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Thursday, April 5, 2007

One way to bet on Florida

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    It is a good rule of thumb when investing to watch what the pros do.  Warren Buffet comes to mind.  So does Carl Icahn who, according to today's Wall Street Journal, is making the ultimate contrarian play:  He is trying to buy WCI, a builder and owner of hundreds of Florida condominiums, many of which are stuck in development and/or facing defaults by over-extended owners who, frankly, followed the advice of Mammon, the god of greed, not any expert.

    Icahn believes that the baby boomer generation is coming into its peak retirement years and that Florida still holds an attraction for them.  After all, you can't argue about the climate, unless you are in Miami in July, and many boomers feel the pull of nostalgia for the Sunshine State since that is where their parents retired. My folks spent a part of their retirement years in Lauderdale Lakes, and sitting in traffic trying to get back to their condo has caused me to have a different opinion of Florida.

    But if Carl Icahn is betting on Florida's condo market, who are we to argue?

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Larry Gavrich

This blog was conceived and is published by me, Larry Gavrich, a former corporate communications executive who founded HomeOnTheCourse, LLC, in 2005.  Our firm advises baby boomers and others seeking a lifestyle in which golf is a major component.  My wife Connie and I own a home in Connecticut (not on a golf course) and a condo at Pawleys Plantation in Pawleys Island, SC, on a Jack Nicklaus layout.  We began our search for our home on the course more than 15 years ago, and the challenges of the search inspired me to research golf communities and write objective reviews of them.