RIP Florida real estate

[Anonymous]

Ask the Hurricane Katrina victims what happened when they purchased flood insurance but no wind insurance? Please see there are still areas of NOLA with abandoned or decrepit homes with no repairs.

+1

[Anonymous]

$200K+ special assessment for a ho-hum 2BR/2BA Boomer condo. The carnage is just getting started.

[Anonymous]

Anonymous wrote:It will get even worse because in 2024 HOA reserves must be fully funded and plenty are not. Between that and the increase in insurance costs condos in Florida will become very cheap. Coupled with the fact that many are attached to golf courses that have mandatory 90K owner buy ins they will be begging for people to buy them.

Nice prediction. See the video above - this is the result of the legislation to full fund 2024 HOA reserves. The guy in the video can't sell his condo for anything.

[Anonymous]

Anonymous wrote:

Anonymous wrote: nobody cares, old people and military members will keep moving there because of no taxes.

At some point, the cost of living there will exceed the benefit of no state taxes, at least for people who actually buy a house there.

I would say this is already accurate in some cases. It costs me about the same to live in Fort Lauderdale than in north Jersey and more than when I lived in ccmd.

[Anonymous]

Anonymous wrote:I get that the overwhelming sentiment on this board is to hate on Florida and on the political stuff I generally agree.

But this is bad.

It’s not bad. It’s choices with consequences.

I’m not paying more taxes to subsidize other people’s bad choices.

[Anonymous]

[Anonymous]

Florida has been ruined by invading dorks since around the year 2000. I hate going home now. Other than helping with my parents estate when that time comes I’ll be avoiding it.

Same thing happened to every other not horrible place in the US. California was awesome in the 1950s. Humans are cockroaches.

[Anonymous]

[Anonymous]

That's what happens when you keep voting to defer maintenance in those condos. Someone gets stuck with the bill. Or the whole thing winds up in the garage.

[Anonymous]

[Anonymous]

Anonymous wrote:$200K+ special assessment for a ho-hum 2BR/2BA Boomer condo. The carnage is just getting started.

No sympathy here. He bought a waterfront property with extensive landscaping and waterscsping. What exactly was he expecting? When I bought my condo I specifically avoided amenities like pools, elevators, etc because I knew eventually a special assessment would hit.

[Anonymous]

Anonymous wrote:All insurance companies should bail out of FL. They are driving up rates for the rest of us. The state can create their own insurance program and manage it themselves.

Many large ones pretty much have. They will no longer insure in FL. My ILs had a hell of a time finding new insurance on their tiny snowbird property. They had to go with a smaller company and hope nothing bad happens.

[Anonymous]

This is good, I want to buy something down there cheap not too far from Tampa. I'd like to have a house there within maybe five miles of the coast but easy driving distance to Orlando as well.

[Anonymous]

My friends in FL near Tampa had their house flood 3 times in 2023. After the 2nd time, their insurance dropped them. Their new insurance dropped them after the 1st flood with them (3rd flood of 2023). The company would only keep them if they entered into a contract to raise their home. The cheapest quote they got for that process was $48k.

[Anonymous]

Anonymous wrote:My friends in FL near Tampa had their house flood 3 times in 2023. After the 2nd time, their insurance dropped them. Their new insurance dropped them after the 1st flood with them (3rd flood of 2023). The company would only keep them if they entered into a contract to raise their home. The cheapest quote they got for that process was $48k.

Good.

We need to start coming to terms with the fact that the current way we live and build homes in a lot of places isn't sustainable.