U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida > Punta Gorda - Port Charlotte
 [Register]
Punta Gorda - Port Charlotte Charlotte County
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 09-20-2013, 06:36 AM
 
Location: Port Charlotte, FL - Pasadena, People's Republic of Maryland
1,060 posts, read 674,298 times
Reputation: 308

Advertisements

Another story on how the flood insurance rates may (will) have a negative impact on real estate sales was on ABC7 today.
Reply With Quote Quick reply to this message

 
Old 09-20-2013, 08:07 AM
 
Location: Ocean County
3,852 posts, read 6,120,588 times
Reputation: 2167
Quote:
Originally Posted by MikMal View Post
The part of the story that sticks out for floridians is this.


When a seller is paying $1,900 flood premium and a buyer comes along and they get a quote for $9,000 they are not going to want to buy the house. They are not going to be able to pay for the flood insurance," Conlan added.








i
Reply With Quote Quick reply to this message
 
Old 09-20-2013, 08:57 AM
 
5,319 posts, read 5,575,393 times
Reputation: 5387
Quote:
Originally Posted by JERSEY MAN View Post
Our new flood maps came out in the northeast. Many areas were not even in flood zones before. The new maps have many homes at V zones and AE 8/9 zones. So if you're in a A9 zone now you would be equal to the BFE. They want you 2 feet above. Homes that were worth 500K now are worth 200K(land only). It is not an easy equation. Just giving you the heads up. There is a grass roots organization call "Stop Fema Now" on FB. All the updates are on there.

Those map changes are pretty scary. It would be awful to be within specs one year and then have a map change that puts the home below BFE the next year, facing massive insurance increases going forward. You would have to pay off the home and forego flood insurance or sell. or rebuild.

With an infux of sellers, this could decrease property values pretty quickly for homes under BFE and make the homes above BFE more desirable.

Only cash buyers that forego flood insurance will want those 'below bfe' homes.

I suppose a lot of speculators will buy those homes for good prices, then knock them down and rebuild a new home that meets FEMA BFE.
Reply With Quote Quick reply to this message
 
Old 09-20-2013, 09:18 AM
 
Location: Port Charlotte
320 posts, read 242,235 times
Reputation: 141
There is a trend in the Hampton Roads area of VA of companies jacking up older, wood houses and setting in cinder block foundations. This is possible if the house is not very large but as Sware2cod noted these rate increases will hand many houses over to speculators.
This act by Congress could be the death knell for the real estate recovery in Florida and in many low land areas of the country. Coastal areas of Georgia, SC,NC and all around the Chesapeake.
The law of unintended consequences. We will all pay the price in the end.
Reply With Quote Quick reply to this message
 
Old 09-20-2013, 11:17 AM
 
Location: SWFL
41 posts, read 29,774 times
Reputation: 35
Default Flood insurance...

Quote:
Originally Posted by sware2cod View Post
Those map changes are pretty scary. It would be awful to be within specs one year and then have a map change that puts the home below BFE the next year, facing massive insurance increases going forward. You would have to pay off the home and forego flood insurance or sell. or rebuild.

With an infux of sellers, this could decrease property values pretty quickly for homes under BFE and make the homes above BFE more desirable.

Only cash buyers that forego flood insurance will want those 'below bfe' homes.

I suppose a lot of speculators will buy those homes for good prices, then knock them down and rebuild a new home that meets FEMA BFE.
I think a lot of well bought houses, those purchased with cash will be rented out for a good income stream rather than torn down.

Buying with a mortgage is pretty danged scaredy to me right now...

Be safe
Patty
Reply With Quote Quick reply to this message
 
Old 09-20-2013, 11:29 AM
 
1 posts, read 1,148 times
Reputation: 10
Default Flood Insurance

If a person taking a mortgage builds a new house on a std. 80X120 lot in Punta Gorda FL can the lot or house be built up a couple of extra feet to avoid the massive rate increases for flood insurance that will likely continue to increase forever over time?

Last edited by kansasman2; 09-20-2013 at 11:37 AM.. Reason: add location
Reply With Quote Quick reply to this message
 
Old 09-20-2013, 11:36 AM
 
Location: englewood
1,571 posts, read 1,616,694 times
Reputation: 733
Just as a note.. The standard realtor form has been changed to point out that flood insurance costs should be looked at and is a contingency to kill the deal.
Reply With Quote Quick reply to this message
 
Old 09-20-2013, 01:20 PM
 
Location: Englewood, FL
1,141 posts, read 1,232,280 times
Reputation: 926
Quote:
Originally Posted by kansasman2 View Post
If a person taking a mortgage builds a new house on a std. 80X120 lot in Punta Gorda FL can the lot or house be built up a couple of extra feet to avoid the massive rate increases for flood insurance that will likely continue to increase forever over time?
The lot can't be built up more than 1', but the house could. It costs about $2000 per course of stem wall (8"); so to go up 2 feet, it would cost around $6000. If the maps never changed, would that be worth it? If they did change, and you had to pay slightly more, how many years would it take to recoup the cost? Those are the questions to ponder.
Reply With Quote Quick reply to this message
 
Old 09-20-2013, 09:18 PM
 
Location: Port Charlotte
320 posts, read 242,235 times
Reputation: 141
Wondering why you say a lot can't be built up more than one foot?
Reply With Quote Quick reply to this message
 
Old 09-20-2013, 10:05 PM
 
Location: Englewood, FL
1,141 posts, read 1,232,280 times
Reputation: 926
The rule was changed to eliminate people from building their homes on mounds that forced the rainwater runoff into drainage ditches/ lakes that the municipalities have to maintain. The theory is the rainwater needs to be absorbed into the ground, rather than becoming runoff.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram


Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > Punta Gorda - Port Charlotte
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top