Gotta say there seems to be some pretty good value in Florida housing if you wanting live around other olds. When my grandparents died I was shocked how cheap the market value of what I always thought was a pretty nice place in a golf course neighborhood less than 20 minutes from beach. Was a couple years back but still was something like 150k for 3 bedroom place
Yeah my parents have made some absurdly good financial decisions in the past 15 years or so. I grew up well off for sure, but they’re on a whole other level now. They basically bought a house in 1990, lived within their means until the housing bubble burst and bought a run down beach house on Lake Michigan for a second home. They upgraded that place and sold it for a massive profit, then bought this beautiful lakefront house right before prices spiked and sold their old main house right after prices spiked. They got an unsolicited offer for 2x what they bought it for 6 months after they bought it and refused.
They told me they talked to their financial guy and that they would still have money at this rate when they were 99… so they decided they’re going to buy a new house in Florida. Mix of boomer “luck” and saving for 25 years or so. Happy for them but still worried about Florida
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Your parents are now deplorable boomers. Sorry
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The article is broken into sections that leave readers no doubt how the Daily Sun feels about the commissioners and their tax hike: “Law stymies freshmen commisssioners,” [sic] followed by “Conservatives lead charge,” “Understanding economic therory,” [sic] and “Locals applaud new law.”
lmao this is the Villages’ Pravda equivalent, you’d think they would need to bother trying or something.
Yeah ordinarily this would be an enraging story but given that it’s a bunch of fuckwad conservative boomers getting their faces eaten by bribed GOP officials and Ron DeSantis, I’ll allow it, actually kinda fun to read
vegas future water situation is scaring off a few people
It really should. Given climate change people need to stop moving to the desert. I expect we’re going to see trends start reversing at some point and see people moving back to the Northeast & Midwest because we have water and a warming climate up here doesn’t mean you fry in the summer.
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The insurance thing is very real in Florida, homeowners policies are close to unavailable except from the state insurer and anywhere near the coast it’s like $7k.
I’m amazed this hasn’t gotten more media coverage, because this is the leading edge of climate change fucking with the average American financially.
At risk of starting a dreaded discussion about what constitutes the “average American,” at this point most places that are close enough to the ocean in Florida for this to be a big factor are probably beyond the average American’s means and the people purchasing real estate on places like Palm Beach Island or Jupiter Island are all probably self-insuring. Even places like Davis Shores (up in St Augustine) and then the coastal properties in small, nondescript towns along the coast like Port St Lucie, Vero, or Sarasota, are probably way too pricey for average people to be considering.
Hurricane Ian might move the needle some, since it flooded a lot of places further inland. But we’ll see.
I’m surprised they’re self insuring. Flood insurance in FL is criminally underpriced. Yes I know it’s expensive, it should be more expensive sorry.
From what I understand, the people who are self-insuring are buying properties/homes that are in the 10s of millions of dollars. I imagine when you have that kind of money, self-insuring ain’t no thang.
I thought the Florida insurance stuff was driven by widespread fraud.
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an in-law is in touch with a bunch of seniors in florida, and keeps telling me that they all love desantis on account of all the disaster money he gave out, while i try to point out the rest of his fascist traits.
can someone summarize the roofing fraud scandal that dirty ronny precipitated, so that i be better prepared for next conversation?
The crisis is largely the result of a plague of roofing scams, fed by loopholes in state law and a string of court decisions that allowed them to proliferate, insurers and government officials say.
The scam works like this: Contractors knock on doors offering to inspect homeowners’ roofs for storm damage. They say they can help get a roof replacement covered by insurance, and they persuade the homeowners to sign away their rights to file the claims themselves. The contractors then file fraudulent damage claims, and when the insurance companies balk, the contractors sue. The insurance companies usually settle the disputed claims for many times more than the original claim. Most of that money goes to the contractors’ lawyers in the form of a “contingency fee multiplier.” Some lawyers file hundreds of such lawsuits a year.
The homeowner may get a free roof, but everyone pays for it through increased rates.
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Holy shit ANOTHER one!
It’s not that hard!
You don’t typically get that kind of money by not taking advantage of something like insurance premiums that have been legally capped by an extremely combative state department of insurance, or federal flood insurance that is effectively subsidizing you building a 10MM house by the water. It’s possible there are property value restrictions on the federal flood insurance not sure.
I believe the FEMA flood insurance payout is capped at 250k + 50k if a total loss or something like that
Actually looks like for the fema plans it’s 250k for building and 100k contents
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It probably shouldn’t just be places right on the coast.
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A lot of people who have lived there 10+ years and/or who bought a home when mortgage rates were 3% could likely afford homes close enough to the coast to be at high risk of hurricanes, who can’t afford like $7K a year in insurance.
I just went on Zillow, set the max at $500K, and picked what I think is a not insanely expensive but not cheap area - Sarasota. I found five places within a half mile of the bay for $380K to $500K in about a two mile stretch, and if you go to a mile inland you get another 10 or so and the cheapest drops to $230K.
My wild ass guess is these would be okay in a minor hurricane and get wrecked in a major hurricane.
Meh flooding stuff is hyper local. You don’t need the special flooding insurance to protect from hurricane rain/wind. Where I lived in Nola didn’t even require flood insurance, but a few blocks away did