To Buy or Not to Buy that is the ? (St. Petersburg: rent, insurance) - Tampa Bay - Florida (FL) -Tampa - St. Petersburg - Clearwater - City-Data Forum

Irishiis49 · 03-05-2011, 05:41 PM

I've been seeing some really good deals on water in Gulf Harbors NPR (Egrets Place) if I don't have any need for schools is it a smart move?

starwins · 03-05-2011, 06:06 PM

If you are by water, the insurance company will eat you up.

Irishiis49 · 03-05-2011, 06:14 PM

Even on canal??

starwins · 03-05-2011, 06:21 PM

Call Citizen Insurance they will give you a quote for your home. If it is by the water, it should be more than $3,000 a year. You want a house in New Port Richy near the gulf correct?

Irishiis49 · 03-05-2011, 06:42 PM

Quote:

Originally Posted by starwins

Call Citizen Insurance they will give you a quote for your home. If it is by the water, it should be more than $3,000 a year. You want a house in New Port Richy near the gulf correct?

Yes, I'm looking at 400,000 dollar home which I might get for 375,000. That 3000 is on top of the regular home insurance so it would be about 6000 total??

starwins · 03-05-2011, 07:09 PM

No, the $3,000 is the home insurance which you will pay every year on, it is probably more. Call Citizen for an estimate on the home insurance for the property you want, they can give you a quote within a day. I thought a lot folks in New Port Richey's homes were under water.

I'll ask my brother about NPR, who is in forclousre business what going on there.

LKJ1988 · 03-06-2011, 01:29 PM

I just lost 600k on my house in the ares you are looking at. Ins would have been 16k a year if i had a mortgage. Worst move you can make is buying in west Pasco as home prices keep falling like a rock.

starwins · 03-06-2011, 03:55 PM

Wow 16k for insurance is ludicrous, you could put that money to better use. I think people are buying more homes closer to the city now, since gas prices are getting up there. The housing market wouldn't rebound for at least another 5 years in Florida since there's a huge supply of homes available on the market. If you want invest in property, it's better to sit on one that's being gentrify and that you can rent out. Check out Central Ave. in St. Petersburg or Temple Terrace by USF they are redeveloping in those areas, so properties should appreciate nicely.

Irishiis49 · 03-06-2011, 04:32 PM

Quote:

Originally Posted by CHASLS2

I just lost 600k on my house in the ares you are looking at. Ins would have been 16k a year if i had a mortgage. Worst move you can make is buying in west Pasco as home prices keep falling like a rock.

I would have a small mortgage(100,000) so how much insurance would the bank force me to take?? If I could get a home on the water( for about a third of its price that it was on 05-06) and I wasn't required to have a huge amount of insurance on it, I think it might be a smart move?

starwins · 03-06-2011, 05:13 PM

The prices in 05-06 were at the peak of the housing bubble and were artificial due to speculation. Unless another housing bubble comes along, you will likely not see those housing prices for quite a while. You should look at prices of homes in Florida prior to the bubble in 02-03 for actual value of a home.