Housing Bubble 2: Return of the Ugly

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Florida hit by 'worst real estate crisis in decades' as desperate condo owners slash prices by up to 40%: 'It's paradise lost' (www.dailymail.co.uk)

submitted 3 months ago by SeattleRain@lemmy.world to c/housing_bubble_2@lemmy.world

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[–] Orbituary@lemmy.world 46 points 3 months ago (4 children)

All of Florida's coastal real estate will collapse in 20-30 years. My parents' home in Key Largo will be worthless or wiped out.

[–] Diplomjodler3@lemmy.world 38 points 3 months ago

The solution is obviously to ban talking about climate change.

[–] alvvayson@lemmy.dbzer0.com 17 points 3 months ago (1 children)

And even non-coastal real estate will face high insurance premiums due to increasing hurricane risk.

[–] empireOfLove2@lemmy.dbzer0.com 21 points 3 months ago (1 children)

High premiums? They'll just stop operating in the state entirely.

[–] Orbituary@lemmy.world 6 points 3 months ago

Ask Florida and California about this.

[–] BatrickPateman@lemmy.world 4 points 3 months ago

Happened to relatives of mine bay-side near Fort Myers a while ago. Hurricane hit the area, pretty much every apartment in that 11 floor building was devastated by wind and water.

Even worse: the foundations were affected too and the place has not been inhabited for more than year.

At least everyone made it out. Building next door partially collapsed and there were fatalities.

[–] Maggoty@lemmy.world 3 points 3 months ago

Literally. Into the ocean.