Florida condo owners are stuck in a 'train wreck' as prices drop and mounting insurance rates scare away buyers

[bnew]

‘I felt like I’d been baited and switched’: Florida woman has to sell house after property tax bill soars 174%​

‘I felt like I’d been baited and switched’: Florida woman has to sell house after property tax bill soars 174%

New homeowners are suffering from sticker shock

www.yahoo.com

less than a year

 

[FaTaL]

I read some where the biggest danger to Miami is not sea rising but insurance companies leaving. with each flood it'll cost them more money eventually they'll be in net negative.

It’s a nationwide problem, we’ve lost the war against global warming. In 10 years only the super rich will be able to afford insurance

 

[FaTaL]

The list of those insurance companies that went belly up

 

[loyola llothta]

Yeah property tax is getting ridiculous

 

[ORDER_66]

It’s a nationwide problem, we’ve lost the war against global warming. In 10 years only the super rich will be able to afford insurance

This is the system of capitalism they built... they so stupid they have literally priced themselves out of having insurance...

EDIT: let me tell you i live in queens nyc and long island is wealthy white and very expensive because it's been appraised by nothing for having white landowners and house owners but the double edged sword for all that capitalism is that NOW property taxes have been kicking their asses so bad because it has gone out of control they can't afford to live in the town THEY created...

 

[jwall123]

Not sure that condos are affected too much by Hurricanes. Unless you're living in the first floor you don't have to worry about a natural flood. Problem with Florida is that condos don't have a mandatory reserve fund to help with regular maintenance and repair. There's decades of deferred maintenance costs. This is especially important for ocean side buildings as the salty moisture in the air corrodes concrete reinforcing bars at a faster rate.

We just saw how this played out in Miami. Surfside was littered with issues. That was only a few years ago.

 

[2 one 3]

Live in Florida…

 

[OperationNumbNutts]

I'm surprised the state allows developers to build high-rise buildings considering the storms they get.

 

[Serious]

I follow a few channels that report on this, will post a few here

keep posting

 

[desjardins]

yea they've been saying for a while insurance companies are going just stop insuring properties in Florida. Home owners will have to assume 100% of damage costs

 

[bnew]

@7:20 "then they get the florida slap..."

 

[Mowgli]

High rise life cost alot more and the insurance mat not even cover whats inside

 

[CashmereThoughts]

This wasn’t long ago neither

My grandfather went down there in 2005. I feel like the Jig was up about 15 years ago when the insurance, let alone the wind/flood/sinkhole coverage started exceeding the savings.

People been running to from FL to SC for a while now

 

[RageKage]

keep posting

Thx! More about condos specifically or FL. Housing market overall?

 

[NZA]

this breh is always laughing while discussing bad news