Nearly 20% of Florida homes are vacant

[Liberal_in_LA]

Nearly 20% of Florida homes are vacant
By Les Christie, staff writerMarch 18, 2011: 2:44 PM ET


NEW YORK (CNNMoney) -- It's not always easy to feel sorry for sunny Florida. But they just got hit with another blow.

On Thursday, the Census Bureau revealed that 18% -- or 1.6 million -- of the Sunshine State's homes are sitting vacant. That's a rise of more than 63% over the past 10 years.

Having this amount of oversupply on the market will keep home prices depressed and slow any recovery.

During the housing boom, Florida was among the hottest real estate markets in the nation. Homes were snapped up by the state's growing population as well as hordes of investors confident that prices would continue to soar.

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Who's buying homes? The rich
The vacancy problem is more dire in Florida than in any other bubble market: In California, only 8% of units were vacant, while Nevada, the state with the nation's highest foreclosure rate, had about 14% sitting empty. Arizona had a vacancy rate of about 16%.

In Florida, the worst-hit county is Collier -- home of Naples -- with a whopping 32% of homes empty. In Sarasota County, 23% of the housing stock sits vacant, while Lee County (Cape Coral) has a 30% vacancy rate. And Miami-Dade County has a vacancy rate of about 13%.

http://money.cnn.com/2011/03/18/real_estate/florida_vacant_homes/index.htm?source=cnn_bin&hpt=Sbin

[Drale]

1. I only feel sorry for the democrats in Florida

Everyone else keeps electing these republican criminals and wondering why things aren't getting better.

[Sherman A1]

2. I feel for the people who may have lost those homes

no matter their political views.

[Tommy_Carcetti]

3. One of the problems was over-building.

The homebuilding development industry here in Florida is, or at least was, totally out of control and rampant. And too often they'd get massive projects approved due to a friend or two or three in local government.

What a shame, to see so much of this beautiful state torn apart for development, many of which has gone bust and now you have empty lots where gorgeous nature used to be.

[slackmaster]

4. The next major hurricane to strike Florida will take care of that problem

;-)

[HockeyMom]

5. Yet, they keep cooing that Collier population is RISING

However, buried in the piece in the local paper, it also says that the number of CHILDREN has increased. Well, try reading between the lines. If 32% of the homes are vacant, who is moving here? Where are all these "new residents" living then?

Hello? Maybe that high vacancy rate and increase in children is not because more families are moving here, but because the people ALREADY LIVING here are having MORE KIDS.

The article also stated that the white population decreased while the hispanic population increased and is now the majority in Collier. Again, reading comprehension. Elderly, white, retired people aren't relocating here, or having children.

In summation, and to refute that local paper, the Hispanic population already living in Collier County is having more children. Not a commentary, just a conclusion from putting 2 and 2 together.

[reggie the dog]

6. this is good for my grandpa in cape coral

his property taxes should go down on the house he lives in.... the thing to do i guess is to start squatting all these houses, i bet the gangs in cape coral love all the potential new houses to run crack and heroin out of.

[DURHAM D]

7. Why would his property taxes go down?

Vacant houses means that people have left the area and are not paying their property taxes. So the same or more expenses for county government fall into fewer and fewer laps and the property taxes will be adjusted up to meet the need.

[SoCalDem]

8. Yep.. the people "left behind" will have to make up the losses

theoretically rates "should" drop, but count on them going up because the cost of government will NOT drop, as revenues drop.

[reggie the dog]

14. sarcasm

meant to highlight that his property value would be going down down down....

[rucky]

9. So will the quality of schools, roads, emergency services

accordingly.

I love paying property taxes. You can actually use what they're spent for.

[reggie the dog]

15. it was sarcasm

to highlight the corresponding fall in property values, and if we had the rich pay more in income tax we could fund our schools on thier back instead of on the backs of middle and working class homeowners. I pay taxes to have a social system but am not happy to do so in the usa as the wealthy pay too little in tax, i am more happy about it in france and if i spoke finnish i think i would like it better there....

[sarcasmo]

10. Squatters head for Florida.

[unc70]

11. Have known for 20+ years Boomers not retiring to Florida

Studies of Baby Boomers 20+ years ago documented a major part of the demographic problem we now see in Florida and elsewhere. Boomers are far less likely to retire to Florida than were the previous generation. Even if they could afford to retire.

The migration of retirees from Nothern industrial cities to Florida first destroyed the housing markets and tax bases in many urban areas. The Florida housing market requires a new batch of retirees each year to replace those who have died. Cruel to look at it this way, but it is no surprise to anyone who was paying attention.

Of course, lots of speculative overbuilding in FL and several other poorly regulated states.

[exboyfil]

17. Does Florida have a two tier tax structure because of property tax

growth limits for current owners?

Long time residents are preferred to new residents for property taxes (Save Our Homes). Nice to think about but it will through a cold blanket on any recovery.

[Sen. Walter Sobchak]

22. why move to Florida if you already live in the sunbelt?

There are 110,000,000 people in the sun belt where there wasn't before, the potential incentive for these people to relocate to Florida upon retirement is greatly diminished.

[dkofos]

12. Housing for the homeless.

[Synicus Maximus]

16. I agree. use them to provide homes for the homeless.

[KG]

13. just in my short dog walkie, there are 4-5 abandoned homes and several more long-time vacant

with 'for sale' signs.

[HuckleB]

18. Wait! Wait! Didn't everyone want to move south?

All that hideous humidity is good, right?

:shrug:

[csziggy]

19. And with 20% vacancy Prick Scott moves to make development easier

He is attempting to dismantle the state agency that oversees community planning. The Department of Community Affairs has been accused by developers of being obstructive, so of course, Scott wants it out of the way of the poor, beleaguered businessmen. House unveils bill to gut growth-management laws: http://articles.orlandosentinel.com/2011-03-17/news/os-growth-management-gutted-20110317_1_local-growth-decisions-population-growth-growth-management/2

At the same time, they are pushing to reduce environmental oversight: House moves bill to 'streamline', or 'unravel', environmental permitting laws: http://www.tampabay.com/blogs/the-buzz-florida-politics/content/house-moves-bill-streamline-or-unravel-environmental-permitting-laws

[cliffordu]

20. I want to leave the west coast....this seems promising.....LOL.....

[voteearlyvoteoften]

21. 80 degrees sunny no humidity

Azaleas in bloom, spring green leaves on the trees.
I think I'll go for a boat ride on the river, and I won't bother with shoes or a jacket.
Maybe I'll sit outside tonight and watch the full moon rise.
Newer homes nearby selling for 40-60 a sq ft.
Rick Scott still sucks and 90's are coming...but looks like a sweet year to come down and visit.
See Ya