Florida Real Estate Sales Still Waaaaaaay Off From The National Statistics!

Existing home sales for March were down by 23% in Florida. Nationally, the existing home sales increased by 3%.

What's up in Florida? First, we had the biggest share of speculators, people who bought properties and flipped them with no added value. They just worked from the psychological perch where buyers thought that if they didn't buy RIGHT NOW, they would lose out.

Second, is INSURANCE. JEEZ LOUISE! What did the State legislature do a few years ago when they let the insurance companies rate Florida using only Florida loss statistics? Florida DOES sustain greater losses from wind damage than the rest of the country but the whole basis of insurance is SPREADING THE RISK. That's out the window in Florida. Thanks to our indominable legislators. They really hang tough.

Last, is the pesky problem with hurricanes. After Katrina, everyone saw just how brutal a hurricane can be...along with bad hurricane evacuation planning, bad government and living ten feet below sea level....ON THE COAST!

So...high insurance rates, the threat of hurricanes and the absence of speculation in the market has really squashed the market!

For great real estate representation in Jacksonville call Richard Newquist at 904-422-5091. Go to: http://www.liveatthebeach.net