Abandoned waterfront homes in Redington Beach, Florida, are being sold for land value due to Hurricane damage. High rebuilding costs, driven by stringent FEMA regulations requiring elevation to avoid future flood damage, are exceeding the economic viability of repairs for many homeowners. A local realtor explains the complexities of the FEMA 50% rule, emphasizing that it's based on the depreciated value of the structure, not the property's market value. The podcast showcases properties, highlighting the impact of damage, available amenities, like seawalls and docks, on land valuation. Ultimately, the situation presents opportunities for buyers seeking to build new, elevated homes in a desirable location.