The effect of the real estate depression can extend well beyond the borders of the states in which the property is located.
Most of the distressed properties in my FL beach community are owned by Georgians. Most of them are from the greater Atlanta area. Several have been recently sold by banks for 10-15 cents on the dollar to the purchase price in 2005-2006. No kidding.
You’ve got that right ,, beachfront is being dumped ,, the banks have to lay out real serious cash to pay insurance and taxes ,, they can’t afford it.
A boatload of out of state money has been lost in the NC resort market, both mountains and beach. The worst hit were folks who bought vacant lots in gated communities where the developers went tatas-up. One on the coast sold lots for $350K back in 2006-2007. There’s over 50 lot foreclosures in that development for sale now at around $20,000 each.