Dallas Real Estate (and Agents’) Biz Becoming Increasingly Global
This story is one just one reason why I am paying close attention to Honduras. Dallas has a strong presence in many countries south of the border, and Tom Kelly (who I have had the pleasure of meeting) makes an excellent point: as baby Boomers look at their depressed 401ks, living expenses rising in the U.S. (insurance, taxes, energy, health care), many will look to retire in foreign countries where costs are lower. The average hourly wage in Honduras is $.63 per hour versus $7.25 (on 7/24/2009) in Texas. The NAR reports that 178,000 of it’s members closed with a foreign buyer last year. Proxio is a “border-less” Palo Alto-based real estate website founded by CA realtor Janet Case about two years ago:
“It (Proxio) now has a presence in 65 countries, with an inventory of approximately 110,000 listings worth greater than $55 billion. Its services are in 11 different languages to support its network of more than 4,400 participating agencies and 24,000 agents.
The company makes its money by charging for subscriptions, typically to individual agents, wholesale to groups such as the multiple listing service, Realtor associations and media companies.”
What are we going to do if thousands of U.S. citizens are living south of the border if trouble brews in that country?
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Let’s remember folks: take away the low Texas tax-rate and superlative UTSouthwestern health-care, and North Texas isn’t all that appealing.
Wrong Willie. Maybe you should leave now?? It is hot. Bye.
You can find a lot of great little lake cabins here and all over the South for less than $100K. I’d much rather live in the USA, how about you?
Is not going to happen! People are fooling themselves if they think they want to be alone in a foreign country when they get elderly, sick, vulnerable, and need help. People WILL want to stay in Texas (or whatever state they are in) and be close to their family and the local WhatABurger. As we get older, most of us become nostalgic for the food and “environment” of the happy times we remember of our youth and our children’s youth. Stuck in a foreign country would feel like a prison.
Just don’t get the swine flu (or any other sickness) while down there….could be the end of your “retirement”.
I agree. It’s not going to happen. I’m not so certain American baby boomers will be moving to Mexico, Central America, or South Africa.
Mexico is a third-world country. Honduras is even worse. Who wants to deal with drug cartels, potential kidnappings, corrupt police officials, lousy phone service, and second rate health care just to save a few bucks?
From my understanding, many wealthy Mexicans a few years ago were living at least part-time in the Houston area. The Woodlands was seemingly a magnet for many of these affluent Mexicans. Apparently these rich folks didn’t feel safe in Mexico. If they don’t feel safe with lots of bodyguards, that tells you something.
Terrorism is now a way of life in the world, so Americans are essentially sitting ducks. Not everyone loves Americans. Many foreigners hate us and everything we stand for.
If money is really tight, I think living in a small mobile home in a rural area, ditching the car, growing your own food, would be a much better option than living in a foreign country.