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| Name: |
Osms
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| Subject: |
Gulf Shores Real Estate
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Date:
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8/21/2006 9:31:29 PM
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Just saw the sales numbers for Baldwin County (Gulf Shores). New condo listings for June 450+, Sales for June-- 42, Total listings-- 3800+. Average sales price decrease for June (compared to May) MINUS 15%.
Source: Mobile Sunday Paper.
As discussed previously on the forum--insurance premiums for condos are running up to $1000/mo for many condos.
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| Name: |
Harborcon
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| Subject: |
Gulf Shores Real Estate
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Date:
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8/22/2006 9:50:55 AM
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I have a little place at Orange Beach, and I do mean little. It's not a condo - I"m fortunate that I own my little piece of ground (50 x 75). Bought it the same year I bought the lake property (best investments I ever made with my retirement funds - the appreciation has been far greater than my 401(k) or anything else). I am on the gulf side of the beach road, the 5th tier and about 600' from the water. My insurance runs about $1,100/year, with a $1,000 deductible. The only claim I ever made was after Ivan and they replaced my AC unit, repaired the roof, and painted the interior ceilings where the water had spotted. Wouldn't pay for exterior paint, however, which was abraded from blowing sand, or the dents in the siding from flying debris. But I'm not complaining...I'm just within the line to be accepted for insurance. Some companies (other than Lloyds of London) are not writing anything within 600' of the water.
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| Name: |
Osms
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| Subject: |
Gulf Shores Real Estate
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Date:
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8/22/2006 10:09:41 AM
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Interesting on the insurance. What's your elevation? The condo insurance is so high, I think, because several of the stick built or block built high rises had to be torn down - big loss. The Insurance companies are having a problem getting re-insurance. Re-insurance (Lloyd's of London, etc) rates are unregulated and have gone through the ceiling.
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| Name: |
TotheLake
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| Subject: |
Gulf Shores Real Estate
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Date:
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8/22/2006 10:14:11 AM
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My mom told me yesterday that she was finally able to get insurance on her condo (she's on the intercostal waterway in Gulf Shores) and she had to give them a check for $2000 yesterday to get it started. She never said how much it is per year. She got coverage just on the contents because they pay through association dues the structure insurance. They also just finished paying a $4,000 insurance assessment as well.
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| Name: |
Harborcon
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| Subject: |
Gulf Shores Real Estate
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Date:
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8/22/2006 10:36:35 AM
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I am at the highest point in Orange Beach - about 10'-12' above sea level, and have barely 900 s.f. in 2 bedrooms and 2 baths. I have more on my structure than on the contents because, like cars, they will not pay more than the actual value of the contents. Some neighbors have over-insured their contents, thinking they will clean up financially if everything washes away. Wrong. Replacement value doesn't mean new for old - means just what it says...replacement value for like kind. At least it does with my insurance company. That's why I have no heirlooms or priceless valuables at the beach. Hey, it's the beach!
URL: connie@shawanderson.com
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| Name: |
Osms
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| Subject: |
Gulf Shores Real Estate
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Date:
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8/22/2006 11:07:06 AM
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Katrina victims are learning that fact about contents. Further, to be paid for replacement value of a lost item - you must rebuilt in the same location and actually buy the item lost (or like item). If you decide to cash out and not rebuild you will be paid only the depreciated value. The way it's working on the coast - insurance companies pay depreciated value up front for contents, then the homeowner has to file a supplemental claim after the home is repaired/replaced. There is a time limit also.
Casinos offer a better chance of winning than insurance companies do.
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