rises pock their skylines and mass transit floods their once quiet streets. Palm Beach has maintained its quaint appeal throughout the flood of development that has engulfed South Florida.
Palm Beach has seen a growth in interest from baby boomers, oddly enough during Florida’s traditionally slower summer months. Prices for condos and homes have dropped so drastically that interest has swelled among those hoping to purchase an underpriced property to spend their golden years. In some parts of Palm Beach oceanfront property has dropped over fifty percent.
Many have insinuated that Baby Boomers buying up cheap Florida real estate may help repair the states current housing market woes. Florida is currently just behind California in total economic loss from the housing market downturn. But real estate isn’t the only industry that stands to gain in Florida from Baby Boomers moving in. Many different industries have been preparing to service the Baby Boomer generation from medical care facilities to golf courses and are expecting the Baby Boomers to put an economic boom in the economy.
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