South Florida real estate?

auminer · Feb 18, 2025

Big T said: ↑

Just remember,

That's 25% of Coverage A, which is the limit on your building.
$2M limit, deductible is $500,000

That's how wind insurance works in FL, also
Click to expand...

That's a big ol bucket of FAWK NO!

tony 340 · Feb 18, 2025

Big T said: ↑

Just remember,

That's 25% of Coverage A, which is the limit on your building.
$2M limit, deductible is $500,000

That's how wind insurance works in FL, also
Click to expand...

Don't worry guys we pay taxes to FEMA so when these things happen the Feds will come quickly to our rescue

motion · Feb 18, 2025

DucatiBomber said: ↑

I have yet to meet anyone who has lived on both coasts that’s doesn’t prefer the west coast of Florida
If you were in your 20-30’s I could see the appeal to the south Florida areas on the east coast like Miami, Fort Lauderdale, etc.

Also watch what people refer to as “south Florida” for me it would be anything south of say Naples on west coast and West Palm Beach or Fort Lauderdale on the east coast. Many people will refer to areas like Sarasota even Tampa as south Florida. Heck USF (University of South Florida) is located in Tampa .

In 2019 when I moved to the Sarasota area everyone was convinced including storm experts etc that from Clearwater down to around Naples was basically immune from Hurricanes. There was a theory that the bay water being shallow and other factors made the area resistant to storm. The last few years clearly show that isnt the case.

Those storms will change your life.

I plan on moving back to the Sarasota area but no way I will live with 30 minutes of the shore. Main reason being insurance costs the closer to the water the costs keep going up. I dont want to have to rebuild even if I had the insurance money to do it. I dont know anyone who had storm damage and came close to breaking g even with their insurance money.

The insurance industry also really took a hit the last few years many of the insurance companies have left the area or went under.

Citizens insurance company was started in 2002 by the Florida State Legislature as a non-profit last resort insurance for people who couldn’t get coverage. Last I checked It’s now the second largest property insurance company in Florida!

Until prices drop it’s way easier and I would argue cheaper to rent. Now if you were starting a family, planned on being in a house for 20 + years then buying could make sense.
One thing that people don’t talk about or are aware of is the mold issues in Florida.

Even if a house hasn’t had storm damage the humidity and heat can create mold issues. If you are living in a building that has had storm damage unless the entire building was gutted there will be mold.

I know several people who lived or worked in places that had mold (unknown to anyone) and they ended up extremely sick. One was hospitalized and came close to dying.

So any older condos, apartments I would stay away from.

The other cost chasing people out of Florida are the HOA fees. My HOA rose by 40% in 4 years. There usually isn’t a cap so your HOA can jump up really fast. My HOA was low and you really had to do something to get a violation so it wasnt bad at first. The storms came and are crushing these community HOA’s with expenses. The more they take care of the more it’s gonna cost and costs exponentially rise after a storm . My HOA fee basically covered gate access, community landscaping and keeping people in check. I still cut my own grass, had to to do everything outside from paint to roofing. I lived in a house so that’s relatively normal situation. Live in a condo and anything outside even if you could fix it you won’t be allowed and all those repairs keep driving up the HOA costs.

As far as taxes go I don’t care where you live the government gets you one way or another.
I remember the first time buying clothes in Florida and it was a sizable bill (new suit etc) . I was convinced it was rung up wrong until I realized Florida charges sales tax on clothing. lol . Growing up in Pennsylvania I nvr had to pay tax on clothing.

In the last 7 years I have lived on Pennsylvania, Florida, Connecticut and Texas.

There are pros and cons for each. Well except for Connecticut. I see no advantage to living there.

If you look anywhere from Clearwater to Sarasota (Venice beach being further southeast) I can help you in those areas. I’ve lived there and know tons of people .

One last thing …people bitch about the heat in the summer time in Florida. First of all no shit. It’s Florida ha!
Second what do you do in the winter in other areas when it’s extreme cold? You stay inside in the heat. Same thing you do in the summer in Florida. Stay inside in the AC but morning and evening you can be outside whereas winter in the north it’s even colder at those times.

Oh yea one more last thing … mesquites .
You have to come to a truce with them. Most of them I had agreement that at 6pm or later if I was outside I was at my own risk. Easier to have a screened in lanai around your pool or deck which btw will be the first thing destroyed in a storm
Click to expand...

Hey Aaron, I really appreciate your comprehensive and thoughtful post. Between this and others, its becoming clear that buying doesn't seem like a good idea. I suppose if values get back down to the post 2008 level, when you could buy condos for $45K, it would make sense to jump in.

So, renting might be a solution, as you said. I'll noodle on that. Thanks.

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South Florida real estate?

auminer Renaissance Redneck

tony 340 Well-Known Member

motion Nihilistic Member

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South Florida real estate?

auminer Renaissance Redneck

tony 340 Well-Known Member

motion Nihilistic Member

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