Here too. Land that was selling for $4,000 an acre has ballooned to $10,000 an acre and more if you sell to Florida people. Wonder what's going on? That makes my 43 acres and house worth around half a million dollars.
To a Floridian, that's a deal. 43 acres for 1/2 a mil. Most houses in our neighborhood have been selling for 350-500 thousand and they're just on a 100 x 100 lot. Taxes for somebody just buying in will be at least 6,000 a year, and insurance rates (if you can get insurance) is steadily rising.
Still, I read an article that said they expected the growth of population in Florida to skyrocket in the next few years.
Go figure!
Folks that bought years ago, as we did, are okay because our taxes are capped, and we paid very little for our home so our mortgage is paid off. But if we wanted to move and stay in the area, we'd be hit with high taxes on the new home. So many folks that "cash out" choose to move out of state to avoid the higher taxes on a new home.
In San Diego, a half-million would get you maybe a 1500 sq ft house on an 1/8 acre lot.
Florida is in a heap of trouble over insurance. It's driving people out of the state. See my post above for some details. It's plain scary.