My apology, I didn’t supply the link for this article. Here, have another paragraph AND the link this time:
More and more South Florida sellers have had to adjust their prices down, according to data from Redfin. For West Palm Beach, 20% of homes for sale had a price reduction, up from 12% last year. In Fort Lauderdale, 15% of homes had a price reduction, up from 11% the same time last year. In Miami, 13.7% of homes had a price reduction, an increase from 8% last year.
Here in the Keys, because the Insurer of Last Choice, Citizens GSE, pulled out of insuring hundreds of homes (see story I planted on this board in past 48-hours) which sold for over $1,000,000, you’ve got rich folks on the water, no insurance coverage. Hence, last weekend 40 of 45 “Good Deeds” sold under the asking price. I expect the same will happen up there in the Great Banana Republic of Florida Mainland soon enough. Irma was the wakeup call for Insurers and Re-Insurers in the Keys.
If you live on the water in a $1 Million+ house, you’ve got to have very deep pockets without insurance. Cost of rebuilds on the water will make many “rebuilds” double to sextuple the price once paid to build the homes, depending on age. Everything now has to be to code. No more grandfathered homes with downstair rooms skating by. Gotta have impact resistance windows rated at 200 MPH winds, etc.
p.s. During Irma, a house down the dirt road from me, with these 200 MPH impact resistance windows, blew to smithereens in one of the tornadoes inside the hurricane. I’ve mentioned this to people to impress on them on why you don’t stick around in your beefed up to code house when the NOAA says a Cat 4 or Cat 5 is aimed right at you. Anway, those 200 MPH windows exploded into the prettiest glass beads with smooth edges. I saw these “beads” everywhere, shining like diamonds in the denuded undergrowth, for 1.5 miles leading to the water on the Bay side. I could have made jewelry from them for all the female workers down at the club. Hell, even guys would have loved a bracelet made from these cubes which were like hexagons and octagons.