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Old 09-13-2017, 09:10 AM   #1
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Default Real estate market after storm

Up, down or stalled? I think Wilma helped start the nose dive back in 2005.
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Old 09-13-2017, 10:51 AM   #2
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The nose dive in 2005 was mainly due to the mortgage fraud business.

Hurricanes are usually good for business. My guess is that a lot of speculators will try to buy damaged homes. Longtime/full time residents that can't afford to build or buy in today's market will move up the coast where prices are cheaper. They keys will come back stronger than ever, with a lot of the run down shacks replaced with elevated solid structures. Low cost housing in the keys will be even a bigger problem than it was before the storm. If I were to re-build in the keys I would look at whats standing and replicate.
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Old 09-13-2017, 11:03 AM   #3
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I think you will see a spike in inventory next spring state-wide....I would guess a fair number of people might cut their losses and move to the mountains or somewhere with less population density.

Even without loss of property, this whole exercise has exposed the many downsides of living in such a highly populated state.

The amount of selfishness, hoarding, and entitlement on the roadways I witnessed over the last week has been disappointing to say the least.
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Old 09-13-2017, 11:50 AM   #4
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every gulf front town that I know of thrives after a hurricane. I cannot remember an instance of a long term downturn. usually the insurance money helps people build bigger, better and of course newer. the biggest problem is managing growth or redevelopment.
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Old 09-13-2017, 12:08 PM   #5
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Good luck with that. Inventory low in keys plus now everyone will be flushed with money to make places new .
Storm or. O storms the market is ripping down there .
I'm ready to strike on any deal I find but doubt I'll find many.
You may now get sellers on the fence negotiate more but doubt to see a dip.
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Old 09-13-2017, 12:53 PM   #6
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Quote:
Originally Posted by wangotango321 View Post
Good luck with that. Inventory low in keys plus now everyone will be flushed with money to make places new .
Storm or. O storms the market is ripping down there .
I'm ready to strike on any deal I find but doubt I'll find many.
You may now get sellers on the fence negotiate more but doubt to see a dip.
What do you mean flushed with money to make everything new? I will guarantee you the cost to rebuild will be much greater than the insurance payout. Most stick buildings that are demolished were built under the old building codes, these structures are highly depreciated by your insurance limits. The cost/sqft today to rebuild will be much higher unless you have one of those rare guaranteed replacement cost policies. Cudos to the people who gained extra ROGO points for meeting the 180mph building requirement, Unfortunately theirs not a lot of those either relative to the number of structures.
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Old 09-13-2017, 01:06 PM   #7
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Those r outliers marathon looks like flood mainly. Key colony is different and that's what I'm taking
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Old 09-13-2017, 01:11 PM   #8
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I think you will see a spike in inventory next spring state-wide....I would guess a fair number of people might cut their losses and move to the mountains or somewhere with less population density.

Even without loss of property, this whole exercise has exposed the many downsides of living in such a highly populated state.

The amount of selfishness, hoarding, and entitlement on the roadways I witnessed over the last week has been disappointing to say the least.
Thats a depressing outlook. Not questioning what you witnessed but my experience was the exact opposite. I saw little to none of that, and have seen numerous examples of communities rallying together to help their fellow man, and it has restored my faith in humanity.
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Old 09-14-2017, 06:35 AM   #9
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Hurricanes are always good for business.
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Old 09-14-2017, 07:46 AM   #10
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Market will stagnate for a while. Simply because damaged properties cannot be sold till claims are settled. Banks will no be issuing new mortgages till everything is back up and running.
As in the past (history repeats) real estate values will rise, to investors coming in to speculate.
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Old 09-14-2017, 08:10 AM   #11
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History will repeat itself again and again, as most Americans are stupid and will continue to live in densely populated areas in disaster prone locations. And then get upset when power is lost and flooding occurs

I bet this time next year, Florida has just as many northern transplants, looking for sun and warm water and no power outages

Nothing's going to change. It will just be harder to find gas next storm since everyone will panic and fill up earlier now remembering what it was like when they ran out last time. They really should allow the market to set the gas prices during a storm. Folks wouldn't fill the cars in their garage if gas was $8/gallon
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Old 09-14-2017, 08:27 AM   #12
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I will be looking for my Keys home soon :-) ...... even if its just a waterfront lot to put a nice RV ....

One thing is for certain - people like living by the ocean... Build it and they will come
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Old 09-14-2017, 08:31 AM   #13
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Always best to rent the experience IMO.....or have a friend that has the Keys home.
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Old 09-14-2017, 08:36 AM   #14
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There are a lot of ppl in the keys who will take this as a way to get out. Collect the insurance check and walk away. I believe there will be buying opportunities galore as Munroe county sees rapidly plunging property tax receipts on homes that were rendered uninhabitable or ruined. Look to see permitting relaxed if rebuilding or purchasing a previously-built upon lot. The moratorium will likely be lifted, especially in teh case of a lot that held a home ruined by Irma. I'm watching closely...

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Old 09-14-2017, 08:37 AM   #15
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Always best to rent the experience IMO.....or have a friend that has the Keys home.
X2 ...... but I would buy a small place and split it with a bunch of my friends... Use it as a whore house / fishing shack ....
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Old 09-14-2017, 08:42 AM   #16
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Quote:
Originally Posted by CMP View Post
There are a lot of ppl in the keys who will take this as a way to get out. Collect the insurance check and walk away. I believe there will be buying opportunities galore as Munroe county sees rapidly plunging property tax receipts on homes that were rendered uninhabitable or ruined. Look to see permitting relaxed if rebuilding or purchasing a previously-built upon lot. The moratorium will likely be lifted, especially in teh case of a lot that held a home ruined by Irma. I'm watching closely...

CMP
Agree 100%...that storm experienced and cash in hand and they will exit/walk away...
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Old 09-14-2017, 08:43 AM   #17
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Everyone will forever want a piece of paradise, so there will always be demand in the Keys and all waterfront communities throughout the east and west coast of FL for that matter. Clearly many folks will either not have the the financial means to completely rebuild down there or will lose their desire to own there after such devastation. Real estate opportunities will certainly arise from this situation in the Keys, but many folks still know what their chunk of land in paradise is truly worth and you're still going to pay for it.

That said, I have a good friend and client looking for the right home in the Islamorada area. If anyone is thinking of selling, please give me a call and let's talk. (954)560-5058 or (772)834-0590
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Old 09-14-2017, 01:20 PM   #18
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I feel like owning a waterfront home is about like having a love of fishing. It doesn't really make sense, and it's a stupid move financially. But some of us have a compulsion, it doesn't matter whether it makes sense or not.
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Old 09-14-2017, 01:36 PM   #19
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It's a lifestyle man.
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Old 09-14-2017, 03:08 PM   #20
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Def an obsession -
why else would someone spend $200-400 on fuel to catch $20-40 worth of fish.

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