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Let the hurricane damage and repair bills be the landlords' problems.
I don't get the frenzy to buy! buy! buy! In recent years different cousins of mine bought homes in Sarasota upon retiring in their 60's.
But you're then at the mercy of the landlord to repair the place
GNL says
zzyzzx says
GNL says
Now he's got 4 feet of water and mud in his house.
Where in Florida? Got a link to a the listing?
@zzyzzx - I'm pretty sure this is his address...27309 Buccaneer Dr Bonita Springs Florida.
How do I look at a live view of this listing and surrounding immediate area?
If I must guess, your friend bought it for the land value, not the house. It has waterway to the Bay. These lots are hard to come by. Here’s a comp in the area. This is probably what your friend has in mind once he took possession of the property.
This is one of the things I notice on Patnet. People are quick to jump to conclusions. In real estate, people get paid...
Eman says
GNL says
zzyzzx says
GNL says
Now he's got 4 feet of water and mud in his house.
Where in Florida? Got a link to a the listing?
@zzyzzx - I'm pretty sure this is his address...27309 Buccaneer Dr Bonita Springs Florida.
How do I look at a live view of this listing and surrounding immediate area?
If I must guess, your friend bought it for the land value, not the house. It has waterway to the Bay. These lots are hard to come by. Here’s a comp in the area. This is probably what your friend has in mind once he took possession of the property.
This i...
It was listed and sold for $540k. I don’t know if $540k is the foreclosed price. You said he bought it as a foreclosure, which means there’s a high probability he got it at a much lower price. I’m not familiar for FL foreclosure laws to know.
As you could see the sold comps, houses don’t have waterway sold for at least a couple hundred thousands less….
I’ve seen folks who bought this type of property. They can “claim” they live there for more than 6 months out of the year for tax purposes, especially if he’s from the Northeast, while he’s going through design and planning to get approved plans for a new construction. In my neck of the woods, this process takes a couple years. If he’s in a high income tax bracket, claim residency in FL can save him big bucks in a couple years.
It was listed and sold for $540k. I don’t know if $540k is the foreclosed price. You said he bought it as a foreclosure, which means there’s a high probability he got it at a much lower price. I’m not familiar for FL foreclosure laws to know.
As you could see the sold comps, houses don’t have waterway sold for at least a couple hundred thousands less….
I’ve seen folks who bought this type of property. They can “claim” they live there for more than 6 months out of the year for tax purposes, especially if he’s from the Northeast, while he’s going through design and planning to get approved plans for a new construction. In my neck of the woods, this process takes a couple years. If he’s in a high income tax bracket, claim residency in FL can save him big bucks in a couple years.
Fortunately where we live, the road along the beach is about 10 feet above sea level and my family and I live 2 miles from the beach and are about 17 feet above sea level.
Eman says
It was listed and sold for $540k. I don’t know if $540k is the foreclosed price. You said he bought it as a foreclosure, which means there’s a high probability he got it at a much lower price. I’m not familiar for FL foreclosure laws to know.
As you could see the sold comps, houses don’t have waterway sold for at least a couple hundred thousands less….
I’ve seen folks who bought this type of property. They can “claim” they live there for more than 6 months out of the year for tax purposes, especially if he’s from the Northeast, while he’s going through design and planning to get approved plans for a new construction. In my neck of the woods, this process takes a couple years. If he’s in a high income tax bracket, claim residency in FL can save him big bucks in a couple years.
I can't confirm this is his actual address. I haven't heard from him to con...
How close to the coast for it to flood? 2 miles inland and 17 feet up sounds inadequate to me.
Opal’s legacy will always be the devastating storm surge that occurred across the coastal areas of the western Florida Panhandle. Storm surge of 10-15 feet was recorded from Navarre Beach east to Destin with 6-8 feet observed in the inland bays from Pensacola to Choctawhatchee Bay. Opal destroyed most of the homes that were facing the Gulf of Mexico from Navarre Beach to east of Destin.
One of my repulsively wealthy uncles
Our home is about 17 feet above sea level. We evacuated for Hurricane Michael. We are near US 98.
https://www.yahoo.com/news/property-insurance-company-cancels-florida-013031704.html
Property insurance company cancels Florida couple’s policy night before Hurricane Ian hit
That’s true — they can’t.
As Hurricane Ian hit, Florida Insurance Commissioner David Altmaier issued an order to temporarily protect residents. It reads, in part, “from September 28 – November 28, no insurer or other regulated entity may cancel, non-renew or issue a notice of cancellation or nonrenewal of a policy or contract except at the written request of the policyholder.”
They can, however, cancel you after the two months are up. It’s why Colantuono’s agent signed him up with another carrier.
“I just found a policy with Citizens,” Colantuono said.
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Not readily apparent is an aspect of the law in Florida concerning flood insurance. If your house or apartment has a roof over 10 years of age, you cannot get flood insurance. I spent hours watching many people in the area of destruction being interviewed. Most had lost everything, and their normal homeowner's insurance will not pay for the losses. They could not get flood insurance. Many are old and have lost all. Imagine yourself in a situation like that.