Emails, Texts, Calls, Complaints and Profound Thoughts from the Readers

First Things First,

If you like food and fun (we need some after Milton), please stop by the Big Taste of Martin County. 5:30 -8:30 pm at Atlantic Aviation Jet Center in Stuart this Monday night 10/14/24. Palm Beach County residents are welcome. Tickets should be bought  here.

There will be 20 culinary delights you have access to along with spirits from all over Martin County for everyone to try. Categories will be Best Appetizer, Best Entrée, Best Drink, Best Dessert, Best Soup, Best Salad, and Best Presentation. All proceeds go to Big Brothers and Big Sisters. I personally am a Big Brother and ECHO is one of the sponsors. It’s a great cause. And if you come, please say hello! Now on to JJ

Emails, Texts, Calls, Complaints and Profound Thoughts from the Readers

Ken: Jeff, you went overboard with your knowledge of baseball, stick to real estate.

Jeff: You must be a Cubs fan.

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Many of You:   Are you ok from the storm?

Jeff: To all of you sending good wishes to anyone located here. Thank you. It was a weird storm. One of our Realtors’ homes got hit with a tornado. Thankfully, she and her family were ok.  Brittany Shepherd is a whiz who has worked extensively for both Mirasol and Admirals Cove and knows the club community breakdown extremely well. If you or someone you know is considering either or a club community, give her a shout.  Avenir got hit bad as did areas of Wellington and the Treasure Coast with powerful tornadoes. About 200 homes in Avenir, limited to 3 of the neighborhoods, were damaged.  If you have any damage, please check out our approved vendor list.

The other coast was obviously hurt but did better than expected. First, it came in at 115 mph versus the expected 130 mph. That 15 mph is a big deal and much less than the 145 mph of Hurricane Ian.

Second, it went south of Tampa Bay. Sarasota took the brunt, but anything striking in the Bay and with the population density of Tampa Bay would have been awful.

Third, the best time to have a hurricane if you are going to have a hurricane is before a Presidential election. In Chicago, where I’m from, Mayor Bilandic lost an election for not plowing the snow. So, with three weeks until the election, the State and the Federal government were ready. Florida got all the money needed so far. Thank you November 5^th!

*Note for those of you who asked about a PB&J brigade. In 2022, we made and delivered 25,000 PB&J sandwiches (450 calorie meal) with the help of you to feed the newly homeless, line workers and people in need from Hurricane Ian. You can see why and the results the effort here. We’ve been calling food banks to see if needed. At first, we thought it wasn’t, but I’ve also read some flooding is not receding. As of writing this on Friday afternoon, not so sure. Will send out a secondary note if we need help.

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Stephanie: What is the new disclosure regarding flood insurance?

Jeff: There’s lots to unpack here. The first is that a Seller must now disclose if they had previous damage via Florida Statute 689.302.  The next time you buy or sell, you will see that form.  Flood insurance was always optional but not so much anymore. The reason I say that so is that Citizens, which is where the vast majority of homeowners insurance is now written in Florida will require it for all policyholders by January 1, 2027.

A decade ago it was cheap. Not as much anymore. But it was the storms in New Jersey and Houston that were categorized as tropical storms because the wind didn’t reach 75 mph that opened my eyes.  Folks were denied coverage because they didn’t have flood insurance and really needed it. I personally think it’s a necessity today and wouldn’t go without it.

Fannie Mae has a guide which you can look at here. From a lender statement it just depends on if it’s in a flood zone or not. Insurance is a different story.

Citizens’ Flood Insurance Requirements

By January 1, 2027, most Citizens’ personal residential policies that include wind coverage will be required to have and maintain flood insurance coverage under a phased in approach created by the Florida Legislature in December 2022. This requirement is expected to ensure that Citizens policyholders will be fully protected from damage caused by severe weather.

• Homes Within Flood Hazard Area

Effective for policies renewing between July 1, 2023, through June 30, 2024, for homes that include wind coverage and are within the special flood hazard area (SFHA) as defined by the National Flood Insurance Program (NFIP) must secure and maintain a flood policy.

• Coverage Phases*

Most homes with wind coverage must secure and maintain a flood policy according to the following schedule:

• Effective 01.01.24 – Policies with dwelling value (Coverage A) of $600,000 or more
• Effective 01.01.25 – Policies with a dwelling value of $500,000 or more
• Effective 01.01.26 – Policies with a dwelling value of $400,000 or more
• Effective 01.01.27 – All policies, regardless of value

*Note: Condominium unit-owner policies, tenant content policies and policies that exclude windstorm or hail coverage are not required to purchase flood insurance coverage.

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Asking for a friend: If my ex-husband signs an MSA  (marital settlement agreement) and was never on the title does he still need to sign off on the contract to sell.

Jeff: I’d consult with an attorney (which I did) but if it’s all been agreed to and divorce settled than I’d think technically no.  But you might have to drag his a** into court to force it.

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Jeff Lichtenstein, originally from Chicago, got his start in the home furnishings textile business where he traveled over 35 weeks a year selling fabrics. After the family business was sold, Jeff moved to Florida and became a real estate agent. Today he is the owner and broker of Echo Fine Properties, a luxury residential brokerage voted best brokerage of the year. Jeff manages a non-traditional model of real estate that mimics a traditional business model. Echo has 80 agents, an average of one million dollars per transaction and over 500 million in annual sales. Between traveling for work and annual family trips to national parks with his wife and 2 now adult children, Jeff has visited 49 states. He is also one of the few Chicago White Sox fans you’ll ever meet.  Some publications he has been quoted in.

Author of business & leadership book How Making a Sandwich Can Change Your World –  The Amazing Success of the PB&J Strategy – Available to Buy Now!

Feel free to ask him a question directly at jeff@EchoFineProperties.com including a complementary  valuation of your home.