The State of Florida is filing suit against a property owner in the Tampa region. The man, Rick Ware, owns a dock that sits on St. Petersburg’s Snell Island. The deed for the property goes back to 1883, but Florida is claiming that it is invalid.
Instead, they are claiming the property as being built on a navigable waterway, and thus being sovereign land and the property of the state.
What is scary is that if they win the suit, they can claim ownership of millions, if not billions, of dollars in property throughout the state. This taking will impact local tax collections, city owned docks and property, and may have a major impact on real estate in the state.
Plus, it now makes people question the value and long term ownership of property, Never a good thing for a marketplace.
Watch the video, shared on Facebook by Cyndee Haydon, a Clearwater Beach real estate agent, and pay attention to this story if you are involved in real estate in coastal regions of the country. Because, if one state can seize some of the most expensive real estate within their borders, other states will most likely follow suit.