Before the reform, the flood policy for my home was about $1700 per year. Now, that same policy costs $9,898. That is not a typo. The increase is not a mere $600 or $700. I suggest that the writer does more research, and not rely on one anecdote.
The reforms in NFIP are certainly going to reduce the size of the class of potential buyers for my home and many others similarly situated.
To add to the Florida new “bubble” (my opinion), we’ve seen flippers, property prices in the condo market jumping between + $50k to + $200k in 12 months. This makes an increase of 50% to 150% depending on the unit.
Banks do not release their foreclosure inventory. If they release a property it will be priced OVER the average asking price by flippers.
Miami is once again the safe haven of tax evasion from overseas. Under the table deals between investors and banks (units sometimes don’t even reach the MLS, the deal is done behind the scenes).
Asking prices don’t make any sense anymore vs rental.
What is surprising is that the media uses the crazy prices fueled by bad loans of 2006 as baseline. Makes no sense.
There is a very dangerous game taking place here…Don’t buy. You’ve been warned Miami.
Before the reform, the flood policy for my home was about $1700 per year. Now, that same policy costs $9,898. That is not a typo. The increase is not a mere $600 or $700. I suggest that the writer does more research, and not rely on one anecdote.
The reforms in NFIP are certainly going to reduce the size of the class of potential buyers for my home and many others similarly situated.
To add to the Florida new “bubble” (my opinion), we’ve seen flippers, property prices in the condo market jumping between + $50k to + $200k in 12 months. This makes an increase of 50% to 150% depending on the unit.
Banks do not release their foreclosure inventory. If they release a property it will be priced OVER the average asking price by flippers.
Miami is once again the safe haven of tax evasion from overseas. Under the table deals between investors and banks (units sometimes don’t even reach the MLS, the deal is done behind the scenes).
Asking prices don’t make any sense anymore vs rental.
What is surprising is that the media uses the crazy prices fueled by bad loans of 2006 as baseline. Makes no sense.
There is a very dangerous game taking place here…Don’t buy. You’ve been warned Miami.