Those dreams of retiring to a charming coastal town? They might cost you more than you bargained for.
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Real estate expert Tim Choate is sounding the alarm about several East Coast retirement spots that might not be worth their sky-high prices.
Cape Cod, Massachusetts
Sure, those quaint villages and salty breezes are tempting, but Cape Cod’s limited land and soaring popularity have created a perfect storm for inflated prices.
“The scarcity of available land has driven property prices upward,” Choate noted, leaving many retirees priced out of their seaside dreams.
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Hilton Head Island, South Carolina
Golf courses? Check. Beautiful beaches? You bet. Affordable housing? Not so much.
“The demand for homes there has skyrocketed,” Choate remarked.
With little room for new development and plenty of wealthy buyers competing for properties, fixed-income retirees might want to look elsewhere.
Naples, Florida
Even though it’s technically on the Gulf Coast, Naples sets the tone for luxury retirement living up and down the Eastern Seaboard.
“Our properties in Naples are among the most sought-after in our portfolio,” Choate explained.
Translation? Be prepared to pay top dollar for that sunshine and those upscale amenities.
Asheville, North Carolina
Mountain views and art galleries sound great until you see the price tag. This artsy mountain town has caught the eye of well-heeled retirees, and prices reflect it.
Choate noted that demand “increasingly outpaces supply,” which means you’ll need deep pockets to call this cultural hotspot home.
The Bottom Line
These towns offer amazing lifestyles, but make sure your retirement budget can handle the premium prices before packing your bags. Sometimes the best retirement spot isn’t the most expensive one on your list.
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This article originally appeared on GOBankingRates.com: 4 Most Overpriced East Coast Retirement Towns, According to Real Estate Agents
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