Storm Prep and Check In

[Bartdog]

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When that tool shed floated by...

Palm Coast/Marineland checking in. I rearranged my entire garage to pull out the generator yesterday. Looks like I won't need it. Not gonna complain about that. At least I can put it back someplace [more] accessible.

 

[Bartdog]

Floridians, how expensive is your home owners insurance on a yearly basis? I gotta figure y’all pay a pretty penny with the threat of hurricanes and tropical storms each year.

Moved end of May and almost couldn't buy the house due to the flood quotes I was getting. . They were over 2x the total. Fortunately, we were able to take over the previous owners' policy and now our flood is < 1000. Regular is about 3600. Feel very fortunate that it's not more.

 

[goldmom]

The home was built in the 60s, the roof is 4 years old. Its all a scam. They are going to force the middle class out of Florida and there will be a big shortage of workers. We are going to have a huge problem in the near future.

I think there’s a price problem looming for all income groups. Retirees who want a condo with a view of the water and amenities are now paying at least $1,000 a month in dues and sometimes more, in addition to buying units at record prices. And now condo associations can no longer waive reserve requirements or maintenance inspections by the state. Hello special assessments. If you sold your family home in another state and come to Florida with cash to buy your retirement place be ready to pay top dollar for a two bedroom condo.

Single family home buyers are paying higher property taxes on inflated appraisals and insurance is ridiculous.
A lot of the wealthier buyers who own luxury homes with no mortgage are forgoing homeowners insurance altogether.

 

[GeddyLee09]

Moved end of May and almost couldn't buy the house due to the flood quotes I was getting. . They were over 2x the total. Fortunately, we were able to take over the previous owners' policy and now our flood is < 1000. Regular is about 3600. Feel very fortunate that it's not more.

What type of flood zone are you in moderate or high?

 

[F4Gary]

I think there’s a price problem looming for all income groups. Retirees who want a condo with a view of the water and amenities are now paying at least $1,000 a month in dues and sometimes more, in addition to buying units at record prices. And now condo associations can no longer waive reserve requirements or maintenance inspections by the state. Hello special assessments. If you sold your family home in another state and come to Florida with cash to buy your retirement place be ready to pay top dollar for a two bedroom condo.

Single family home buyers are paying higher property taxes on inflated appraisals and insurance is ridiculous.
A lot of the wealthier buyers who own luxury homes with no mortgage are forgoing homeowners insurance altogether.

Thanks, fortunately I'm not interested.

 

[GeddyLee09]

I see Florida's future in this regard, and it looks a lot like California.

Ownership is just not going to be an option for the vast majority of people, and that works out quite nicely for the minority of people who can afford to be owners.

Between interest rates, insurance and property taxes they will get you one way or another. I guess that land in Montana is looking better and better.

 

[GeddyLee09]

I have watched Yellowstone; I know how Montana feels about us cityfolk moving in...

I am in the process of moving for the first time in 10 years, so I checked out some local numbers:

Median rent: $3,000/mo
Median home price: $1,000,000
Median home insurance: $4,000/yr
Median household income: $60,000/yr

I assume that's California. Without using a calculator I can tell you the median household cant afford to live there.

Anywhere in the sticks is leery of outsiders.

 

[GeddyLee09]

And yet 10 million of us live in this county.

As for the sticks, I have done more than my fair share of time there; I will take the city.

People must be house poor. On a million dollar house with the numbers you stated, taxes at 7k a year and no PMI or HOA that would be around 6500 a month. So that's out for the median income folks. Even if you rent at 3k a month that's more than half of your take home if you make 60k a year. I'm sure your numbers are right but I don't see how people can do it and why so many live there.

 

[Ohio1nole]

People must be house poor. On a million dollar house with the numbers you stated, taxes at 7k a year and no PMI or HOA that would be around 6500 a month. So that's out for the median income folks. Even if you rent at 3k a month that's more than half of your take home if you make 60k a year. I'm sure your numbers are right but I don't see how people can do it and why so many live there.

I agree. California must be the most beautiful place on earth to put up with the cost of living.

The numbers just don’t make sense and I have no idea how the vast majority of people survive financially out there.

 

[Ohio1nole]

I mean, if you are genuinely curious, I can share my experience of how and why people live here.

And, yes, most people here spend 30-50% of their income on housing costs. People figure out how to survive and thrive.

I don’t doubt that the weather and scenery are awesome. Coast line is beautiful.

Just the cost of living is a non starter for me.

 

[GeddyLee09]

I mean, if you are genuinely curious, I can share my experience of how and why people live here.

And, yes, most people here spend 30-50% of their income on housing costs. People figure out how to survive and thrive.

I've lived there, spent 4 years there in the early 90's. Ive also spent time in LA and San Diego for work. I can see the attraction if that's your thing its just not mine. Even if I wanted that lifestyle cost of living would be a no go for me. But to each his own if people make it work good on them.

 

[NoleFan2U]

People must be house poor. On a million dollar house with the numbers you stated, taxes at 7k a year and no PMI or HOA that would be around 6500 a month. So that's out for the median income folks. Even if you rent at 3k a month that's more than half of your take home if you make 60k a year. I'm sure your numbers are right but I don't see how people can do it and why so many live there.

They do what everyone down here is doing. Multiple families or generations living in one home. The people across the street from us have 8 cars parked in the driveway at night. That is a 3BR home. It is the only way people can afford to live here anymore, unless you bought your home years ago.

 

[QuaZ2002]

Interestingly, most of the people I know seldom mention the weather, scenery, or coastline as playing a large part in their choice to live here. Those, like the cost of living, tend to fade into the background.

You may take the weather and beauty of CA for granted but I’m willing to bet it’s still a huge reason why people live there even if it’s not something they mention. I’d love to live in a place like Manhattan Beach if I could afford to very specifically bc of the weather and beauty of it.

 

[GeddyLee09]

They do what everyone down here is doing. Multiple families or generations living in one home. The people across the street from us have 8 cars parked in the driveway at night. That is a 3BR home. It is the only way people can afford to live here anymore, unless you bought your home years ago.

Unfortunately its a thing all over. If your not fortunate enough to have a very good and stable income thats how it is. Sad times really.

 

[Ohio1nole]

Interestingly, most of the people I know seldom mention the weather, scenery, or coastline as playing a large part in their choice to live here. Those, like the cost of living, tend to fade into the background.

So what are the reasons? Or at least for you, if you don’t mind me asking

Is it family keeping you there? Job opportunities, social scene?

 

[GeddyLee09]

Exactly. Half of the adults living here have roommates, and the last time I looked it up, most homes have 2-3x the number of residents as they have bedrooms.

Neighbor of mine has all three kids and two grandkids in his house. I cant see how all this is accidental. Interest rates, taxes, insurance all to force people from their homes. Once you get the middle class out of their homes what will you do?

Time to move up the permanent move to Europe a few years.

 

[goldmom]

I think the standard 30 year mortgage there is a forty year mortgage? I read that somewhere I think.
We lived in SoCal (Orange County) and we knew we’d only be there two years at most so we always treated it like we were on an extended vacation. As Floridians the weather was familiar, as was the sun. The beaches - we thought - weren’t as nice - colder water - but the different kind of scenery was very interesting to us.
We had been transferred from NY so the vibe was very different and very much welcome.

 

[rtpnole]

So who’s in the path of Idalia?

We’re right in the path here in Summerville. Gonna come thru as a TS. We did dodge two tornado warnings this afternoon. Apparently there were touch downs in Mount Pleasant and Goose Creek, where a car flipped over driving down the road😳. Charleston harbor is going to have a record high tide with the storm on top of that. Gonna be a long night.

 

[F4Gary]

A little hurricane reporting humor to lighten your day: