Florida Housing Downturn "Keeps Getting More Intense By The Day"

[globalhawk]

Not true. Most of them turn and hit North Carolina.

Really?

Which US State Experiences the Most Hurricanes? – Policygenius

Florida has been hit by 125 hurricanes in recorded history, the most of any U.S. state. In recent years, Texas and Louisiana have experienced most destructive hurricane damage.

www.policygenius.com

10 U.S. States Where Hurricanes Hit Most Often

It’s no surprise that hurricanes hit most often in Florida. But what states are within the top 10? Check out this list to find out.

universalproperty.com

Which US states are hit most often by hurricanes?

Find which US state is most at risk of being hit by a hurricane, the top 10 hurricane states, worst times of the year and cost of violent storms.

www.finder.com

 

[Uniformed_ReRe]

Why? Florida has 40 percent of the country's yearly hurricanes. That seems very socialist.

Florida is a big state. The hurricane risk varies depending on where in Florida you live.

 

[Formerly Rockymtnole]

I read the other day Florida now has more than 23 million people. 😳

 

[globalhawk]

Florida is a big state. The hurricane risk varies depending on where in Florida you live.

Okay. That is most likely true. However, are these hurricanes still happening in Florida? I can see different rates within the state but why do other states need to be punished?

 

[Uniformed_ReRe]

I'm curious about the price range of the homes that make up the excessively inventory glut.

Modest, affordable, single-family homes seem to always be in demand.

 

[seminole97]

Doesn't look like it. Some of these areas are almost exclusively resort rentals. A lot of the state is ripe for a correction given the sky high appreciation over the last 15 years, higher interest rates, excessive building, soaring insurance and HOA fees.

With the vacancy rate touching 1% I'm not sure that excessive building has taken place.
You certainly don't see a bubble of vacant properties like under the Fed inspired Housing bubble at the turn of the century.

 

[goldmom]

Why? Florida has 40 percent of the country's yearly hurricanes. That seems very socialist.

Structural integrity is challenged when you live near salt water regardless of east, west, or gulf coasts. I wasn’t counting up hurricanes and I’m sorry if you misunderstood.

 

[globalhawk]

Structural integrity is challenged when you live near salt water regardless of east, west, or gulf coasts. I wasn’t counting up hurricanes and I’m sorry if you misunderstood.

Why should all states have the same standards if the effects of said salt water are different? You think California should have the same standards as Florida? Explain.

 

[goldmom]

I read the other day Florida now has more than 23 million people. 😳

Yep. Snowbirds and undocumented people aren’t even counted.
WE ARE FULL AND YOU ALL NEED TO STOP MOVING HERE.

 

[Uniformed_ReRe]

Okay. That is most likely true. However, are these hurricanes still happening in Florida? I can see different rates within the states but why do other states need to be punished?

Imagine if Florida was carved up into 10 smaller states. How would you assess the hurricane risk for homes in these states?

Ideally, rates are based on the risk to the specific area where your home is located. The fact that my house happens to be in the same state as Mar-a-Lago and Key West doesn't change the material hurricane risk for the community where I live.

 

[globalhawk]

Imagine if Florida was carved up into 10 smaller states. How would you assess the hurricane risk for homes in these states?

Ideally, rates are based on the risk to the specific area where your home is located. The fact that my house happens to be in the same state as Mar-a-Lago and Key West doesn't change the material hurricane risk for the community where I live.

I 100 percent get that. It doesn't change the fact that you live in an area that still has a greater chance at suffering for the effects of a hurricane than all others. You are comparing Florida to Florida not Florida to other states.

 

[goldmom]

I'm curious about the price range of the homes that make up the excessively inventory glut.

Modest, affordable, single-family homes seem to always be in demand.

Affordable single family homes in a lower price range are going to be more rare due to land costs, the increased price of materials and the higher cost of labor.
And building guidelines have evolved as well. Windows that are designed to withstand hurricane force winds are now required statewide. Roofing standards are stronger too. The underground utilities that are now standard have to be paid for too.

 

[Uniformed_ReRe]

I 100 percent get that. It doesn't change the fact that you live in an area that still has a greater chance at suffering for the effects of a hurricane than all others. You are comparing Florida to Florida not Florida to other states.

Coastal Texas and Louisiana have greater hurricane risks than Central and North Florida.

 

[wilson reborn]

Coastal Texas and Louisiana have greater hurricane risks than Central and North Florida.

I’ve got family in NOLA. Insurance premiums are off the charts there, higher than Florida.

 

[goldmom]

Okay. That is most likely true. However, are these hurricanes still happening in Florida? I can see different rates within the state but why do other states need to be punished?

Are homeowners nationwide punished for tornadoes in the midsection of the country??

By some estimates 30% of Cali homeowners are being given non renewal notices due to increased wildfires. Has that led to nationwide increases?

Weather events of different types are a national phenomenon and all contribute to insurance rates.

 

[globalhawk]

Are homeowners nationwide punished for tornadoes in the midsection of the country??

By some estimates 30% of Cali homeowners are being given non renewal notices due to increased wildfires. Has that led to nationwide increases?

Weather events of different types are a national phenomenon and all contribute to insurance rates.

Yes. Insurance companies punish homeowners for the amount of damage that occurs in their area. Hurricanes cause waaaaaaaaay more damage than tornadoes. Not even close.

 

[goldmom]

Yes. Insurance companies punish homeowners for the amount of damage that occurs in their area. Hurricanes cause waaaaaaaaay more damage than tornadoes. Not even close.

Hmm. I don’t think that’s the case.

 

[globalhawk]

Hmm. I don’t think that’s the case.

Can you provide a link to prove me wrong?

 

[SolarHawk]

I’ve seen the market turn gradually over the last 1.5 years here in Tampa Bay. Houses sitting on the market for months is more common than houses going quickly. The inflated prices from covid mixed with the higher rates is having an effect, and it was needed. It’s insane what people are asking for a 1200sq/ft 3/2 shit box. Well north of half a million in not even desirable neighborhoods lol.

 

[jonesy5960]

With the vacancy rate touching 1% I'm not sure that excessive building has taken place.
You certainly don't see a bubble of vacant properties like under the Fed inspired Housing bubble at the turn of the century.

Excessive building is probably the wrong term, but as far as I know, housing markets are still governed primarily by the laws of supply and demand and all real estate is local. You might have one area of the state that's really tight and others that have a glut of inventory. Although home vacancy rates remain low, Florida's rental vacancy rates are spiking at 8.5% vs a national rate of 6.4%.

Rental Vacancy Rate for Florida

Graph and download economic data for Rental Vacancy Rate for Florida (FLRVAC) from 1986 to 2023 about vacancy, rent, FL, rate, and USA.

fred.stlouisfed.org

 

[jonesy5960]

Can you provide a link to prove me wrong?

Can you provide a link to prove you right? 😀

 

[vesfly]

Housing prices still seem to be hot in Maine here. Inventory seems to have increased a little, but houses are still selling at or over asking. We just had our house built a year and a half ago and our zestimate is $200,000 over what we paid. Our builder just listed a house that was the same layout aa ours and was listed for $450,000 over what we paid in 2022 and is under contract.

 

[seminole97]

I’ve seen the market turn gradually over the last 1.5 years here in Tampa Bay. Houses sitting on the market for months is more common than houses going quickly. The inflated prices from covid mixed with the higher rates is having an effect, and it was needed. It’s insane what people are asking for a 1200sq/ft 3/2 shit box. Well north of half a million in not even desirable neighborhoods lol.

Valuation on our place has gone up ~150% in 10 years.
Since Jan 2020 up ~40%
Last two years basically flat.

 

[Uniformed_ReRe]

Hmm. I don’t think that’s the case.

I assume he means more damage over a broader area.