Looking to invest in a retirement spot?
If so, you might want to check out Rancho Mirage.
This Coachella Valley city made the cut as a Top 15 retirement spot in the country for real estate investing. The only other locale in California to make the list was Seal Beach.
Here?s how it happened: RealtyTrac pulled data from all cities with a population of more than 10,000 that had 33 percent of its resident-base with people who were 65 or older. The list, narrowed to 40, was boiled down even further when the online real estate reporting service looked at cities with a positive capitalization rate using average rents on three bedroom homes and the median sale prices as of ?May 2013.
Annual temperature, sunshine, the cost of living index and annual price appreciation were other factors to arrive at the top spots to buy an investment home.
Bing Crosby estate in Rancho Mirage.
(Photo: VacationPalmSprings.com)
Six Florida cities made the Top 15 list: Naples, North Fort Myers, Punta Gorda, Sun City Center, Venice and Orange City.
In Arizona, Sun City and Green Valley made the cut. Finishing out the list were East Hampton, New York; Florence, Oregon; Douglassville, Pennsylvania; and Hot Springs Village, Arkansas.
?These popular retirement ?cities will likely be an area of growth in the housing market over the next 15 years as ?Baby Boomers? retire in greater numbers,? said RealtyTrac vice president Daren Blomquist.
This generation started retiring in 2011, beginning a phase will continue through 2029. ?That means there will be plenty of ?demand for rentals and owner-occupant purchases in these markets for the foreseeable future.?
For Rancho Mirage, the capitalization rate ? net annual income from rental as a percentage of the purchase price ? was 2.7 percent, Blomquist told The Press-Enterprise.
?That?s not a huge number, but you?d still see an annual return as the home value begins appreciating. If you decide to sell, you will benefit that appreciation, as well,? he said.
Curt Watts, Rancho Mirage development services director, called the Top 15 ranking a validation of what most residents, full-time or part-time, ?are seeing in general with Rancho Mirage, a spot known as the ?Playground of Presidents.?
Residents and investors view the city as a great place to plan their future, or prepare for it: It is not only sensitive to the needs of?active seniors, Watts said it?s a place where one can make wise real estate choices, and feel comfortable that the property is neither overpriced nor mixed with an over-abundance of ?downmarket? ?housing stock, like inexpensive condos and apartments.
Just in case you want to get a head start on the market, check out the Bing Crosby estate in the gated Thunderbird section of Rancho Mirage. The legendary celebrity estate, which hit the Multiple Listing Service in 2010 for $3.4 million, is a 7,000-square-foot property that can leased?at monthly rates in the area of $90,000.
Jim Ryan, associate broker for Windermere Real Estate in nearby Indian Wells, said it?s great to have a Coachella Valley city make the Top 15 retirement real estate investment list.
?Getting press that says it?s a great place to retire brings more people hopefully into the valley,? he said. ?That?s exactly what we need.?
Tell us what you think? Would Rancho Mirage be a retirement spot you?d invest in?
Source: http://blog.pe.com/2013/07/05/real-estate-rancho-mirage-a-top-15-retirement-spot-for-investing/
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