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Will Flood Insurance Destroy the Value of FL Coastal Property or Is It Time To Buy

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Old 01-11-2025 | 05:37 PM
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So I had found a promising house listed on Zillow that had really sparked my interest and was one of the reasons I started this thread. . A canal home on Anna Maria island in a great location with easy access to the intercoastal, and at a price that I thought was becoming somewhat reasonable compared to the pre-hurricanes pricing on the island. The house has been on the market for over 120 days and they have really come down on the sales price from when it was originally listed, from $1.75M all the way down to $1.2m. Having come down that much and still not having sold I began to think that the barrier island market is currently such that a buyer can even bargain somewhat from the already reduced prices..

From the listing pics and ad description the home appears untouched by the hurricanes - inside and out everything looks great, and the description doesn't say a word about storm damage. I'm in Indiana so I contact an agent through Zillow to represent me as the buyer. The agent arranges to do a tour of the home and film it for me .......and..............................all the pics on the listing are Pre-hurricanes pics of a home that was flooded. All the drywall and cabinets from the floor to about 3 feet high are cut out and need replaced. The home also needs a new roof. and a new seawall. None of this damage was shown in the pics in the listing nor in the listing description of the home.

I'm wondering what kind of a clown would list a storm-damaged home on Zillow and not disclose that it was storm-damaged. Effing clowns abound.
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Old 01-11-2025 | 06:41 PM
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Hoping someone would buy sight unseen.

They were doing that around here a few years back, it was nuts.
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Old 01-12-2025 | 07:58 AM
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I doubt if there are any undamaged houses out there except ones elevated on concrete pilings. The surge is more destructive on the islands vs the inlets/canals off the intercostal. We had high water but it came up without any real force.

Last edited by Hoodoo 2.0; 01-12-2025 at 08:49 AM.
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Old 01-12-2025 | 08:00 AM
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Originally Posted by William Diggens
I own and operate a Watersports business on Anna Maria Island and absolutely love it here.
Investors were on the island days after both storms trying to purchase anything available...
How long was it before the water and utilities were restored.
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Old 01-12-2025 | 09:00 AM
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https://www.zillow.com/homedetails/1...47620922_zpid/


This place is supposedly going to auction, last listing was 900k.
The old guy died several years ago and it’s been abandoned since.
House is a tear down, dock rotted away, property jungled over.
But…. <10 minute boat ride to the gulf by either big pass or new pass.
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Old 01-12-2025 | 03:28 PM
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Originally Posted by Marginmn
So I had found a promising house listed on Zillow that had really sparked my interest and was one of the reasons I started this thread. . A canal home on Anna Maria island in a great location with easy access to the intercoastal, and at a price that I thought was becoming somewhat reasonable compared to the pre-hurricanes pricing on the island. The house has been on the market for over 120 days and they have really come down on the sales price from when it was originally listed, from $1.75M all the way down to $1.2m. Having come down that much and still not having sold I began to think that the barrier island market is currently such that a buyer can even bargain somewhat from the already reduced prices..

From the listing pics and ad description the home appears untouched by the hurricanes - inside and out everything looks great, and the description doesn't say a word about storm damage. I'm in Indiana so I contact an agent through Zillow to represent me as the buyer. The agent arranges to do a tour of the home and film it for me .......and..............................all the pics on the listing are Pre-hurricanes pics of a home that was flooded. All the drywall and cabinets from the floor to about 3 feet high are cut out and need replaced. The home also needs a new roof. and a new seawall. None of this damage was shown in the pics in the listing nor in the listing description of the home.

I'm wondering what kind of a clown would list a storm-damaged home on Zillow and not disclose that it was storm-damaged. Effing clowns abound.
Forget Florida! I've got an awesome beach house in Malibu for you but sadly my Iphone was lost in a fire so I don't have any pics of the house.
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Old 01-12-2025 | 03:30 PM
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Originally Posted by Hoodoo 2.0
https://www.zillow.com/homedetails/1...47620922_zpid/


This place is supposedly going to auction, last listing was 900k.
The old guy died several years ago and it’s been abandoned since.
House is a tear down, dock rotted away, property jungled over.
But…. <10 minute boat ride to the gulf by either big pass or new pass.
The zillow link has the property appraiser's link in it, When you google his name the obituary pops up, sounds like he would have been a cool neighbor!
https://www.yourobserver.com/news/20...oke-guyasbury/
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Old 01-12-2025 | 10:15 PM
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Originally Posted by Jupiter Sunsation
When you google his name the obituary pops up, sounds like he would have been a cool neighbor!
https://www.yourobserver.com/news/20...oke-guyasbury/
He was. His wife Zulfiia was hot, he married her around 2014. She was Russian or Ukrainian and late 20’s at the time lol.
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Old 01-13-2025 | 03:41 PM
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Originally Posted by tommymonza
I’m sure we’re going to get an influx of west coasters after this fire out there in California as many were under insured or uninsured or will simply will not be able to rebuild because of regulations.

Many will probably sell for lot value and see they can buy a house in Florida and move, we are already have been seeing a lot of California’s here the last couple years.
Even though the wealthy on Malibu beach won’t be affected money wise ,sad to see it burn as it will
never be able to be rebuilt.
https://ktla.com/news/california/wil...e-damage-maps/

Link above is a detailed inter active map of damage homes in the Palisaides and Eaton Fires. The folks that lost homes and numerous areas where lessor valued and more dense in housing units. On the map I linked that will be the large group of red homes with 50%+ damage.

IDK they will be heading to FLA as that will TBD.

With the lessor valued are 1.2 to 3-5 mil former properties, given the cluster that state and local gvmnts are there with planning and zoning these people won't be back. The lower lying areas will be assembled for mass purchase of lots and detached housing like these won't be back. VC/REITs will do large projects with new standards and these people will not be able to re-build, the buy outs be there only alternative. The hills to the north & east is where you will find re-building b/c they can afford to do so, likewise along the coast unless the new mandiates on construction are too cost prohibitive for some and they will be much like the old residences on the beach that have been destroyed with the recent H-canes in FLA. Those lots along the PCH/Malibu will get sucked up by the elites and international buyers. This isn't over yet but we're hearing from investors that the loses at present are likely north of 350 bil, if this fire heads east back down the valley and jumps the 405 it will further escalate near a trillion. Only thing I am certain of is our insurance will continue to go up to cover the losses.

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Old 01-13-2025 | 05:05 PM
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In a normal scenario it can take well over a year to even get permits in Cali. I cannot imagine how long this process will be. That said, there will be some people making a TON of money out there.
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