Reply to Tampa Bay days away from getting largest hurricane in city’s history

Forum Index » Political Discussion

Reply to "Tampa Bay days away from getting largest hurricane in city’s history "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]The Wall Street Journal had an interesting article about everyone trying to sell their homes in Florida. They supply is significantly out paced the demand. Condos aren't selling and they have a glut of homes on the market.

We tried to tell people. [/quote]

+1. As if the hurricanes were bad enough, a second problem.  After the collapse of the condo in Florida a couple years ago that killed so many people, there are now actual regulations in FL about the amounts of reserve funds and special assessments and independent evaluations of the structural upkeep needs and required maintenance of condo buildings more than 30 years old.  And the numbers are huge. Because Florida being so deregulated means there is 30+ years of deferred maintenance in many of the buildings. And some are in hurricane zones and getting hit with harsh weather that degrades the structural integrity more than one would normally expect.  So, on top of skyrocketing insurance rates, owners of these condos are also getting hit with hundreds or thousands of dollars a month in special assessments (if they finance the special assessments that can top top $100k— one very ordinary, non-luxury building was $224k a unit—  and the assessments may be for more than the actual value of their condo) by condo boards. I’m actually surprised the Republican, anti-regulatory FL legislature passed these Regs and Death Satan signed them.  But I guess collapsed buildings killing dozens of people is also bad for Florida’s insurance market.

So enormous special assessments plus enormous cost to insure makes these condos impossible to offload

And now they also have the same condos becoming uninsurable or also paying 3, 5 or 10x what they used to for home owners insurance. And DeSantis admitting that the state insurance fund, which serves as insurer of last resort, is insolvent.  Before Helene and Milton. And if the condo is actually uninsurable, the owner can’t sell it to anyone who needs a mortgage.  If my home in Florida was damaged in this round, and I was lucky enough to still have decent insurance, I’d take the money, sell the house as is to a developer or someone who wants the land underneath— for $1 if that’s what it took to get out of being responsible for it— and consider myself very lucky. Living in the hurricane zones of Florida is officially economically untenable, unless you are amazingly wealthy. Which most retirees on set incomes of Social Security, annuities, and pensions are not.

More info about the condo special assessments that is making the economics of owning property in FL so much harder than *just* impossible to find or pay for home owners insurance.

https://www.wesh.com/article/florida-condo-crisis/61917535

And wait until the claims for Helene and Milton flood in to the state backed insurer that De Santis has admitted is insolvent. I wi either ha o desultory, or Florida wi have to— OMG— raise taxes.

I do wonder if the colossal mismanagement by the State of FL that got us here isn’t the October surprise that loses Scott his Senate seat, ends DeSantis’s national ambitions, and maybe even puts FL in play for the EC. Hard to blame Biden-Harris for HOA assessments due to decades of deferred maintenance, unbelievably high insurance rates due to lack of regulation in building codes in hurricane prone areas,  and insolvency in the insurance fund controlled by the state of FL. Although I’m sure they will try.  But thus far, the best they have is MTG’s conspiracy theories on Biden Administration using secret weather control weapons to target red areas (as if a Tampaand Asheville aren’t  pretty blue).[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics