Magazine article on post-Ian Sarasota RE market (mold, humid)

[MOforthewin]

Originally Posted by beach43ofus

If you drive from Central Sarasota Parkway southward to North Port, you can see the damage worsening every few miles.

I have not been South of North Port because I dont want to clog their roads being a gauker, but I suspect that trend continues all the way to Ft. Myers.

I finally noticed a mega contractors giant claw truck picking up fallen tree debris along Shamrock Road yesterday.

I think the new home sales offices are open for business again, but I don't see much construction work on new homes being done. New homes might outsell pre-owned homes for a while.

Englewood and Placida get it real bad being closer to the gulf and getting the strongest winds. Places in Englewood look like legit cat4 wind damage. Pretty bad in spots and will take some time to recover from this. Here in Punta Gorda LOTS of roofs will need to be repaired. I live in a large development 65 percent of the roofs are going to need replacing! Neighbor down the street lost a lot of the shingle and the wrapping under it. Rain water got in and trashed her house. had to rip carpeting up and insulation torn out. She's currently unable to live there now. The structure of the houses held up quite well! Roofs did not and that's how a lot got major roof damage.

[wondermint2]

I rent an older 1950s house and I know the roof is old - but I'm not sure how old. A couple of years ago it was leaking and the landlord had a roofer repair it. It's not leaked since then. After Hurricane Ian I noticed some shingles (and pieces of shingles) on the ground outside near the house (not a large amount). However looking at the roof from outside ground level I don't see any missing shingles.

Thus I'm thinking this roof might have 2 layers of shingles - and the shingles on the ground could be from the underneath layer. I've read that when a new roof is installed it's not a good idea to just put new shingles on top of old shingles. I think it's cheaper that way & the insurance might not consider it a new roof (if the old shingles are left on underneath).

So if it was indeed a bottom layer of older shingles that came off - how serious would that be? If I still don't notice leaks is it OK to just leave it alone for now? I'm pretty sure my landlord will want to spend as little money as possible - if anything.

[wondermint2]

I came across this article in the Bradenton Herald. It basically says demand for homes in Sarasota/Manatee will stay strong - because of the damage done to areas further South. However the article consists of mainly opinions from realtors & industry professionals (so they could be a bit biased in their viewpoint).

Ian threw ‘curve ball’ to Bradenton-Sarasota housing market. Here’s what experts say

https://news.google.com/articles/CAI...S&ceid=US%3Aen

"Many home owners and renters who lost their homes will be looking north to the Bradenton and Sarasota area, as well as to Tampa and St. Petersburg for replacement housing.

In addition, some home buyers and renters who were looking at Naples or Fort Myers before Ian, have turned their focus to the Bradenton-Sarasota area, which already faces an affordable housing crisis.

The added pressure could help drive costs even higher — or at least keep them high — just as increasing inventory and rising interest rates were beginning to moderate the surge in housing prices."

[newtovenice]

Got contacted by another investor looking to buy my house.

We just had a hurricane. Hit my area really hard.

So investors are really interested in the area, post hurricane, knowing that insurance market is going to go through the roof?

[Travelassie]

Originally Posted by MOforthewin

Englewood and Placida get it real bad being closer to the gulf and getting the strongest winds. Places in Englewood look like legit cat4 wind damage. Pretty bad in spots and will take some time to recover from this. Here in Punta Gorda LOTS of roofs will need to be repaired. I live in a large development 65 percent of the roofs are going to need replacing! Neighbor down the street lost a lot of the shingle and the wrapping under it. Rain water got in and trashed her house. had to rip carpeting up and insulation torn out. She's currently unable to live there now. The structure of the houses held up quite well! Roofs did not and that's how a lot got major roof damage.

We're north of PG about 12-15 miles off US 17, and found a surprising number of dwellings in the area held up pretty well, with even shingle roofs looking like they are intact ( though there may be minor damage you can't see from the road). This even with so many power poles down or leaning, destruction of vegetation, and even twisted and broken in half power poles ( one in our neighborhood) attesting to the strength of the winds. Flooding is not generally an issue in this neck of the woods, though there was some that affected dwellings close to the Peace River and its tributaries a couple days after the hurricane- this was from the massive amounts of water coming downriver after the storm.

Our house is located on a canal just off a tributary of the Peace River. Water flooded lower parts of the property on each side,
but fortunately never came that close to the house ( came within 10-15 feet, and that was sloped up ground) but we didn't know that it would not. There is a part of the road we take to get anywhere that apparently was washed out/undermined by what had to have been water rushing down what's usually a small drainage canal that is generally dry, adjacent to the railroad tracks.

Like so many others we lost many shingles, and the roofing felt underneath, so significant portions of the roof were down to bare wood, between that and a number of soffits torn out we got water intrusion through the ceiling mainly in the great room, fortunately the ceiling didn't come down, just some of the drywall tape, a coupleof panels that might though they still seem to be attached at their other ends, and of course its all water-stained. We lost our well water treatment
system ( torn off the house and laying in the yard) but its been replaced. Reading, hearing and seeing the devastation that others have endured makes me realize how lucky we were. That ceiling will need replacing, as will our roof, but there is no problem living here in the meantime.

[newtovenice]

Originally Posted by CafeDeLaMaison

Good for you. Sell it ! keep muvin'


Don't look back

Why? So they can screw over my neighborhood with another AirBNB?

No thanks.

[Travelassie]

Originally Posted by newtovenice

Got contacted by another investor looking to buy my house.

We just had a hurricane. Hit my area really hard.

So investors are really interested in the area, post hurricane, knowing that insurance market is going to go through the roof?

Did he offer you what you would consider a fair price?

I recall such "investors" preying on the damaged neighborhoods after hurricane Andrew. As we were cleaning up the debris from our heavily damaged house ( which included extensive roof damage, ie, broken and blown off trusses in addition to the shingles and sheeting material in a significant portion of the house, damage to the CBS walls in that area) a guy stopped, looked over the house, and offered us $25,000 cash for the house, and we'd walk away from it. At the time we were beginning the rebuilding process, in communication with the insurance company who eventually gave us enough money to rebuild, and were committed to rebuilding. We laughed at the guy's offer, told him to get lost. He got angry, told us our house was worth less than he offered in its present state, and we were stupid not to take his offer. Then he huffed off.

Shoot, the house was on a half acre of land, the land itself was worth more than his offer. We rebuilt the house, brought eveything up to current code, and sold it 20 yrs later for $450,000.

Hopefully your investors are treating you better than that.

[1rainman]

My dad just sold his rental house. It's day and night calls with low ball offers from investors trying to flip the house. Half of them foreigners disguised as American through a company (Chinese). But after hurricane Charley prices were stable and even went up after a while. Though we are on track for a price correction. With the fema and insurance the hurricane doesn't seem to have much effect on house prices just based on Charley.

I see more damage than Charley. Charley had more roof damage but the flooding is much worse with Ian. Many houses getting gutted.

I read an article in the economist about Florida. Apparently real estate sales is Floridas biggest industry and thus the state of Florida props it up with insurance subsidies which encourage building in damage prone areas because the whole state absorbs the cost in taxes not the idiot who built on an island. Florida is doing the marketing convincing people it's paradise. So they inflate the prices until eventually their insurance fund goes bankrupt. It has plenty of money now but with non stop new homes in high risk areas it will go under at some point. Not to mention FEMA subsidizes Florida real estate. And when over half of home buyers are investors it's gonna collapse at some point. May be 50 years may be 5 years.

[MOforthewin]

Originally Posted by wondermint2

I came across this article in the Bradenton Herald. It basically says demand for homes in Sarasota/Manatee will stay strong - because of the damage done to areas further South. However the article consists of mainly opinions from realtors & industry professionals (so they could be a bit biased in their viewpoint).

Ian threw ‘curve ball’ to Bradenton-Sarasota housing market. Here’s what experts say

https://news.google.com/articles/CAI...S&ceid=US%3Aen

"Many home owners and renters who lost their homes will be looking north to the Bradenton and Sarasota area, as well as to Tampa and St. Petersburg for replacement housing.

In addition, some home buyers and renters who were looking at Naples or Fort Myers before Ian, have turned their focus to the Bradenton-Sarasota area, which already faces an affordable housing crisis.

The added pressure could help drive costs even higher — or at least keep them high — just as increasing inventory and rising interest rates were beginning to moderate the surge in housing prices."

Not many homes will be selling around here in Charlotte County for awhile. LOTS of roof damage around here. Tarps everywhere. many homes with water damage due to severe roof damage. Two houses across from me had to gut a lot of their insulation out because it got soaked. One lady had to have a lot of her carpeting ripped out and isn't even living in her house now cause it had to be gutted. Roof damage allowing rain water to come in and cause the ceiling to cave in.

[RidgeCrossing]

can't wait to hear the upcoming mold stories