Daily Real Estate News  |  September 20, 2004  |   Fla.: Storms Dash Dreams to Own Home in Sunshine State The succession of damage caused by hurricanes Charley, Frances, and Ivan this season have some retirees, prospective buyers, and even long-time Florida residents re-thinking their dreams of owning a home in the state. While the occurrence of three hurricanes in a row seems unusual, the National Oceanic and Atmospheric Administration warns that changing weather patterns could make destructive storms a lasting trend in the region. Florida is still the top destination for U.S. retirees moving across state lines. However, dry states like Arizona and Texas have recently grown more popular, and Wake Forest University sociology professor Charles Longino says more and more Americans are opting to "retire in place" rather than relocate to a new destination. In addition to this shifting trend, home and condominium prices have been soaring in some parts of Florida, even before the hurricane damage drove up insurance premiums and building costs. Record-low mortgage rates and a hot housing market led property prices to increase by as much as 20 percent in some areas of the state last year. While some realty insiders say these factors—combined with the nasty hurricane season—have caused several deals to fall through, others say many buyers are not being deterred and that the market will likely rebound in the long term.

Source: USA Today (09/17/04); Adams, Marilyn; Shell, Adam