Yes, Florida is underwater and we’re not drowning in oil sheen water or surrounded by tar balls! The perception of our beaches is only a perception, not reality. We have not been affected by the oil spill and our beaches are gorgeous. We’re drowning in a sea of underwater homes which is entirely understandable if you know the reasons.
I will speak only to my area of the Florida Gulf Coast: Sarasota, Siesta Key, Longboat Key, Bradenton, Bradenton Beach Area, Palmetto, Parrish, Apollo Beach, Riverview, Tampa, are among the coast areas that are still in a Buyer’s Market.
Here are reasons Homeowners are Underwater in their Homes in the Central Gulf Coast Area.:
1 The economy is still bad and has not started recovery yet and unemployment is high. Homeowners, lucky enough to have their jobs, have had their salaries and their time cut. Therefore, a pay cut. Or, they have been laid off or fired or their company has shut their doors. Once again, a victim of the times.
2 The oversupply of the Distressed Homes has affected the Sales Price of Homes. In areas where there are not many short sales or bank sales, the home prices haven’t dropped as much and seem to have stabalized. However, in areas where there are many bank REO and Short Sales, the market in the community has been severely impacted by the distressed market. The growth areas – East of I-75, have been the hardest hit as many of the communities were started in the growing real estate market of the mid-2000s. It makes sense that oversupply of the booming times have created a mess for Floridians in the bust times.
3 I’ve been tweeting for a while now. My motto has been: “Help a Floridian – Buy a Short Sale”. We do want you to buy and why not buy when the market is low and the distressed properties are plentiful? We need to get our distressed homes off the market so we can start to recover!
4 Homeowners are not to blame! Please don’t think they all are deadbeats – they are NOT! They are homeowners trying to stay in their homes or trying to make a living in a distressed market. Yes, there are some owners taking advantage of their homes by staying in them, or renting them, while not paying on them. I agree, this is not ethical if they can afford to pay. If not, they’re hanging on for dear life waiting for a reprieve. I suspect the majority of them are hanging on.
5 So, what is the answer? In my humble opinion, JOBS, Good Jobs, not Minimum Wage Jobs. Florida needs employers to realize we need to make a living wage! This will be a topic for my next Active Rain Blog.
What can you do to help? If you have ever thought of living in Florida and owning a piece of Paradise, don’t wait. Take advantage of the Distressed Properties and buy a home or a business or a combination of both! And, do it knowing we want you to help us recover!
I’d love comments on my blog. What do you think? Let me know, I do listen and I do care.
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