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No developer will spend their money to build or insure without some financing. Federally funded or insured loans or mortgages are not allowed for a property in part of the Coastal Barrier Resources System. National flood insurance is not allowed in this area. Not too many individual citizens would be able to pay cash for a residence and pay for private flood insurance. It would be extremely expensive for a developer to build there using their own money.

From: Rattlesnake Key owners put property on the market as state/county purchase deal drags

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