Last week I published a news article on Florida’s Flood insurance crisis. Basically, FEMA has redrawn flood zones, meaning properties that were once not considered at risk could now be part of a flood plain. This is just part of the story. New premium rates for those who where being subsidized by the federal government will cause rates to rise dramatically.
With rising rates for flood insurance looming in the near future, waterfront and beachfront homeowners have already started reducing their prices to sell their properties quickly, which could mean that buyers are in a prime position to make deals with sellers who may not be able to afford higher flood insurance costs.
Here’s a list of Waterfront Homes For Sale in the Tampa, St. Pete and Clearwater Beach areas with the highest price reductions since they’ve been listed for sale.
This European inspired waterfront estate located on Belleair Beach is just one of them, and has already dropped in price over 2 million dollars since it was listed over 500 days ago. The last price reduction was in April of this year, prior to the news of the price increases for flood insurance.
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