Posted on 06/19/2024 11:22:54 AM PDT by davikkm
The Florida housing market has been experiencing notable shifts. While the overall state-level home prices have been steadily growing, there are specific areas where inventory has surged dramatically. For instance, in ZIP codes like Port Richey, located north of Tampa, listings have nearly tripled compared to last year, with a staggering 248% growth in listings year-on-year. This surge in inventory can indeed be a sign of a major selloff, which may impact prices in the second half of 2024.
(Excerpt) Read more at citizenwatchreport.com ...
A blind man could see it coming.
A prison sentence is the least of one’s worries if they rob a Russian prostitute.
Oops. Posted that on the wrong tab.
Port Richey, et al, has always been a sh!thole. Pasco is the only place I’ve ever been where someone described himself to me as a “devil worshipper” (circa late 1970’s) and the only place I’ve ever heard of a “warlock” living.
But those pastures have long since been bulldozed.
Google Search says Florida homeowner insurance rates have increased over 100% in the last three years.
Average homeowners insurance policy is $6,000 per year.
Just a WAG here, but I bet insurance has something to do with this problem.
I think so. Insurance premiums are out of control here, for cars too!
Is it still easy to get homeowners insurance in Florida? Tens of thousands of California residents have been left without as insurance companies abandon the state.
Markets need dips for the next generation or buyers.
knowing the area well one has to consider how many retirees moved to the port Richie and New port Ritchie area when houses were CHEAP! and now they’re kicking the proverbial bucket right and left. it’s rare that the kids, grandkids or other relatives keep the house so on the market it goes. great place for estate sales though.
Don’t know. We haven’t had a problem in 3 years now.
“Average homeowners insurance policy is $6,000 per year.”
If people think the rates are too high they might be allowed to buy co-insurance shares secured by a bank CD or brokerage account.
Insurance is way up everywhere, insurance companies blaming cost to rebuild.
Mine is up over 50% in one year, on top of whatever increase from the year before
Really? And how much does one need in reserve to obtain a co insurance share?
Forget this question. Google says you need 80% of value.
https://www.investopedia.com/terms/c/coinsurance-formula.asp
So for a homeowner with a $400,000 home they need a reserve of $320,000.
Ouch.
Ain’t going down next year, either.
https://www.wfla.com/news/florida/citizens-property-insurance-backs-14-rate-hike-for-2025/
The area has seen remarkable growth over the past 5-years with the widening of 50,52, and 41, the building has taken off. There is a new development called Angeline that is off 52 that is almost a city by itself.
Pasco isn’t the sleepy little “Florida man” county it once was.
Did this area receive a lot of damage from Hurricane idalia? If so a lot of the listings could be damaged houses people are getting rid of. It happened at Fort Myers Beach after Hurricane Ian. Damamged houses were demolished and the vacant lots went up for sale. Some houses were boarded up and for sale signs went up.
It’s so disheartening as we have been trying to sell my mother’s condo since October. It’s a nice unit, in a nice area of New Port Richey, but hardly any showings. The condo fee has gone up steadily the last 4 to 5 years to the point where it’s really hurting sales for the area. Praying something will turn around here. She’s soon to be 87 and we’re trying to get her located up to South Carolina with us.
No. Much further south. Idalia was a Big Bend landfall; more north.
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