Florida Home Prices FALLING BACK TO REALITY FAST!
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- เผยแพร่เมื่อ 15 พ.ย. 2024
- Florida starting to see some major year over year price declines in multiple markets and the markets that remain flat or slightly going up or seeing big spikes in inventory leading to a buyers market. You're also seeing a lot of people getting hit with higher HOA and condo fees across the country that are even starting to force people to sell their homes.
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WAVES of Restaurant CLOSURES and OUT OF CONTROL NYC WELFARE! th-cam.com/video/10ymUHfVXfs/w-d-xo.html
State of Florida should make the mortgage provider take out insurance which must be rolled up into the monthly payment. No bullet payments, no front amounts. Finance industry has a way better forensic knowledge of contracts. Finance companies should protect their own interests, not expect borrowers.
Did you hear what Powell said today? in so many words, he said the FED is in no hurry to lower rates. Expect one or two small rate cuts and then the FED will wait and see what the new president does. Because right now, everyone is expecting his policies to lead to even greater inflation (other than maybe fuel).
Using the student loan issue to argue against paying for things that benefit others is short-sighted, especially when you are solely focused on student loans while ignoring everything else. We all contribute to public services like K-12 schools, public parks, scientific research, fire departments and the military, even if we don’t use them directly. These investments help create a stronger community for everyone, including those who don’t have kids or might not see immediate benefits. It’s about supporting each other in the long run
Manhattan has alot of part time residents. Nobody lives there anymore. People buy three or four two bedroom apts. and turns it into an eight thousand square foot until that sits empty except during the Christmas season. Restaurants are no longer any kind of bell weather. People just dont eat out as much since the pandemic. Society changed. Has nothing to do with the economy.
@@John-c4r1oWhat's the difference!? The lender will always recoup its charges/costs from the borrower.
House prices go up, then property tax goes up - effectively you are paying for unrealized gains.
i am so thankful i lostened to many of my friends who advised against living in a HOA community
Facts. Biggest rip off ever.
yes😁😁😁😁😁
You are effectively renting the house that you paid for, or are paying for, from the government.
@@daveka5451 Exactly. And forever increasing too.
I will never make that mistake again purchasing in a HOA...
Home Owners Aggravation- HOA
Many years back my father in law said never to buy a place with HOA. We never did but many friends told me horror stories about it. No thanks.
Smart
@@willsr.9154 My final straw was when they told us we couldn't fish at our neighborhood pond anymore. HOA power trip!!
In Canada they call it the condo board
House prices go down but property tax and insurance goes up😵💫
That needs to change.
Its called re-evaluation. I know people who've done it. Its alot of footwork but it's worth it once your taxes and insurance drops. Insurance will only drop if you didn't overpay for your home in the first place.
NO HOA ever!
I used to think the same until my neighbors basically run an RV park and open pit landfill next door and the county won't enforce the laws that prohibit it.
My aunt lives in a HOA condo. She has no control over her personal health or her own life, so she tries to impose her will on everyone else. A neighbor of hers has a kid. They have a poolside patio, and the kid hung his towel on their enclosed railing after swimming. She took photos and included them in a letter to the HOA association. What a scumbag thing to do. Yeah, that's the reason I will never live in a HOA. One stupid Karen in a bad mood will try to get you and your children kicked on the streets for something stupid. That is an unredeemable action. I will never think of her the same.
2 decades ago, I tried to sell my condo. My realtor's 2 metal signs were tossed in the dumpster. They would not allow signage on the property perimeter.
There is soooo much unexpected bs to wade through, living in these properties. God help you if you live in a tourist hot spot, it gets worse.
@@kookietherapy9398 Was it legal to put sign up ???
@jimshoe402 as a realtor of 32 years, I can tell you every association is different. The realtor should have checked, but to throw them in the trash is just plain BS. Just let the realtor know they are not allowed!
Why are HOAs so popular in single family home communities? We just don't understand.
@@MegaDePorter They are not "popular" It is a zoning trick to get to developments approved in areas they would no otherwise be. Also the developer can use the HOA to back fund the development for a little extra profit during the construction phase.
Your pal Vincent seems like a really good friend Michael. His book The Cutthroat Menagerie
has come at the right time for business people. Enjoyed this video guys!
Waiting on my daily dose of Bordenaro info. Thank you
Great guest with good contribution two separate segments yesterday and today
Just wanted to add that I think your co-star has been the best one so far. More videos with him!
agreed...
I was a condo owner. The expenses are considerable and offset the gains
Was it still worth it to buy
The HOA fees are a monthly flush down the toilet. The neighbors are Karens. No thanks.
@ they represent operating expenses similar to a home divided among owners.
I bought a condo in Florida as a second home ten years ago. It has tripled in value even after total HOA and special assessments. I will sell it next year and buy a house. Family has grown and we need more room
@@kookietherapy9398 In a properly run condo HOA those fees should be covering costs like insurance and roof replacement every 15ish years. Would you rather pay $200/month for 5 years to cover your portion of the roof or $30,000 all at once? (this are just example and how condo HOA costs are broken down)
really enjoyed your "walk and talks" across America....excellent presentations and topics! also enjoyed the guest appearances, especially Lizzie!
Just had insurance claim denied, had a roof leak , they blamed it on my solar, my solar had nothing to do with the leak, been paying for 12 years and we got screwed, in California
Why would you look to an insurance company to buy you a new roof? If my garage door opener went bad I wouldn't be looking to insurance to fix it. Things break as they get old and it's not an insurance issue.
It's not up to your insurance company to maintain your roof
It is time for something to be done about the insurance companies. They take in money and then find every reason not to give the service one is paying for. Our elected are just sitting by while folks are being robbed.
Thanks for replied all, this is the first time in 15 years total owning a home that we contact home insurance, yes I had garage broken and leak on roof before, fixed all that out my own pocket, but roof now is 40 years old and never I maintained, home inspection came saw 2 majors leaks, gave it a try called home insurance and got denied $16k.
The question is when do we call or don’t call home insurance?
Thanks for taking all of us with you on your vacation.......Be Careful and stay safe on your trip back To Miami...
Lot rental fee for 55+ mobile home park in Bradenton FL is > $1300/mo. Current owners can’t give their mobile homes away with those lot rents.
MH's in Bradenton always were very cheap. Lot owners raise rents until the value is confiscated.
Mobile homes have always been a bad investment unless you own the land that it sets on.
For 1300/month you can have a good live outside of USA or EU. We moved to Belarus, good value for your money. Save, Clean good food.
Keep watching channels like this to stay on top of what is going on. Thanks
When housing prices get too high, they come back down.
VINCENT💪❤ makes excellent points ❗
A beautiful Scarlet tanager bird at 3:03
Thank you! I was wondering what kind of beautiful birdie that was!
Glad you get to enjoy visiting with your good friend, Michael!
Thank you to our host and guest for this beautiful walk-around outdoor segment. I reside in SE Coastal Broward Fort Lauderdale Beach. Safe travels home
Glad you got to experience our beautiful weather here in Phoenix/Scottsdale. And it is a dry heat! :)
The Southeast price adjustments are coming in fast! Winter is coming, it'll a whole new ballgame in the Spring time. The real economy is about to show its face!
Foreclosures Galore !
@@kookietherapy9398 baloney
nonsense
People need to think about how they can create losses for flippers and Investors. No loss is too big
And his hair was perfect...DIT!
It was such a great video series out of California! I really enjoyed this trip with you Michael!😊
I've always bought and sold my 🏡 homes. Made money 💰 now at 60. Looks like I might be renting. 😮😮😮. Just rented a new home 1,800. Really nice new development.
I played it back and realize you're still in Arizona. Have a safe trip
The basement thing is crazy. I don't know Florida procedure, but in PA basements are listed on the properties tax assessment report. Generally basements are exempt from the taxable square footage (also from the listable size when selling the house). So I'd suggest placing a call to the county to see if they're also required to differentiate basements from the rest of the house.
Property taxes is what keeps me from not buying in Fl. Even with no state taxes our county is out of control.
If you think Florida property taxes ate bad don't even think of coming to Jersey lol!
@ definitely not leaving warm weather for snow . Been there done that😆☀️
You mean half of what they have been? Let’s not forget home prices doubled and tripled in price!
In many cases it is not your house that increases in value. It is the dollar that is dropping in value. There are a few areas that experience housing inflation. But those aren't typically stable or predictable.
More than 80% of newly-built single-family homes sold in 2019/2022 belonged to an HOA. during the 2004 housing boom-home prices were significantly inflated, leaving people unable to sell later because they owed more on the house than it was worth. I know several people who bought during that time, thinking it was a good investment, but it wasn’t until the COVID housing boom that prices finally returned to those original levels.
To balance out your real estate holdings, I suggest investing in equities. If you're cautious, even the worst recessions can present fantastic buying opportunities. Additionally, volatility can produce fantastic short-term purchase and sell opportunities. This is not financial advise, but you should buy immediately away because money isn't king right now!
Be extremely attentive as we are entering an unusual market economy. That doesn't mean that you can't unravel opportunities in every sectors, you can but you should be considering rewarding options first. It would be a vast awareness to align under a top performer for easy earning picks. I did the same and it works.
please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
Would you mind providing details on the advisor who helped you? saving for a pension through a corporate program since the age of 18. I hit greater tax along the road, so I increased my company pension with a SIPP (tax benefits). I'm now 50 and would love to expand my finances more aggressively; there are a few automobiles I still want to drive and a few mega-vacations that I still want to take.
Thank you for this tip. It was easy to find your coach on the web. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
prices go up and they go down. people will insist that it's not a problem, but it is, because life is short, and you can't wait years every time you want to do something.
You want the govt to set house prices ?
@@sarahann530 government is setting house prices. they have turned all real estate into investment properties. i want people to admit the true value of property.
"Owning" property is such a loose term these days
High home prices lead to high insurance premiums and high property tax. If you are not selling, you want the price to be low.
About 10 years ago I found a crack in an exterior wall, with rain water coming in. It was due to a squirrel having chewed a hole through the roof eave to access the attic to build a nest, which over some years had rotted a portion of my roof along with many of the wall studs. When I contacted my insurance agent, I was informed that my home insurance did not cover squirrel damage. I then contacted my state legislature and informed them about my insurance companies claim not covering squirrel damage. I never received a response from my state representative, which leads me to believe the insurance companies are in cahoots with our legislatures so that they don't have to cover legitimate claims. In short, I had to do all my repairs at my expense.
If you read your policy you could have saved yourself a lot of wasted time.
@@Plutogalaxy I was thinking the same thing.
@@Plutogalaxy You're right, it's right there after no coverage for meteorite damage.
Damage that occurs over time is not covered. The damage has to be sudden and accidental. Sad but true.
Start with I found a crack = maintenance = not sudden/accidental = not covered
I dont blv coming down when u know prices went up 3x or 4x or even 5x for last 15 years
I blv it when i hear is 80% down
Michael, i love the wildlife scenes throughout, the red song bird 3:01, the geese 12:20. Dan on I Allegedly does this also.
I'll be watching prices over the next year as well, since we will inevitably end up moving back to Florida.
You left FL and want to move back? Why? Where did you move to?
@@Gypsygirl9 I'm originally from northern NJ but hate the winter. SoCal wasn't for me, neither was Broward or Palm Beach Florida, so I went back to NJ for 14 years, then tried both North and South Carolina, but I'm too much of a Yankee, so I need warm weather but more people from NJ and NY so Florida it is!
An honest insurance broker?!! HA!! About as rare as a honest used car salesman..
Florida needs to sue the insurance companies on behalf of the citizens. That would weed out the scammers.
exactly...!
Id buy the audio version of your friends book, if he narrated it. The way he explains things has such nuance.
We have had contractors, teachers, snowbirds, etc all looking at houses to buy in my central West Florida neighborhood since November started. They are all looking to buy and we'll employed
Prices of homes are expensive here and the prices are not going down . New Homes !!
They are between 2 - 3 times more expensive than 2020.
Don't worry Trump is going to lower all the prices
@@Hankjones1 Hehehehe. The next 4 years are going to be hilarious.
Keep living on lalaland. What goes up must come down. It has happen soo many times before what makes you think it won't happen this time..
Yes Palm Beach County is being overdeveloped. The prices for Free standing homes new construction on zero lot line is outrageous.
@@ChrisFernaM know why would you even say that . Sorry you are having a bad day , hope you feel better. Have a Great Evening !
If an adjuster tried to call my step down living room a basement, I would see them in court! That’s ridiculous!
agreed.
Read the Law SORRY..
Thanks Michael, always so informative. Safe travels back to Miami 🙏🚙🇺🇸
Michael is in Miami right now.
You have to live somewhere. Rather than renting where rents go up every year. Long term, it is still advisable to buy than rent.
Right? Can sleep at night knowing rent not going up..get a dog,pony, have a party,
You in charge of your life, don't worry! Be happy!
I think it's less advisable with each passing year, though.
Nope. Renta keep going up, new taxes votes on will take effect next year, Rents go up. Insurance goes up, Rents go up. And you can still hear your neighbors talking. No thanks.
Thanks Michael,I got to see parts of our beautiful country which otherwise would have remained hidden.I’ve been in Alaska for over a half century having visited really mostly Hawaii and some parts do Florida.Thanks again.
palm beach county prices still going up up up. south west fl is where the market is declining for obvious reasons
Thank you Michael! And Vince.
Good conversation plus info!
Be careful on your travel, Michael (and Lissy)!💟
🙏💜🙏
AZ looks nice or at least your videos make it look like that. I like Vincent's input as well. Always a pleasure to watch your videos Mike.
Well, it’s because it’s autumn. 😂
It’s a hellhole in the late spring and summer. I’m in San Diego and we are invaded by Zonies in the summer.
VINCENT👋: Are you going to put the BOOK on AUDIBLE ⁉
People used to pay more for houses in a good public school district. Lots of parents rethinking that these days.
The demand in Miami is not artificial. It is real demand.
The population in Florida is untenable.
It was 2 million in my early days compared to 23 million today.
No place to run.
I hope the trip is going well. Grab a couple beverages on me❤
Its great Zillow shows flood zone map overlays now 🎉
In the State of Florida, Miami real estate prices boom first 💥 and bust first, then SW, SE, Jax, Tampa, Orlando, then smaller places
Been following your channel for ages, love it!
It's depending on if she disclosed the room is 3 feet below the ground.
As a homeowner who stays in the home, you pay for the property tax boom
Renters will pay too, through rent increases.
There are tens of thousands if not hundreds of thousands of basements in FL; just not in coastal counties with high water tables. I have supervised appraisers in fifteen counties and have done appraisals on countless properties with basements located in inland counties.
Where?
Arizonas weather looks beautiful
Ken Griffin, the Billionaire that moved his company, Citadel from Chicago to Miami sold his Penthouse Condo recently in Chicago for $10 Million Less than he originally paid for it. You can LOSE money on real estate!!
Insurance companies have $. Believe me. I worked for a large company for 37 years. $ is being pocketed by owners and CEO'S. And these people live overseas.
There are plenty of properties not in HOAs in older neighborhoods all over north FL. Older neighborhoods will never have HOAs, because theycannot be established if they didn't exist at the time the house you purchased was built. IOW, if it's not in your contract/deed.
Let the FL market "bottom out". Still got a ways to go. Get equity when you purchase. Don''t rush to buy a depreciating asset.
We’ve owned homes for 33 years and always pay extra for , lawn care, sewer, sidewalks etc. the city doesn’t pay for any of that. They do fix our roads, but mostly the county or state does that
It'd be nice to mention that included in your HOA fees is usually electricity, water, sewage, trash collection, lawn care and pool maintenance. I'm not sticking up for the HOA but they do come in useful sometimes.
Love an HOA. Keeps everyone's home looking sharp. Our hoa in Avondale, AZ is $92 month with a massive new pool in a master planned community.
Soon to be higher priced always..till no buyers but corps ..looters..
@MR..181 Many HOA's limit the purchase of homes to rent out. Our last HOA only allowed 5-10% as investment properties.
Nice, i grew up one block east of chaparral park in Scottsdale. Loved it.
"Ah-hoo, werewolves of London
Ah-hoo" Vincent's shirt
I wonder if a step-down in garage from a house would come under the basement rule..Great food for thought. Thanks for the insight.
Millions of people will be NEGATIVE in the homes they have bought in the past 5 years. Things will get better. But it's going to be rough. Good luck everyone
If that happens folks will walk away just like they did during the GFC.
@@bpb5541yes
Certain regions in Florida are dropping, but some like Lee county, still think there's are made of gold.
Loves that Vincent is clean shaven!
Hey Vince love that shirt!! 😮 I had to explain it to my wife, by way where is Trader Vic's? Awesome guys!! Love the channel!
I miss AZ. Thanks for filming there. It brings back wonderful memories outside of the truth that you speak. Thanks for all you do, Michael...
Me too I lived there for 21 years
Arizona rules!
My friend in MIA is trying to sell his condo in Aventura, been up for sale a month now, no bites yet!
The U. S. Government underwrites the Flood Insurance Program so she would have to sue the Government. Good Luck with that!!
FINALLY!!! Hopefully soon I will be able to afford the gulf front home I've been waiting and saving so long for.
You missed the point. You'll never be free from insurance even if u pay cash you'll eventually get hit with a big storm on any coast. Look at history
On the flip side im very interested and curious how the mass Deportation in the US will affect jobs. Im expecting higher wages and more positions in the future.
I saw Lon Cheney walking with the Queen.
Love the song! Warren was guy!
Actually, there are homes with basements in SoFL but they’re not in flood zones.
In Pennsylvania it’s rare to find HOA. There may been some in new developments that have pools.
Guilty as charged living in a condo situation in Tennessee. Want out. Look forward to seeing you back in Miami ❤
He said at the beginning of this video that he is back in Miami.
Primary reason was for me to buy a home was to pay it of quick so I could have the cheapest “rent” available and I bc wouldn’t have to work so hard or if there was a job loss life goes on as usual.
From what I’ve read between 40 to 50% of homes are owned by private equity groups. We know there is a lot of collusion between government and corporations. What a perfect way to control the market when half the homes are owned by private equity they have control of the market by limiting the amount of houses that are for sale. Scarcity drives up the price of housing and property taxes because property value goes up. It’s a win win for these corporations and government. Who loses? Average citizens that want to own a home!
Yes, it’s a shell game. Real Estate is closely tied to the overall bond market. Also, local govs love taxing home owners to death via crony assessments. It’s a system about to go 💥
Saw alot of DE-luxe(million dollar) rv's with cars and boats heading to Florida today. Canada has a dollar worth less that ours.. They stiill love Florida. i saw probably four or five rigs loaded for Winter today.
Florida is not worth it. Only good to snowbird and pricing for snowbird rentals are crazy high due to the costs. This year I'm splitting my time and spending half the winter in Mexico. Hopefully Australia next year and skip FL all together. FL not worth the price for snowbird rentals.
is Vincent in the witness protection program?🤣
Stop 😅😅😂 My late husband was Italian
People with mortgages are required to have insurance so I suggest someone start an insurance company advertised to never pay a claim. Have it offer all the proper coverage to satisfy the mortgage company but make the payments VERY low knowing they will never have to pay a claim. This will allow people with mortgages to somewhat drop insurance.
That sounds like fraud
Where I live in Florida prices are still high and so is demand- second home or third home buyers are ready to drop cash on property here in the Florida Keys. I don't know what MLS you're reading but we are booming and insurance or property taxes don't matter. Everyone wants to live in the Florida Keys from Key Largo to Key West!
Here’s looking at you kid ❤
The same is true at the Jersey shore where high priced homes in highly desirable areas like Rumson and Spring Lake, are going to contract shortly after hitting the market, with some hefty price tags.
"second home or third home buyers are ready to drop cash" -- not exactly middle America, or the typical home buyer. Like talking about Ferrari car sales as representative of the auto market.
@ That's why they are in the Florida Keys - paradise is expensive but some of us live here full time and love it!
All those freaking snowbirds that have flocked to FL the last few years are now paying their $$$dues😮 that's one of those stories that most bloggers, media hardly talks about😮
I’m good … no flood zone, no HOA … 5 miles from the Gulf.
Choose wisely!
"prices [in miami] are being artificially kept up by the sheer demand and influx of people moving to the area" ... what?
Times are changing rapidly 👍
No way I would ever live in a HOA. I rented a house in a hoa once, big mistake. To many Karen’s with power trips lead these organizations.
10:00 This is the reason Home Insurance shouldn't be Mandatory. Laws need changed, if someone gets hurt on your property without insurance, you shouldn't be liable unless the injured can prove the property was to blame, and not for something stupid like "Illegal Trespass injury" or "I fell down the stairs."
Was in nyc co op inefficient expense mgmt and they didn't utilize certain tax strategies co ops have. Nice to see you in my neighb
I’ve been living in a condo for 23 years( Michigan, mostly J….sh neighborhood). My HOA went from $160 to $275 a month and only had 3 special assessments for about $1000. That’s in 23 years. We have new roofs and siding.
Hey 👋 ur buddy Vincent!
What a guy! 😊
From UK 🇬🇧 👍