The potential flooding and increased costs for residents surrounding the Smith Canal in Stockton, California has been an issue for the neighborhood since the FEMA map was finalized last year. Increased costs for flood insurance and a "cloud" for the sales potential for local homes has had a direct impact on property and real estate sales in the area.
Homeowners and future buyers in the area have some relief "in sight." FEMA has approved at $30 million flood-control gate to be built at the mouth of the canal opening into the deep water channel.
A public relations campaign will be launched for Smith Canal-area residents illustrating that it would be in their best interest to pay an average $300.00 annual 30-year assessment rather than an average $950 annual flood insurance payment. Homeowners with mortgages are required to purchase flood insurance.
Jim Giottonini of the San Joaquin Area Flood Control Agency has suggested that this "is a very tough area to pass an assessment." The agency is very aware of the high unemployment rates and high foreclosure rates surrounding the canal area.
If you may be considering relocation to the Central Valley of California considering adding Stockton, California to your interest list. The folks at The Nines Team will be delighted to show you our town … and some of the best real estate buying opportunities in the valley. If you wish to search the local MLS please click here. Don’t hesitate to call us if we can answer questions for get additional information for you:
888-868-4398
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