Connect with us

Florida

The hurricanes have passed, but anxiety lingers. 3 Florida homeowners shared what keeps them up at night.

Published

on

The hurricanes have passed, but anxiety lingers. 3 Florida homeowners shared what keeps them up at night.


  • Floridian homeowners face mounting uncertainties following hurricanes Helene and Milton.
  • One resident is afraid of residents abandoning homes after storms if they can’t pay to be fixed.
  • An inland real-estate agent worries that some snowbirds won’t return to buy new properties.

A destructive hurricane season has dealt a blow to Florida’s housing market, which was already struggling with surging homeowners’ association costs and a home insurance crisis.

In October, the five metropolitan areas nationwide with the biggest year-over-year drops in pending home sales were all located in the Sunshine State, according to a new report from real-estate site Redfin.

Over a four-week period ending November 10, pending home sales dropped 15.2% in Ft. Lauderdale, 14% in Miami, 13.8% in West Palm Beach, 9.5% in Jacksonville, and 7.2% in Tampa.

Advertisement

In Tampa, pending home sales actually fell as much as 32.2% during the month prior, when both Hurricanes Milton and Helene made landfall. The drop has leveled out at 7.2%, indicating the worst impacts may be over.

Pending home sales are deals where a contract is signed, but the sale has not closed. With a typical window of one to two months between the sales of homes and their closings, pending home sales can be an early indicator of market shifts.

Hurricanes Helene and Milton have exacerbated concerns about the future of property values and the cost of homeownership in Florida. After the storms, which made landfall in September and October, the state suffered an estimated $21 to $34 billion in damages, including uninsured properties.

At the same time, insurance experts have raised the alarm that an affordability crisis is likely to worsen. Some Florida cities, like Jacksonville and Cape Coral, saw average home insurance payments for mortgaged single-family residences jump at least 85% since 2019, according to financial services company Intercontinental Exchange.

Advertisement

“Florida represents an outsize amount of risk compared to other areas of the world,” Kyle Ulrich, president and CEO of the Florida Association of Insurance Agents, told Business Insider in October.

For some residents, the mood on the ground is anxious.

Three Florida homeowners shared their concerns about the cost of rebuilding after hurricane damage, their home values, and the storms’ impact on seasonal residents who are key drivers of the state economy.

Retirees couldn’t afford to raise their home, then it was hit by a hurricane

In 2021, Jon and Lyn Drake purchased a home in Yankeetown, Florida, which is about two hours north of Tampa and less than 10 minutes from the shores of the Gulf of Mexico.

Advertisement

Their 800-square-foot house, located just feet away from a small riverbed, had belonged to a neighbor who died and cost them $190,000.

The dream home soon turned into a nightmare for the retired couple, aged 71 and 69. Last fall, Hurricane Idalia floodwaters reached within a foot of the house, the closest it had ever been, prompting Jon to look into services that could raise the home.


neighborhood with flooded streets and lawns after hurricane milton

Hurricane Milton flooded this Florida neighborhood’s streets.

Associated Press

Advertisement



The Drakes said they were quoted prices to lift the house from around $130,000 to as high as $229,000, which they felt they couldn’t afford.

“There’s not a lot of companies that do it here, and it’s just really price-gouging right now,” Jon told BI.

Then Hurricane Helene barreled through Yankeetown. The couple lost their kitchen appliances, washer and dryer, and a new generator. The floors will have to be torn up.

For now, the couple is waiting to see how their insurance claims shake out to figure out their next steps. They want to rebuild, but are worried about how much of the cost they’ll have to shoulder themselves.

Advertisement

“We’re in a holding pattern right now,” Jon said.

A coastal resident worries about his home value


President Biden stands in front of a destroyed two-story Florida home after a hurricane.

President Biden listens to remarks from the St. Pete Beach, Florida mayor following Hurricane Milton.

Anadolu/Anadolu via Getty Images



John Adams, a retiree who lives near Yankeetown in Inglis, said his home was 15 inches away from taking on water during Hurricane Helene.

Advertisement

His home, raised 12 feet above ground, is the highest in his neighborhood, he said.

With the increasing power of storms coupled with skyrocketing insurance costs, Adams worries about homeowners in a pinch walking away from devastated homes. That could, in turn, lower the quality and value of the neighborhood. As Adam sees it, it’s in his best interest to help pay for other peoples’ homes to be raised.

“I’m in favor of paying for somebody else’s fund to raise their homes. Because if we can solve that problem, it helps my values,” he said.

Adams thinks either taxes could be raised or a new state agency could be created specifically to focus on raising low-lying homes that are most at risk. Currently, regional authorities like the Southwest Florida Water Management District are tasked with flood prevention and FEMA provides grants to some homeowners after a disaster.

Advertisement

“Nothing is ever going to fix or safeguard homes from flooding except ‘elevate, elevate, elevate,’” he said “You can’t outrun the water.”

A real-estate agent thinks snowbirds could get scared away

In Ocala, located an hour from the Gulf of Mexico coastline, real-estate agent Emily White worries about how the severity of this year’s storm will impact the snowbirds.

The annual migration of mostly elderly residents from cold-weather states who flock to the Florida sunshine to ride out the winter months plays a key role in the state’s economy.

Advertisement

An estimated 1.5 million seasonal residents make up the snowbird flock, according to the Associated Press, representing a temporary 6.5% bump in the state’s population.

“I’m praying the snowbirds come back this year. I need them to come back so I can get some of my listings sold, but we’ll see how it’s affected,” White told Business Insider. “Will they come as hot and heavy as they did before these storms?”


Ocala, Florida

Ocala, Florida.

Michael Warren/Getty Images



White said a potential buyer from Arizona called her after seeing the devastation of Hurricane Milton, wondering if she might need to alter her plans to buy and how the storms would affect home-insurance costs.

Advertisement

Even if there’s no immediate impact this winter, White expects the hurricane jitters to leave a lasting impact. Buyers who were looking at coastal properties might move more inland and some prospective buyers may choose to rent instead, she told BI.

“I think it’ll deter people overall,” White said.





Source link

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Florida

Florida Derby Results: Tappan Street Wins, Sovereignty Places, Neoequos Shows

Published

on

Florida Derby Results: Tappan Street Wins, Sovereignty Places, Neoequos Shows


Coming off an eight-week break, the Brad Cox-trained Tappan Street, with Luis Saez in the irons, took command of the Florida Derby in the last furlong and never let go. Breezing with dispatch around the speedy Neoequos and Madaket Road, who had been a pacesetters up the backstretch, Tappan Street took his almost electrically precise stride well outside the fading duelists to lay down his burst of power. He hit the wire going away by a length-and-a-quarter with a time of 1:49:27 over the mile-and-an-eighth. Coming off an eight-week break, he was fresh, to say the very least, and at 2-1, paid $6.80 on a $2 bet.

After he, too, rounded Neoequos and Madaket Road, the deep-closing top favorite Sovereignty, who went off at 8-5, made a game bid at Tappan Street but discovered that he’d left himself what the British trainers call “too much to do” to get by the victor. The line was upon him; he flashed through it in place.

Needless to say, trainer Cox was pleased with his newly-minted Derby prospect, but remained tightly focused on the mechanical realities of the run.

Advertisement

Noting the far-outside post position from the 9-hole, Cox told the press: “When you give ’em nearly, I guess, what, eight weeks between starts, there’s always a concern. ‘Does he know enough?’ But he’s a very smart horse, he’s intelligent. I felt he would break very, very well today, just the way he has been training. And he did. I think that put him in the race and really put him in a great position.”

As for Sovereignty’s deep closing style both in his prior win in the Fountain of Youth and in Saturday’s race, trainer Bill Mott, ever the open book, said this before the race: “I think we had a good draw the last time (in the Fountain of Youth) that helped him win. As narrow as the margin of victory was, the post helped him because he was able to save some ground around the first turn.”

With his outside post position, Sovereignty didn’t lose much ground in the longer Florida Derby, but neither did he do anything different than attempt his ordinary deep close. But his last week was four weeks back, as opposed to Tappan Street’s eight, and the trackside chatter was that he wasn’t as much on his game. When it came Sovereignty’s moment to pounce on the frontrunners, the pounce sufficed to put away Madaket Road and Neoequos, as his 8-5 odds would declare that he well should have. But the effort wasn’t nearly enough to get past Tappan Street’s vastly superior last-furlong kick.

The Florida Derby functioned entirely as it should have as a major Kentucky Derby prep, distilling and simultaneously refining the top talent. Noting the eight weeks of rest that Tappan Street had, Winstar Farm’s CEO Elliott Walden, who knows a thing or two about racehorses, said after the race: “I thought (Tappan Street was) traveling better. But Sovereignty’s a very good horse. He’s going to be a tough foe at a mile-and-a- quarter. (Tappan Street) had eight weeks, (Sovereignty) had four weeks. We’re on even ground now, (the Derby) will be a good race.”

Tappan Street’s jockey Luis Saez was more ebullient, having just finished riding his rocket minutes before. “I saw (Sovereignty) and I let my horse go a little bit more,” Saez said, “and he gave me a good turn of foot. When he came to the top of the stretch, I knew (we were) going to be tough to catch.”

Advertisement



Source link

Continue Reading

Florida

Tappan Street Kicks Clear to Win Florida Derby

Published

on

Tappan Street Kicks Clear to Win Florida Derby


Prerace favorite Sovereignty  appeared in position to produce another thrilling, victorious stretch run in the March 29 $1.02 million Florida Derby (G1) at Gulfstream Park.

WinStar Farm, CHC, and Cold Press Racing’s Tappan Street , however, was not to be overtaken.

Tappan Street, a bay son of Into Mischief  , made his move under Luis Saez heading into the far turn and took the lead entering the stretch before charging to a 1 1/4-length victory in the 1 1/8-mile race for 3-year-olds.

The Florida Derby awarded Kentucky Derby (G1) qualifying points on a 100-50-25-15-10 basis to the top five finisher.

Tappan Street, bred in Kentucky by Blue Heaven Farm, started for the first time since finishing second in the Holy Bull Stakes (G3) at Gulfstream Feb. 1.

Advertisement

Sign up for

“When you give ’em nearly, I guess, what, eight weeks between starts, there’s always a concern. ‘Does he know enough?’” said trainer Brad Cox, whose colt broke from post 9. “But he’s a very smart horse, he’s intelligent. I felt he would break very, very well today, just the way he has been training. And he did. I think that put him in the race and really put him in a great position.”

Sovereignty, meanwhile, ran four weeks after capturing the Fountain of Youth Stakes (G2) at Gulfstream. Winner of last year’s two-turn Street Sense Stakes (G3) at Churchill Downs, the Godolphin homebred, another son of Into Mischief, was carrying Manny Franco because regular rider Junior Alvarado had been sidelined with a shoulder injury suffered last weekend.

Sovereignty captured both of his two wins by storming in the stretch to overtake the leader and cross the line first.

Nevertheless, WinStar Farm’s Elliott Walden said he was not overly concerned at seeing Bill Mott-trained Sovereignty appearing behind Tappan Street in the lane.

Advertisement

“I thought we were traveling better,” Walden said. “But Sovereignty’s a very good horse. He’s going to be a tough foe at a mile and a quarter. We had eight weeks, he had four weeks. We’re on even ground now, it’ll be a good race (in the Kentucky Derby).”

Saez said he noticed who was trailing his colt.

“I saw (Sovereignty) and I let my horse go a little bit more, and he gave me a good turn of foot,” the jockey said. “When he came to the top of the stretch, I knew it was going to be tough to catch (us).”

Madaket Road  and Neoequos  ran to the lead out of the gate and into the first turn. Madaket Road, ridden by Mike Smith and trained by Bob Baffert, set fractions of :23.37, :47.22, and 1:11.61.

Smith had replaced Tyler Gaffalione, who suffered a broken ankle March 26.

Advertisement

Neoquos and rider Edgard Zayas edged ahead of Madaket Road entering the stretch, before Tappan Street overtook the leaders and ran to victory in a winning time of 1:49.27.

Tappan Street paid $6.80 to win, followed by Sovereignty, Neoequos, Madaket Road, and Disruptor .

“Everything went to plan. He broke from there pretty well. He was in good position. The whole way I had a lot of horse,” Saez said. “We knew the speed was inside and we followed the speed. Everything came out perfect.”

Smith sounded impressed by the colts who finished ahead of Madaket Road.

“Let me tell you something, those two or three horses in front of us are serious, man, because I was running,” Smith said. “I could hear him and I could feel him, and it was getting to him a little bit, but it’s not because of a lack of try. He still kicked.”

Advertisement

Mott, whose colt broke from the outside post in the 10-horse field, was not discouraged by the outcome.

“The winner ran good. It was a good race,” Mott said. “This doesn’t have to be his (Sovereignty’s) best race. Sometimes you can look at it and say, ‘Maybe that’s a good thing.’ You don’t want their best race before the big event.

“This is a very important race, but I think the fact that he ran very big last time and ran very well this time, maybe he’ll continue to improve. I don’t think the fact that he didn’t win doesn’t mean he didn’t run a good race.”

Tappan Street was purchased as a yearling for $1 million at the 2023 Fasig-Tipton’s The Saratoga Sale by CHC, Siena Farm, and Maverick Racing. 

Walden said he wanted to name the colt after Siena Farm’s owner Anthony Manganaro, who died in August 2023, just two weeks the colt was purchased. Because the name had been taken, though, the connections chose to name the colt after the street on which Manganaro grew up.

Advertisement

“Into Mischief’s been really good to us,” Walden said. “He’s a big, strong colt, great physique. The kind of horse that we envisioned being able to win races like this.”

With the victory, Tappan Street now sits third on the Road to the Kentucky Derby leaderboard with 110 points, with Sovereignty fourth, also with 110 points. No Kentucky Derby (G1) prep has produced more winners of the Run for the Roses than the Florida Derby, from which 25 horses have gone on to win the first leg of the Triple Crown. Florida Derby runner-up Mage   was the last to triumph in the Kentucky Derby in 2023.

From 1995-2017, the seven Florida Derby participants who were victorious in the Run for the Roses also captured the Florida Derby.

Tappan Street is the 23rd grade 1 winner for six-time leading sire Into Mischief, who stands at Spendthrift Farm near Lexington for an advertised fee of $250,000. In addition to Tappan Street and Sovereignty, Into Mischief is also represented on the Road to the Kentucky Derby by Citizen Bull  and Barnes .

Video

Advertisement



Source link

Continue Reading

Florida

Best Texas Tech vs. Florida props, ATS picks: Gators clear favorites

Published

on

Best Texas Tech vs. Florida props, ATS picks: Gators clear favorites


The Big Dance heats up on Saturday night with Elite Eight matchups between Texas Tech (3) and Florida (1) and Alabama (2) and Duke (1).

In tonight’s opener, SEC Tournament champ Florida (33-4, 14-4 SEC) will look to stay hot against the best team it has seen in the West Region, the Texas Tech Red Raiders.

Florida reached this stage with wins over 16-seed Norfolk State, 8-seed UConn and 4-seed Maryland, sandwiching blowouts of the Spartans and Terrapins around a close call vs. the Huskies in the round of 32.

Texas Tech (28-8, 15-5 Big 12) needed a furious late rally and overtime to survive vs. Arkansas (10) on Thursday night. This team beat a 14-seed (UNC Wilmington) in the first round and an 11-seed (Drake) in the second ahead of the Sweet 16 battle with Arkansas. The way those teams were seeded undersells how stiff the Red Raiders’ NCAAT competition has been, though.

Advertisement

Texas Tech vs. Florida Odds: Spread, ML, Total

DK FD bet365
TT spread +6.5 (-105) +6.5 (EVEN) +7 (-110)
FLA spread -6.5 (-115) -6.5 (-122) -7 (-110)
TT ML +260 +245 +265
FLA ML -325 -310 -330
Total 157.5 (o-105; u-115) 156.5 (o-115; u-105) 157.5 (o-110; u-110)

The player to watch tonight is TT star JT Toppin, who won Big 12 Player of the Year after averaging just over 18 points and 9 rebounds per game. Florida boasts a star of its own in Walter Clayton Jr., but how Toppin fares on the block will likely have more impact on who wins, as the heavily favored Gators are balanced enough to survive a quiet night from Clayton.

The Red Raiders could* also get a boost from All-Big 12 Second Teamer Chance McMillian, who is a 43.4 percent 3-point shooter, but he’s been listed as day-to-day for multiple weeks now.

*Key word “could.” As of Saturday morning, it was unclear whether McMillian would return tonight from an oblique strain he suffered in his team’s Big 12 Tournament quarterfinal matchup vs. Baylor.

How to Watch Texas Tech vs. Florida

  • Tipoff: 6:09 p.m. ET
  • Channel: TBS/truTV

Best Texas Tech vs. Florida Player Prop

Thomas Haugh o11.5 points (+100 at FD) — 1 units

The balanced Gators are not an easy team to target on the props front, but one particular player on Florida’s deep bench appears primed to have a huge night.

Sophomore big man Thomas Haugh has come off the bench in all but five games this year, but his minutes and production are trending in the right direction right now.

Obviously, if starter Alex Condon is hobbled or has to miss this game, Haugh’s ceiling is sky-high. But even if Condon manages to both suit up and be effective tonight, Haugh is playing too well right now not to get minutes.

Advertisement

His numbers in just 22 minutes vs. Norfolk State (No. 178 per KenPom) should be taken with a grain of salt, but are still worth mentioning: 13 points, 3 rebounds, 4 assists, 1 steal, 2 blocks.

His production vs. Connecticut and Maryland doesn’t need a caveat, though.

Haugh had 7 points, 7 rebounds and 2 assists vs. in 27 minutes vs. the reigning national champs, and he was even better in an extended appearance (32 minutes) vs. the Terps, with 13 points, 9 rebounds, 4 assists, 2 steals and 1 block.

Against a Texas Tech frontcourt that boasts not only one of the best back-to-the-basket scorers in the country in Toppin, but also 6-foot-6 battering ram Darrion Williams, Haugh will be needed, even if Condon is 100 percent healthy.

Haugh’s rebounds prop — Over 6.5 Rebounds (+100 at bet365) — is also extremely tempting at even money.

Advertisement

These prices and lines will change in a big way if Condon is ruled out, so if these interest you, now is the time to hop on them.

Florida vs. Texas Tech Prediction, Best Bets

I’ve got two takes on this matchup. Unfortunately, they kinda contradict each other, but bear with me here as I explain myself:

  • JT Toppin won’t be as effective as usual offensively.
  • Texas Tech will keep this close

If you just look at the box score from Thursday night, you’ll see that Maryland big man Derik Queen lit the Gators up for 27 points on 8-for-17 shooting. But that doesn’t mean Toppin is positioned for the same kind of production. Queen did his damage off the dribble, and that is not how Toppin operates.

It’s hard to deny that Florida’s ceiling is higher than Texas Tech’s, especially if Condon is anywhere near 100 percent and McMillian remains sidelined.

Florida, however, was sloppy at times vs. both Connecticut and Maryland — some of the mistakes were caused by great defense, but a number of them were not — and I think we’ll see some lulls from the Gators again tonight.

Ultimately, though, Florida is well-suited to contain Toppin and Williams — who are two of the biggest bullies (in a good way) in the country — and it has the firepower in the backcourt to pull this thing out.

Advertisement

It won’t be a cakewalk, though.

Remember, Texas Tech is the only team in the country that has beaten Houston since February. Also keep in mind that the Red Raiders pulled that off on the road in a game they essentially played without Toppin, who was ejected in the first five minutes.

Obviously, Texas Tech won’t be able to hang with Florida if it starts this contest in a shooting funk like the one it was in for most of the Arkansas game. That being said, I do like the underdogs to keep this thing competitive from start to finish (cover).

Florida vs. Texas Tech Best Bets

  • Texas Tech +7 (-110 at bet365) — 1 unit

Newsweek may earn an affiliate commission if you sign up through the links in this article. See the sportsbook operator’s terms and conditions for important details. Sports betting operators have no influence over newsroom coverage.



Source link

Advertisement
Continue Reading

Trending