this may be what happens. Rich people buy the lot and build a disposable house. Don't make it hurricane proof - if the hurricane comes let the house be destroyed and then just build a new one.
@@murphstahoe just fyi, not all folks who own those homes are "rich." They bought long ago and have held onto their homes. Now they're essentially homeless. Hopefully they'll get a decent value for the land
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this tip. It was easy to find your coach on google . Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
My home had never flooded of any consequence until Idalia put 2 feet in a bedroom and foyer. I restored everything over a 2 month period and it was a lot of work. When Helene came my house was trashed with 4.5 feet of putrid water throughout. I have flood insurance and filed a claim in both instances. The first claim was reasonably fair but the second claim was a runaround so i hired a public adjuster that i have to pay 10 percent of all settled claims. Iam not rebuilding my current home this time because it will just flood again. A fortress home built 12 feet in the air is needed and i don't know if i have the energy for that. 5 hurricanes in 2 two years tells this lifelong Florida resident things have drastically changed and the way we inhabit Florida and especially the west Coast is a question going forward. Personally i would not buy any ground level home near the water and i don't know if one high up is the answer either as the whole property gets trashed even when water may not get high enough to breech the living space.
There are videos of house being floored that are on top of hills or were build on high grounds. Helene did a lot of damage to a lot of places that are even in high elevations. There was a place in NC that was far from ocean and was well above sea level. The town is no longer there after Helene. Right now it maybe a south problem, but something tell me if we don't do anything about climate change, the north my not do any better.
chronic amnesia, another description of people that vote for trump . they ignore or refuse to admit his constant lying . and there’s another saying for that. conformation bias. period. lol it up . if you recognize the meaning you just might be in a cult.
Absolutely correct. All it will take is a few calm weather years with no hurricanes or flooding and the next group of goobers will be here to buy these homes at insane prices
We are envious little reptiles who see something someone else has, believes that Facebook lifestyle is real, and ignores all common sense and financial responsibility.
If these coastal towns in Florida have a chance of surviving future hurricanes, they need to put back the mangrove forests that used to reside along the coast. Mangroves were removed over the years to provide more swimming and boating access and beach views. They are some of the only trees that can survive in salt water; provide habitat for fish and birds and are the most effective method of offsetting carbon emissions on the planet. Mangroves slow down flooding and take the brunt of the high speed winds that will prevent a lot of the destruction in these coastal towns.
Absolutely correct but it's a lot easier to remove them than restore them. Besides which climate change may make that type of barrier ineffective. More storms and more violent storms are likely.
Got brothers who live in Florida, next to the beach, I think it's just because of bragging rights. The water level hasn't risen, the mortgage companies are still giving out 30 year mortgages, Pelosi and Zelenski, Obama and other goofball politicians buy houses on the shore. Hunga Tonga, La Nina, the Sun, cosmic rays, and a weakening magetic field are putting new twists in the weather patterns.
Ya, 22 million people, of which 21,500 don't live on the water....are going to get up and leave because the barrier islands flood. I live on the salt water in Florida. I remained dry and that is after the eye went right over us and we were suppose to get 10 t o15 feet. We go zero storm surge. Don't believe all this hype.
@@garrydye2394 Lets follow some downsteam trends than, the people who live on the water are leaving, the video shows they are leaving because they don't want to have to rebuild endlessly, want to salvage what value they can from their houses, and others are trying to sell and leave before their area potentially floods and they lose value of their property because that's happened in all the other areas it floods. Those 21k people are going to find their regions get very crowded soon because people will suck up living inland to avoid the potential for a surge.
so many smart and witty people on the internet meanwhile people that get out there and do something reap the rewards .. this isn't the first or last storm and some will in fact do the "same" thing and reap rewards..
The seller at 175K and anyone else making big price cuts are simply cutting their losses as fast as possible. As time passes and more owners are denied insurance claims or don't have money of their own to repair, listings will grow and prices will continue to fall even more. A sad situation for current owners
@@RootBeerGMT Fema doesn't bail out the millionaires. You need to be under an income threshold to receive a monetary payout for damages. The millionaires here need to rely on flood insurance, which most have policies that cover up to 200k in damages. Not a big issue for them though, because the vast majority of the homes that were destroyed were the older homes that still have 1 story living areas. Most of our mansions are following modern building code that mandate the first floor is not a livable area (aka it's just garages). Basically they all lost their cars, and whatever they had stored in there garage (and most of the garage doors were blown out). It's the poor people that live beach front that suffered the most.
You're totally wrong. Buyers will snap up those properties and try and flip them before the next hurricane floods them out. Never underestimate the Greater Fool Syndrome
@@jameshurley224 you can get insurance if you start over and build to current code, which is way better than when all these homes were built. I’m sure Florida will implement further code changes, just like they did after Hurricane Andrew in 1992. The Miami area boomed in the last 2 decades, and construction is way better now. It does cost a lot more to build properly.
Prices will never be that low again unfortunately. When you print trillions of dollars and devalue the currency, things cost more. If wages kept up with the inflation, it wouldn't be an issue. But we know that will never happen with greedy Corps.
These new insurance companies are just smoke and mirrors so Desantis can say he is doing something. Don’t expect them to actually pay what your claim is worth.
The government sells flood insurance. You may get a little free coverage once, but FEMA will not pay you a second time unless you have purchased their flood insurance before the second flood. The details are on the FEMA site. Don't believe everything you hear or read. Research it. Neptune Insurance out of Florida sells flood insurnance too for about the same price. You have to pick your coverage and deductibles and what it covers. You want an art collection covered? It will cost you more. You want more than $250k coverage on the house? More. Yes it will.
Yes,the listings he showed still had a massive profit ‘as is’. Wonder how many of those did home equity loans on all those paper gains to fund their ‘lifestyle’.
They are denying claims whose damage was due to flooding. Citizens does not offer flood insurance. If you were stupid enough to have property near the water without flood insurance then you deserve to lose your shirt. Flood insurance is supposed to be required in flood areas.
The headline is deceiving. Citizens is not denying hurricane claims, they are denying flood claims which are not covered under home insurance. Many people making the poor decision to not purchase flood insurance. It doesn't surprise me that our "news" doesn't tell the actual facts.
These were once in a hundred year storms. That's permanently changed and right now they are every year storms until proven differently. 5 massive hurricanes in 2 years!
Nope...100% incorrect. The worst Hurricane season for Florida was back in the 1800's....second worst was 2004. Don't believe the hype. I live on the water. Everything is about sensationalism now. We were suppose to get 10 to 15 feet of storm surge for Milton right up until the moment it hit us....eye went right over us. Zero storm surge. Zero property damage. Nobody in my area sustained damage. Florida is huge with overe 22 million people. Very few live on the barrier islands in comparison. There just isn't enough ocean front property to go around. People keep wanting to say how these storms are getting worse each year....they are not. People want to say how the earth is heating up to crazy temperatures. We are talking about 2 degrees in the last 180 years. Florida use to be 200 feet below sea level. 2 degrees is nothing. 80% of the energy needed to charge and EV vehicle is from fossil fuels. 92% of the CO2 in the US is produced by large corporations...not individuals. Everything is lies...including the weather. Its insane.
Not true, about the same amount of storms as previous 20 years, we are heading for an ice age not global warming, the sea is not rising, just look at Miami, they are lying
@@garrydye2394 Nope, 100% correct. Yes, because all these thousands of trashed homes we are seeing are just sensationalist lies... It never happened, the storms are not coming in quicker succession, these home owners are just plain wrong to want out of Florida coastal areas... in denial chest thumping blah blah blah 🤦🤦🤦 You sir are part of the problem. You can learn the hard way, or the easy way. You appear to have chosen the former. It's not if your coastal home gets trashed in a short timeframe by wind or surge now, only when. Enjoy your rebuilding work..😉
In my life time (27 years) I’ve seen way too many damn people lose everything to storms I’ve personally lost cars and my fiancé has lost 2 of her childhood homes And despite that all the housing in my area is ridiculous I’m trying very hard to get the fuck out of Florida
They’ve built up Florida too much now, that’s what is causing excessive flooding with these huge storms. It’s a bad combo. Nowhere for the water to go.
If your house floods you need a flood policy which is backed by the federal government in almost all instances. The problem is it only covers 250k minus a 5k deductible. That's my first hand experience.
No person or computer can predict the next hurricane..there should be mandatory building codes in the whole state of Florida, no houses to be built on a slab or at ground level ( if ) you want home owners insurance… build concrete houses, like the old days, no drywall, no wood floors, etc..
I’m seeing it too, Shelly. Those that sell, lose. Those who buy, will probably fork out all the $ to raise the home on stilts. Then that property could be, “high commodity”… let’s see if the boom in our region continues.
As a person who has worked in Pensacola for a Fire/Flood restoration company decades ago, I would NOT go after any homes there these days due to exorbitant material and repair costs these days. I'm looking to retire back into Florida, but but BUT! These are now land value, but still NOT being listed that way. Sorry for the owners, but it is what it is.
Yup. Scientists have warned of this. Actually Carl Sagan went in front of congress back in 1984 pouring his heart out regarding exactly what is going on now. But we need SMART politicians to listen. Not the ignorant ones that deny global warming, climate change, etc....
In 1995 no one would have considered living in Englewood “luxurious”. I’d say it still a stretch. There are no amenities like restaurants, the arts, high quality hospitals, or shopping anyone can consider upper class. It is driven by beach proximity. Sarasota and Naples have luxury amenities, not Englewood or Port Charlotte.
And a lot of older condos in Florida have to costly renovations after that condo collapse in Miami a few years ago. And that can cost condo owners tens of thousands (or more) each.
I live in Central Florida about 90 miles away from the Atlantic Ocean and 90 miles away from the Golf of Mexico. Have been through several hurricanes, half a dozen went right over the neighborhood and the streets have never flooded. I would not live in coastal areas or near lakes and rivers.
Great details Ben. Not only are the homes destroyed but I think coastal and lower elevation parcels are taking a big hit as the future risk is now being perceived as not worth it. Also even without another hurricane the insurance situation is a slow moving disaster that may be with us for many years.
I was in New Orleans in the weeks after Katrina and it was a similar story. The eye starts to catch subtle variations that explain the difference. NOLA is a very flat place, for example, but one end of a block might be 2.5 feet higher than the other, and that 2.5 feet was the difference between a crawlspace full of mud and sand (not ideal, but not horrible) and having to throw out entire first floor. In some neighborhoods, one side of the street would be just a bit higher than the other to aid in draining the streets. That can be the difference. Ditto with how houses are constructed, as he pointed out. Slab construction should have never been allowed in these areas. As he showed, having a house built up 5' can be the difference between cleaning up with a rake vs. a bulldozer.
If this is flood damage, homeowners insurance does not cover flood damage. Flood insurance is a completely different type of insurance only sold through the Federal Government. You must have an actual " government issued flood" policy. I know I own a home on the NC Coast that has an entirely different from Homeowners policy , an actual "flood insurance policy"
Personal information of siesta key whole street of canal houses worth 2 ml will not rebuild and walk. Nobody will spend 300k on the cheap cash and risk next year flooding. I don't think investors will touch it either for the high risk. Barrier islands are done not worth it even if elevated. People don't like stairs.
Siesta will rebuild...Anna Maria is rebuilding as we speak. Memories fade fast. People love the beach. Nobody wants their azz frozen to the drivers seat in the winter. Cold weather is harsh on older people....they like the sun.
DUH. What did anyone think was going to happen. These areas will be flooded AGAIN next year. And the next. And the next. Before places can even be fixed they will flood again. It is DONE.
Insurance companies will abandon large sections of the costal regions in Florida, Louisiana, Texas, etc.. Guess what, the land isn't worth 850K, because you will not be able to get flood insurance and home owners insurance in these markets, so the land isn't worth squat to many people. You have to have someone with sufficient resources to build on a site, with the knowledge that the structure could be destroyed tomorrow or next season, and the money used to build the structure is a complete loss.
I hope you check Tampa's prices. Some newly listed have prices 300% more than 2019 prices. One house sold in 2019 for $290K and now is asking $725K. There are many houses there asking over $5 M, and those would only sell for $2M in Northern Virginia, where i thought it was a very expensive location
Time for more firms with unlimited funds who's more than likely in bed with the insurance companies to buy everything up for pennies on the dollar and charge outrageous rents that locals cannot afford.
They don't need anyone to feel sorry for them. The warnings have been out there and if these people are foolish enough and rich enough to play that game, they get the damages they deserve.
We are in Pinellas County. Friends had major damage and are looking to buy a new dry property, and sell their old place for the land value. They need a place to live and have the funds. There are no rentals available!
a dry property is risky in pinellas, places in non evacs even flood a lot sometimes. same thing with sarasota out by lakewood ranch thats been happening, drainage issues and small lakes flooding neighborhoods away from the beach.
@@PolishprinceJG What? My sister lives in Lakewood Ranch. Nothing flooded for Milton or Helen. They didn't even lose electric while 85% of Manatee and Sarasota was without power. I live on the Manatee river. We got zero flooding. What in the world are you talking about???
@@PolishprinceJG I would disagree. For most properties if you do your research you can tell if there is any flood risk. There certainly are properties that at first glance would not be an issue, but if you know what to look for, there is virtually no risk. There isn’t a property in the United States that has zero risk of natural disasters, but due diligence will minimize any risk, and mitigation will decrease it even further, such as a tornado shelter or basement in the tornado prone areas.
If you want to buy this property to serve as a lot for future construction, you'll also be facing about $60k-$80k of additional cost to demolish the existing building. Personally, I would see no point in investing $250k in a postage stamp-sized lot in a mediocre neighborhood. Many Floridians are soon to discover that their vision of "utopia" was delusional.
Why would you buy a flood damaged house that won't be able to get insurance and will 100% flood again and again... you would have to be crazy to do so.
People have short memories. The market will be crazy again because people want to live near the water with warm temperatures. It might take a year or so but investors are already coming in.
It won’t even take a year. If Milton had flooded the area as “the big one” and destroyed the infrastructure this stuff would be true. Now,with what actually happened, it’s just doom and renter class people who were never going to own a house anyway.
They should replace these homes with modular homes that are less than 100k and are basically throw away if need be. Not as nice or cute as originals but on Amazon some look pretty good especially for a retired couple.
I live here in Punta Gorda. My house is on the water. One thing that is not mentioned on all these gloom and doom videos is that modern homes have different building codes now. Every modern house is built up stronger and higher. My home was n Punta Gorda right on the water is just fine. All the disaster you are seeing is from older homes built before the current building codes.
Really? It’s pretty common in my area. It’s called “Buying tear-downs,” when there’s a livable, but usually older, house there that just gets demolished for a McMansion. Not right on the beach/water, but usually has a view of the water, or maybe a quarter-mile walk.
Believe it or not but several small no name companies would jump in to get the outrageous premiums then deny claims and declare bankruptcy upon the next disaster, leaving victims hi and dri.
@@MannyLou it doesn't benefit them to payout because insurance is like a savings plan. The insurance company can afford to pay for small repairs when a few incidents happen. But when several accidents happen they deplete their funds and lose a lot of money.
Just remember BEN, all the houses in PGI bird section( all 10 feet or more above MLW) did not get flooded. The historical district you are filming is around 6 feet above MLW ( I think)- anyway that and next to the river- a recipe for disaster. That said, I am probably going to move before we too become victims of a flood. We survived CHARLEY TO MILTON - however you never know- time to move back to the mountains ( not near a river)!!
"“Standard home, condo and renters policies do not include flood damage,” Friedlander pointed out. “If you’re filing a flood loss with your property insurer, it’s going to be denied. Another issue is not meeting the deductible; that’s another big category of denials.” For instance, he noted if you have a $10,000 windstorm deductible and your damage is $8,000, there will be no claim payout. He added the threshold has led many homeowners to find themselves without compensation for damages falling just short of deductible limits. He emphasized property owners should consider purchasing separate flood-insurance policies to be fully financially protected."
@@7779-c3m Hello, low information, Fox News consumer. "But U.S. Sen. Rick Scott went out of his way, quite literally, on Thursday to attend former President Donald Trump’s hush-money trial in Manhattan and remind Americans that he once ran a healthcare company that was slapped with the largest Medicare fraud fine in U.S. history." Miami Herald
Investors will scoop up these distressed properties with cash and squeeze the middle class out even further with costly new builds. Everybody loses except the 1%er's.
@@jamesgullo8240 rich person buys a block of 2x2 lots, tears down the 2 closest to the beach and puts in a retractable flood barrier, and builds a mansion on the 2 back lots
@@jamesgullo8240 30% of home sales are with full cash, no mortgage. It will be one of those people who will purchase it as a primary/secondary home, or, someone who will set it up as a rental and use the tax breaks, or, a builder who will put up a spec house if area conditions warrant.
That only works if people are willing to live there and I don’t think Florida is looked on any longer as all that desirable any longer. Maybe some Chinese investors who don’t know any better would by it, but even then probably not )and Not sure what the foreign investment laws are like in Florida anyway). Sometimes land just becomes uninhabitable.
The frustrating part is that I can't get a mortgage for any of these cheap flooded homes. I'm a contractor so I can easily and cheaply fix it for myself
You can inspect for cosmetic damage, but the electrical has had salt water all through it. Homes in Pinellas County are catching on fire at random. Also, never trust a Florida inspector! They don’t have to be licensed or accountable. Buyer beware!
Property Insurance continues its rise for Homes Inland as well . Many who were considering the purchase of a home in Florida are now just saying No for that reason alone.
Scientists have warned of this. Actually Carl Sagan went in front of congress back in 1984 pouring his heart out regarding exactly what is going on now. But we need SMART politicians to listen. Not the ignorant ones that deny global warming, climate change, etc....
people living in those neighborhoods ought to learn how to use a rake to keep the storm sewers clear. It always amazes me the lack of consciousness about something so simple. Just a few of those grates being clogged at the wrong time can lead to several inches of backup.
Even if a person buys a damaged beach front home for land value, less demo cost, I would imagine there's always a strong enough demand from those wanting to buy a land site and build a home on it. Most often. those buyers have enough disposable wealth that they can afford to replace the home after the next major hurricane. In that instance, the home structure and operating equipment becomes throw-away items. The home site is considered permanent.
how would that be policed i wonder. it would be better that the authority keep a public record , data from insurance companies as well. and thus, no one can lie about it
We all knew that hundreds if not thousands of homes are going up for sale. Most of the homes didn’t have flood insurance. Some of those home couldn’t have been insured even if they owner wanted. These insurances companies aren’t going to cover most of the damage.
Investors have begun to abandon Florida and are buying in other states where their properties are not at risk from so many hurricanes, tornadoes and floods.
It seems any property near water has little to no value. How would they get a mortgage? Only way to purchase is cash buyers? But who would do that? Only way to purchase property in Florida is inland. What a nightmare!
Ben I like your channel, the grind and the content. If insurance claims are more difficult to get paid and will make insurance skyrocket where do you see the $3k to $5k rents in Florida specifically Miami in the future? And really who in Florida would own property where you could smell a body of water? How could one make the waterfront/water view appetizing? People have got to be exhausted and worn down living with all this water the last 3 weeks or so.
I live in Punta Gorda on the water. It is beautiful here. What is not discussed on all these gloom and doom vids is that modern building codes require stronger, higher structures. Almost none of the destroyed structures were newer. Almost all are the old low level structures that are just too low and not fortified.
@@bensellin Yes I agree, you did. I was mostly talking to the many commentors who think that Florida is just one big hurricane magnet swamp where nothing should be built. We love it here and we are going boating today and jet skiing this weekend. And yes, from Punta Gorda.
punta gorda floods in a hard rain. I think were running out of dumb yankees to sell swamp land too. We need another ad campain (100 mil +) to get this garbage sold
Very curious how this will change buying patterns. All these displaced people will not be leaving the state of Florida. Wonder if prices for inland Florida increase like New Tampa or Riverview.
People only stay near the water temporary, if they have a lot of money, they would build from scratch with homes on piers. That is a lot for clean up property.
Because until you have to buy insurance on a house that is in a flood zone, or know someone who has, you don't realize that you need a regular homeowner's policy, a flood policy, and maybe a wind & hail policy depending on whether or not the first two cover those things.
Are the people on the east coast of Florida covered by their insurance because their damage was tornado, not hurricane? Just curious. I sit in Minnesota where we will never deal with hurricanes.
This so sad so many have started all over again. I live in California my insurance rates went up for fires. at some point insurance companies will bale out completely from most of Both coast, house are falling into the pacific on this side of the country. Living in The capital has seen 100 days over 10 degrees 7 days over 113 degrees 3 days last summer. It’s only going to get worse.
so sad to see my home town of Punta Gorda literally falling apart. Moved to Port Charlotte (reluctantly) in 03 and rode out Charley there. Now, I am glad I did. Am seeing a lot of homes for rent going up around Port Charlotte but not too many homes for sale, yet. Talked to a neighbor nearer to the Harbor, then I am & he said he and his neighbors cant even get insurance for a million bucks. btw: both Two story houses that i lived in (as a rental) on 603 W Olympia Blvd and on Marion Ave and Harvey street..lived two years in both..were destroyed by Charley and are empty lots P>S> seeing the snowbirds swarming in already and it is buggin me LOL omg!! Please stay up north!! there is nothing here for you..no beaches..no where to swim..hardly any good fishing right now ..and locals are beat..and it is hard to love the "tourists" so wish they were't barreling around on the streets like it is a normal thing to do
If you can see the ocean from your house..... Its a temporary house.
this may be what happens. Rich people buy the lot and build a disposable house.
Don't make it hurricane proof - if the hurricane comes let the house be destroyed and then just build a new one.
It seems even the land is overvalued. What can you do? Erect a yurk?
UN wants it
Every house is a temporary house. Derp.
@@murphstahoe just fyi, not all folks who own those homes are "rich." They bought long ago and have held onto their homes. Now they're essentially homeless. Hopefully they'll get a decent value for the land
175K is too expensive for land.. that will require the building of an elevated and hardened house.
the house in Englewood is worth about $400K or even less.... land only
Of course, people who already have money will benefit most. What a bunch of crap everything is.
@@entertainmentaccount2996 Developers will come in and replace the house with elevated condos.
Nope, somebody will do a quick and dirty gut job and flip it in a year. Just watch.
Yep. Lots all sell at that or above that here in entire Tampa Bay Area. Being at
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this tip. It was easy to find your coach on google . Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
My home had never flooded of any consequence until Idalia put 2 feet in a bedroom and foyer. I restored everything over a 2 month period and it was a lot of work. When Helene came my house was trashed with 4.5 feet of putrid water throughout. I have flood insurance and filed a claim in both instances. The first claim was reasonably fair but the second claim was a runaround so i hired a public adjuster that i have to pay 10 percent of all settled claims. Iam not rebuilding my current home this time because it will just flood again. A fortress home built 12 feet in the air is needed and i don't know if i have the energy for that. 5 hurricanes in 2 two years tells this lifelong Florida resident things have drastically changed and the way we inhabit Florida and especially the west Coast is a question going forward.
Personally i would not buy any ground level home near the water and i don't know if one high up is the answer either as the whole property gets trashed even when water may not get high enough to breech the living space.
How about alternative structure style? How about damming to prevent water? How about alternative materials? Preventative is 10 times more effective!
Come to Phoenix! You can create an oasis with a waterfall pool and it IS PARADISE that NEVER FLOODS!@
There are videos of house being floored that are on top of hills or were build on high grounds. Helene did a lot of damage to a lot of places that are even in high elevations. There was a place in NC that was far from ocean and was well above sea level. The town is no longer there after Helene. Right now it maybe a south problem, but something tell me if we don't do anything about climate change, the north my not do any better.
Thanks for this insight. 🇦🇺
@@Jacubamustoff and Arizona don't have enough water for future population growth, it's over
Florida is finished. Insurance was already high before the storms
That’s what I say. Property values should plummet, as overvalued homes are now reduced because of their proximity to abandoned, flooded out homes.
Darklens says Florida was cheap for a reason, but we are a species with chronic amnesia.
So true. It will be very cheap again very soon
😂Lol
chronic amnesia, another description of people that vote for trump . they ignore or refuse to admit his constant lying . and there’s another saying for that. conformation bias. period. lol it up . if you recognize the meaning you just might be in a cult.
Absolutely correct. All it will take is a few calm weather years with no hurricanes or flooding and the next group of goobers will be here to buy these homes at insane prices
We are envious little reptiles who see something someone else has, believes that Facebook lifestyle is real, and ignores all common sense and financial responsibility.
If these coastal towns in Florida have a chance of surviving future hurricanes, they need to put back the mangrove forests that used to reside along the coast.
Mangroves were removed over the years to provide more swimming and boating access and beach views. They are some of the only trees that can survive in salt water; provide habitat for fish and birds and are the most effective method of offsetting carbon emissions on the planet.
Mangroves slow down flooding and take the brunt of the high speed winds that will prevent a lot of the destruction in these coastal towns.
Absolutely correct but it's a lot easier to remove them than restore them.
Besides which climate change may make that type of barrier ineffective.
More storms and more violent storms are likely.
Unfortunately, Rising seas will make that a moot point. There’s a limit to how deep they’ll still survive.
Got brothers who live in Florida, next to the beach, I think it's just because of bragging rights. The water level hasn't risen, the mortgage companies are still giving out 30 year mortgages, Pelosi and Zelenski, Obama and other goofball politicians buy houses on the shore. Hunga Tonga, La Nina, the Sun, cosmic rays, and a weakening magetic field are putting new twists in the weather patterns.
Florida will be uninhabitable in Less than a decade. No way insurance companies can maintain the storm pace
Ya, 22 million people, of which 21,500 don't live on the water....are going to get up and leave because the barrier islands flood. I live on the salt water in Florida. I remained dry and that is after the eye went right over us and we were suppose to get 10 t o15 feet. We go zero storm surge. Don't believe all this hype.
You can’t be serious ^ Florida floods like crazy, just because you didn’t does not mean YOU WON’T!
@@garrydye2394 Lets follow some downsteam trends than, the people who live on the water are leaving, the video shows they are leaving because they don't want to have to rebuild endlessly, want to salvage what value they can from their houses, and others are trying to sell and leave before their area potentially floods and they lose value of their property because that's happened in all the other areas it floods.
Those 21k people are going to find their regions get very crowded soon because people will suck up living inland to avoid the potential for a surge.
@@garrydye2394 Drive around snell island or treasure island--huge amounts of damage
We can only hope
'Insanity is doing the same thing over and over again and expecting different results.'
so many smart and witty people on the internet meanwhile people that get out there and do something reap the rewards .. this isn't the first or last storm and some will in fact do the "same" thing and reap rewards..
The seller at 175K and anyone else making big price cuts are simply cutting their losses as fast as possible. As time passes and more owners are denied insurance claims or don't have money of their own to repair, listings will grow and prices will continue to fall even more. A sad situation for current owners
The Freddy want the land that's why they refuse to fund FEMA during hurricane season ! The wealthy scavengers
Hope the federal government does not send money to rebuild in a swamp. Buy them out and make a park out the swamp.
Beachfront National Park
@@TheNeighbor-s3s😂 has a ring to it
I agree but our idiot gov. wants to build hotels and golf courses in our state parks. Beachfront park would fit his agenda perfectly.
It’s beyond insane to bail out the millionaires who elect to live water front.
@@RootBeerGMT Fema doesn't bail out the millionaires. You need to be under an income threshold to receive a monetary payout for damages. The millionaires here need to rely on flood insurance, which most have policies that cover up to 200k in damages.
Not a big issue for them though, because the vast majority of the homes that were destroyed were the older homes that still have 1 story living areas. Most of our mansions are following modern building code that mandate the first floor is not a livable area (aka it's just garages). Basically they all lost their cars, and whatever they had stored in there garage (and most of the garage doors were blown out). It's the poor people that live beach front that suffered the most.
Nobody is gonna buy uninsurable property in a flood area. Good luck getting those prices.
You couldn't PAY ME to live there
You're totally wrong. Buyers will snap up those properties and try and flip them before the next hurricane floods them out. Never underestimate the Greater Fool Syndrome
Banks won't give them the loan without their insurance
@@rurutuMthe investors have capital or access to private lenders.
@@jameshurley224 you can get insurance if you start over and build to current code, which is way better than when all these homes were built. I’m sure Florida will implement further code changes, just like they did after Hurricane Andrew in 1992. The Miami area boomed in the last 2 decades, and construction is way better now. It does cost a lot more to build properly.
First they should reduce the price from pre pandemic overpricing, and then reduce from there
Prices will never be that low again unfortunately. When you print trillions of dollars and devalue the currency, things cost more. If wages kept up with the inflation, it wouldn't be an issue. But we know that will never happen with greedy Corps.
It will.
These new insurance companies are just smoke and mirrors so Desantis can say he is doing something. Don’t expect them to actually pay what your claim is worth.
He has done all of this to destroy homeowners
Why does the federal government have to cover people that are too cheap to buy flood insurance?
Flood insurance is not cheap
The government sells flood insurance. You may get a little free coverage once, but FEMA will not pay you a second time unless you have purchased their flood insurance before the second flood. The details are on the FEMA site. Don't believe everything you hear or read. Research it.
Neptune Insurance out of Florida sells flood insurnance too for about the same price. You have to pick your coverage and deductibles and what it covers. You want an art collection covered? It will cost you more. You want more than $250k coverage on the house? More. Yes it will.
Exactly
@@elizabethlibero1878
And not having flood insurance is cheap ?
Where is the libertarian ideal now?
Why do tax payers have to foot the bill because morons build where it floods regularly?
Homes near the ocean may not be qualified for insurance in the near future
These houses went up 7-8 times what they were sold for in 1995. Seems like unreal values compared to the rest of the country.
Yes,the listings he showed still had a massive profit ‘as is’. Wonder how many of those did home equity loans on all those paper gains to fund their ‘lifestyle’.
$450K price cut? How ‘bout an $800K price cut. The $50K is just for the lot (land) value. That’s the way I see all this going for
The old saying “ I have some swamp land for sale in Florida” has never been more accurate and not just Florida.
Old suckers will leave and new suckers will come.. like the old saying goes " there's a sucker born everyday"... just wait for it!!!
Boomers are entering assisted living @ $4000/8000 a month,millennials and gen X can’t compete with prior boomer wealth standards of living.
With Citizens and other insurers denying hurricane damage claims many families and people will go into financial ruin. Terrible, terrible situation.
House insurer: "Storm surge and wind driven rain... claim denied."
Wind insurer: "Storm surge... claim denied."
FEMA Flood Insurance: "Wind driven rain... claim denied."
Homeowner: 😡😡😡😡
They are denying claims whose damage was due to flooding. Citizens does not offer flood insurance. If you were stupid enough to have property near the water without flood insurance then you deserve to lose your shirt. Flood insurance is supposed to be required in flood areas.
IN FLA. THERES HOME OWNERS INS. BUT HURRICANE INS. IS EXTRA AND VERY EXPENSIVE
The worst part is that these people have been paying for insurance for years and get nothing when they need it.
The headline is deceiving. Citizens is not denying hurricane claims, they are denying flood claims which are not covered under home insurance. Many people making the poor decision to not purchase flood insurance. It doesn't surprise me that our "news" doesn't tell the actual facts.
Michigan has 5 grey, cold months of winter but it’s looking pretty good to me at this juncture
At least you can get a job in Michigan. Good luck finding one in Florida!
These were once in a hundred year storms. That's permanently changed and right now they are every year storms until proven differently. 5 massive hurricanes in 2 years!
Nope...100% incorrect. The worst Hurricane season for Florida was back in the 1800's....second worst was 2004. Don't believe the hype. I live on the water. Everything is about sensationalism now. We were suppose to get 10 to 15 feet of storm surge for Milton right up until the moment it hit us....eye went right over us. Zero storm surge. Zero property damage. Nobody in my area sustained damage. Florida is huge with overe 22 million people. Very few live on the barrier islands in comparison. There just isn't enough ocean front property to go around. People keep wanting to say how these storms are getting worse each year....they are not. People want to say how the earth is heating up to crazy temperatures. We are talking about 2 degrees in the last 180 years. Florida use to be 200 feet below sea level. 2 degrees is nothing. 80% of the energy needed to charge and EV vehicle is from fossil fuels. 92% of the CO2 in the US is produced by large corporations...not individuals. Everything is lies...including the weather. Its insane.
Not true, about the same amount of storms as previous 20 years, we are heading for an ice age not global warming, the sea is not rising, just look at Miami, they are lying
@@garrydye2394 Nope, 100% correct. Yes, because all these thousands of trashed homes we are seeing are just sensationalist lies... It never happened, the storms are not coming in quicker succession, these home owners are just plain wrong to want out of Florida coastal areas... in denial chest thumping blah blah blah 🤦🤦🤦 You sir are part of the problem. You can learn the hard way, or the easy way. You appear to have chosen the former. It's not if your coastal home gets trashed in a short timeframe by wind or surge now, only when. Enjoy your rebuilding work..😉
In my life time (27 years)
I’ve seen way too many damn people lose everything to storms
I’ve personally lost cars and my fiancé has lost 2 of her childhood homes
And despite that all the housing in my area is ridiculous
I’m trying very hard to get the fuck out of Florida
They’ve built up Florida too much now, that’s what is causing excessive flooding with these huge storms. It’s a bad combo. Nowhere for the water to go.
If your house floods you need a flood policy which is backed by the federal government in almost all instances. The problem is it only covers 250k minus a 5k deductible. That's my first hand experience.
Also wonder if there's a high deductible. I'm in CA and have an earthquake policy. My deductible is 10% of home value, which kinda sucks
@@Lealelan Wow
I'd take $250K to rebuild
5k deductible was your choice you could have paid to get an Elevation Certificate done to help lower the price & carry a 1k deductible.
So sad…
The Florida I grew up on & married on Lido at Sunset in 98 is gone.
I have my memories ❤
Was Boz Scaggs' Ledo Shuffle your wedding theme song?
ruclips.net/video/HQZBaJAngH8/видео.html
@@MrDCMiami nope lol I forgot what it was… Half Moon Beach Club at sunset. id like to say we started the destination weddinga.
Florida was cool back in the day, wouldn't touch it with a ton foot pole now.
@@venom5809 so I’ve heard ..
That’s too bad
No person or computer can predict the next hurricane..there should be mandatory building codes in the whole state of Florida, no houses to be built on a slab or at ground level ( if ) you want home owners insurance… build concrete houses, like the old days, no drywall, no wood floors, etc..
@@thomasryan2679 Your MIL must be a liberal
Same thing happening in Pinellas County. Lots of flooded homes now for sale.
Those people will end up taking a huge loss
I’m seeing it too, Shelly. Those that sell, lose. Those who buy, will probably fork out all the $ to raise the home on stilts. Then that property could be, “high commodity”… let’s see if the boom in our region continues.
People that sell now will just lose money. Investors will hold and resell in 6 months. Don’t be a pussy and run away, try and hold out.
Florida law as of June 1,2024, you have to disclose flood damages
LOL. Good deal
As a person who has worked in Pensacola for a Fire/Flood restoration company decades ago, I would NOT go after any homes there these days due to exorbitant material and repair costs these days. I'm looking to retire back into Florida, but but BUT! These are now land value, but still NOT being listed that way. Sorry for the owners, but it is what it is.
Until a mortgage is paid off the bank owns the home. This is the beginning of banks failing when homeowners eventually just walk away...
Banks are closing regardless of this issue. Part of the WEF plan.
@@terrifiorelli9819 That may be true, but homes being destroyed that banks own with homeowners walking away will accelerate their demise.
This is just the beginning. Get out ASAP
💯💯💯
Not that easy when no one will buy your house now.
@@blaster-zy7xx i'll take it
The delusion is so complete: and the slap back will become legendary when it happens
Yup. Scientists have warned of this. Actually Carl Sagan went in front of congress back in 1984 pouring his heart out regarding exactly what is going on now. But we need SMART politicians to listen. Not the ignorant ones that deny global warming, climate change, etc....
Most insurance policies specifically omit water damage. This takes an additional coverage. Big deal.
True.
Just like condos need maintenance,but nobody wants to pay for that either.
They bought it for 180 in '95 and listed it for 1.3 million in '24. $850,000 is still a very nice profit. Amazing that a luxury home was 175 back then
Those houses were never worth that kind of money
In 1995 no one would have considered living in Englewood “luxurious”. I’d say it still a stretch. There are no amenities like restaurants, the arts, high quality hospitals, or shopping anyone can consider upper class. It is driven by beach proximity. Sarasota and Naples have luxury amenities, not Englewood or Port Charlotte.
They prolly lived on that HELOC.
@@scott21113 And snobs, they have some of those too.
Yeah, but who can afford or wants to take on the condo risk cost with assessments...and insurance?
And a lot of older condos in Florida have to costly renovations after that condo collapse in Miami a few years ago. And that can cost condo owners tens of thousands (or more) each.
I'm not surprised one bit. I think buyers have wised up. Each closed sale in the State of Florida from here out, will be deemed a miracle.
I live in Central Florida about 90 miles away from the Atlantic Ocean and 90 miles away from the Golf of Mexico. Have been through several hurricanes, half a dozen went right over the neighborhood and the streets have never flooded. I would not live in coastal areas or near lakes and rivers.
Great details Ben. Not only are the homes destroyed but I think coastal and lower elevation parcels are taking a big hit as the future risk is now being perceived as not worth it. Also even without another hurricane the insurance situation is a slow moving disaster that may be with us for many years.
Unless you are a millionaire of course! Right?
The 2 sides of 1 street showcase is shocking. Wow
I was in New Orleans in the weeks after Katrina and it was a similar story. The eye starts to catch subtle variations that explain the difference. NOLA is a very flat place, for example, but one end of a block might be 2.5 feet higher than the other, and that 2.5 feet was the difference between a crawlspace full of mud and sand (not ideal, but not horrible) and having to throw out entire first floor. In some neighborhoods, one side of the street would be just a bit higher than the other to aid in draining the streets. That can be the difference. Ditto with how houses are constructed, as he pointed out. Slab construction should have never been allowed in these areas. As he showed, having a house built up 5' can be the difference between cleaning up with a rake vs. a bulldozer.
So land value is still more than the undamaged house 4 years ago ? hardly a collapse , not even a proper correction .
Zillow is usually based on comps of similar properties that have recently sold but can take into consideration user submitted information as well
Imagine paying a mortgage on a house but all you have is a plot of land.
Who would even do that? People just mail the keys in to the bank when they are upside down. Let alone wrecked.
Insurance doesn't work. Scam.
If this is flood damage, homeowners insurance does not cover flood damage. Flood insurance is a completely different type of insurance only sold through the Federal Government. You must have an actual " government issued flood" policy. I know I own a home on the NC Coast that has an entirely different from Homeowners policy , an actual "flood insurance policy"
And not having insurance works even better?
Personal information of siesta key whole street of canal houses worth 2 ml will not rebuild and walk. Nobody will spend 300k on the cheap cash and risk next year flooding. I don't think investors will touch it either for the high risk. Barrier islands are done not worth it even if elevated. People don't like stairs.
Siesta will rebuild...Anna Maria is rebuilding as we speak. Memories fade fast. People love the beach. Nobody wants their azz frozen to the drivers seat in the winter. Cold weather is harsh on older people....they like the sun.
@@garrydye2394 not 300k cash a year nope they're going back north.
? I'm booked out thru 2025 with work on siesta, st armands, bird key, lido, and bay island.
@@ttgk8506 that's great good for you, 90% are done I know. You have to put up your own cash. Don't get me started how much furniture costs.
Great for you but consider the furniture cost. 100k plus in furniture for 1 year risk self insured. Smart people are walking away.
Condos so ridiculous with HOA
DUH. What did anyone think was going to happen. These areas will be flooded AGAIN next year. And the next. And the next. Before places can even be fixed they will flood again. It is DONE.
Insurance companies will abandon large sections of the costal regions in Florida, Louisiana, Texas, etc.. Guess what, the land isn't worth 850K, because you will not be able to get flood insurance and home owners insurance in these markets, so the land isn't worth squat to many people. You have to have someone with sufficient resources to build on a site, with the knowledge that the structure could be destroyed tomorrow or next season, and the money used to build the structure is a complete loss.
I hope you check Tampa's prices. Some newly listed have prices 300% more than 2019 prices. One house sold in 2019 for $290K and now is asking $725K. There are many houses there asking over $5 M, and those would only sell for $2M in Northern Virginia, where i thought it was a very expensive location
Time for more firms with unlimited funds who's more than likely in bed with the insurance companies to buy everything up for pennies on the dollar and charge outrageous rents that locals cannot afford.
Wow~that same street flood damage portion of the video was amazing. I feel sorry for those affected by this he Hurricane.
They don't need anyone to feel sorry for them. The warnings have been out there and if these people are foolish enough and rich enough to play that game, they get the damages they deserve.
We are in Pinellas County. Friends had major damage and are looking to buy a new dry property, and sell their old place for the land value. They need a place to live and have the funds. There are no rentals available!
a dry property is risky in pinellas, places in non evacs even flood a lot sometimes. same thing with sarasota out by lakewood ranch thats been happening, drainage issues and small lakes flooding neighborhoods away from the beach.
@@PolishprinceJG What? My sister lives in Lakewood Ranch. Nothing flooded for Milton or Helen. They didn't even lose electric while 85% of Manatee and Sarasota was without power. I live on the Manatee river. We got zero flooding. What in the world are you talking about???
@@PolishprinceJG I would disagree. For most properties if you do your research you can tell if there is any flood risk. There certainly are properties that at first glance would not be an issue, but if you know what to look for, there is virtually no risk.
There isn’t a property in the United States that has zero risk of natural disasters, but due diligence will minimize any risk, and mitigation will decrease it even further, such as a tornado shelter or basement in the tornado prone areas.
@garrydye2394 in august during debbie it was all over the news , you people are so ignorant
@@garrydye2394 If what happened to North Carolina is possible then it's possible for you too one day.
If you want to buy this property to serve as a lot for future construction, you'll also be facing about $60k-$80k of additional cost to demolish the existing building. Personally, I would see no point in investing $250k in a postage stamp-sized lot in a mediocre neighborhood. Many Floridians are soon to discover that their vision of "utopia" was delusional.
Why would you buy a flood damaged house that won't be able to get insurance and will 100% flood again and again... you would have to be crazy to do so.
That first listing is still too high. You will have to literally give away that property because a $500k house on stilts will have to be built.
Coastal cities are going to end up under water at this rate...
People have short memories. The market will be crazy again because people want to live near the water with warm temperatures. It might take a year or so but investors are already coming in.
It won’t even take a year. If Milton had flooded the area as “the big one” and destroyed the infrastructure this stuff would be true. Now,with what actually happened, it’s just doom and renter class people who were never going to own a house anyway.
Not if there will be 2-3 catastrophic storms every year which is the foreseeable trend for Florida 😢
How many ‘investors’ just lost their ass. Most investors @ the prior home prices were speculators pumped up on leverage.
They should replace these homes with modular homes that are less than 100k and are basically throw away if need be. Not as nice or cute as originals but on Amazon some look pretty good especially for a retired couple.
The land value has plummeted unless you like the idea of being in a hurricane area.
They won’t be able to give these properties away.
I live here in Punta Gorda. My house is on the water. One thing that is not mentioned on all these gloom and doom videos is that modern homes have different building codes now. Every modern house is built up stronger and higher. My home was n Punta Gorda right on the water is just fine. All the disaster you are seeing is from older homes built before the current building codes.
$800k for a home lot. That's hilarious.
Really? It’s pretty common in my area. It’s called “Buying tear-downs,” when there’s a livable, but usually older, house there that just gets demolished for a McMansion. Not right on the beach/water, but usually has a view of the water, or maybe a quarter-mile walk.
What company in there right mind would insure in Florida? Talk about a losing bet 😂
Believe it or not but several small no name companies would jump in to get the outrageous premiums then deny claims and declare bankruptcy upon the next disaster, leaving victims hi and dri.
When you are paying $10,000 for insurance a lot of companies will insure Florida, but they just don’t want to payout.
@@MannyLou it doesn't benefit them to payout because insurance is like a savings plan. The insurance company can afford to pay for small repairs when a few incidents happen. But when several accidents happen they deplete their funds and lose a lot of money.
Just remember BEN, all the houses in PGI bird section( all 10 feet or more above MLW) did not get flooded. The historical district you are filming is around 6 feet above MLW ( I think)- anyway that and next to the river- a recipe for disaster. That said, I am probably going to move before we too become victims of a flood. We survived CHARLEY TO MILTON - however you never know- time to move back to the mountains ( not near a river)!!
Americans buying beachfront don’t want anyone telling them what to do! Except when disaster hits: oh please save me!
The "new" home owners will NOT be able to get home insurance. If you have a loan...you will be required to have flood insurance...good luck!
People who already have $$$ will buy it. I don't like that either.
"“Standard home, condo and renters policies do not include flood damage,” Friedlander pointed out. “If you’re filing a flood loss with your property insurer, it’s going to be denied. Another issue is not meeting the deductible; that’s another big category of denials.”
For instance, he noted if you have a $10,000 windstorm deductible and your damage is $8,000, there will be no claim payout. He added the threshold has led many homeowners to find themselves without compensation for damages falling just short of deductible limits. He emphasized property owners should consider purchasing separate flood-insurance policies to be fully financially protected."
The insurance companies should be sued by the AG
Ummm the insurance companies own the AG 😅
Good Luck Ron DeSantis with a massive depletion of those property taxes you rely on with Florida's lack of income tax.
DeSantis is a PoS
@@blaster-zy7xx So r u
@@7779-c3m Hello, low information, Fox News consumer. "But U.S. Sen. Rick Scott went out of his way, quite literally, on Thursday to attend former President Donald Trump’s hush-money trial in Manhattan and remind Americans that he once ran a healthcare company that was slapped with the largest Medicare fraud fine in U.S. history." Miami Herald
@@7779-c3m no, YOU are!
DeSatan.
Saw this coming 20 years ago
Investors will scoop up these distressed properties with cash and squeeze the middle class out even further with costly new builds. Everybody loses except the 1%er's.
Who will live in them? Most people are broke.
@@jamesgullo8240 rich person buys a block of 2x2 lots, tears down the 2 closest to the beach and puts in a retractable flood barrier, and builds a mansion on the 2 back lots
I hate that too. So many things suck!
@@jamesgullo8240 30% of home sales are with full cash, no mortgage. It will be one of those people who will purchase it as a primary/secondary home, or, someone who will set it up as a rental and use the tax breaks, or, a builder who will put up a spec house if area conditions warrant.
That only works if people are willing to live there and I don’t think Florida is looked on any longer as all that desirable any longer. Maybe some Chinese investors who don’t know any better would by it, but even then probably not )and
Not sure what the foreign investment laws are like in Florida anyway). Sometimes land just becomes uninhabitable.
The frustrating part is that I can't get a mortgage for any of these cheap flooded homes. I'm a contractor so I can easily and cheaply fix it for myself
You can inspect for cosmetic damage, but the electrical has had salt water all through it. Homes in Pinellas County are catching on fire at random. Also, never trust a Florida inspector! They don’t have to be licensed or accountable. Buyer beware!
Property Insurance continues its rise for Homes Inland as well . Many who were considering the purchase of a home in Florida are now just saying No for that reason alone.
Who's going to buy those houses, just to get flooded in the future.
Scientists have warned of this. Actually Carl Sagan went in front of congress back in 1984 pouring his heart out regarding exactly what is going on now. But we need SMART politicians to listen. Not the ignorant ones that deny global warming, climate change, etc....
Zillow is seeing multiple listing DROP and adjusting based on that also
people living in those neighborhoods ought to learn how to use a rake to keep the storm sewers clear. It always amazes me the lack of consciousness about something so simple. Just a few of those grates being clogged at the wrong time can lead to several inches of backup.
Even if a person buys a damaged beach front home for land value, less demo cost, I would imagine there's always a strong enough demand from those wanting to buy a land site and build a home on it. Most often. those buyers have enough disposable wealth that they can afford to replace the home after the next major hurricane. In that instance, the home structure and operating equipment becomes throw-away items. The home site is considered permanent.
New florida law seller has to disclose if home was flooded as of June 1,2024
how would that be policed i wonder. it would be better that the authority keep a public record , data from insurance companies as well. and thus, no one can lie about it
We all knew that hundreds if not thousands of homes are going up for sale. Most of the homes didn’t have flood insurance. Some of those home couldn’t have been insured even if they owner wanted. These insurances companies aren’t going to cover most of the damage.
It may increase condo demand because unlike most houses, it's easy enough to not live on the first floor. Houses should be elevated by code.
Condos dying too. The underground garages flood. And common areas. Plus SIRS issues. HOA doubling due to insurance.
Investors have begun to abandon Florida and are buying in other states where their properties are not at risk from so many hurricanes, tornadoes and floods.
I can see why insurance companies are pulling out of Florida. It’s like a mosquito bite waiting to scratch. Another may be bigger next year.
It seems any property near water has little to no value. How would they get a mortgage? Only way to purchase is cash buyers? But who would do that? Only way to purchase property in Florida is inland. What a nightmare!
This whole thing is so sad.
New solutions required!
Ben I like your channel, the grind and the content. If insurance claims are more difficult to get paid and will make insurance skyrocket where do you see the $3k to $5k rents in Florida specifically Miami in the future? And really who in Florida would own property where you could smell a body of water? How could one make the waterfront/water view appetizing? People have got to be exhausted and worn down living with all this water the last 3 weeks or so.
I live in Punta Gorda on the water. It is beautiful here. What is not discussed on all these gloom and doom vids is that modern building codes require stronger, higher structures. Almost none of the destroyed structures were newer. Almost all are the old low level structures that are just too low and not fortified.
I discuss newer build contruction and codes almost every video. I even showed the newer elevated homes doing great in this video.
Miami is its own beast. Its one of the major hubs of the world. People will still rent there but its going to take a lot of money.
@@bensellin Yes I agree, you did. I was mostly talking to the many commentors who think that Florida is just one big hurricane magnet swamp where nothing should be built. We love it here and we are going boating today and jet skiing this weekend. And yes, from Punta Gorda.
@@blaster-zy7xxare your grocery stores elevated,the rest of downtown?
punta gorda floods in a hard rain. I think were running out of dumb yankees to sell swamp land too. We need another ad campain (100 mil +) to get this garbage sold
Very curious how this will change buying patterns. All these displaced people will not be leaving the state of Florida.
Wonder if prices for inland Florida increase like New Tampa or Riverview.
Wondering the same. It will be interesting.
Why would you buy land where a home stood and was destroyed by a weather event?
Didn't anyone think of the elevation when building? Hindsight is 20/20 but ......
No thank you
Elevated homes are- 🔑 HOWEVER any congested areas displace water and are more likely to cause problems. Thank your new neighbors
Those homes are uninsurable. Best to sell up and move to safer regions of Florida.
Bad time to sell
People only stay near the water temporary, if they have a lot of money, they would build from scratch with homes on piers. That is a lot for clean up property.
Why is it “news” that a wind insurance company refuses to pay for flood loss? The policy does not cover flood loss.
Because until you have to buy insurance on a house that is in a flood zone, or know someone who has, you don't realize that you need a regular homeowner's policy, a flood policy, and maybe a wind & hail policy depending on whether or not the first two cover those things.
Are the people on the east coast of Florida covered by their insurance because their damage was tornado, not hurricane? Just curious. I sit in Minnesota where we will never deal with hurricanes.
$175k. I wouldn’t buy it for $5. Need to fix the flood damage. IF you can acquire insurance… it’s sky high. And they’re denying claims to boot.
The old 100 year storms are coming every 20 years these days and soon every 10 years
HARP!
I read somewhere that the max FEMA will pay out is something like $30K.
No, max is $250k.
Thought it was $750.
@@Newlinjim That was the cash amount they claimed to be handing out recently to help folks while they applied for the real assistance programs.
@@Singlesix6 thank you.
This so sad so many have started all over again. I live in California my insurance rates went up for fires. at some point insurance companies will bale out completely from most of Both coast, house are falling into the pacific on this side of the country. Living in The capital has seen 100 days over 10 degrees 7 days over 113 degrees 3 days last summer. It’s only going to get worse.
so sad to see my home town of Punta Gorda literally falling apart. Moved to Port Charlotte (reluctantly) in 03 and rode out Charley there. Now, I am glad I did. Am seeing a lot of homes for rent going up around Port Charlotte but not too many homes for sale, yet. Talked to a neighbor nearer to the Harbor, then I am & he said he and his neighbors cant even get insurance for a million bucks.
btw: both Two story houses that i lived in (as a rental) on 603 W Olympia Blvd and on Marion Ave and Harvey street..lived two years in both..were destroyed by Charley and are empty lots
P>S> seeing the snowbirds swarming in already and it is buggin me LOL omg!! Please stay up north!! there is nothing here for you..no beaches..no where to swim..hardly any good fishing right now ..and locals are beat..and it is hard to love the "tourists" so wish they were't barreling around on the streets like it is a normal thing to do
Lol Lived there for 50 years and still wont help unplug the sewer drain. Cool.
That first house shown. You believe market value in the 4's. Not not its best day should that be in the 4's.