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I am so upset and depressed about these new flood rates. We live in in older very modest home where we are already stretched to the max paying for HOI and flood (almost $4,000 now for a house worth under $200,000). From reading articles it seems we will be paying 20% more each year until full risk is attained and not sure how many thousands of $$$ that is going to be. We will not be able to afford it. We love our home and want to stay in it, and will pretty much have to now because who the hell is going to pay ten grand in insurance for a 2 bedroom 1950s home? I am hoping we can save enough up in the next few years to pay off our note and then we will have no choice but to drop this criminally price insurance and self-insure.
I am so upset and depressed about these new flood rates. We live in in older very modest home where we are already stretched to the max paying for HOI and flood (almost $4,000 now for a house worth under $200,000). From reading articles it seems we will be paying 20% more each year until full risk is attained and not sure how many thousands of $$$ that is going to be. We will not be able to afford it. We love our home and want to stay in it, and will pretty much have to now because who the hell is going to pay ten grand in insurance for a 2 bedroom 1950s home? I am hoping we can save enough up in the next few years to pay off our note and then we will have no choice but to drop this criminally price insurance and self-insure.
Sorry Gypsy.
Do you know where a detailed map can be found of the new flood insurance zones and corresponding rates? We live right near Lake Tarpon and had been surprised we were not in a flood zone. Wonder if that has changed now.
It depends on what your mortgage company outlined on your mortgage note. Even if you are in a low-risk area, you may be required to provide insurance if and when your bank decides they want you to have it.
So you are saying flood insurance in general is going to triple across the board?. I understood you had to be on an "A" or "V" zone to even qualify for subsidies that are being phased out. V would be a waterfront property and A in a special hazard zone, those properties get subsidized at varied rates those are the ones getting hit especially the investor owned. I have flood insurance I am in a B zone I dont get any subsidies so I dont see how I can be affected by the phasing out of said subsidies.
The insurance rate increases only affect people on high risk flood zones, per example if you go to the floodsmart.gov website and put in your address unless it says high risk you are fine. This is my understanding of it, I might be wrong.
As i said, for many, not all. So homes worth under 25k in west Pasco west of US19 will cost well over 10k a year to insure once flood Ins rates start to kick in. Soon no one can give these homes away unless cash buyers get em and go bare like i do.
So you are saying flood insurance in general is going to triple across the board?. I understood you had to be on an "A" or "V" zone to even qualify for subsidies that are being phased out. V would be a waterfront property and A in a special hazard zone, those properties get subsidized at varied rates those are the ones getting hit especially the investor owned. I have flood insurance I am in a B zone I dont get any subsidies so I dont see how I can be affected by the phasing out of said subsidies.
It's gonna go up a good 500% over time. This is for flood zone A people, other people away from floon prone areas won't see much of a change.
For anyone that thinks there is NO building going on in Pasco County I highly recommend taking a drive.
Here are a few starting from West to East:
-Just west of Gunn Hwy and 54 - Trinity East, only a couple lots left and people in line for them. Trinity Preserve Lennar is building and selling like crazy. M/I is building 6 right now and people are buying.
-Gray Hawk - Standard Pacific has one lot left, homes being built
-Concord Station - Go see what is being built there by Lennar. It is crazy how many homes are being built
-South of 54 by Sunlake Blvd - Entire subdivision that has been on hold is being built with M/I and Beazer to build when infrastructure is in. T. Rowe Price will have offices in there
-Lake Thomas - Two move in homes remain is all from Taylor Morrison
-Connerton has lots that have been sold and building process has begun
-Lakeshore Ranch - Homes being built
-Dupree Lakes - Beazer is building along entire roads to people that have already bought.
-Terra Bella - Westbay and Dr Horton have built and are building many more
-Alsace - Ryland only has 1 or 2 left
-WaterGrass - Building on every road in there.
You'll find people everywhere with their own opinion. Don't group every Realtor into one category, don't group every buyer/seller into one category. It's incorrect.
Why do people want new? All kinds of reasons. Buy a home 5-10 years old how much life is left on your A/C? Your appliances? Is 300-500 dollars more a month worth it to get into something new? Depends on each person.
Great comment regarding when to buy. People need to know what they can afford.
Will prices level off? Will interest rates remain steady or continue rising? Will there be another huge round of foreclosures and short sales with this price increase over the past 1.5 years? NOBODY KNOWS. Nobody. There are some very good educated guessers out there. We could take 4 people from this forum with very different opinions and in 5 years one of us would be right. But we have no idea other than a guess.
IF you don't mind renting, are going to let your home equity determine your mood each day, rent. There is a market. Prices have slowed down and even decreased in many places. Prices were very high for a profit margin. When owners don't get it, they lower it. Supply and demand - Economics 101.
But please stop with comments that are flat out wrong. We get it, you hate Real Estate people. I think you hate home builders as well, yet you live in one. I'm really not sure what you do like.
I assume you rent from watching posts over the last year plus. If it works for you, Great. I recommend you actually get a Real Estate License if you are looking at buying. Help yourself out!
As i said, for many, not all. So homes worth under 25k in west Pasco west of US19 will cost well over 10k a year to insure once flood Ins rates start to kick in. Soon no one can give these homes away unless cash buyers get em and go bare like i do.
And I have thought it each time you have written it. Nobody will buy insurance at 10K per year on a 25K house. They won't do it. They will take the gamble and when they flood out and lose their home, the State and Federal Government will come in, declare it a disaster area, and dole out checks courtesy of the Tax Payer.
I saw it after Katrina in Biloxi, MS first hand. Today most of the homes have never been rebuilt and people have moved on. Incidentally, East Biloxi looks much better than it ever did! The 10K to 40K 'homes' were gone and a nice area developed. Still some rough spots, but much nicer.
And I have thought it each time you have written it. Nobody will buy insurance at 10K per year on a 25K house. They won't do it. They will take the gamble and when they flood out and lose their home, the State and Federal Government will come in, declare it a disaster area, and dole out checks courtesy of the Tax Payer.
I saw it after Katrina in Biloxi, MS first hand. Today most of the homes have never been rebuilt and people have moved on. Incidentally, East Biloxi looks much better than it ever did! The 10K to 40K 'homes' were gone and a nice area developed. Still some rough spots, but much nicer.
My hope is that IF a CAT5 wipes out west Pasco they just tear and plow down what is left to never rebuild again west of US 19. Already it cost around 4k or more a year to insure a 2bedroom shoebox worth less than 25k in my hood, that is HOI and flood. What few nice homes on the gulf will cost 30 to 50k a year to insure once the new rates kick in.
For anyone that thinks there is NO building going on in Pasco County I highly recommend taking a drive.
Here are a few starting from West to East:
-Just west of Gunn Hwy and 54 - Trinity East, only a couple lots left and people in line for them. Trinity Preserve Lennar is building and selling like crazy. M/I is building 6 right now and people are buying.
-Gray Hawk - Standard Pacific has one lot left, homes being built
-Concord Station - Go see what is being built there by Lennar. It is crazy how many homes are being built
-South of 54 by Sunlake Blvd - Entire subdivision that has been on hold is being built with M/I and Beazer to build when infrastructure is in. T. Rowe Price will have offices in there
-Lake Thomas - Two move in homes remain is all from Taylor Morrison
-Connerton has lots that have been sold and building process has begun
-Lakeshore Ranch - Homes being built
-Dupree Lakes - Beazer is building along entire roads to people that have already bought.
-Terra Bella - Westbay and Dr Horton have built and are building many more
-Alsace - Ryland only has 1 or 2 left
-WaterGrass - Building on every road in there.
You'll find people everywhere with their own opinion. Don't group every Realtor into one category, don't group every buyer/seller into one category. It's incorrect.
Why do people want new? All kinds of reasons. Buy a home 5-10 years old how much life is left on your A/C? Your appliances? Is 300-500 dollars more a month worth it to get into something new? Depends on each person.
Great comment regarding when to buy. People need to know what they can afford.
Will prices level off? Will interest rates remain steady or continue rising? Will there be another huge round of foreclosures and short sales with this price increase over the past 1.5 years? NOBODY KNOWS. Nobody. There are some very good educated guessers out there. We could take 4 people from this forum with very different opinions and in 5 years one of us would be right. But we have no idea other than a guess.
IF you don't mind renting, are going to let your home equity determine your mood each day, rent. There is a market. Prices have slowed down and even decreased in many places. Prices were very high for a profit margin. When owners don't get it, they lower it. Supply and demand - Economics 101.
But please stop with comments that are flat out wrong. We get it, you hate Real Estate people. I think you hate home builders as well, yet you live in one. I'm really not sure what you do like.
I assume you rent from watching posts over the last year plus. If it works for you, Great. I recommend you actually get a Real Estate License if you are looking at buying. Help yourself out!
There is another community opening up "Ashton Woods" off St. Rd 56 across from Seven Oaks.
Many communities are not in a flood zone.
If they are in a flood zone then please contact an ins. company to verify what zone they are in and what you can expect and don't go by what some negative posters are posting on literally every post about the area.
The poster you are referring to has lost money in real estate and now is just enjoying making negative comments on every thread possible but most people have seen it and we all need to ignore him/her since we better have a good discussion and hopefully with all thats going on in the market many people will see their home values to go up as we already have seen over the last year.
Recently we listed a home for $ 225K while the comps. reflected $ 195K but during the first 4 weeks 2 homes were sold to cash buyers who paid more and we ended up getting multiple offers higer than askign price and avoiding a short sale as it started out to be. We closed for $ 253K and the seller walked away with more money than expected.
In that area are more builders active and slowly more people dare to list their home although it is still a low inventory.
In all markets people will sell homes and buy homes and flood ins. or not there will in the end be a solution otherwise nobody can ever afford a home in a floodzone.
The Governor stated this week due to the success of getting the unemployment so much lower and having a better balanced budget that money can go back into the market and some of the money may go back towards property taxes to lower them.
One thing i'm sure of that we can't believe the media all the time....!
I think Ashton Woods is going to be very nice. Just drove by there.
If something comes through and wipes out West Pasco I think the rebuilding process would see much larger, higher end areas all along there. Being close to the water still means something to many people, but it is not cost efficient to tear things down now and rebuild. It would be pockets of new vs older homes and the value isn't there. URBAN RENEWAL! But then I really wonder where all those people would live??? Scary thought for many.
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