Florida Hurricanes,

[Winetalk.com]

before the hurricanes hit the status quo was:
Homeowners pay insurance premiums,
do nothing
Insurance companies collect the money and buy gov bonds

after the hurricanes:
Insurance companies RELEASE billions and throw them into the economy as homeowners HAVE to rebuild...and have $$$ for it.

I expect an economic boom in Florida over the next 2-4 years.

Which part of North Carolina enjoys the biggest economic increase over the last 4 years?
The coast- the places which were heavily hit by previous hurricanes
;-))))

[Sharpie]

Sounds good Serge..... a lot of the older substandard housing will be brought up to code. But, you know the insurance companies will be passing all this on.

For the Real Estate Industry it is going to be awhile coming. The storms may dampen the zeal for purchasing Florida property for awhile. Prices are supply and demand. I look for Florida to become a buyers market for awhile.

The money I am going to save in personal state taxes by becoming a Florida resident - is already out the window in two ways. My property taxes have doubled & I look for insurance to double (if you can get it at all without going into the pool) So, it looks like the taxes and ins. is going to be as much as most people house payments.

It is going to take a lot of sunshine for people to forget the storms, and want to move to Florida - and then after they get here, get hit with the double whammy of high real estate taxes & insurance.

[Winetalk.com]

Originally posted by Sharpie@Sep 18 2004, 09:32 AM
Sounds good Serge..... a lot of the older substandard housing will be brought up to code. But, you know the insurance companies will be passing all this on.

For the Real Estate Industry it is going to be awhile coming. The storms may dampen the zeal for purchasing Florida property for awhile. Prices are supply and demand. I look for Florida to become a buyers market for awhile.

The money I am going to save in personal state taxes by becoming a Florida resident - is already out the window in two ways. My property taxes have doubled & I look for insurance to double (if you can get it at all without going into the pool) So, it looks like the taxes and ins. is going to be as much as most people house payments.

It is going to take a lot of sunshine for people to forget the storms, and want to move to Florida - and then after they get here, get hit with the double whammy of high real estate taxes & insurance.
RE taxes double????

Fay, Florida has so called "Homestead Exemption" law, which PROHIBITS raising taxes on your PRIME RESIDENCE more than 2% a year!!!!

I still pay about the same taxes I paid when I bought the house back in 99
;-)))

[Winetalk.com]

P.S. when I told MikeW about the taxes he was able to save himself a few as well
;-)))

[Cleo]

http://www.sun-sentinel.com/news/local/sou...-home-headlines (http://www.sun-sentinel.com/news/local/southflorida/sfl-cproperty16sep16,0,6917366.story?coll=sfla-home-headlines)

Been homesteaded since 87, I'm not ever moving.

[Winetalk.com]

Originally posted by Cleo@Sep 18 2004, 10:34 AM
http://www.sun-sentinel.com/news/local/sou...-home-headlines (http://www.sun-sentinel.com/news/local/southflorida/sfl-cproperty16sep16,0,6917366.story?coll=sfla-home-headlines)

Been homesteaded since 87, I'm not ever moving.
what moving has to do with anything?

[Cleo]

Originally posted by Serge_Oprano+Sep 18 2004, 10:43 AM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Serge_Oprano @ Sep 18 2004, 10:43 AM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-Cleo@Sep 18 2004, 10:34 AM
http://www.sun-sentinel.com/news/local/sou...-home-headlines (http://www.sun-sentinel.com/news/local/southflorida/sfl-cproperty16sep16,0,6917366.story?coll=sfla-home-headlines)

Been homesteaded since 87, I'm not ever moving.
what moving has to do with anything? [/b][/quote]
If you sell and move or remodel more then 50% of your home you get reassessed.

[Sharpie]

I think I read that they could only raise you taxes 15% a year as long as you own the property.

New buyers (such as myself or those in the market for Florida Real Estate) get the property re-assessed as soon as they buy it. Mine doubled, something I was not prepared for. The value of my property has been going up 22% a year for a few years now. So, the assessed value from the previous owner was much lower, since they couldn't raise it very much. My asssessed value went from $80,000 to 196,000. The homestead exemption is peanuts..... $5,000 is nothing compared to the value of Florida Real Estate.

It is extremely difficult to get Florida homeowners insurance, and will get worse now. Most established Insurance companies already have the quota they can write in Florida. You are put in a pool and really can't shop around. You have to take what you get, and be lucky you have it.

The key to living in Florida at a decent standard of living, is to never sell your house & never change insurance companies.

I love it though, and it just means that I will have to work a couple more years to afford it.:-) or else sell my place up here in Indiana. Owning two homes, just got more expensive.

[Dianna Vesta]

I agree that we’ll see a lot of activity. It sucks on one hand; the stress, emotional turmoil and grief over loss. It reminds you of how important “things” are and what your priorities really are. That’s the emotional part of it. If you’re smart you have insurance but if you couldn’t afford it the government will step in to a degree. Unfortunately with every big picture there are fragments that aren’t as attractive.

Nature has a way of renewing itself and this, IMO is a classic example. When disaster passes we forget about everything it brought into our lives, the economy and business. Look at Andrew and even though it took years to rebuild South Florida became stronger.

Property values were already climbing like crazy. I can’t even believe the increase in my land, way out here in one year but I have never lost money on real estate. I’m just really surprised at the how MUCH it increased. Now with hurricanes no doubt you’ll see a shit load of investors from all over the world looking to buy Florida Real Estate. It’s already happening out here. People are mislead in thinking that they’ve lost value and traumatized by the hurricane they may be looking to get out, sell everything and fuck rebuilding. Investors know this.

On one end of the spectrum there are more jobs and on the other there are too many people out of work.

It’s going to effect us for a long time but in the long run we’ll do great as a result.

DV

[Cleo]

Florida was already in a major building boom so I don't see this bringing on even more building. Also Florida's number one industry is tourism and we are already being hurt by people staying away.

As I'm east of Federal highway I'm already in the state's high risk insurance pool. I can only imagine how much it will be next year to renew. In fact after talking to my neighbors I'm one of the few that did get windstorm insurance this year. I'm also the only one on my block that had a tree go through my roof, hmmm…

Personally I'm fucking happy as hell that my number one source of income is the web these days and that has nothing to do with Florida's economy.