Many Florida homeowners are throwing in the towel on coastal living due to multiple hurricanes and insurance costs. It’s a similar setup in California. 
For Sale Signs Surge
The Wall Street Journal reports In a Florida Town Ravaged by Storms, Homeowners All Want to Sell
Kellen Driscoll bought his home here in 2019, settling in the coastal enclave of Shore Acres. It flooded for the first time four years ago after tropical storm Eta dumped more than 3 feet of water.
Hoping it was a fluke, Driscoll tore out the affected drywall and started fresh. After all, the four-bedroom home built in 1960 had no flood history.
But then it happened again, and again. Like many others in the community, he put his home up for sale in the spring of this year. After seeing little interest, he cut the asking price.
On Friday, Hurricane Helene deposited more than 6 feet of storm surge in the neighborhood. The rushing waters ripped the “For Sale” sign off his front lawn, and etched a waterline that reached halfway up his front door, just underneath the doorbell. He reduced the asking price for a fifth time.
“We flooded here four times in the last four years,” said Driscoll, as he threw his television sets, furniture, appliances and other belongings to the curb. “I’m just hoping I can sell the house. It’s a good neighborhood for sure, but dealing with the floods is horrible.”
Ballooning home insurance costs and the perennial threat of violent storms are starting to undermine housing markets throughout much of the state. But in few places has the turnaround been more dramatic than in low-lying communities up and down the coast of Florida that frequently flood.
The Tampa Bay housing market had been softening even before Helene struck. While prices have been flat, the area experienced a 58% increase in supply in August compared with a year ago, and a 10% decrease in demand, according to Parcl Labs, a real-estate data and analytics firm.
About half the homes listed for sale in Tampa experienced price reductions as of Sept. 9, the third highest share of all U.S. major metropolitan areas.
“Tampa was already heading in this direction before the hurricane hit,” said Jason Lewris, co-founder of Parcl Labs. “This hurricane may compound the market dynamics that have been occurring there over the last few months.”
The area’s affordability, once a large part of its appeal, is also waning as insurance premiums soar. Jacob McFadden was paying $880 a year to insure his home when he bought it in 2020. That amount has since almost quadrupled, to $3,300.
“I don’t know how much longer I’m going to do this waterfront living,” McFadden said, standing in front of his home with a wheelbarrow and his home’s contents scattered around the front yard. “This may be the end.”
Surging Insurance Costs California Style
Also consider That Luxury Home Comes With an Ocean View—and Surging Insurance Costs
Ryan Harper and his wife decided to sell their Santa Clarita, Calif., mansion last year after the insurance premium on it nearly tripled. An exodus of home insurers from the state had left them with a state government insurance policy, as well as a supplemental private one, that cost more than $7,000 a year.
The Harpers listed the six-bedroom Spanish-style home, which had been labeled fire-prone by the state, at $1.25 million. Months went by with little interest. For the handful of potential buyers who did emerge, insurance costs would often come up as a concern. The couple dropped the price by $75,000, then took it off the market.
“To sell a home in California right now seems almost impossible,” Harper said. “The insurance market is crazy.”
Insurance companies have increasingly sought to spread out that increased risk across a greater number of homes, according to Porfilio. Some would rather insure four $250,000 homes than one $1 million home, for example. That has forced more luxury homeowners to go to specialty insurance companies that are less regulated than the rest of the market, he said.
“I’ve gotten calls where people are incredulous” about the rise in insurance premiums, said Paulette Koch, a Palm Beach, Fla.-based luxury real-estate broker at Corcoran Group. “It’s part of the cost of living here.”
Katja Pekrun said she plans to pay off the small mortgage on her $1.2 million home in Menlo Park, Calif., “as quickly as possible,” in part to avoid expected increases on her $2,200 insurance premium.
“Then I might go without home insurance because it’s really too expensive,” she said. “It’s totally insane.”
What’s insane to me is living in hurricane, flood, fire, and mudslide zones. Some might consider no insurance the “totally insane part”.
Meanwhile, home prices keep rising, With rising replacement costs and labor costs, insurance rates are sure to follow.
Yet Another Record High for Case-Shiller Home Prices
On September 28, I noted Yet Another Record High for Case-Shiller Home Prices
The recently released Case-Shiller national and 10-city home price indexes hit new highs for July.
Have Home Prices Peaked?
I suspect so nationally, and certainly in Florida.
The Case-Shiller indexes are quite lagging. The most recent data is July, and that represents sale n May, June, and July.
That will serve all those morons who moved to Florida to escape the so called high tax states. There is a reason why Florida taxes are lower! They deserve no sympathy, let alone government subsidies.
Boy, you sure are quite the key board authoritarian. Off with their heads! lol.
There are shite-holes neighborhoods in Menlo as well.
We are increasingly resembling a cornered rat… no way out
Yep. Climate change keeps getting worse. Just as predicted. Glad you agree.
Yep.
If we only paid more taxes, this wouldn’t be happening.
The Mayans also eventually got tired of rebuilding from hurricane damage, and moved in land. This was only allowed to play out as long as it has because crazy insurance companies were willing to take the gamble. Those days are over…
NC and TN got hit very hard. And they are both a long way from the coast,
“What’s insane to me is living in hurricane, flood, fire, and mudslide zones.”
Well, we let in over 10 million new people in the US just over the last few years (probably more), so where is everyone supposed to live? I mean I see complaints about building and living here, there, anywhere, but if we keep increasing the population faster than housing, schooling, roads, hospitals, infrastructure, what is exactly is the expected result?
I guess we keep dumping the immigrants in small towns away from all of the weather, and well, well away from rich white democrats who always endorse policies that have negative effects on everyone except themselves.
And those pesky liberal Dems still seem to think that The Great Replacement Theory is just that, a Theory.
ROTFLMAO. It’s called bring in as many illegals as possible, so sooner rather than later you can give them amnesty and put them on the fast track to citizenship & all the mail in ballots they can get for their households of 15-20 people.
Yeah! There’s absolutely zero possibility that theory is actually happening. Right ; ) ; ) ; )
How long does anyone think it’s going to take Kamala to end the filibuster, if they take Congress? We’ll have 13 SCOTUS justices faster than you shake a stick.
The “Great Replacement Theory” was actually used in Argentina:
”Research in recent decades cites a strong racial intermixing with whites and indigenous peoples in the 18th and 19th centuries as the main reason for the decline of the black population in Argentina.That mixing was promoted by governments of those times as a method to, in a first era, make non-whites (both indigenous and black people) racially closer to whites during the construction of a modern society, as they saw it; and in a second era, make them decline gradually through their “dilution” into a white majority that it was to become as such with the promotion of a mass immigration from Europe and Middle East that started to arrive since then (mid-19th century) until the 1940s.”
https://en.wikipedia.org/wiki/Afro-Argentines
Exponential population growth… on a finite planet… guess how that ends
“It’s a similar setup in California.”
Here it’s the fires. The biggest in Southern California has been going on a month now. Allegedly an arson fire, which had finally died down, but flared up big again, the other day. The 1994 Northridge earthquake also caused issues with earthquake insurance. The cost of the 1906 San Francisco quake resulted in the panic of 1907, which lead into the founding of the Federal Reserve. Earthquake activity had been in a lull, but has picked up recently.
I increased my deductible to $20k (I can afford, it most can’t) on my house. I live about 2 miles from the Atlantic on a ridge so I don’t worry about storm surge. My insurance runs about $1600/year. I have neighbors who pay $8k/year. 3 good years pays for the $20k deductible. But humans are just a couple of IQ clicks above chimps.
Smart, we have also done that one ALL of our cars since I was 20 years old: MAXIMIZE deductible, cancel towing (Pay separately), remove UNINSURED MOTORIST (this is for bodily injury only, and we have medical insurance already)…..and, our savings have been in the multiples of thousands over the years. That money sits in a Bank account, “DEDUCTIBLES.”
You must live in an area they don’t expect to get hurricanes in.
1600 would be a dream in Florida. Insurance here is 5-10K a year or more. The Hurricane deductible is 2% of insured home value, so if you’ve insured the home for 500K, your deducible is 10K anyway for Hurricane losses.
Oh, and none of that 5-10K covers flood insurance which is an extra policy (and mandatory) if you live in a flood zone.
Knowingly building or buying a house in a flood zone = mentally ill.
Kinda like injecting an untested vaccine… if something goes wrong .. look in the mirror for someone to blame
Yeah, Operation Warpspeed and flattening the curve.
Brick houses built on stilt can save homeowners from a flood, but brick walls absorb humidity that can damage the lungs. Balconies and bathroom wall can rot and fall apart. Attached brick house – double brick wall – might give homeowners some protection. Shingle roofs are worse than shingle mums.
The problem? Too many people with too much money, and they are selling and moving somewhere else. How the hell do you think hundreds of thousands of people can afford $1 million homes? I was at the Reynolds luxury development 1 hr east of Atlanta today. Owned by Met Life (bottomless pockets). 8 golf courses. Lake living. 100 new homes constantly under construction from $1 million to $7 million. Had lunch in one of the club houses with a friend who lives there. Parking lot at this one course was full of Mercedes, Corvettes, etc. Members eating and drinking lunch, on the course, on the practice tee. The crowd? 55-70 White, tanned, current or former executives, etc. Apparently not a care in the world. Market at all time highs and the Fed Govt paying them 5% on their T-Bills. My friend has $6 million in T-Bills. $300,000 annual cash flow, plus his business throws off another $1 million.
What’s not to love when you’re wealthy in America. While half the population can’t find $500 in an emergency.
People get more heart attacks on the golf course than on cruise lines, but the cost storing and transporting a body is higher on cruise lines. Deceased people without c/c might be in troubles. If the Fed cont cutting those millionaires will have less income.
That’s not the problem.That’s the solution. The more people that become wealthy, the better.
Nah, its better to be driven by envy and have everyone poor, than one more rich guy. On a serious note, so many will never grasp this because they have a misinformed view of how a market economy works. They see it as a zero sum game where there is a fixed amount of wealth to be allocated (socialists fall prey to this line of thinking) so the less amount of wealthy people in their view means more for everyone else.
That’s really sad. My heart goes out to the people who were impacted by the storm.
Florida is a giant sandbar. I think the highest hill is about three hundred feet above sea level. So yeah, coastal living gets pretty wet.
Correct Mish. Global warming and climate change are already costing us a lot economically. And because the world is doing so little to reduce emissions, it’s only going to get worse. Just as scientists predicted. Because emissions are still rising.
Fifteen consecutive months in a row of record warmth. Perhaps a La Nina event will begin soon to give us a brief pause in this record breaking stretch of warmth.
Gotta feel bad for the folks who are being affected.
Keep watching MSNBC.
Lol! Actually I just pay attention to the 200 years of climate science; the 195 countries that signed onto the climate accords; the world’s major and minor corporations; the militaries; and the folks who are already suffering.
What are you paying attention to?
I pay attention to the ppl preaching Climate Doom who fly around in private jets and enjoy weeks on private yachts.
They obviously dont believe in man-made climate change, so why should I?
Then don’t believe them. I don’t care. And don’t believe the governments, corporations, etc
Just look at 200 years of science and data.
Rising temperatures; melting ice; rising oceans.
Do you mean this data?
https://substackcdn.com/image/fetch/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F206c8af8-4b51-46a1-af57-aa4ab0f285b4_532x285.png
Yep. That data. Which has been gathered over the last 200 years by scientists, who can tell you all about earth’s climate; when it was hot, or cold and why. And now they are telling us that the current warming is being caused by us. Glad to see you are using their info.
Let’s pretend to be Global Warming TFIsTotal F789ing Idiots
https://fasteddynz.substack.com/p/lets-pretend-to-be-global-warming
You keep pretending if you want. And don’t expect me to follow that link.
Yep https://fasteddynz.substack.com/p/the-three-pillars-of-bullshit
When someone says what you just said … my opinion of their intellect falls off of a cliff…
FYI https://fasteddynz.substack.com/p/the-three-pillars-of-bullshit
The same goes for those who buy Teslas… whenever I pull up to one of them at a light … I like to peer into their window … kinda like looking at an animal in the zoo… in this case I want to see what a delusional moron looks like 🙂
Lol! I can live with that. Your opinion means nothing to me. Considering how f*cked up most of your posts are.
People like Jimmy Dore, Judge Napolitano and Greg Mannarino
No way to deny it, the climate is changing … now headed from fall into winter!
Yep. And it was unusually cool last Tuesday morning.
Kinda like it was unusually hot the Tuesday before and CNNBBC ran fat headlines claiming this was due to global warming … oh hang on remember they changed that to climate change… cuz sometimes it was getting cooler?
duh https://fasteddynz.substack.com/p/lets-pretend-to-be-global-warming
Do have a look at that chart near the bottom … that indicates all is well
Do you really expect me to follow a link to anything you do?
Not going to happen.
That’s a normal reaction from someone who thinks more pipelines is the solution this hahaha
Crude oil extraction may be well past peak
https://ourfiniteworld.com/2024/09/11/crude-oil-extraction-may-be-well-past-peak/
Must be time for the winter Death Shot Booster… don’t be late!
Boring. Same old article. Over and over again. Talking about something I already know. Conventional oil has peaked. Yawn.
Which is why I invest in a lot of Canadian oil and gas companies with many decades of low cost reserves. Mostly “unconventional” oil. Which is where the growth has been for the last decade.
An article from a moron who also thinks the Permian is already in decline, when production is still growing. It will decline eventually Eddy. But not yet.
How about we both give our target for Permian production a year from now. It will be fun. Though I bet you will come up with some excuse for not doing it. Because you don’t know very much. All you ever do is link to old articles that I read long ago.
But more pipelines will prevent the decline… right?
hahahahahahahahha
Nope. Why do you think they are building more Permian pipelines? It certainly isn’t to add oil to the Permian. It’s to take more oil away.
Now, what’s your prediction for Permian production a year from now?
Come on Eddy. Don’t be a coward. Give me your drastically lower production number a year from now so you can prove to me how smart you are. Just think how brilliant you will appear to everyone here when Permian production crashes to your correctly predicted level. Even I will be impressed.
And I will gladly give you my prediction for Permian production after you give me yours.
But first, I will predict that you are too afraid to give me your number.
Lol!
But in the meantime, Northwestern Europe had a cold wet Spring and a brief Summer that felt more like Fall than Summer.
Yep.
Cooling is warming …
A Circle is a Square…
Whatever bbccnn says… is true. No questions asked.
Did I mention that reading about vaccine injuries is my hobby?
https://fasteddynz.substack.com/p/indulge-in-schadenfreude-schad
Good for you. I’m glad you have a hobby.
Hunga Tonga erupted, blasting a huge amount of water into the upper atmosphere. It was expected to cause a warming event, as a result.
We went over this before. Insignificant. How about you show me the actual data that shows the actual warming that occurred in the lower atmosphere as a result. Because the data shows that event had a net cooling effect.
https://artsci.tamu.edu/news/2024/07/new-study-disputes-hunga-tonga-volcanos-role-in-2023-24-global-warm-up.html#:~:text=Their%20analysis%20revealed%20that%20the,and%202024%2C%22%20Dessler%20explained.
So all we need is for the Yellowstone super volcano to explode, no?
It’ll wipe out 80% of the US, cutting back more than 25% of global emissions and send us into the biggest ice age we can imagine.
I’m joking of course. I don’t want to die prematurely any more than you do ; )
I never hope for catastrophes either.
hahahahaha
https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F206c8af8-4b51-46a1-af57-aa4ab0f285b4_532x285.png
Sorry. Not following your links. Waste of my time.
And now we’ve got a La Nina in the Atlantic. Holy Cow! I’ve never heard of such a thing. And we knew so little about it that 2-3 months before it arrived, the gurus were saying get ready for a big season. And now with our newfound La Nina friend, we’ve gone the complete opposite.
I agree. There’s NO WAY approaching 8B people burning most of 100M barrels of oil a day along with thousands of tons of coal a day isn’t affecting the climate. It’s just not possible. But, the questions have always been:
1) By how much?
2) What can we do about it without crashing our economy?
China is both killing the climate all the while rushing down the road towards green energy, making us look silly in terms of the technology innovation their bringing to bear across all areas of green energy.
As I’ve said many times, 3-Mile Island was a catastrophe not in terms of the environment impact, far from it actually, but in terms of the massive blowback against nuclear energy. Had there been a more measured response, we would already have 4th & 5th generation nuclear plants, including Thorium-based reactors.
I can give Carter credit for his efforts to protect the environment, but his decision to stop nuclear fuel reprocessing was horrible. And, it’s no wonder that no President or Congress since then has tried to overturn that, again, horrible decision. I can only imagine how much money the oil lobby spent in the late 70’s and early 80’s to get us to take our eyes off nuclear power.
We’re mired in political turmoil that has us paralyzed. We’re going to wake up in about 7-10 years and realize that we’re no longer the 800 lb Gorilla. And that timeline is probably being generous.
We are in a catch-22. Our economies and standards of living require more energy. But we cannot transition away from our dependence on fossil fuels in any meaningful way. And our continuing emissions will cause further warming and climate change, that will cost our economies dearly. Eventually the damages will exceed the costs.
There is a solution, but it is simply not going to happen.
The solution is total cooperation of all governments, all corporations and businesses and all individuals on the planet to work together to solve this universal problem. Stop the wars. Stop the bickering. Stop pointing fingers.
What are the chances of that?
Zero.
So I expect global warming and climate change to keep getting worse. That’s the reality.
come on papa… you need to do your part…
stop driving .. stop shopping .. stop going on vacation
a little sacrifice no? we are all in this together
Al Gore says take a cold shower… as he boards his private jet
Duh
You first. I’ll wait till you fix it all.
A little longer perspective,
https://www.researchgate.net/figure/Global-temperature-variations-for-last-10000-years-Composite-of-proxies-from-1990-IPCC_fig4_282393775
Yep. Thanks to scientists who have been studying the earth’s climate for the last 200 years we know a lot about billions of years of earth’s climate history. We know when the earth was a frozen ball of ice, and when it was a hothouse with no ice at all and oceans that were 700 feet higher than today. And most importantly, we know why those conditions existed.
Every climate chart you see is thanks to their efforts.
And now, scientists are telling us that mankind is changing the climate faster than any natural cycle ever has in the past. And they have the data to show it.
Would this be like all the scientists and doctors who claimed the Covid injections were Safe and Effective
Who insisted if you took your shots you would NOT get covid…
Then you got covid… and a blood clot?
same guys? same science?
hahahahaha
Yep. If it’s science, it’s not for you. Just keep going down those cult rabbit holes.
https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F206c8af8-4b51-46a1-af57-aa4ab0f285b4_532x285.png
Or maybe it’s because we are running out of space and people are building homes in flood zones… you know == those areas that have always been prone to flooding and were never intended to be built on.
Maybe that?
Sure. That’s it. You’ve got it all figured out. Build where there has never been, or will be a flood; a fire; tornado; hurricane; earthquake, lightning; ice storm; sink hole; drought; atmospheric river; heat dome; landslide; volcanic eruption; tsunami; firestorm; hail storm; blizzard; fog; dust storm; etc. Easy.
Problem is. Those things are happening more and more in places that they never used to happen in.
Now you know why in the “old days” people used to build concrete block bungalows (no drywall) along the coast in FL. They sustained minimal flood damage other than the contents – which was usually cheap and easily replaceable.
Building multi-million dollar mansions along the FL coastline is a fairly recent phenomenon and these people have learned a lesson the hard way.
Yep, cinder blocks ~$2 each (8×16″) so a 4×8 panel/wall is ~36 blocks or $72 …
Drywall is $16/sheet and wayyy quicker to screw in but doesn’t protect exterior.
A good trade-off to consider … plus fireproof (not quake proof).
Yes, only Billionaires can afford multi-$M mansions at sea level.
BINGO! I was just about to say similar. I rented a couple of beach houses in Hawaii. A basic cinder block construction, conduit for wiring ran outside the wall, a basic shower and a place to sleep was all that was needed.
I lived there because I wanted to be OUTSIDE on the beach, in the water enjoying it.
These people build mansions out of sticks and sheet rock with all the modern comforts and expect it to survive. LMAO
I feel ZERO remorse for these folks, they knew very well the facts about the weather living there and chose to buy anyways.
been there horrible state to live in
“Have Home Prices Peaked? I suspect so nationally, and certainly in Florida.”
The housing market already crashed back in 2022. The crash has been over for some time except for the Gulf Coast. The up cycles last a lot longer than the down cycles and we are back on the upswing again.
People have been saying for years the Australian/Canadian/US housing bubbles are going to crash but they keep going to the moon after very small pullbacks here and there (the last being in 2022).
Why build houses with drywall in areas prone to flooding? Why not build with brick or concrete and have cement rendered walls. Also put all power points up very high and run a power board from it. That way if your house floods to less than ceiling height there is no drywall to rip out nor water damaged electrical wiring. A strong roof properly anchored against blowing off and good access to the roof cavity, or better yet a proper attic, then when a storm approaches put the TV and other perishable furnishings up there. A slate or tile floor with easy to roll up carpets, solid hardwood furniture with detachable cushions.
Take your family photo album and other keepsakes and store them in a waterproof safe or storage box.
Then if you do get waist high flooding you only need to hose, mop, polish the place and maybe replace a few things like doors and stuff.
But no, people keep building houses that are disasters after any minor flooding.
Cheap insurance has subsidized flimsy home construction techniques in these high risk areas. In flood zones, in earthquake zones, in tornado country and in fire country. If people want to live in these places they’ll need to start making homes using flood/fire/tornado/earthquake resistant materials and techniques.
I agree. You are rock on.
I’m trying to figure out how to delete my post!! 🙂
The homes in Florida are built with Brick or Concrete. My home built in the 80s is all CBS. The few homes that aren’t are very old (pre 60s stuff) and being torn down and replaced.
But everyone has drywall is on the inside of the house. Humidity in Florida is *VERY* high so concrete walls on the inside are a no-go because concrete absorbs water and your whole house would be full of mold in a week (not to mention its ugly, impossible to hang pictures up or run electrical etc).
Use Sani-Tred instead of DryloK, problem solved.
Well said. THANK YOU.
Whats changed ? The mountain communities have always been built around the creeks and rivers roads and railroads follows them and crosses them many times but the developement has exploded in all areas so whether you get tornado outbreaks and hail in the midwest or fires and droughts out west or hurricanes in the east southeast it is the same, the risk is there . The developments funnel water into the streams the chimney rock area I have been there the road and community is basically built right beside the river/creek it is not a question of if they will get flooded but a question of when .I have been through many hurricanes in NC and have seen very little damage to houses from wind and storm surge most all comes from trees coming down on the electric poles houses . I agree any stucture that is below 10 feet above sea level but 15+ feet in florida and gulf area is going to get flooded at some point in the future it is just a matter of when . Look at black mountain the ingals distribution a huge sprawling warehouse was built by the river,railroad and got major flooding trucks and inventory destroyed and damaged . Hard telling what that cost would be and they are a major food chain in the southeast
WSJ ain’t worth reading … piles of anecdotes (Kellen and Ryan) without analysis.
When house shopping, pull out your fancy iphone and check your “elevation” … if <60 ft, stay away. Or look here and see Shore Acres is 7 ft avg above sea level.
https://en-us.topographic-map.com/map-3jbhs8/Shore-Acres/
For CA, most (not all) houses are within concrete paradises/jungles, so no fire fuel (except the Telsas).
60 ft? 99% of Florida is less than 60 ft above sea level. Shore Acres at 7ft is not uncommon at all for the entire coastal region (read miles inland from the actual ocean).
guess that’s why I don’t live in Florida….yikes!
FYI, link to mean elevation of the states (regardless of what links says) – FL is 100′.
https://www.statista.com/statistics/1325529/lowest-points-united-states-state/
The northern part of the state, the part connected to the continent has higher elevations. The highest point in the state (300ish feet) is there.
But the part that juts down into water is as flat as a board and barely above the sea level.
Just wait until we have an ACA for housing insurance, then you can help subsidize even more of other people’s bad decisions.
Sound like something trump would jump on along with all his other socialist goodies for everyone.
Many states already have ACA for housing insurance. Florida does for example.
Eventually it may get to a Federal level.
In Florida they peaked about a year ago. My parents sold their place in Palm Beach County five months ago and sold it for about 20% less than they had been offered the year before at the top. Their realtor said just sell it because prices are collapsing. Fortunately they did. They bought it in 1980 so even after inflation they made four times their money easily. Florida is a great place. Choose well and you can pick up some good property as the weak hands sell.
Nothing weak about underwater homes
What about homes burning in the West or homes destroyed by tornadoes in the Midwest? What about homes underwater in the mountains of North Carolina not to mention homes in the North buried by absurdly high energy costs? You got to live somewhere and each area has its own risks.
the homes burning in the west tend to be in small towns. if you look to see where homes have been for 4-5 decades you can make reasonable choices. It’s all too expensive, though.
The same is true for Florida too.
Florida is uninsurable
Sure it is.
We talked about the price your parents got a month or so ago in another thread.
Yet every month when I look at Wolfstreets housing index I see Miami and Tampa making fresh highs on year over year price index. That says only some area’s have peaked since the over all hasn’t.
I suspect older homes (ie not hurricane resistant) and homes in vulnerable areas to flooding are going to suffer greatly in resale value (as the guy in the article is finding out).
Their home went through more hurricanes than you can shake a stick at with few problems. It was built at a time when in Florida they bult them like blockhouses and not like today with the minimum you can get away with. Never had water damage even though it fronts the Intercoastal. When it was built there was land that was sited as safer than others. Later when all the best land was taken, they had to build on the marginal land, landfills and former mangroves which are all very susceptible to flooding.
If so, it seems crazy they had to take a 20% haircut. Things still look very solid here unless their home was in a price range where things aren’t moving (ie very expensive).
Climate change is real.
Global warming is real.
Mish, do you believe now?
Climate change is so out of fashion that militant believers have to recycle themselves into supporters of Hamas, Hezbollah and Iran just to make ends meet.
global climate change has always been happening and will always be happening.
The world changes. Live with it.
Correct. We are going to have to learn to live with global warming and climate change. Because we are doing so little to prevent it.
So more and more places will become uninsurable. It is up to each individual to become wealthy enough to deal with it.
Sure we can do something about it … stop driving your car and walk
Oh no- too hard… can’t do that hahahahaaha
Go right ahead. You can even give up your car if you want. I will still drive when appropriate. Either way, it won’t make a difference.
Climate change has been ongoing for billions of years and I never said otherwise.
I read a hell of a lot of history … the more prosperous periods happened when the climate was warmer… seems plants grow better when it’s warm… more plants = more food = happy campers…
Funny that.
For those who believe we are warming up the planet… put your money where your mouths are… I have secured an option on the best ocean front land on Baffin Island… and am selling lots for the low low price of $100k…
Baffin Island = the new Hawaii…
Papa Dave — do get in touch
https://blog.scienceborealis.ca/wp-content/uploads/sites/2/2020/07/baffin-island-730×336.jpg
What prosperous warm periods are you referring to? Here is the global temperature for the last 24000 years, which covers the history of modern man.
https://news.arizona.edu/news/global-temperatures-over-last-24000-years-show-todays-warming-unprecedented
Global cooling was real during the 1940’s-70’s.
Yep. Then we cleaned up the dirty air that was blocking the sunlight and offsetting our GHG emissions. Big mistake! Though at least we can breath better now.
hahaha…. clueless… ever been to China? On many days you can barely see from one side of the road to the other due to the smog…
Yes. I have been to China. Many times. And yes. You are clueless.
Here are links to two sites that explain how aerosol reductions changed our climate. If you want, I can provide many more links. But these should suffice.
https://e360.yale.edu/features/aerosols-warming-climate-change
https://science.nasa.gov/science-research/earth-science/climate-science/aerosols-small-particles-with-big-climate-effects/
I replied with two links showing how aerosols affect climate, but it went to the approval process. So I will attempt with one link at a time.
https://acp.copernicus.org/articles/22/12221/2022/
Next:
https://e360.yale.edu/features/aerosols-warming-climate-change
Next:
https://science.nasa.gov/science-research/earth-science/climate-science/aerosols-small-particles-with-big-climate-effects/
Only it is not … look at the chart https://fasteddynz.substack.com/p/lets-pretend-to-be-global-warming
I would never follow one of your personal links.
Many of these risks are being redefined to fit the political control grid narrative. Example: The “Climate Change” racket isn’t an existential planetary threat…it is a REAL ESTATE problem for certain areas and their elites. Living in a so-called “fire prone” area really means “Enviros and their fellow commies and NGOs control the political process…no logging, no grazing, burning the grasslands and forests is the highest spiritual good for Gaia”.
The real problem is humans keep encroaching on more and more land like locus gobbling up everything. It was inevitable that homes would be built in fire, flood, wind, and earthquake prone areas by developers out to make a quick buck.
As a result, it was inevitable that insurance companies would no longer be able to bear all the burden because there is a monetary limit to what people are willing to pay in premiums and risk self-insuring.
Texas is the next state this is going to happen. A few insurance companies have already pulled out citing wild fire and hurricane risk. Colorado probably next.
There is a great video here for real estate investors about the whole paradigm. It’s long but worth a watch. It explains Florida’s issues very well too.
https://www.youtube.com/watch?v=PNdXPppSQDs
I’m banking plenty of profits on the “climate hoax” or “climate reality” depending on your political perspective. The important thing is to observe, analyze, and then position for profit. A.B.P.
Not a fan of referring to my fellow humans as locusts…Are you investing in “Climate Friendly Equitable Communities” in order to keep those “Locusts” locked down in stack and pack?
Locusts is the most appropriate term but it doesn’t matter what I believe. Without insurance, banks won’t lend for home purchases so the only choice then is for home prices to decline.
The only way for home prices to decline is to simplify the house to something more akin to a “hut” like most people around the world live in.
The American “dream” of excessive living on the backs of everyone else was always just that, a “dream” and now it’s time to wake up.
The humble and meek will come in a replace those that extinguish themselves after gorging much like locusts.
A hut is impossible to build now. Not because no one would live in it but rather because building codes forbid it.
Home prices can’t decline much because building costs are fixed at a minimum level (whatever the price of labor in that area is + building materials that meet building codes).
We are seeing the decline of the SFRs …. tenements for all!
Of course, the Elites-TM are excepted.
Cockroaches…
The story is NC and TN. Florida is a known known
Correct. The Carolina’s, Tennessee and Georgia have gotten it worse in the last decade than Florida has. What worse for them is that construction in mountainous regions is a lot more expensive than construction in flat regions.
I’m reading it may be many months before power is restored. I wonder what EV owners are going to do and this disaster illustrates why EV’s are a huge risk for a large area of the country.
Yankees leaving Florida? Outstanding!!!
This is the time to return to Red Indian.