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Originally Posted by MarcinSarasota
This is true. However, there are so many people complaining about property taxes and insurance that I feel real relief is on the way. It has been years since we have had serious hurricane problems. More insurance carriers are coming into the state and rates seemed to have peaked. We will have some sort of property tax relief plan to vote on in January.
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Yes and based off what I have read there is something like only a $200 dollar per year tax break coming with the possibility of doubling the homestead exemption. IMHO this is not enough relief to stimulate buyers to purchase. Insurance and property taxes will still be to high for most buyers.
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That is not really accurate. I have rental properties worth more than $150k and I don't pay $3k on any of them. My homestead which is worth quite a bit more is actually less than $3k a year. Waterfront and very old homes have high insurance rates. When I sell homes most of my clients are actually pleased with their rates. I think they have heard so many horror stories about insurance rates in Florida that they were expecting to pay more.
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We have friends in the Panhandle and this is what they have relayed to us. Also and I am sorry I cant remember the name of the group but there is a company that follows the insurance issue in Florida and they were reporting this type of insurance cost on their website.
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IMHO I think in 2009 our inventories will balance out and we will bottom. The fundamentals of Florida are still pretty good. We are getting back to affordability again. Baby boomers still want to come. We were at a point where most people just could not afford it. That is changing as our prices correct.
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I agree that baby boomers still want to come but have figured out that their retirement nest eggs based on the cost to buy in Florida wont allow them to live a carefree lifestyle. We have a lot of friends in Fla and most of them are looking to move out because of the rising cost of insurance and property tax.
From a home pricing standpoint Florida is more than affordable but its these outside cost that most people cant afford.
Re: So has the market started to turn around in your area?
Re: So has the market started to turn around in your area?
Re: So has the market started to turn around in your area?
Re: So has the market started to turn around in your area?
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