Part 5/10:
Over-reliance on tourism has led to troubling market deterioration, with property values decreasing by 19%. The commercial sector has also been affected, resulting in a drastic rise in foreclosure rates and a significant drop in vacation rental rates.
5. Tampa Bay
Tampa Bay’s waterfront market faces enormous challenges, with insurance costs surging by an eye-watering 215% in flood-prone areas. Home prices have dropped by 17% since peak levels, and construction permits are down 68%, as developers pull back on projects due to uncertainties.