The Anna Maria Island Sun Newspaper

Vol. 15 No. 31 - May 27, 2015

REAL ESTATE

Do you need to build an ark?

 

June 1 is less than a week away – the day Floridians and many of the residents along the east coast dread every year. However, since it’s a day that most of us have come to terms with, why do I feel more anxious than usual? Probably because the expected number of storms is below historical levels. Do I hear the kiss of death?

This year’s storm level prediction is well below the 30 year average standing at nine named storms, five hurricanes and one major hurricane. The 30 year average is 12 named storms, six hurricanes and three major hurricanes. I’m sure the meteorological science for this year’s prediction is perfect, but perfect or not, it only takes one storm to create a serious flood situation in your home.

There has been a lot written about the state of flood insurance since 2012, when the government attempted to reform the system. Since then many of what was enacted then has been rolled back in an attempt to find a less costly way for the federal government to continue subsidizing flood insurance.

The Federal Emergency Management Agency (FEMA) has placed more than 20,000 communities in the United States into a category of flood zones. FEMA’s National Flood Insurance Program which dates back to 1968, is eligible to everyone in these communities and currently insures 5.6 million residences and small businesses nationwide.

If you live in a one of the V zone or one of the A zone flood categories you’re living in the highest flood zone level. These areas are defined by FEMA as being in a Special Flood Hazard Area and are lower than the Base Flood Elevation. V zones are the most hazardous of the Special Flood Hazard areas and generally include the first row of beachfront properties. The hazards are increased because of wave velocity, hence the V designation.

Lenders will mandate that homeowners carry flood insurance on any mortgaged properties that are in one of the above flood zones. In addition, you will be required to verify annually that this policy is in force.

Keep in mind that if you are closing on a property in a flood zone during the time of a potential storm, you may not be able to insure the property until the threat of the storm has passed, delaying the closing.

Although the federal government collects 3.5 billion dollars in annual premiums from the National Flood Insurance Program it is still $24 million in debt. The government and members of Congress have shown their desire to reduce the number of flood policies in the program indicating that the private sector could provide these policies.

Based on this, several companies are now looking at the possibility of selling flood insurance to homeowners at affordable rates and still make a profit. The companies are high end reinsurers like Lloyd’s of London and the American International Group, but the door has been opened and other companies are approaching state regulators and could eventually set up flood insurance programs.

Knowing your flood zone designation is like knowing your blood type, it could really come in handy when you least expect it. It’s especially important to waterfront and Island buyers to ask the right questions about flood zones and flood insurance on a property you may be considering making an offer on.

Building an ark may be overkill this hurricane season, especially if the weather nerds are correct, but it’s a long time between June 1 and Nov. 30, and there are no guarantees. Noah may not have had to worry about flood zones, but Floridians certainly do.

Real Estate Transactions
November 2014

Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

04/22/15 495,000 410,000 615 Fern St 910 50x100x50x100 2 Br/1 Ba SFR
04/16/15 579,000 560,000 212 Sycamore Ave 1026 2 Br/2 Ba SFR
04/15/15 599,900 575,000 844 N Shore Dr. 1296 50x152 2 Br/1.5 Ba SFR
04/01/15 674,900 660,000 206 Archer Way 2145 3 Br/2 Ba SFR
04/09/15 679,000 670,000 709 N Bay Blvd 1200 3 Br/2 Ba SFR
04/30/15 975,000 925,000 313 Hardin Ave 2039 3 Br/3 Ba SFR
04/24/15 968,900 935,000 238 Gladiolus St. 2202 3 Br/2 Ba SFR
04/24/15 1,299,000 1,200,000 909 North Shore Dr. 1868 50x12 3 Br/3 Ba SFR
04/16/15 700,000 700,000 111 Park Ave 50x106 Lot
04/28/15 550,000 540,000 513 Villa Rosa Way 99x50x87x94 Lot
04/21/15 465,000 450,000 303 Pine Ave 72.0x104.0 Mixed

Bradenton Beach

04/30/15 463,000 450,000 2109 Avenue C 858 2 Br/1 Ba SFR
04/15/15 479,000 459,000 1325 Gulf N Dr. 164 1425 2 Br/2 Ba Condo
04/24/15 194,000 185,000 1603 Gulf N Dr. # 19 540 1 Br/1 Ba Condo
04/03/15 325,000 295,000 1801 Gulf N Dr. # 267 1080 2 Br/2 Ba Condo
04/01/15 365,000 345,000 1801 Gulf N Dr. # 135 1080 2 Br/2 Ba Condo
04/13/15 349,000 345,000 1301 Bay N Dr. # 1b 1079 2 Br/2 Ba Condo
04/30/15 399,900 375,000 1007 Gulf N Dr. # 107 1836 2 Br/2 Ba Condo
04/20/15 619,000 609,000 103 10th N St # 103 2020 3 Br/2 Ba Condo
04/30/15 139,000 136,000 2601 Gulf N Dr. # 623 503 1 Br/1 Ba Mobile Home

Cortez

04/03/15 649,000 585,000 4106 Osprey Harbour 2020 3 Br/3 Ba SFR
04/21/15 440,000 425,000 3850 Mariners Walk 1904 3 Br/2 Ba Condo
04/30/15 479,000 465,000 3045 Mariners Cove Dr 2227 3 Br/2 Ba Condo
04/27/15 529,000 523,000 12514 Harbour Landings Dr. 2361 3 Br/2 Ba Condo
04/30/15 799,999 750,000 4236 Marina Ct # 112 2748 3 Br/2 Ba Condo
04/01/15 515,000 495,000 12506 Harbour Land Dr. 1921 50x139 3 Br/2 Ba Villa

Holmes Beach

04/09/15 399,000 360,000 204 84th St 1305 2 Br/2 Ba SFR
04/06/15 415,000 395,000 309 62nd St 928 2 Br/1 Ba SFR
04/07/15 585,000 530,000 516 69th St 1541 2 Br/2 Ba SFR
04/30/15 579,900 535,000 526 72nd St 1388 2 Br/2 Ba SFR
04/03/15 599,900 565,000 604 Foxworth Ln 2079 3 Br/3 Ba SFR, Reo / Bank Owned
04/15/15 624,900 605,000 650 Key Royale Dr. 1952 3 Br/2 Ba SFR
04/13/15 699,500 650,000 517 Bayview Dr. 1250 75 x 120 2 Br/1 Ba SFR
04/28/15 699,000 650,000 520 72nd St 2647 3 Br/2.5 Ba SFR
04/07/15 679,900 657,500 624 Foxworth Ln 1823 3 Br/2.5 Ba SFR
04/14/15 895,000 815,000 601 Key Royale Dr. 2304 2 Br/ Ba SFR
04/22/15 1,200,000 1,000,000 204 69th St 1700 5 Br/4 Ba SFR
04/30/15 1,795,000 1,695,000 531 Key Royale Dr. 2670 100.0x17 4 Br/2.5 Ba SFR
04/01/15 262,000 252,000 3801 E Bay Dr. 203 1146 2 Br/2 Ba Condo
04/15/15 259,000 255,545 3705 E Bay Dr. # 102 1121 2 Br/2 Ba Condo
04/10/15 335,000 310,000 6500 Flotilla Dr. # 158 1185 2 Br/2 Ba Condo
04/15/15 310,000 310,000 600 Manatee Ave # 221 1179 2 Br/2 Ba Condo
04/27/15 334,900 313,750 6200 Flotilla Dr. # 245 985 2 Br/2 Ba Condo
04/24/15 374,500 350,000 1801 N Gulf Dr. # 207 1080 2 Br/2 Ba Condo
04/24/15 425,000 400,000 5608 Gulf Dr. # 210 1092 2 Br/2 Ba Condo
04/29/15 1,299,000 1,150,000 7320 Gulf Dr. 10 2068 3 Br/2 Ba Condo
04/13/15 699,500 650,000 517 Bayview Dr. 75' X 120' Lot
04/03/15 1,150,000 1,010,000 202 56th St 3257 107.0x117.0 Four Units

 

Source: Mid Florida Multiple Listing Service


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