Florida Homeowners Face Drastic Home Price Cuts
Several reports indicate that home prices in Florida are declining. The worst news is for residents of Fort Myers, which was hit directly by Hurricane Milton. Homes for sale are not moving, and almost every home on the market for a few weeks has had a price cut.
The balance of the state faces similar circumstances, which are not as severe but could be soon. First among these is Tampa, which is only slightly north of the direct hit taken by Miton. It is a much larger city with a population of 3.17 million. Naples, Sarasota, and Lakeland face the same hurdle. Among them, they have a population of another one million. This corridor is over 150 miles north to south and 50 miles inland.
Miami Risk
There has not been a major hurricane that has come ashore in the Miami-Fort Lauderdale-West Palm Beach, FL Metro Area for a decade. It has a population of 6.1 million. Each town and city along this corridor has had major construction. Given the ferocity and frequency of hurricanes in the last two years, the area will not be spared for long.Â
The list would be incomplete without Florida’s largest city–Jacksonville. It is hit when storms move westward from the Atlantic into Georgia and the Carolinas.Â
With each new storm, prices drop where it has hit.
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