Florida collapse just got worse. Builders now ABANDONING projects.
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- เผยแพร่เมื่อ 26 ก.ย. 2024
- The Florida Housing Market downturn continues to get worse in 2024, with home builders now being forced to abandon projects before completion.
REVENTURE APP: www.reventure.app
That's because the numbers of homes for sale and inventory across Florida's housing market has spiked over the last two years. In cities like Orlando, Davenport, and Lakeland, supply of homes for sale is flooding the market fast.
Don't be surprised if home prices in Florida drop significantly in 2024 and 2025. Especially in areas with a big concentration of Airbnb investors. These Airbnb investors are now selling due to a downturn in the market, which is putting more inventory for sale.
Realtors across Florida should also take note. The market is shifting fast, and it's important that you provide your clients with the most up to date data and market analysis. Head to Reventure App to find the data for your city and ZIP code.
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The surge in inventory across Florida right now is breathtaking.
In this ZIP code that I'm in the number of homes for sale has spiked by 500%. And the market is turning down fast.
Access the data for your city and ZIP on Reventure App right now: www.reventure.app
Nick if you’re still in the area we should talk… The bubble is large in Lakeland … and on so many different fronts. Residential, multi family, industrial, office space etc… it’s all a bubble. I relocated from Seattle 2 years ago and could give you tons of on the ground evidence of what we know is about to happen
There is something you're overlooking in this analysis. I am not sure if you read the comments but it is very easy to have blinders on with data and overlook the regional issues.
I moved to Port St Lucie in 2015 when my house was approx 165k. This is one of the zones you are forecasting to crash in value 20-30%. When I moved here it was a small town with very little new construction but a lot of scattered 1/4 acre lots. The problem with just following the data is that the majority of the people that moved during 2020-2023 were from NY and NJ. Now in 2024 the people moving here are mostly fro Miami, Boynton, Fort Lauderdale and West Palm Beach.
The reason the prices in Port St Lucie aren't crashing is because the affordability down south is literally making people move here and commute. Because even at 7% rates their monthly payment here is reachable with their salary.
South Florida has no more space to build west and the little space they have is developed with 700k+homes due to cost of land and building permits.
All this is not captured by your data analysis.
Come to Charlotte NC and do a video on our dumb market.
Love the Floridians writing saying your numbers are flawed.
@@migueralliart
It's ridiculous that the average home in Tradition is $800K
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
8 to 9% at 3x the median income is quite a bit different than 8 to 9% at 7x the median income.
High interest rate causes house market declining, less people are buying houses. more empty comericial buildings are converted into residential condos wich results in rental declining.After covid, more people are working at home, artificial intelligence technology has eliminated many office jobs, and commercial buildings are vacant and converted into apartments.
With rates climbing like never before in ’23 coupled with uncontrollable inflation, and our own mortgage at now 7.5% what are the best alternatives/strategies for avoiding a crunch and maximize my $200k savings other than moving in to an RV with my two kids and wife.
You are not alone we can no longer afford our mortgage, husband wants us to travel or relocate/I am proposing cashing in, walking away and renting while putting the rest in the stock market.
I believe that for the market to normalize, there must be a minimum 40% decline in home prices. It is advisable that you get advice for appropriate portfolio allocation from a knowledgeable advisor if you are unsure about purchasing a home. That's how I've managed to survive for the past five years and accumulate about $1 million in investment returns.
I would be happy to hire someone with a good reputation. How can I locate and thoroughly check them? We started thinking about the concept because we have a family lawyer who has periodically mentioned fiduciaries and we know how valuable they are.
Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
This is a really interesting take on the housing market. People are being impacted by the long-term decline in property prices and the housing market. I recently sold my house in the Sacramento area, and I want to invest my lump-sum profit in the stock market before prices start to rise again. Is now the right moment to buy or not?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
It's true that many people underestimate the importance of advisers until their own feelings burn them out. A few summers ago, following an ongoing divorce, I needed a significant push to keep my company afloat. I looked for licensed advisors and found someone with outstanding qualifications. She has contributed to my reserve increasing from $275k to $850k regardless of inflation.
That makes a lot of sense, unlike us, you seem to have the Market figured out. Who is this coach?
Iynne Marie Stella is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people at least in California, where I currently reside are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Housing all over Florida is way way overpriced!!!
You should come to California... Houses in the worst ghettos in Los Angeles are almost a million dollars... For a literal trap house...
@@peterzotti6430 Yeah man CA has really crazy prices and has for decades.....
Bigly
Not true.
@@AssetAddict Yes true...
Home prices in Florida have tripled since 2019. Nobody wants to buy a $200,000 house that's now $600,000, and will probably be a $300,000 house in 2 years.
Lol. Ok.
just keep waiting 🤣
@@AssetAddictmust be a builder heavily upside down lol
💯
In Delray Beach they are 100-500 percent higher depending on how many times the home has been flipped
There is an equal market chance associated with every crash or collapse. I have seen people accumulate up to $1 million during a crisis, and even make it work in a strong economy if they are prepared and well-informed. Without a doubt, the bubble/collapse is making someone wealthy.
I think investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
You are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
Please let me know who the consultant is who helped you with your investment, and if it's okay with you, please let me know how to contact you.
Please let me know who the consultant is who helped you with your investment, and if it's okay with you, please let me know how to contact you.
If you do not mind, could you please tell me the name of the consultant that helped you with your investment and let me know how to contact them?
What a crime how fast the once beautiful Florida is being bulldozed. Once called the Wilderness State 😢
Yes. It is tragic.
all for these cookie cutter crappy homes
Oh really? When was that?
was that before is was the Sunshine State?? must have been before the Flaglers started developing.
I missed the Orange groves and cow fields, now it's nothing but concrete, cars and annoying people from liberal cities.
Tons of people leaving Florida now.
WAY too expensive now. The property home owner insurance, the taxes, the utilities, car insurance is INSANE!!!
Hope all Airbnb Jag Offs/Investors get what they deserve!
Homes should be for families to buy in order to provide their family a place to live, and NOT for investors to fleece the public!!!
007
Orlando area also has a huge inventory spike due to high crime and extreme traffic in addition to the reasons mentioned above.
I'm paying 892 a month now for 4 cars with Progressive here. Insane in Kissimmee, nothing on my record. It was 577 last year at this time.
@@specialk2514 that's CRAZY!!!
007
I wouldn't live there because of the politics let alone it is too hot, most of it will be underwater and hurricanes. no thank you
Where, cause breviary is still growing
I said this phrase in 2006-2007 and been repeating it for the last 2 years "When the middle class cannot afford the middle home the system is undoubtedly in a bubble" .
I remember getting the same responses "Miami is different because the foreign money, is different because weather, is different, bla bla bla..." and what ended up happening was that Miami was one of the markets with the largest declines from 2008 to 2011
That’s what I hear now and I really don’t know what to say or think.
MUCH WORSE THIS TIME
and you fail to note (as usual) that the same condo's that sold for $250,000 in 2008 - 2011 are now selling for 3 million. the same homes here in NE Florida that sold for $200,000 in 2008 -2011 are now selling for 2.5 million.. what is you point pilo? all investment cycle up and down.. !
Florida has a homeowners insurance problem. It's gotten so bad that it's forcing people to leave the state.
@brianh6680 Home insurance and property taxes are through the roof esp in Florida because FL is a sitting target for severe hurricanes and tornadoes! The highest rate of hurricanes in FL! Texas has the highest rate of tornadoes of any state per the American Climate Center! Scientists/meteorologists have already stated that storms like hurricanes, tornadoes etc. are going to get even worst now because of Global Warming/Climate change! Think of Hurricane Dorian that hit the Bahamas in recent years and the devastation from that! The UN recently issued a red flag warning , that this is going to get worst by 2030, just six years from now and by 2050! Miami already has constant flooding due to rising sea levels and only sits 3 feet above sea level! Key West is also at risk of totally disappearing because it's a real target for hurricanes, rising sea levels and flooding! We're already seeing the destruction from GW/CC on Cape Cod , "The Florida of New England" along with shark attacks as well because they love warmer waters due to GW/CC and they also love to feed off the seals at the elbow of the Cape! Time to WTFU before it's too late! "knowledge is power"...self-empowerment!
Exactly 🎯 the big picture
HO insurance is the biggest scam.
Brian.. the state is now empty.. no one to be seen. empty homes everywhere.. either the alligators got them or the heat. but all gone... keep believing this guys bull. if it makes you feel good.. I'm on the beach here in NE Florida with my Pup. Paradise.
In Tampa , where I live , people are getting quoted $7,000 per year for homeowners insurance on 500,000 dollar homes that aren’t near any water and aren’t in a flood zone , others are being quoted $17,000 and up annually.
People in neighboring states are paying $1,000. annually for homeowners insurance.
Joe Biden need make rule no increase insurance more than inflation thanks you
I'm so glad my home is paid off. Homeowners insurance is such a scam. Way better to just bank the cash for a rainy day. The rainy day could be a car crash, a hurricane or a medical emergency. Cash is king.
I live in NC... not neighboring FL, but close enough... and I wish I only paid $1000. Sadly, homeowners insurance is way up pretty much everywhere. Not as much as in FL, but still...
@@oviconstantin3782To be fair though, NC seems to be hit by every east coast hurricane. I'm in Jacksonville, and we just expect that most hurricanes headed toward us will miss and hit NC instead, cause of the way north Florida curves westward, and NC pops back eastward.
I have a few properties I paid off and now self insure. I was paying $5-6k per yr for a Duplex I could completely rebuild for $150k.
I'm in North Jersey and there's a home listed for $499,000 that's under contract that isn't worth a dime over $300,000, if it's even worth that. People, don't be suckered.
Location, Price & Condition. Basic comparable in any neighborhood 👍
$ucker born everyday. Some people are just idiots to Overpay. stupid is as stupid does
North Jersey very different from Florida (insurance, HOA's, Airbnbs, seasonal properties). North Jersey does not have a population decline either.
@Ron239 Real estate is worth what someone is willing to pay, not dime more, not a dime less.
I'm in north Jersey too the houses are starting to sit on the market more than 30 days. Those ugly duplexes going for over 2 million are starting to sit. The NYers are not moving into NJ anymore. During covid they flocked into Jersey and made the prices go insane. NYers and Koreans over paying by 100k on a house. The NYers will go back as soon as the prices in NY go down. It happened in PA after 911.
Keep building. Don’t stop now. 🤣😂
😂😂
Build where it is not a shit hole like Florida.
😂😂
@@Akwardred born and raised. Im glad you will stay out! we got enough clowns down here dont need another!
@@flnative7553that explains the higher unemployment rate
I lived in different parts of Florida for almost 30 years. I always had a decent job, and stayed in relatively nice areas. Never too far from the water, in low crime neighborhoods. And even with all that, I can tell you that living in Florida is GROSSLY OVERRATED.
It might be a great place for snowbirds to get away from the cold. But it's not the place you want to live full time. Florida is NOT what they show you on instagram or in the movies. And It's not nearly as 'posh' or 'cool' as realtors (or other interested parties) want you to believe. Trust me.
The Keys are cool, but way too expensive. What was your favorite or least disliked part of FL?
I agree as I have lived in FL for 30 years. I lived in California and I lived in Arizona, and there is literally nowhere to run anymore. Every place is being destroyed. What used to be quaint small towns outside of the cites are now dirty little cities themselves. This whole world is going to hell in a handbasket!
@@FreedomLovin And the cost of living in the Keys is (unfortunately) only getting worse. To the point where you can FEEL the stress of regular people in the streets. Just in their overall attitude in traffic and in general public spaces.
IMO, the best mix of amenities and crowd/vibe was in the nicer parts of palm beach county.
@@lnicole2504 I hear you. We picked up and left to Montana a few years ago. And although it's not perfect, I've never been more at peace.
We no longer have access to the beach and we now pay state income tax. But in exchange, we now have mountains, lakes, rivers and actual seasons. And more importantly, much more sane people around us.
@@joelastre4864 That cpuld just be the nasty New Yorkers moving in
WHO the hell is crazy enough to buy a home in FLORIDA⁉️ Home Prices,Property Taxes, Hurricane Insurance, Sky High HOA Fees/Assessments not to mention Loan % Rates are insane. WHO DOES THAT ?
Maybe high income people who save cash on no state income tax?
@@JGrogann Dude, don’t fall for that. They get you on everything else. I live in another no state tax state, Tennessee. While high income people make out like bandits everybody else gets screwed. When these red states say low taxes or no taxes they don’t mean YOU‼️
Dude, they didn't abandon that house they're just not working on it while you were filming.
Exactly. He was probably there on a Sunday.
He lies so he can sell his software. But people flock to his channel so he makes tens of thousands off the videos as well.
Yeah no one pays for dumpster or porta potty services at abandoned job sites
People are working on homes in the same video he claims they have been abandoned. I don't know why he lies and over exaggerates, it is not necessary.
This revature dude sucks, I dont even know why I click his videos.
I can't see how the foreclosure rate doesn't at least double the rate of 2008-2009. When unemployment tripled in 2009, it was people making $48,000 who lost their job, and then lost the home they agreed to pay $150,000 for between 2005-2007. Today, it's people making $65,000 who signed up for homes priced at $325,000. In Florida, anything under $300k after 2020 is a fixer upper. People are so much more overleveraged than 2007 peak bubble it's not even comparable. A 1990 3-bedroom home in Florida at the peak of the bubble in 2007 was $150,000 and had crashed down to $65,000 by 2010. It's that SAME EXACT 1990 3-bedroom home that comps for $300,000 today. On top of that, everyone's homeowner's insurance and all other costs of living went up 45-90% simultaneously this time, which did NOT happen last time in 2008. You'd need to be making 55-60% more today just to afford the same lifestyle you did in 2019.
Thank you for bringing this up! I keep preaching this especially about how wage has not increased enough to justify these prices since the mid 2000s. When are people going to have common sense to finances and realize I’m making not that much more from 2006 as I do today🤔 But then they’ll pay more than double for a home🤔🤔😣 Then like you said, inflation to top all that off🙄
Corporate Greed. You have to stop corporations from buying houses. They control the market. Vote for people who want regulations and increase in corporate taxes and they have to get out of the housing market. That is how you fix it.
Luckily my income doubled, but it feels exactly the same.
You’re correct, it will be much worse. Not only is there more public and private debt out there, the U.S. has just lost the petrol dollar agreement with Saudi. That’s huge! The world is turning its back to the bully in the playground.
@@Bigelite094 what do you do for a living?
Inventory isn’t the entire problem. It’s the high interest rate combined with the high cost of a house.
You're right. And it's even worse in Florida, too, because of the increases in insurance, local inflation and poor governance. Insurance companies are pulling out, people who don't even live in a flood zone are being forced to pay higher insurance premiums, and there are also the rules about having a roof replaced or not getting coverage. I don't see how anyone can afford to live there now, unless you are wealthy.
He knows that
I dont know where this guy is but I would be curious if he has proof they stopped building or if he was just there on a sunday or something. Here where I am in Florida people are buying everything and the homes are popping up like crazy. Buildings are building slower than demand.
Facts
Nailed It, what you wrote could have been the video in 5 seconds.
You walking through the streets makes me so damn happy I live in the Netherlands. There's people on the streets, greenery, variation, curves in the roads, etcetcetc
Is the Netherlands accepting refugees from the U.S.?
i can’t wait for the market to crash. I work in a town that became littered with “wealthy” people so all houses went from 200k to now 800k. It turned everyone in the town into entitled people and now they think they’re above anything and anyone. Used to be a nice friendly town that i used to genuinely enjoy working in and now everyone drives obnoxiously expensive cars, hired maids, gets everything from groceries to food to dog food delivered to their front door all because they made 700k+ on a house they bought 20 years ago. They think they’re the new “winter park” so you know it’s gonna be filled with snobs. they’re now building about 300 new homes but the homes for 800k aren’t selling anymore because in any other area they would still be going for 300k.
Desirable areas of Miami have dropped 5-7 percent. I am hoping a 30-40 percent drop in total.
everyone is leaving
everyone is leaving
@@SA-hz1rs
Why are people leaving Florida?
@@macallanvintage The answer is they are not leaving Florida. State is still growing, just not as fast.
@@The_regulators 500,000 left in 2022
I moved out of Florida years ago in 2017. I noticed the stagnant wages and increasing cost-of-living and got the heck out of the state. Best decision I ever made
Same here in 2018...
I want to leave here too.. stuck here till 2025. Can’t wait to go
An additional thing that will prevent buying in Florida is the insurance. In Florida, the average homeowners insurance premium for a policy with $250K in dwelling coverage, $125K in personal property coverage and $200K liability coverage is $8,770, which is 262% higher than the national average of $2,423..
some facts: here from a Florida resident.. not from the flying dutchman. I live 250 feet from the Atlantic Ocean. My home is worth 3.8 million.. my insurance is $6,800 a year including flood with FEMA. My home in NY is worth 1.1 million and my insurance is $6,500 a year.. If you own an older home, in a flood zone, and a class #1 hurricane zone as Central West Coast of Florida your insurance will be higher. If you can't afford to live in certain areas, that's life.. move to the Villages. Insurance in the Villages is low and so are taxes. It is in the middle of Florida - two hours to any beach.. You can get a beautiful home for around $650,000. Or stay where you are... no one is forcing you all to move here.
I bought my first home in North Palm Beach for $205K. It's now going for $650K. It is completely inflated and not sustainable. It will totally collapse.
These houses look sad, regardless of the price. Honestly, low 200 is about what they are worth to me if that much. So that’s still 30% overvalued, especially considering that area is really in the middle of nowhere!
too many people got caught up in fomo, and now theyre selling and no one wants to buy.
Yep! They see that falling knife and they are trying to miss it.
This isn’t true. Maybe in 1 or 2 sub markets. Inventory and days on market isn’t even to where it was in 2019.
Fools been overpaying since 2020 and they're still doing it......
The market is what people will pay. Has always been and will always be. Prices are based on who will pay what.
@@b4804514 and home sales numbers are at record lows so by your own reasoning homes are overpriced since people are not buying.
@@b4804514 Until the lenders put a stop to it and don't think they won't.
Unless, perhaps inflation is worse than what we’ve been told
@@b4804514 people aren't paying though, so by your own reasoning the market is overpriced.
I'm 50 seconds into the video. You are missing one very important point. INSURANCE COMPANIES RAISED THE PRICE ON FLORDIA SPCIFICLY. Florida property owners pay on average $10966 for homeowners insurance. That's more than four times the national average of $2377. And they are raising it again this month because storms are getting worse. This does not translate to the rest of the country.
This is planned. Political
@@elizabethv7411 yes political, don't believe your lying eyes with the hurricanes and flooding. Climate change is just bullshit /s
@@elizabethv7411 Nope, I'm in Detroit. My insurance is $900 a year for a 200K house.
Trust me, if the job site still has a port-o-john it's not abandoned.
Those companies snatch those things up THE SAME DAY you stop paying the rental.
good point
I see many homes around me here in Jacksonville sitting on the market for months because people are still asking for pandemic money.
Or….folks are realizing they are tapped out.
The longer they stay high the quicker they will drop when that knife falls. Don't think people will buy when prices are dropping. They will wait till the bottom and that means they will make sure the bottom is in, they only buy when the prices are rising. No one wants to be early in calliing the bottom. Look for 1/2 below cost of replacement for near bottom. That means banks selling to avoid unsolvency. You heard it here first.
*Plandemic, fixed it for you.
@@gspeed930what if that’s why prices are down right now already
People don’t want to buy right before buying becomes cheaper. So demand this season was reduced by expectations of interest rate cuts
@@gspeed930I mean my argument sounds decent but it’s mostly wrong, right? Isn’t the price drop mostly due to supply?
Well yes, self, but your point was that the cause of higher supplier may be partly reduced demand for interest rate prediction reasons
Hmm yeah I wonder
I appreciate your on the ground view from around the country to get an honest picture of the state of the real estate market.
I’m on Delray Beach. There was no inventory couple years ago but now the listing are started to appear.
Also in Delray. This is the flipper and investor capital of the USA. Everything is a a flip sold to an investors who is just no realizing that paying triple for the home was a really bad idea.
Many homes have been sold 3-4 times since 2021.
Delray sucks now anyway.
I love Delray, but can't afford it
There are plenty of homes for sale at $2MM. They were just $500k in 2021.
There is not a shortage of inventory. Corporations that have purchased subdivisions are not selling, they are renting them out, and they are having difficulty even getting renters. The corporate rentals are all over big cities in the US. Some right down the street. Great to see FL kicking off pre season for the upcoming 2025 crash. Wait maybe Im wrong because "this time is different..."
You're wrong about high inventory being a problem, it's high inventory of ludicrous houses that nobody wants or can buy. What the market is desperately in need of supply of is small, affordable, quant houses; something that any young worker can afford and start a family in. That has an insane demand that could make a lot of money off of. The market has been manipulated for so long that the supply we really need isn't getting built, and now all the greedy homeowners and real estate agencies are going to pay for it as they all sit on their portfolio of empty mcmansions.
Sachs real estate had a bigwig on recently that addressed this very issue. The issue is that the building and permit costs do not dramatically increase when building high end homes and/or condos or townhouses. And because the margins are much lower on affordable homes, they are not being built. And they are not going to be built...
Great video!! I can recall when I was homeless and faced many things in life until $50,000 biweekly began rolling in and my life went from a homeless nobody to a different person with good things to offer!!!!
That's lovely 🌹 if i may ask, how did you come up with so much biweekly?
It's Caroline Maria Bravo doing, she changed my life. A BROKER- like her is what you need
A lot of folks are still hoping for stimulus and salary to survive which won't do much!!! without no passive investments. I guess a few know about integrating into the micro economy to help substitute FIAT or usdt for a more tangible exchange Experience, it more like capitalization with about 43.307% profits/ ROI weekly though.. ps.. Caroline Maria Bravo, got me covered thanks.
I would really like to know how this actually works.
I've stated it all, the most important thing is to have enough starting capital and to have a professional expert broker to help you with your investment so that you don't make any losses.
It's definitely alarming to hear about a default cycle, especially in the context of the housing market. Defaults can lead to foreclosures, and that has a cascading effect on the overall real estate landscape.
While it's concerning, it's important to look at the broader economic context. A default cycle doesn't necessarily mean the housing market is completely finished; it might signal challenges, but markets are dynamic, and they can recover.
But if more people are defaulting on their mortgages, doesn't that mean home values could plummet?
Yes, that's a possibility. An increase in foreclosures can lead to an oversupply of homes in the market, putting downward pressure on prices. It's the basic principle of supply and demand.
How can people address concerns about their property values?❤❤❤
Now might be an ideal moment to reevaluate your financial status. If you're worried about your home's value, consulting a real estate professional or financial advisor could be beneficial.
Thanks for the update and keep doing what you do. My journey in the current market has taught me a lot of lessons, at the top of that list is that it never pays to live above one's means. I have managed to grow a nest egg of around $600k to a decent 7 figures in the space of a few months. Sad to say but a lot of us have poor money management skills. My 2 cents -get an advisor to keep you accountable and aid you make better decisions, Linda Wilburn has been helping me a lot, all through my journey. I find it better to pay a little bit more for peace of mind than worry about money or market trends and still get >burned.
Linda Wilburn program is widely available online.
Some areas in Florida sure. But come to Miami area. Housing inventory still cant keep up with demand. Lennar is building everywhere.
another really unfair thing about purchasing a home in Florida is that your property taxes are based on purchase price. So property taxes soared the past few years along with the soaring home prices. When you see an older home that was paying $2,000/year and you buy that house for $800,000 figure your taxes at 1.2% of that and your taxes are now almost $10,000/year
Spoiled. Those taxes are still very low. Go to any part of the NE USA and taxes way higher
If you're buying from out of state it really hits but you still get the homestead deduction which helps a little but if you sold a house you bought in Florida years ago when it was affordable you can carry some of that tax savings into the next in-state purchase, which is pretty cool.
Florida homes over values not 30% but 100%\200%some places
It's insane
Just remember that a 50% reduction in price will fully correct a 100% price increase.
That's everywhere
Oh no! The local buyers are the ones who are having their cars repossessed their credit cards maxed out their job security weekend and their students loans defaulting so trust me they won't be trying to buy anything for quite a while
Don't forget about the traffic issues cropping up. Many farms have sold to developers and now there's 300+ more homes crammed into those acres and attached to a 2-lane SR. All the 50's (52, 54, 56) and 301 are just turning into parking lots during the breakfast, lunch, and dinner travel times.
They stopped building to take a lunch break. Home building hasn't slowed down here.
We have a huge shadow market in the Orlando area due to Airbnbs.
AIR B& B will become AIR B & BUST. Their poorly managed, Junk FEES, simple greed catching up.
all of the vacation areas have that airbnb inventory looming.
We do to here in Palm Springs CA area. So sad.
Some nice relief for locals, but the market is wildly bifurcated.
I grew up in South Tampa but live in Chicago now (not a political move or anything, I just found a great job here) and have been checking in from time to time on the market back home.
Westchase (a suburb of Tampa where I lived for a while) has seen a bit more inventory growth; houses are definitely sitting longer. South Tampa, however - Hyde Park, Westshore, Palma Ceia, Davis/Harbour Island etc - all still INCREDIBLY tight.
So, at least anecdotally, areas that are further from city centers/built later are definitely starting to feel some pain but the cities themselves are still pretty tight markets.
Not a single large shade tree in that neighborhood. Its a shame what has happened to Florida.
I love the 55+ mobile home communities but the $800+/mo lot leases are insane and so greedy.
thats what i have been looking at for a second winter home but the lots rents forget about it its insane and should be regulated better there is no way i am paying 1000 a month for lot rent
Higher borrowing rates lead to a downturn in the housing market as fewer people purchase homes. Rentals are falling as more vacant commercial buildings are turned into residential condominiums.Following COVID, more individuals are working from home, office positions have been abolished by artificial intelligence, and business buildings have been turned into flats.
Apart from relocating into an RV with my wife and two kids, what are the greatest options for avoiding a financial crisis and optimising my $200k savings given the unprecedented rise in interest rates in 2023 and unmanageable inflation?
You are not alone we can no longer afford our mortgage, husband wants us to travel or relocate/I am proposing cashing in, walking away and renting while putting the rest in the stock market.
I believe that for the market to normalize, there must be a minimum 40% decline in home prices. It is advisable that you get advice for appropriate portfolio allocation from a knowledgeable advisor if you are unsure about purchasing a home. That's how I've managed to survive for the past five years and accumulate about $1 million in investment returns.
I would be happy to hire someone with a good reputation. How can I locate and thoroughly check them? We started thinking about the concept because we have a family lawyer who has periodically mentioned fiduciaries and we know how valuable they are.
Annette Christine Conte is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Great video. I have been looking at those areas but have been hesitant due to reasons u mentioned. Don't forget the CRAZY CDD and HOA Fees associated with these new builds. The HOA's also want to restrict you from possibly doing short terms ( no thank you, i want my rights to do whatever i want).
Yep. No CDD or HOA for me!
I understand about CDDs for condos but HOAs should be transformed to boroughs or small municipalities. Otherwise how can they be held accountable?
These have low HOA fees and the CDD isn't bad. The HOA fee's will increase after turnover--but virtually no common area for HOA so wont be bad.
@@TheBumbadawgagreed. But they place restrictions which depending on ur situation can be a pro or con.
@@jdm8220 Oh I don't disagree. Homey---I am an LCAM for a living. People pay to hate me. 🤣 I review a hundred CC&Rs a month and see some downright ludicrous shit. Saw it in NC and here. But, Florida Legislature is making some moves to slap down some HOA power which has bipartisan support. So we shall see.
Here in SW Ocala DR Horton is building homes, townhomes, apartments, by the hundreds. Enormous pastures are being developed and with industrial size equipment. I traveled a road I hadn’t driven in maybe a month, both sides of the road was beautiful pastures but are now dozens of acres of dirt piles.
DR Horton are the worst home builder. I don't understand why people don't research them before buying.
Ocala no longer look the same, all you see is cheap homes being build and distribution centers, now we see bears walking all over the place smh
One of my friend bought their DR Horton house in 2020 and just recently got severe leakage from the roof and windows, bad flooding for days till they figured out! Stay away from this construction company
Investors ruling the markets
These developers are destroying what has made Florida beautiful! I wonder how soon before it becomes just one vast suburb?
Part of the issues is they don’t build any infrastructure no stores no restaurants they just build houses lots and lots of houses. I live about 20 min away from where this was filmed and the only thing around me is dollar general floridas answer for everything is dollar general
Huh? Posner? Everything on Hwy 27? Championsgate is 5 mins from here. A new shopping center with Walmart etc popping up here so you dont need to go to Haines or Clermont. But Wilson Rd into Reunion.....this is 18-20 mins from Disney.
@@TheBumbadawg I live the other directions in poinciana in the back villages the closest store not dollar general is 20 min away. There’s two two lane roads going in and out traffic sucks and they are building houses like crazy.
@@shrek420ify Well on that we can agree. Pine Tree over here..which is one mile long is horrific. But yes...what is between us...is that hwy 17 through Intercession? That whole area is empty.
I’m a new dad, I moved to the Bay Area a few years ago and I’m thinking of purchasing a single family home, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.
great gains there! mind sharing details of your advisor pleas? i've started gaining more cash flow with my employment and looking at putting money into stocks and alternative assets that can help build wealth over time
Well, I chose Kristin Amber Landis as my advisor after her interview on CNBC In 2020. She is SEC regulated with offices in the US and quite frankly a genius with portfolio diversification. You should look her up
Do not buy. Prices are going to drop hard
last place you wanna ask for investing advice is a TH-cam comment section 😅
AMD is a strong buy @$165 but was a strong sell @$3.. lol, I wouldn't trust those "analysts".
I worked in construction for years and if the sites at the start of this video were abandoned, the rented portaloo and skips would have gone long ago. that said - I think this video is a very good illustration of how much things are changing.
I’ve been waiting for this part of the collapse. Saw this in Arizona in 2008.
Same here. Was in AZ, got rekkt, never again.
It started earlier than than in Arizona. 2006-ish, people started pulling back, cutting gym memberships. That was one of the signs.
The video is bs. Lol. That community is virtually built out. Astonia North is almost done and this is Astonia South. The Chateaus at Astonia (TH's) are being built next door. Best I can tell...there may be 3 spec homes for sale. Everything else is sold.
Arizona is up 6% year over year.
These builders made so much money that they can just close up shop and just wait it out. They own the land. They can wait a few years then continue building the sub divisions. They have no problem letting all of their sub contractors go except for the one or two good ones to keep around to when things get going again. We wish in the northeast that we had all this inventory but we don't have the available land to do these massive builds.
Well they need to finish the houses and rent them out or at least secure them! Otherwise the neighborhood will become a run-down hood.
Hey, be happy you don’t have to land to develop in NE. Then it would look like Florida. At least we have (some) charm and character in our towns.
They build cheap houses that can’t stand hurricanes. Why they don’t build with bricks?
Too expensive for the developers
these are block homes, 1st level is anyhow.
It's concrete block. Brick isn't that great.
Some neighborhood in south Florida are actually cast in place concrete with impact window. The only hurricane damage they get are roof damage.
So you're thinking a hurricane can't take down a brick house?? Don't ever under estimate the power of God. Do your research.
This is not good. I bought my house in 2005 in central fl.
It was in a beautiful rural area. The developers came flooding in and got zoning changed from ag to multi- family.
They starting removing acres and acres of woods.
They scarred this beautiful county then pulled out and left unfinished houses everywhere.
I survived the last down turn. My home is almost paid off now.
I pray to God i survive this one. Last time i lived on beans and rice and no meat for a year.
Thanks for coming to Florida! It’s nice to see you are seeing the same thing I am.
You definitely get a different picture of what’s going on by walking residential neighborhoods. In 2008 I did some door to door campaigning in Reno and Las Vegas. It had to be every third house had a lock box. On a weekend day you would see a lot rental trucks being packed up as people’s’ lives were thrown into chaos. I knew the housing market had gone bust, but seeing it brought the human cost into focus.
yes I was in Vegas then and often working in Phoenix and and I saw this too
I couldn’t hear him over the construction noise. Did he say the construction had stopped?
Being close to disney mean nothing when the entire state has abandoned the idea of equitable wages. 65k average income is not representative of median wages for the population.
So many unfinished homes in my neighborhood, makes our area looks like a dump.
The market is definitely shifting to a buyers market here in Orlando and the metro area. Inventory is going up with no end in sight. I look at new listings, pendings, sold, back on market, and inventory is continuing to increase and sold is not keeping up with new listings for the past few months, during the spring selling season. Insurance, property taxes and inflation is making housing even more unaffordable than just the rate increases. Foreclosures won't come in a wave due to us being. Judicial state, which means that it takes 2 years before a property can be foreclosed on. 2026-2028 is my guess for peak foreclosure activity.
I’ve been seeing the same. There’s one house they’ve been trying to sell since January and I’ve seen it pending and back on the market 3x already. Everytime I look at it and say “oh you again” lol and the price dropped 60k from initial asking. Now it’s pending, I’m curious if it sells. Also seeing 6-7 houses in the same neighborhood for sale. Inventory is seriously piling due to the ones not selling quickly (seeing most at 2-3 months now). I think he’s right. I think in 6-12 months there will be a lot of options to choose from, a full on buyers market.
Same here in My area homes have been on the market since March
new homes are less than older homes in every market. I just sold my house in GA and when I listed it I thought I was good price then the builders near me posted their new home prices and it was below my houses price which wasn't above market weeks earlier. I still sold but right at the price of the new homes going up. I needed to unload before those were built and I had to go even lower.
@faerydae29 keep me updated. The more people informing eachother, the better picture we can paint. Thank you for your information.
@@GambitC8 its important to know when you're hold'em and know when to fold'em.
Thank you for your hard work.
Minute 10:22. Hilarious, Nick! In Florida, when it's raining, and you hear thunder, watch out for lightnin! Thanks for the great report.
Probably why none of the home builders were working that day. Rain was obviously forecasted given the cloud cover. Not sure I'd consider that "builders abandoning projects" as the video title says. Especially since the equipment, dumpsters, and porta potties were still on site in most of those shots.
My Fiancee was head of a construction company in 08. He *thought* the company he worked at since age 15, so 30 years, he wouldn't get a pink slip. WRONG. They were working on TONS of houses in different stages, the company and abandoned them ALL.
The neighborhood he is in is called Astonia in Davenport, FL. None of the builders in the neighborhood are abandoning projects. When I visited it a couple of months ago all of the single family home builders were selling well and had waiting list. I know that people would love to see a downturn here in Central Florida, but I'm not holding my breath for it.
Exactly! Video creator almost borders on willful omission. Hell, the empty lots in his video have foundations now and most of those lots are sold. I could probably snap a pic of the "abandoned" home today and its near finished.
People are all moving to FL and those houses are filling up as soon as they are built.
@@TheBumbadawg I think the creator is purposefully painting a picture of doom and gloom in Central Florida that isn't there (yet) so he can sell subscriptions to his app and get more video views. He's been calling a crash for years now and it hasn't happened. The thing is negative content gets views. Also, people who want a crash will watch these videos for confirmation bias.
He can be wrong for years and then, after the slightest dip in prices (which still won't take us back to pre-pandemic levels) , scream "see, I was right." All of the doom and gloom crash chasers will praise him for his fore site even though he was wrong for several years. He wins no matter what, while people who sat out based this faulty advice will have lost out on lower prices and a potentially lower interest rate b/c they wasted time waiting for a crash that didn't come to fruition.
Title says: Builders now ABANDONING projects.
Skip to 2:43, construction workers actively working on the "abandoned" projects.
But hey, anything for TH-cam clicks
Saw lots of abandoned builds in 08. Pretty messed up, you buy a new home in a new neighborhood and you get half finished homes all around you further driving down value in a bad market.
I was in Southern California last time and I called them "war zones." Half built homes, empty foundations, dug out foundations and new streets with no homes.
This community isnt abandoned. His video is bs.
@@TheBumbadawg I'm talking about 08. Obviously these were not abandoned, there are people working on them 🤪
@@tradermunky1998 I appreciate that. I just dont like the original posters attempt at clickbait with the doom and gloom "abandoned" stuff.
@@TheBumbadawg I agree he did some slight of hand there, haha. But it's a real threat to anyone buying a new home in a new neighborhood at the top.
Housing starts came out this morning and are hitting lows seen during the lockdown, buyer beware...
Just keep building.
There is still 500 SQ foot of grass, we can't have that!
Need more WAWAs, shopping malls, storage lots, 300k plus spec homes 5 ft apart, crowded roads, schools, stores.
Need to choke out every last bit we can get.
hehe..thats true
Car wash and dollar store too
I live in Davenport (33837), and can assure you nothing's being abandoned here, infact just the opposite things are booming here! Traffic has become a nightmare, but that's everywhere in FL now, no escaping that! This dude isnt being accurate to say the least!
I work for an appliance company and do a lot of work for builders and lately most of new houses and townhouse are being bought by brokers and investors they buy 10 at the time .
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Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
The very first time we tried, we invested $1000 and after a week, we received $3900. That really helped us a lot to pay up our bills
You trade with Judith M Layton too? Wow that woman has been a blessing to me and my family
Please let me know how to contact her as I'm new to this.
she's mostly on Telegrams, with the user name.
while you are in Florida can you please check the waterfront SE Condo market. Many new being built in Pompano & Fort Lauderdale area. No price reduction yet?
Selling mine before my special assement is final 😢
From where I'm from, home projects get abandoned then repossessed by another builder pretty often. Houses are already bought and paid for by investors, but construction workers (mainly legal and illegal migrants) often quit in large groups due to working for extremely low wages.
Hell of a way to build a house
@@natalieoj3078lol
The opposite
Underpaying your workers is a hell of a way to fail to build a house
Hmm.. you say the builders have abandon the projects but the dumpsters sitting there say otherwise. Those dumpsters are rentals and they dont just leave them sitting at abandoned projects. I agree that housing is overvalued and expect them to drop anytime but 2 houses just went up for sale locally and they had multiple offers at the asking price. I know different areas have different markets but I dont think we are out of the woods just yet. I actually find it hard to believe its gone on this long but when it does drop it should be a hard and fast drop but logic just doesnt seem to apply anymore.
The problem isn't the inventory...it's the pricing
Amazing video. Thanks.
I saw builders abandoning properties in Southern California in 2008. In Hesperia, builders were bulldozing properties that were finished or nearly finished. There was a huge condo building that had the ironwork in place on Wilshire Blvd. It was left to rust for over a decade until it was torn down.
😮😮
these are the facts I saw myself
In 2008, I bought a 1500sqft 3br/2ba/2ga house on a lake in Tampa for $135,000. It is now worth over $400,000. Until the 3 corporations started this bubble a couple years ago, my house was only worth $200,000. Without manipulation, my house is only worth about $225,000. It is because of this manipulation this is happening.
The crazy thing is, this happened catastrophically in Florida in 1925-'26. Back then there were few or no government rules regarding developments and real estate sales, and people were frantically buying anything at all and then immediately turning around to flip it. Prices went up astronomically and then crashed disastrously, which was made worse by a terrible hurricane that struck Miami directly in 1926 when there were no weather forecasts and most residents had no idea what a hurricane was or how destructive it could be. Looking back at history, you get a sense of how patterns like this repeat themselves. Learn about these and act accordingly.
It rains everyday at 3pm in Florida
Only in the summer.
Just caught you in a lie. I live in Florida and you can't stop seeing new houses being built. 😮also that house you showed is not even on the market yet so you can't see it on any app or website, also it's in the finishing stages....There are so many they have to schedule them according to what supplies that they have and what stage it is in. Your full of it....lmao...You don't loose money in Orlando cause of Disney....
True. This guy has been selling panic porn for a while now
100% correct. That community (Astonia) is in Davenport. Drive through it right now. He caught some subs on a rainy day and declared it abandoned. Well, except for the crews working around him on the weekend.
@@TheBumbadawg Thank you for sharing the truth. Just for the views I guess. He has been wrong in a lot of his vids.
The United States still has a structural shortage of housing - especially affordable housing. Developers always seem to want to develop homes for a higher price point than what the market really needs. That’s why we have so many people who want to buy homes and what seems to be an inventory glut, simultaneously. Something has to give.
2019 was the end of affordable housing. Insurance in FL is extreme! One thing De Santis hasn’t resolved.
Appreciate the on the ground content!
I lived through 08' and this feels so familiar, the market melt up, the housing bubble...all of it. Gird your loins. If you think the job market is bad now, it can get so so much worse. I wonder if a housing crash without a market/economic crash is even possible.
Still building in the Florida Vero Beach area.
Def a lot of land in indian river county to develop esp if they change zonings.
You need to come here to Noblesville, Carmel, Westfield, or Fishers Indiana, where NEW home construction is out numbering the existing and crews are maxed out.
Praying for Florida 🙏🏻
OMG!! Expensive! In Toronto try multiplying those prices by about 3!
Nobody is forcing you to live in Canada. Plenty of your people live down in America now.
F Toronto
Awesome video bro!
and those builder grade homes are JUNK!
This product is semi-custom. They are built fine. Is there junk out there--yes. But these aren't bad.
As someone who has wanted to move there for a few years, housing prices there have gone out of control since 2020.
The problem is a lot moved to Florida because the prices used to be so low our plan was to move from lousiana to Florida when we retired because the prices was low. Well apparently everyone had that same idea. That drove up prices then insurance doubled also.
My favorite part about this video, is that you say builders are abandoning projects all while taking a few steps down the street and seeing the builders building the projects.
This dude doesn’t know a thing about home building
You were right all along. People just aren't patient and thought it either happens overnight or not at all.
Good information, thank you.
Listed my house in NC 54 days ago. Only two showings. Home completely updated. Lowered price from $430k to $360k. Just accepted offer for $340,000. Getting out ahead of the curve.