Year after year, Florida becomes more urban and populous emerging as the region of choice for vacationers, retirees and international investors. For decades, Florida has functioned as a retirement destination for the East Coast of the United States, a market the State still retains today. Strong oil prices coupled with political instability has driven many from Latin America to relocate to Florida. Oil has provided them with fresh capital to invest and the instability as the motive for buying. As a result, the average home in a Florida metro area sells for $400 thousand and new housing tracts are continuously appearing in previously underpopulated counties. Although the Northeastern United States and Latin America are the two main ‘feeder markets’ for Florida real estate sales, in the last few years other demographic groups have been discovering the Florida lifestyle- such as wealthy Europeans whom have benefited from the rising strength of the Euro against the Dollar.
Rani Ben-David, GSR’s President, predicts that more people will be looking to move to suburban areas and away from the big city, especially the aging Baby Boomers and retirees. Increased traffic congestion in the big cities due to the high rise condo boom, as well as increasing interest rates, will make living in the city increasingly unbearable- both from a practical and an economic perspective. Double the economic effect on retirees fleeing the frigid Northeastern weather that live on fixed incomes. Baby Boomers (78 million people born between 1946 and 1964) are looking to retire to peaceful communities with warm weather and plenty of leisure activities such as golf, boating, fishing and social events. GSR’s residential communities provide all of that and more without the high costs and congestion typical of Miami and Fort Lauderdale. There are 78 million Baby Boomers with as many as 3 million of them turning 50 every year (the oldest Baby Boomers are turning 60 this year). “Baby Boomers are in their peak earning years, not to mention they’re simultaneously inheriting hundreds of thousands from their parents which some of it is undoubtedly generated by real estate appreciation. Nearly half of all people between the ages of 59 and 70 intend to move when they retire. The main reason they’re moving: They want to live in a warmer climate with more leisure lifestyle to enjoy their ‘Golden Years’. Real Estate growth in Florida is now shifting back to the urban core, which will lead to rising land prices in the next few years as vacant land becomes increasingly scarce on the western coastline of Florida.
GSR Capital Group is presently developing residential communities in Charlotte County, Florida and in select areas of Englewood. Additionally, the Company is currently negotiating several real estate acquisitions in the area for further development of residential and mixed-use communities.