Cashing out

SW Floridians are taking real estate riches elsewhere

While much is written about the 1000 people a day that move to SW Florida, the Herald-Tribune has a piece on SW Floridians who are cashing out of this market and relocating.

They're scraping profits off the lucrative Florida real estate table and leaving, for small towns in Tennessee, cities in the Carolinas, villages in Washington state, even elsewhere in the Sunshine State -- all in search of the next paradise.

"Migration is happening throughout the country," says Susan Wachter, a professor of real estate at the Wharton School at the University of Pennsylvania."It's fueling the growth of places like Phoenix and Las Vegas, which are the exurbs of California," Wachter adds."

People leaving Florida are fueling the growth of the Carolinas and of Georgia, and the spillover is keeping the housing boom going in some places.""Smaller towns are often particularly attractive, and they grow in response to affordability pressures in places like Southwest Florida," Wachter says.

Adventurous? Trade in your bit of the boom [Herald-Tribune]

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