Agree, FL is somewhat protected from a complete bust like the market in the late 80's early 90's (Cali). Cali market completley collapsed and people went from being worth tens of millions to broke, paper rich but cash poor. FL at least has an influx of people moving, even though now theirs a chunk moving out of state to areas like N.C. etc. I was reading some articles where the majority of people in Cali are in neg am loans, if anything, most of the experts agree that its a strong chance Cali will see a repeat of what happened before but on a much larger scale b/c of the increase in popularity if exotic loans. I don't do much in Cali unless it's a referral, and just had one where they bought a place for 1.4 million 3 years ago, got it appaised and lender cut the value back on their review to where the deal wasn't doable, lenders are getting extremely strict on subprime in general and the Cali, FL, AZ etc markets.
FL has a big issue with property taxes though, especially if your waterfront property. Did you hear about how they were talking about increasing FL sales tax to 8.5% to cut back on property taxes where people would pay little to no tax whether you had a regular home or mansion on the beach. Sounds good on paper, but I don't think it will work out and cover the loss difference of no property tax.
BTW Scott your a baller so hurry up and cash out and bring my Zonda over you promised
FL has a big issue with property taxes though, especially if your waterfront property. Did you hear about how they were talking about increasing FL sales tax to 8.5% to cut back on property taxes where people would pay little to no tax whether you had a regular home or mansion on the beach. Sounds good on paper, but I don't think it will work out and cover the loss difference of no property tax.
BTW Scott your a baller so hurry up and cash out and bring my Zonda over you promised
