Beach Market Reflections
As a RE broker since 1972, I’ve weathered 4 Florida recessions and was quite convinced that #5 was going to hit hard in October. This opinion was mainly because of the “Everything Bubbles” all over the world, showing signs of bursting.
Now after 3 hurricane hits, the government is doing everything possible to kick the next recession down the road. This includes extension of FEMA (flood ins.) subsidies, keeping interest rates low so we can fix up damaged houses and cars and buy new ones. The automobile, banking and construction industries are booming.
On our beaches we received a wakeup call with threats of devastation. The reality became evacuations, finding a place to stay, our stuff being blown around, annoying flooding, power outages, hot homes and rotting food. It was a strong message for those of us who live in the 75% of homes and condos which are not FEMA compliant, to become aware of the following;
#1 The remaining 25% of flood compliant homes will sell for far more than the 75%.
#2 If you buy one of the 75%, get a current flood elevation survey and insurance quotes.
#3 Do #2 even if you’re paying cash, even though you’re not YET required to insure.
#4 If you’re selling, do #2 so you’re prepared for buyer’s requests.
#5 Investigate options to elevate or build new in the future, whether buying or selling.
#6 Before buying, find out pros and cons of living in each of our 16 little beach towns.
#7 If you’re comparing beach to mainland, know that beach prices decrease much less in a downturn and increase much more in an upturn.
#8 Beach homes bring much higher rental income than the mainland.
#9 Pinellas barrier island properties are the best values in Florida.
#10 Living in our beach towns is more fun, safer and there’s more to do.
Our weekly “REAL BEACH TALKS” address any barrier Island concerns of sellers, buyers, renters, visitors and agents. Now you can join us online each Tues. from 4-5PM or come in person to 5050 Gulf Blvd. in St. Pete Beach. Go to C21wizard.com No log in required. Go on anytime to find past videos. Send me any questions you may have about our barrier islands which you’d like addressed.
All the best, Jim “Property Wizard” Beggins, Broker, CENTURY 21Beggins Enterprises, with 10 offices and 400 agents serving Pinellas, Hillsborough, Manatee and Sarasota Counties. Since most opinions about real estate can be supported with facts. I will inform you to the best of my ability so you can unconfuse the facts to your personal advantage. I think I can use my “hands on” experience in Florida real estate since 1972 to achieve your desired outcome. Please let me know how I’m doing. mailto:email@example.com 727 254 8144 Cell. Call, text or email with any questions.