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My oceanfront property home is on pilings. It's not ground level, or anywhere near close to that. I have an elevation certificate, which is required of any oceanfront/oceanside property in order to acquire insurance. The loss I would suffer would be from wind, etc., damage, not from flooding.
What level of surge are you built up to avoid.
If it's 1 in 1000 year or so then great but I've seen a number of houses up on pilings 10-12 feet that are nowhere near above all surge level potential. Some parts of the US, 10-12 feet is probably 1 in 1000 years. Other parts of the US it would need to be 20 or so.
There was a storm that hit similar to Sandy but back in the 1400's that had an estimated surge over 20 feet supported both by oral history from the Indian tribes and sand deposits found far in-land.
Surge height is a really tricky animal, northern FL ironically probably has less major surge threat than parts of the coastal NE given how the winds and geography etc. all come together.
If you do reform the deductibility of home interest, it will have to be phased in over decades and existing mortgages grandfathered or it will have a catastrophic impact on the housing market and you'll see another wave of "walk away" bankruptcies.
Based upon just straight math, it would impact what people could afford to pay for a home by around 15%. Granted there are a lot of variables like their tax situation, filing status, type of mortgage and so forth but if you just take a generic tax situation, standard 30 year fixed and the rough current interest rates it's generally in that ballpark.
Or if you want an easier way to look at it....go out to the lending market right now and just increase available interest rates by multiplying by 1.25 or so meaning a 5% rate would become 6.25%. (Again, just as a ballpark est.) That would definitely cool the housing markets especially on the coasts where a young family might already be facing a 500k loan just to get into their starter home.
14.3 feet, according to my elevation ceritificate.
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If it's 1 in 1000 year or so then great but I've seen a number of houses up on pilings 10-12 feet that are nowhere near above all surge level potential. Some parts of the US, 10-12 feet is probably 1 in 1000 years.
That's where I am. The 1,000 year level here is 12 feet. I'm above that.
No, a whole lot of somebodies are ignoring that line in the sand. The property line at the average high tide mark, that is.
Tell me where else the public is permitted to use private property at will, without the private property owner's permission, and without compensating the private property owner for such use, where there is no recorded legal easement.
No, a whole lot of somebodies are ignoring that line in the sand. The property line at the average high tide mark, that is.
Tell me where else the public is permitted to use private property at will, without the private property owner's permission, and without compensating the private property owner for such use, where there is no recorded legal easement.
Consider this similar theoretical scenario and ask yourself if it would ever happen...
I have four kids and live in an apartment building that has no yard, only an asphalt parking lot that's usually filled with cars in the evenings and on weekends. But you own a single family home that has a nice big grassy backyard, so my family and I should be able to use your back yard to play wiffle ball, etc., whenever we want, no specific recorded legal easement necessary.
Either we all have private property rights, or none of us do. Slippery slope, people.
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