In the wake of back-to-back damage from hurricanes Helene and Milton, a wave of Florida homeowners are selling their flood-damaged properties using words like “as is,” “cash only” and “for investors.”
The Tampa Bay market is reportedly seeing dozens of such listings from homeowners desperate to get rid of houses that have become liabilities.
“I just want to leave,” St. Petersburg homeowner Ali Linville told ABC Action News. “I mean, once you’ve had it done three times, it’s like, OK, I’ve had enough.”
Linville has decided it’s time to “cut her losses.” According to the report, she bought her home in 2021 for $575,000. It flooded three times in just two years, and it has been stripped down to the studs again. The home is now listed for $425,000, reflecting the cost of flood repairs that still need to be completed.
“I can’t live in a flood zone where you are constantly having to move out for six or seven months,” she said.
Linville is not alone. Realtor Ross Fengfish represents a couple a quarter of a mile away who is also ready to sell. His clients bought, renovated, and flipped the property before the hurricanes hit. The house was on the market, and they were seeing interest — until the flood waters rose. The house was previously listed for $460,000. Now it’s gutted, and Fengfish has dropped the price to $299,990.
Fengfish is hopeful residents will be able to sell and start over. He says investors are calling and ready to buy up the homes.
“A lot of [houses are] pending. I was actually surprised to see that,” he told ABC Action News. “… maybe including with the insurance money, they’re going to do okay, like they, you know, they can walk away, maybe just unscarred, and move on with life. That’s possible.”
Chris Beardslee, another Shore Acres resident, is also pulling up stakes.
“Is this worth going through again? How am I going to feel next year, let alone two weeks later like this one was?” Beardlee told Fox 13. “It’s more important for peace of mind for the future to move along and sell the house for what we can get for it.”
Hurricanes Helene and Milton left large swaths of the Tampa area flooded, with homes submerged under several feet of water. This marked one of the area’s most challenging storm seasons. Many homeowners face steep financial losses because standard homeowners’ insurance policies don’t cover flood damage.
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Instead, Americans must take out separate flood insurance, and it’s legally required to obtain a mortgage in certain areas. Most flood insurance in the country is through FEMA’s National Flood Insurance Program (NFIP). According to Washington Post analysis of NFIP data after Hurricane Helene, “Across seven affected states, only 0.8% of homes in inland counties affected by the storm had flood insurance. By contrast, 21% of homes in coastal counties in those areas had coverage.”
The report added that “experts say the flood maps used by the national program are outdated, leaving many areas that should have flood insurance without it.”
Some insurers have withdrawn from the Florida market altogether due to the increasing number of natural disasters. Farmers, Progressive, and AAA have all either left the state or drastically reduced their exposure to the area by choosing not to renew policies in high-risk areas.
For Florida homeowners, selling their homes “as-is” for cash represents a chance to move on and escape the constant cycle of damage, relocation, and repair, besides skyrocketing insurance costs.
Florida homeowner insurance rates are nearly four times the national average, CNN reported last year. As more insurance companies pull out of Florida and insurance rates keep rising, selling now for cash is a calculated decision for sellers.
While selling for cash in “as is” condition might leave some money on the table, most are walking away with their insurance payouts, which likely bridges some, if not all, of the financial gap. For many residents, like St. Petersburg resident Jody Hameroff, the peace of mind outweighs the financial impact.
“… it [the hurricane] was very traumatic, and I don’t want to go through this again,” Hameroff told Fox 13. “We actually have a contract on a new house, we’re just not going to come back here.”
As investors continue to snap up these properties, they could reshape Florida’s real estate landscape. If investor-owned properties increasingly dominate flood-prone areas, the region may see a shift in property values and community dynamics as fewer long-term residents choose to live in high-risk zones.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
