Insurance has a lot to do with it ... the reason why it hasn't happened "overnight" is because everyones "renewal dates" are different, but it sure is hitting now.

Folks in Ft Myers that were paying $750 a year are now looking at $1,700 a year ... owners in Stuart that were paying $650 a year are now seeing $1,900+, throw in the flood and hurricane insurance and there's some folks paying $4,500 a year .... some big rig homes in the south are now looking at $7,500 a year - and then some ....

2 major things to check for while shopping for Florida property, yearly property taxes and the cost of quality homeowners insurance...


;^)

I agree w/ Bill that the current state of the market results from a number of factors. I attribute a bit more weight on the insurance issue, though. While I agree w/ Bill, I am saying its a bigger piece of the pie.

Tman quotes some high rates, and yes I have heard some cases of these extreme figures. I hear lots of rumble and quoted figures that reflect rates that have doubled.

Owners in HOAs and condos have experienced increases in their maintenance fees as a result of both insurance premium increases and the need to rebuild capital reserves used to clean up storms of recent years.

Lisa,
The "slow market" issue is not as simple a pointing your finger at one issue. The problem is a complex combination of hurricane fobia, insurance costs, tax issues, lack of controlled developing, tighter money, and 3 years of rapid appreciation....the likes of which has never been seen before.

Insurance is a factor......but a small piece of the pie!

The "Eckler Team"
Century 21 Almar & Associates
Venice, Florida 34285
941-408-5363

Hi Lisa, I am out in the Panhandle (destin), and if you want waterfront property, insurance can be an issue. USAA has changed it's policies, making it harder for military to have multiple homes insured with them. Beyone that, though, my buyers have had no trouble getting insurance at affordable rates. I closed on a home last Friday, (362,000 sale price), and their insurance quote was 900--not bad at all. So, the market has slowed from numerous things--prices got so high that it priced many out of the buyer market and now that financing is a lot tougher, they really can't buy. Homes below 300,000 are selling rapidly here, and those that have enough money not to care are still shopping, waiting to find the bottom so they can "pounce".

Don,

Thanks. And yes, I'm serious. I'm asking because it seems like everyone here thinks our market problems are just because of the taxes and insurance issues. I agree with you. If the entire nation's economy is suffering, then it's naive to think our local market can be fixed so easily.

I plan to use the answers I get here, to present to my own buyers and sellers, and even other agents in this area. I want to get them to snap out of their small-minded thinking and see the big picture. So thank you for your response!

Hey Lisa,

Are you serious? Ok..., just kidding. :)

I lived in Florida, my mom was born in Crestview and still have sister/brother there. Its the SAME all over the country generally, IMHO (in my humble opinion)....nothing to do with insurance or taxes! They never stop going up.

Its the Home Loan and Mortgage Industry issues that we should have all seen coming...long ago. It was way easy to get loans for people with bad credit, the Zero Down easy deals... 80/20 plans and how about those ARM's that are now coming due? --- If your business and sales in general is slow, its nothing other than what you see going on with finance and loan rates and past indiscretions. President Bush says he will sign a bill in 2008 to help out, but I am not holding my breath.

Wish I was in Florida right now.., its cold in the NorthWest.
Don