Data from the Census Bureau shows that almost 20 percent of all Florida homes are now vacant due to foreclosures. The total number of vacant homes: 1.6 million – that is about a 60 percent increase in vacant homes over the last 10 years.
The number of homes that are vacant are made up of homes that were built but never purchased, and homes that were lived in, and now vacant due to a foreclosure. Many areas in Florida have homes that were never lived in because in the early 2000s there was a boom in house building and community development. The Sarasota area of Florida saw a huge increase in community development, but as the housing problems started, the projects were halted and, in most cases, abandoned. The homes in these communities were often left incomplete, such as just a concrete foundation. These homes are sometimes purchased at a low cost and then completed, but many are just left incomplete.
There are some Florida homeowners who live in new communities that were scheduled to be full of homes, and are now incomplete, with homeowners living next to many incomplete houses. This causes the currently occupied homes to drop in value.
This could all change as newly retired people from the Northern states decided to relocate to warmer climate states, such as Florida. Retired homeowners in places such as New York can purchase a new home in Florida, or a home that has not been completed, for a low cost – provided they can sell their current home.
Unfinished Home in Florida
You must be logged in to post a comment.