Proof That Something Serious Is Happening (FLORIDA CRASH?)
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- เผยแพร่เมื่อ 24 เม.ย. 2024
- We all know that home prices across the nation have been rising at levels we have never seen before, but one place, in particular, is facing challenges far beyond what resembles any bit of normalcy, and it's making everyone question the stability of this particular market, with many asserting that we are in the middle of yet another bubble.
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Video Clip Michael Bordenaro
• AVOID Moving To Florid...
Cash Buyers Chart
southfloridahomespot.com/2023... - ภาพยนตร์และแอนิเมชัน
People are not buying houses, Corporations are....
bingo
And Banksters
Thank you. And the corporations are REITs and private equity funds funded by the ultra wealthy.
There's a youtuber that braggs about owning 10000 hoses, like thats a good thing. He is part of the problem.. I have no issue with owning a few houses ok fine. But 10k? WTF. All he is doing is locking the renters in permanently. Yes it's America and he has every right to do so.. But he lacks morals and ethics on a huge scale. Same as Blackrock and the rest.
people also....just a wealthier group. It's a shame your governor just couldn't do anything about the insurance crisis.
Florida's wage levels were NEVER anywhere near reasonable.
Northerners don’t realize that but they will when they try to resell a home they paid 1M for that was only $350 previously.
Florida is like Horry county SC aka Myrtle Beach one of lowest per capita incomes in nation service jobs are low wage incomes Florida is in same boat.
@@user-kk3qg5el1m Just because theit house was expensive up north, doesnt mean it was better or even worth it. Parents came down from Maryland after selling their house and got a better one for 1/4 the cost of house in Maryland.
@@CaptnJack Your parents could afford that Md. home because Md. has good wages, and that house was worth it because it allowed them to buy a cheaply made but nice looking home in Fla.while banking a substantial amount as a retirement nest egg! But when you buy in a state that relies mainly on service jobs, economic conditions can destroy thier housing market! which means retirees that don't buy low and get into a low interest mortgage are screwed! Florida always sounds like a dream come true, but for many it's can quickly turn into a nightmare! Also ppl are beginning to realize most of Fl. will be under water in 30-40 years, most of southern Fl. is less than 10 feet above sea level!
@@billfitzpatrick6202 people said the same thing in the 60’s s & 70’s it’s going to go under water ! lol -I agree about cheap quality of the homes though ! It’s like that in a lot of the south.
Property taxes is how they steal your home . Solman
My insurance is about 1700 less then my property taxes
There should be no taxes. There should be no government. We should be like Somalia, run by a group of warlords where life is Solitary, Poor, Nasty, Brutish, And Short.
@@boxsterman77 Or, maybe more like Argentina's approach. Thanks to Milei they've seen lowered inflation and the first government surplus in many years. The founders of the United States were prudent and understood that a behemoth government serves no one except itself.
@@johnfranktullo3463 That will change rapidly. At one point in time my Insurance was 50% of my taxes , now the insurance is higher than my taxes are. This happened over a twenty year period of time. Being paid off this year I will no longer insure this home.
That is why a Political and legislative Movement to Establish a Form of Allodial Title, to cut out Taxes as being the economic and Political Weapon that Taxes are presently. When one's home is PAID for it should be one's home for Life with out any possibility of Taking by a bank or Government. This would increase Home Ownership and solve a myriad of problems. The Tax aspect would have to be approached from a different perspective - but taking taxes off the table when connected to one's Home would be excellent.
Florida resident here. Been calling this for almost two years now. Florida is getting hit both by an inflated market and soaring insurance rates. Even if people bought low and have a nice mortgage. Their escrow is short every year due to increased insurance. Which increases the homeowner’s mortgage by hundred of dollars every year.
So back in the day I lived in apt in lbv for 500 dollars a month. That was lbv anywhere else it was cheaper like you would not believe. The 08 crash destroyed living down here. But then they began to build again and all these junk gutter high priced properties for areas that meant to be for workers its a tourist economy. With everyone moving down here and overpaying
I don’t know one struggling homeowner and I know dozens of them lol. Most are buying new boats and shit
I was in Florida a few months ago to see family and the house prices truly shocked me. I'd pull up zillow and pick my jaw off the floor when I saw that people were asking.
My family there lives in a paid off house but they were saying the insurance and taxes have become a second mortgage they can't get rid off. Add that inflation and salaries in Florida, it just doesn't make sense at all.
Once I saw Rush Limbaugh's estate sell I knew things went full insane.. he paid like 5.5M in the mid 90's.. I get that was a lot of money at the time but it selling for $130M is pure nonsense. I could get if it went for 25M or something but for it to sell for well over 100M means something is seriously broken.
I thought this was only for "variable rate" mortgages right? The "fixed rate" ones shouldn't change. Property taxes and insurance rates are variable though.. obviously.
Its not cheap to live in Florida anymore, especially in Tampa. Grocery prices are through the roof! Rents are outrageous.
LOL 😂, there are plenty of places to live cheap in Florida. Funny how you look at the major cities and claim that everywhere is the same.
@@JackBean-rd4uo Name them? Even the more rural counties have skyrocketed in price.
Grocery prices aren’t cheap anywhere right now. Not just in Fl
@@laurenl3785 I buy chicken drumsticks on sale for 67 cents a pound and 80/ 20 hamburger for 3.99 a pound. People seem to like to shop at the high priced grocery stores. Yes , groceries are high .... but you need to shop around and I eat mostly meat and eggs . You don't need all of that other garbage like chips and dip, cheese puffs, pies ,cakes, cereal. All of which cost lots of money for something that your body gets nothing from.
Thanks Obama/Biden
Moved from FL to TN back in 2014. Bought a large, brick home on 2+ acres for $200k and never looked back.
Thank you, sir, for leaving 🙏
But - snow ❄️
But you now live in TN, no thanks
Florida is circling the drain. Completely sold out to developers that built in places that should have never been allowed.
As in... within 1m of a coastline. Better would be to have a 3 mile buffer. That would protect a HELL of a lot of property and real estate but...
Money is more important than safety or environment, even if it's the wealthy getting their properties wrecked by every storm.
Perhaps, or else as the local buyers get priced out, they'll get displaced by the 'foreign' market... aka, "3rd World gentrification".
Just look at all the cities and states whose budgets are an absolute disaster.
The amount of debt they hold while wealthy citizens flee while pension deficits explode. Those who remain will face higher tax burdens.
America is circling the drain.
@@randyme2151 Way I see it... the next four years will be telling.
If the tantrum toupee gets back in office it'll come down to something we'd rather not face.
I've got my popcorn for the show when Right turns on Left and high velocity arguments start flying...
Thanks to NY and NJ migrating here
I make 62k gross as an 18-year middle school teacher in florida. If I did not own my 840 sq ft condo, and were still living in my old apartment, I would be paying 50% of my take-home in rent. That would not include electric, water. In short I would be flat broke.
Making that type of income and watching approximately 55% go to housing is not sustainable. Eventually something gives.
My old apartment when I moved out 2020 was 1K month. It now runs 1800 for 675 sq ft.
I know people with kids who have been forced to move back home.
I hope they appreciate your dedication to stay and teach. Teacher create and mold the next generation and need to compensated accordingly!
@@JBoy340a why are you simping in youtube comments
I know a lot of teachers that get gigs in the summer and make an extra $20k to $30k running sports camps, educational seminars etc. Also, many teachers sell items on teachers pay teachers making thousands. Lastly, starting your own school can be lucrative and truly help the community.
Hope you sort it out.
🏠I hear the struggles of FL residents. Over 53% of the households combined take-home pay will be dedicated to covering the mortgage each month, reflecting the harsh economic realities of the current housing market in FL.
@@JBoy340aLOL 😂, I guess that you haven't been paying attention to the " kids" that are coming out of these schools lately. 😂
As someone who just left Florida last October - if incredible weather means scorching hot with 100% humidity for 8 months of the year, then yes, the weather is perfect!
Yeah, exaggerating a bit there bud........
@@realchurch2693 naw he's not. it's pretty dang hot and humid april thru november in south florida. still a great place but it's hot and humid most of the year.
@deepblue523fl I live in Ocala, 8 months out of the year it's beautiful and low humidity. June-Sept it's hot and October it's starting to get nice. Mostly rains in the summer, the rest of the years it hardly rains.
@@realchurch2693 that's not even remotely accurate and you know it. I lived in Tampa for 20 years
@@realchurch2693 Ocala is practically Georgia . South Florida is the real Florida
The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of
2020, it had dropped from 68 to 65
it's quite concerning. I'm worried about how it might impact our portfolios, especially in real estate.
the market has been crazy lately, a few surprises here and there.. with all the global happenings taking place I think it’s safe to say that a severe global recession is looming..
You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I've been with Eric Paul Elmer for the last five years or so, and his returns have been pretty much amazing.
Having lived in the Naples/Fort Myers area for 8 years now, I can see the Honolulu scenario playing out. It continues to be a playground for the rich here, and I don't see them giving that up anytime soon. Although I do wonder who they are going to get to fix their plumbing and mow their lawns.
Same for Miami, or even more considering a huge % of wealthy Latam people stores their money here in RE
You are exactly right about it being a playground for the rich. But, there will always be people there to provide maintenance such as plumbing and lawn care. And yes, I myself think that this scenario will play out for a long time. It’ll be a state to visit and leave.
All chiefs and no Indians huh? LOL
Climate change will take out Naples.
Naples perhaps...Ft. Myers no.
I've just made peace with never owning or even renting a home, working 40-50 hours a week for the privilege of sleeping in my car and showering at work. Im only making 4400 a month when you need 6000 a month to even rent out a studio at 2000+ dollars.
Sorry Sir,for what it's worth politicians are hired about 120,000 a year, and somehow after 5 years they became millionaires, taking bribes from Rich to keep raising the price so we own nothing and they have everything.
Lots of us are struggling. Know that you are not in this alone. I'm a Florida realtor and I live with a buddy because everything is so expensive.
You'll own some day. The math is in your favor. It sucks that you've had to be patient for this long, but trust me. 50% reductions or more in most areas are coming to all asset valuations, but also unemployment will be 3x what it is today so hoard that cash and get ready for a couple bumpy years while prices fall off a cliff.
Move out of the area. I did after 30 years. Your life shouldn’t evolve solely around your work.. we work to make a living not to consume our living.
I now have a 1.5 hr drive and im saving thousands each year and bought more land and more home then what I could afford anywhere in the same county.
Screw buying a property in this country anymore, you don’t own it while insurance and property theft skyrockets. I’m retired and going to just rent and that’s fine with me no govt agent is going to come in and declare my property a wetland or whatever and take it. May as well just rent, that’s all you’re actually doing when you buy a house anyway.
I live in FL and imo it’s exactly the same as 2006-2007. New Buildings going up everywhere for seemingly no real reason. Construction for the sake of construction because everyone moved here during Covid then the developers thought that trend wouldn’t end.
@Nordy941 The net inflow rate is down from COVID days for sure, but FL still has ~300K net new people a year, second only to Texas.
Oh and we are all being told to watch our water usage because there is a water shortage yet permits galore for new housing to strain the water supply even more...Brilliant!
@@EJ-mm8wc I’ve got a well. Works nicely.
China is going to live in them. They own everything now. Your govt sold you out bcuz they dont give a shit.
They never do. It's only about money. Dig into Carlos Barrouff scumbag developer who tried to get elected so he could skirt the conservation laws. Didn't get elected, didn't need to. He just bribed the county commissioners (who just resigned her seat, and the one who is now under investigation) to let him tear down acres of natural shoreline and mangroves. So he could put up tricky tacky over priced boxes that will never sell, for way too much money. It's a different spin on drill baby drill, with the same result.
If you like hot and humid, move to the Philippines.
For $250,000 and what you spend on property taxes in the US each year, you could have a luxury compound with a cook and a gardener.
...and yes, there are nice beaches.
People in Central Florida think it’s way more valuable than it is. Orlando is no place special and there is no reasons 1200 square foot home in a central neighborhood to cost 600,000 dollars.
truth Orlando was meant to be a tourist land like vegas, the locals live outside the main bubble and pays less but all these aholes moving down here ruined it
One hundred percent. Buyers overpaid. Correction underway.
I bought in central Florida. Over 300 a square foot. Didn’t want to, know it’s over priced; but had to have a place to live.
4600/mo mortgage with a good chunk down.
But I have to live somewhere.
@@user-wc8lu7qd2m Why would you want to live there. It’s awful.
@@winderwonder that’s your opinion. I’m surrounded by like minded (republican) good people. No blacks around. I have 35 acres surrounded by 100 acre farms. I am completely off grid but can still drive 20 min to anything.
I don’t pay property taxes. I don’t pay income tax for the state. I get to live in a red state.
That’s why. Just the lack of state income taxes more than makes up for anything else I pay.
In NY where my lake house is I would be paying $21,000+ a year just in state income tax.
He's not lying. I got approved for a 200000 mortgage loan in 2020 in Palm Bay. Shopped for houses at around 220000. Average homes were 150000 to 250000. Fast forward today, those same homes are 500000. I do chuckle when I hear news reports of homes went up 40%. Where? Brevard County has doubled and tripled in prices. And you can't compete with the "new comers"😂
Palm Bay is a crappy to live too.
I grew up in Brevard I had to sell my house after I lost my job at CCAFS. I live in N central Florida and make a lot less We can barely afford our mortgage here due to triple insurance costs.
We wanted to sell our house in FL in 2007. I knew that the housing bubble would burst, even though the newspaper interviewed real estate agents who said that it wouldn't happen. We had the house appraised and priced it $50K below the appraised value. This helped it sell before everything crashed. Moved to a rural area in NC and the price of housing, insurance, etc. was so much less.
Real estate agents are generally the worst people to ask about the state of real estate, they’re looking for a commission and that’s all. No matter the real conditions they’ll always tell you it’s never been a better time to buy than now.
@@davids11131113 Absolutely true. Why the newspaper chose to interview them, I don't know, but I saw right through it. The buyer wanted to delay the sale for about 6 months so he didn't pay a penalty for moving money around too soon, but I refused because I knew the market would collapse by then. Best financial move that I've ever made.
when I was younger it was florida for people to retire on fixed incomes, could afford a place rent, utilities and food etc. now if your on a fixed income you cant move there anymore. nc is where I would like to move since we will be on a fixed income and own our home and can sell it and buy another small place somwhere in teh middle of no where.
@@rosesmith6208 Even in the mountains of NC, prices have shot up the last few years. I know someone who bought a house about 6-7 years ago and sold it about 2 years ago. The real estate agent said to list it for $100.000 more than she paid for it. It's a typical middle class house, so it was probably about a 50% markup.
Wouldn’t it been better to just keep it till today. As long as it is in Florida…would be worth trillions
As a TN resident we’re experiencing the same thing but what isn’t discussed enough is where are we supposed to go? Our wages our lower than the rest of the country so we can’t just up and move.
We sold our home in SW FLorida not long before the last housing crash in 2006. We made a 200,000 profit and our home was paid for. Moved back up north to the midwest. Bought a piece of property and built another home without any mortgage. The only way to make a decent living in Florida is to have your own business that does well. My husband had one for 25 yrs as a sub contractor in Naples, Fl., worked on mansions being built. Kept his business very small. Just him, and 2 other workers. In spite of business insurance, taxes, and workers comp, all those thing plus salaries, we were making decent money. We built the 2 homes we lived in ourselves. Now if you built, you have to have a General Contractor. We moved up north and my husband went to work for a bricklayers union. He recently retired. Gets a small pension from the union. But theres no way we could live in Florida now. We made the right move by getting out many years ago. Never been back.😊
I retired last year, after living in Florida for 34 years. I sold my house. I moved to another state. Where I could pay for a new home in cash. I have no house payment for the first time in my life. It is not a glam house or neighborhood, but I have peace mind having no more 1500 dollar a month house payment and 5k insurance bill, besides the taxes.
You never mentioned inventory, Florida now has inventory higher than it's ever been, same with Texas, Arizona, and a few other southern states.
Yeah the "housing shortage" is myth. They have build houses everywhere.. even when I go to the mountains to camp or dive through very rural parts of North Carolina going the beach theres so much constriction. Not sure who wants to live in a former soybean field with no work or industry short of farming that really needs very little labor these days.
@@jonathantaylor6926 Bingo. Housing shortage has been a myth and always will be a myth. It's these economically illiterate people who fall for the "housing shortage" myth every cycle. It's always a temporary artificial supply/demand imbalance caused by FOMO and illegitimate lending conditions. The crash will be 30% worse than 2008-2010. Every single last bit of math proves it.
Proof?
Im in broward and inventory is skyrocketing because everyone that bought didn't think about taxes going up after a year or insurance and cant sell because no one is buying here 😮
@@joelsnyder8177I am in Miami-Dade and I agree with you. The insurance market is skyrocketing. However, with home exemption and save our homes cap they should not see large raises in assessed value. The bigger issue is in the condo market where we are going to see higher condo fees due to the new law passed after the Surfside condo collapse.
Many people in Florida are simply caught in a 'mobility trap'. Meaning they can't get what they want if they sell their existing property with a 2.7-3.5% mortgage and trade for a 6% mortgage so they are just staying put and getting a second job to make up for higher insurance and taxes. Yes, I'm in Florida.
6% mortgage still is too low. Called yesterday to see the VA rates. Lowest va refi was 6.5%. Current mortgage for VA is over 7% still.
That's true in all states regarding refinance rate hikes.
It's a difficult time and you are 💯 correct on the 'mobility trap'. One way out is to move to a lower priced home/state and use the equity in the home to pay off the new mortgage.
Exactly. However, when I refinanced at 2.25% I realized that I could go work at McDonalds and still afford to pay my mortgage (maybe not with ins rates now), but I can survive just fine on relatively low pay, because I bought a house well below my means because I can't predict the future. When I lost my job during covid, got diagnosed with cancer, and had no income for nearly a year, I was okay. Keeping up with the Jones' is the leading cause of why people financially ruin themselves.
@@dl8621 yeah. People get ruined trying to live a middle class life and have what their parents did.
People keep thinking people are ruin because they got a Starbucks coffee. The reality is inflation is up 500% since the 80’ and wages are flat.
Virtually all states are in a real estate bubble.
I know that for a fact, in Colorado since last April I’ve been trying to sell my moms house she passed away…initial ‘market price’ was $999,000, nice house almost 7,000 sq ft…. I said I thought that was too high, probate judge who I’d love to string up said no it’s fine…..12 months later it’s been price reduced to $750,000 and still no buyers it’s all complete BS full of hot air and farts, the real estate market is total lies. Meanwhile I have to pay utilities, HOA, property taxes…so I’m in the hole -$15,000 and no end in sight.
Damn.
@@davids11131113on that note, I know people laugh at California but it's crazy even here. My parents bought a house in a satellite city of Sacramento in 2015 for 330k, and in 2021 it sold for basically 700k. All the homes in the area similarly went up, and since I went to highschool that entire time I can say that town didn't change enough to warrant it besides a new Walmart being built
It’s not the house price , it’s the decrease in value of your dollar.
@PrestigeWorldWide777 not really ...housing has inflated at a faster rate than wages. 15 years ago the ave house cost 3x the ave salary. Now it is 6x. Don't get me wrong, I 100% agree inflation is killing us. But it is acting faster on housing, medical expenses, and higher education , especially compared to wage growth. Peace.
FJB
did u watch the video? even when adjusted for inflation, housing now is still way more expensive now than it was 40 years ago.
@@PascualMorales-py6gd Asset values are always going to go up with time. I believe the biggest wealth transfer happened in 2009-2012ish. Residential housing became an investment vehicle for those who didn’t get whipped out in the crash. You could buy up REO’s and homes for cheap. Large corporations have been buying up this type of asset. Very high inflation is making the asset holders richer, while making those who hold cash poorer. If I really wanted a home right now, I would buy something in another state that’s more affordable and have someone else pay the mortgage by renting it out. Eventually the equity will grow and I could use that to buy a personal residence or repeat. But if you are broke then maybe just invest in yourself by learning a skill or trade first. Get your income up and create passive income streams. Wild times!
@@Captainpaulbtyhtr Tuck Frump
Your lucky in the US that you have 30 year fixed rate mortgages. In the UK we have 2 our 5 years for the majority of the mortgage. Which means refi and people every month are waking up to a letter stating their mortgage has gone up when their 2 year fixed rate has expired and now out on the base rate.
@serenitycoastUK can you explain 2 our 5 years? In California I have a 15 year fixed at 1.75%. Only way I'm giving that up is if someone prys it out of my cold dead hands!
Much of the south is tolerable in the winter and just plain miserable in the summer. Florida raises it to a whole other level, some parts can be nice during the winter but other areas still get into the 80's in the dead of winter. Florida is just a hellscape in its own league. I'm obliged to visit there every once in awhile and it's always an exercise in minimizing time outside just to avoid cooking to death.
@whorhaydelfuego7190 Depends on your own personal idea of ideal weather. From my perspective south FL is perfect from late October through May and miserable July through September. By contrast Michigan is miserable from November through mid April and perfect June through August. I will take the miserable heat of a Florida summer over the miserable cold of a Michigan winter any day.
Florida property tax is insane
it is clearly a racket
Compared to NY/NJ it isn't.
what about no income tax? check yourself.
@@emichels NY/NJ has high salaries to offset the high property taxes.
FL doesn't.
@@thompsonrealty1 Lack of income tax is not that good. They need to make the money to maintain thing and provice services. In Texas they make it up via property and school taxes. We suffered a almost doubling of property taxes in one year. From $8K to 15K.
Inflation is roaring at 10%+, and has been for some time. Housing market reflects that. My expectation is that housing prices in general won't drop more than 20%, will stay stubbornly high in nominal $$ but actually decline in real, inflation adjusted $$. The trick s to understand the real inflation rate, not the phony govt one, and how it affects the prices of real assets.
I think there is a mix of both. The inflation rate is 100% a lie. My dogs bag of food just went up 19.2%... But does the FED believe its own propaganda? How can they cut when something like dog food (actually a very good measure of inflation due to its varied inputs) is up 6X more than their fake inflation number? But even with that lie, I think housing can still crash by a lot. For example I looked at a house last week. It sold in 1988 for $88,000. Well if you adjust for inflation 88K from 1988 is supposedly like $240,000 in todays money... But that home is on the market for just under 700K.. So I think there is no way in hell that house falls to 240K... but 440K I think is a real possibly.. that gives a 200K buffer for the real inflation that actually did happen... the rest of the price growth was from speciation as a result of very cheap debt.
Inflation has been at 3% recently…
3% is a lie, and that's "3.5%" at best. Food, ect seem about 8% y/y for the last 3 years.
I like in a small town in Tennessee but I have a home in Florida as well. And I plan to move permanently to Florida. And what people do not realize is Tennessee is having the same problems. High insurance premiums. Very expensive homes. Low wages. High taxes . And all prices are through the roof. It’s hard for multiple family members working to make ends meets. It’s not just Florida these problems are happening everywhere. The entire country will crash. I don’t see the paper $ being around much longer. No one gets bailed out next time. It will be a new reset with new currency.
No the whole country is not crashing this time.
No one can afford these houses, but someone is buying them. It's like Yogi Bera once said. "No one goes to that place anymore, it's too crowded"
And most people can't afford to put 20% down. They've been putting like 2-5% down. They're screwed
Yeah you save up 50K for down payment and during that time the homes you were looking at went up 100K while you were saving... carrot on a stick saving for a down payment for sure.
@jonathantaylor6926 it would be wise to buy rual land and a camper , start a market garden that's what I'm doing.
Wouldn't it make more sense to have less money tied up from a down payment? Honest question.
As a retired Army veteran I have no intentions of buying a house at my age 63 years old I'll just rent a 1 bedroom apt, I can live off sandwiches, hamburgers.
@eddieBoxer I think you're intelligent enough to get a camper and some land , plant fruit trees and berry bushes , market garden $
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.
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.
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Not a crash, just a settling down, in 2011, our condo near the ocean was worth $150,000, now its worth $650,000, a stunning rise--Prices are still super high even though inventory is growing
Florida is becoming such a bifurcated market that median home price is less and less useful as a metric. It would be better to divide the market into quintiles and examine the median price for each quintile. My gut feeling is the lowest three quintiles will probably see price drops to reflect how tapped out buyers in those markets are -- these are people who actually work for a living and are not seeing their pay keep up with soaring insurance and other costs. The upper two quintiles will probably see price increases because the wealthy are doing well and there is continually refreshing demand with wealthy people wanting to retire someplace with nicer weather.
I lived in Florida for 15 years total over the last 30. Back in the mid 90s when I first went there there was no money there. When I left there in 2018, there was no money there. I’m a trained real estate appraiser and I can tell you right now that the home prices were jacked up by competition from northerners coming down there. This is why they hate us. A housing crash in that state is inevitable. I was taught in real estate school That appreciation and depreciation on real estate was maximum 2% either way. 50% appreciation is not appreciation at all It is speculation. And the thing about speculation is it eventually all comes crashing down.
I'm a RE investor, and a FL native. It's looking like 2007 all over again.
Because everybody from up North that moved down here was willing to pay the stupid prices that they're asking that we would not pay keeping the prices where they're at and making them go higher. That's why that news did a program called priced out of paradise. But nothing changed
🎯🎯👍
Home and auto is outrageous where i live. Dont know how much longer i will be able to afford live here.
If the economy goes South, watch out. There are a ton of properties that folks picked up when interest rates were so low and turned into AirBNBs. I live at the beach and almost every home around me is an AirBNB. Economy goes down, and those AirBNBs will be empty.
If ?
I couldn't wait to get out of Florida. Family moved to WPB in 1965 it was paradise. Fast forward couldn't wait to get out retired to rural Georgia on 135 acres. As far as I'm concerned it's a five star rat hole. Visited friends went out fishing over 500 boats off Palm Beach. Mean angry sweltering people cashing windmills.
Thanks for leaving a great, affordable state (and country) for your children and grandchildren! We'll be sure to rent forever while paying off your excesses for the rest of our lives.
I grew up in FL in the 1960's. My family and I were in Punta Gorda from 1963-'66. My dad was from Polk County, 45 min from where Disney is now.
There are tract houses on the orange grove my grandparents had there. It was so nice! It breaks my heart to see FL now.
It's becoming "Californicated".
Over inflated prices. Crazy insurance premiums. Crazy taxes from over inflated prices. Inflation out of control causing money issues for normal people. Real employment numbers not good. I would say something bad is bound to happen soon.
Now, now, now. According to the present administration, everything is fine and dandy.
Yes, according to current administration, everything is fine and build back better. Biden economics is working all horseshit.
@edwardvahlin569 The Fed is trying to make something bad happen. It's the only way to cool off the economy.
$2400/mo to rent a 2/2 apartment in Ft. Myers. We’re struggling.
Same apartment in Pinellas would be $3k+.
Same here. Also in Fort Myers off Colonial. Rent is redic here!
Same here. Also in Fort Myers off Colonial and rent for a 2/2 ridiculous!
@@Seanheery Yup, we’re neighbors I’m in the Forum off Colonial.
I have a niece just moved in to a house in the outskirts of Vancouver Canada . Rent $4000.00 plus utilities for a 3 bedroom. Insane. The previous place $1400.00 a month . Unfortunately for my niece the owner is selling the place. At age 84 she wants live stress free. I basically don’t know how my niece is coping with that large output on rent . I don’t think they eat. It boggles my mind.
Throw another 50% for higher insurance and taxes.
You are doing it wrong if that is the case. I pay very little in property taxes, and $101/year for insurance. Just got to know how to play the game. I'm living oceanfront in a nice place with those bills BTW.
@@wowzers1069 Not in FL, that's for sure.
@@wowzers1069 Where do you live, and what is your home insured for? Most all beach front homes in Florida need flood insurance and insurance are very high in Florida.
@@wowzers1069 zero chance you're paying $101/year
@@BrigCommander I'm paying $99/year with a $2 surcharge via State Farm for a total of $101/year. It took some work to get my insurance to that rate. I learned a lot about WHAT to buy to get the lowest rate. Despite being oceanfront got the insurance game beat.
Comparing HI to FL seems ludicrous. HI are relatively small islands with extremely limited build-able real estate, so it is logical that prices would be higher. FL is a vast state with seemingly endless development opportunity, and yet prices have exploded unreasonably, including inland swamp land. I live in one of those inland swamp lands and the prices here were recently in the 250k range, but now you'd be lucky to find one under 600k.
The best locations in FL are built out. Lots of not so great is left and the rich don't want that
Exactly... Not even close for a comparison, but I think he was swinging on that one just to compare.
That is crazy.
The lower center of the state is swamp and farms. Not really buildable.
Florida resident. The main 2 issues that lead to the bubble NOT bursting, are; companies purchasing entire neighborhoods to rent out, and individuals/companies buying houses to use as Airbnbs. We can't find homes to buy because as soon as they go on the market one of these companies snatch up the homes to rent out. We need legislation against companies owning residential housing, and how many airbnbs are allowed in an area. Because I know several condominium complexes that are just ALL Airbnbs now. It's gross.
Florida will Tank Hard !!!
Florida is a cesspool of Idiocracy. I was born and lived here my entire life, and it never ceases to amaze me, how this state has become a dumpster dive. Housing way overpriced, insurance way overpriced, rent way overpriced, services way undervalued, wages way undervalued, ridiculous laws that some are considered unconstitutional applied into law, some of the most horrendous law enforcement, corrupt politicians, the list can go on and on. The only thing this state has been good for, is providing for the wealthy, and providing things for them to buy. That's about it.
You Can Thank Disney Corporation and The Treasonous Lawmakers They Bought
Well said!
Keep voting Republican if you like what you're seeing in Florida. Lol
@@genew5758 I don't vote for either, as both sides are corrupt!
You talking about florida or new york... 😅 you think florida is bad...lol.
I've been here since 74. I'm moving back to Alabama soon. It's gotten worse here. Over development, over populated and here in Sarasota county crime is getting worse.
Insurance fraud. Finally someone said it and he's right. That's why your HO and Auto Ins is so expensive. Just about every home in FL has new roofs. You have to ask yourselves why? Even Citizens Ins. is having fraud issues.
Houses crashed in 08 because people that shouldn’t be lent mortgages got them an when the variable interest changed caused a wave of foreclosures vs today that mortgages are now being hold on by corps and people that bought cash.
@_nimrod92 Correct!
higher over-inflated prices, raising interst and insurance policies are new variable APR%.. 😂 there you have it... the recipe you were looking for.
Great video. I like the new format with the guest TH-camrs inserted, it provides for good contrast and additional information.
Great format I like it!
It's certainly overvalued, but the cost of raw materials has gone up significantly. You can't build a "typical family home" for $252,000 even with an honest (rare btw) independent builder. The market will certainly adjust, but I think there is a cost floor here. The one exception for this are older homes that don't meet modern wind codes- these homes will continue to lose value faster than average.
correct
There are several builders where I live building 3/2/2 1400 sq/ft homes.
Those old homes aren't losing value. And the way to avoid this travesty of USA explendor is bulding your own house.. But government doesn't want to. True that prices have gotten up, but jacking up or marking up 3times its value it is something that has been happening for years to the point that its unsustainable!
The math ain’t mathing! How does anyone afford any home these days? I make a pretty good living and couldn’t afford a decent home!
I’m in the Tampa Bay Area (St Pete), and we’re seeing inventory rising very quickly (+250% in my zip code since Jan 2023) and prices falling. That being said, the few home sales that are closing are still at least 2X the price they were pre-2020. Eventually, either these home sellers will retract their listings or sell for deep discounts. These discounts from the relatively few home sales will have a huge negative effect on comparables.
We had a ton of out-of-state transplants during Covid, and I think they’re leaving because (1) they’re having to go back to work in NY and the rest of the Northeast, and (2) the summer heat and hurricanes are too much for them. We had several very bad storms over the last few years.
Prices rose because of these transplants. Local wages can’t support the home prices we’ve seen.
Also, Michael Bordanero lives in Miami, which is the most expensive area in the state - so while I like his channel, I don’t feel it’s representative of the entirety of Florida.
It’s at least a little bit ironic that he complains about people moving to FL and driving up home prices, when he’s clearly also a transplant - His NY accent betrays him lol
On one of his videos, I think Michael B said he is from the Mid West ....
Local wages can and do support prices.....bartenders and waitress make 60-80k in a summer, not a year. The market is the market. People are still flooding in from the north to escape blue zoos and will pay anything.
Yes hes not originally from here in Fl but the difference is that he came here years ago to move here for whatever reason. Everyone else that has moved here in the last 4 years has only come because it was beneficial to them to sell high in their state and buy low in ours. That was their entire reason for moving here. They drove prices up intentionally because they had the money to do it and did not care that it meant pricing the rest of us local noncash buyers out@SUSANBAR31
@@doctordetroit4339 You got it. Everyone is spouting the negatives of FL on here, but the reality is it has net inbound migration still at 300K per year.
@@doctordetroit4339 the average bartender and waitress in Florida is not making 60-80k in a summer. All of the available data contradicts that statement.
Home price appreciation = True measure of inflation
Home prices are just half the struggle here in Louisiana/ southern Louisiana specifically.. when your mortgage can be $1000 and your insurance will be $1200 a month it’s insane and nothing being done about it.. lots of people selling just because of that and moving north
Drug dealers make the price go up fast, you could buy a house with just a suitcase of powder.
Florida’s legislation passed some laws last year that very few people are talking about regarding the insurance issue. It will take another year or so to see the effect, but it should have a significant impact. They did a major reform of the tort laws, the contractors predatory practices and insurance company regulations. Lawyers filed 200k claims in two weeks before this law took effect!
Shows how much it will affect them.
@@youflatscreentube I’ll look into that thank you!
Im having to sell my moms Key West home after she passed away although it’s paid off, just the HOA dues taxes and insurance are about $4,000 a month it’s ludicrous I can’t afford it, and my house too. Even to rent it I’d just get about that much a month so what’s the point?
Home prices have not increased. The fiat currency is just that inflated.
Deflated. The currency is destroyed. 1oz of gold used to cost $50. The dollar is gone, being propped up by a corrupt government.
@JohnSmith-db2oc Real-estate is local. There are certainly markets where home price appreciation has FAR exceeded inflation, and other markets where they haven't.
That old adage, “Figures don’t lie but Liars sure can figure”.
The business world is turning to buying single family homes, turning them into family rentals for the more successful.
You went off the rails at "according to Zillow the value was..." Their home buying venture went bankrupt for a reason, Zillow AI is clueless. Income figures are lagging the trend: rich people are moving to Florida while poor people are moving out because it has become too expensive to buy homes. It sucks for a lot of people, but Florida real estate is following the same trend as in California 30 years ago. The Hawaii example is also similar, but they have a more limited supply and onerous regulations restricting supply. As you finally said at the end about Florida "it's the new normal."
Boomers are all cashing out and retiring right now. As with Las Vegas and Phoenix getting all the fleeing Californians. You have the same effect happening, people are dumping in high-tax areas. FL is still pretty affordable if you have cash from another part of the country.
If everything is selling, this is the new normal. If things slow drastically, prices will adjust.
But the old norm is dead.
I've lived and closely watched Seattle real estate values for the last 50yrs. Your story is how Seattle went. And it's paused a couple times but never for long . The locals have howled constantly about values but everything sells and the benchmark marches forward.
Now this only works if the area is popular . If not and the area loses its MOJO, and prices fall with it.
That paradise lifestyle is only comfortable a couple of months a year...add traffic, crime risk, inflation= not worth it. Even the well off are biting their nails.
@kimmberrleeohthatsme5493 The Crime rate in FL is below the US average and FL sits in the lower third of all states for crime rate, despite being the 3rd largest state.
Thank goodness my 2-story condo is paid off! Purchased in 2005 @ $200,000. Association fees, not that bad compared to nearby areas. Dad suggests I sell for $350+, but then what? Stuck here in Miami.
It's not just home costs, it's also rents. They are through the roof!
Also home insurance companies are robbing us!
I was born and raised in Brevard County, FL -> eventually moving to GA, MD and then back to Orlando, FL. Brevard is nothing special (the space program is cool) and the median salary is nothing compared to Central Florida so much so that a salary on the Coast feels like 2016 again. But the rent is 2024 Orlando levels for some reason and there's no point.
Why all the hate for Florida? Just looked up my property in Lake Nona (Orlando)on Zillow and my property value continues to rise. I’m not a fan of Zillow as its values are based on algorithms, so I’m basing my info on a professional appraisal I had done. Sure, insurance costs are out of control but I’m hoping insurance reform is next up on DeSantis’s agenda. Florida remains an awesome place to live and I’m thrilled to call it home.
So, what should be done about YOUR INSURANCE COST???? Should I pay more to cover YOURS??????
Where have you been, DeSantis signed the new insurance bill into law in 2022, the problem has been taken care of.
The insurance industry got $1 Billion, policy holder's got nothing.
The industry has donated $10 Million to DeSantis since 2019, they wrote the code overhaul legislation.
The new code shortens the window to file a claim and makes it almost impossible for homeowners to sue their property insurance companies. It removes the right of homeowners to recover attorney’s fees, even in lawsuits they ultimately win. Insurance companies are now allowed to create new policies with mandatory binding arbitration agreements in exchange for a premium reduction
@@JackBean-rd4uoWhat makes you think I would expect YOU to do that? I’m referring to Torte reform. Meaning, I give up my right to sue (which is all the rage down here) except in catastrophic circumstances, and my premiums will be reduced. You can sign up for it or not, your choice. They have the option in PA. I know because I lived there. You pay your own damn insurance and I’ll do the same.
@@dr.williams5251 Interesing. Is this just for homeowners insurance? Was nothing done for auto policies?
FLA had the 2nd highest auto insurance rates in the nation in 2023.
The governor will deal with that when it becomes a problem,
for the auto insurance industry.
He's a busy man, enslaving pregnant women, fighting Mickey Mouse, banning books.
Florida's a dump
Yep! Im a native Floridian, and Im looking to leave.
There were else to go it's all the same democrats did this nation wide
Saint Petersburg resident 8 years, rent has doubled since the pandemic. 400sf for1600 to 2 grand plus water is extremely expensive and electric has gone up 50%. Car insurance doubled from NC to here. Of course food has always been expensive here since much of it comes from CA. Highrise apts construction is everywhere. Starting price is 1 million dollars...
Brevard was not said correctly! :) lol Lived here my whole life, 3rd generation floridan.. if my insurance was not so high I could have paid my house off a long time ago, but due to medical situations, after the last storm the payment on the house is about 10% the rest is insurance and tax.. and yes, the house needs a new roof, that would bring the monthly payment way down.. but as I have just found out I am getting laid off in 2 months and even after chemo, medical issues go on.. its sad, I do love florida but its too expensive now.
Don’t understand why income takes so long if ever to catch up to inflation!
You did not mentioned taxes. The high cost people pay also increases the tax which increases the mortgage payment.
I've heard an idea that recent stock market rally and extra inflation pressure is from US investments in China coming back home (lot's of extra cash). Reducing exports from China also won't help, Walmart stuff can get more expensive too.
My home value increased an insane amount since moving here. My home insurance was more expensive here but hasn’t really been rising. My car insurance on the other hand keeps going up. All that said, I LOVE IT HERE! 🌴☀️
In 2013 I bought a 20 year old 3, 000 sq. ft. home, 5 bedrooms, 4 bathrooms, bonus room, 3 car garage, and an enclosed pool on one acre for $335k. Gorgeous neighborhood in St. John's. I don't even know what it would go for now.
oh at least a mil
@@FirstnameLastname-oy3bc My curiosity got the best of me and I just looked on Zillow. High end $846k so pretty close! But we all know that's probably low nowadays. Crazy.
Car insurance has doubled. One year of car insurance is as much as my old truck is worth. Plus my jeep it's 4700 a year
Thank you.
Been in Florida since 1986 , bought my “Starter” home in dec 1985 for 54k , liked the area and still like it today that I expended it in 07 , today it’s valued at 450k but I have no interest in selling it, but my homeowners insurance is still too high at. About 6500 a year even though we’ve never had a direct hit from any hurricanes since I moved in . But my taxes are still less then one of my relatives who lives in New Jersey
Florida WAS a nice place 20 years ago. It’s way too crowded now. No thanks.
Capital flight from around the world has changed the economic norms of many markets. Florida, Arizona and parts of Texas come to mind as the impact areas. Locales that have been renown as tourist destinations are now the destination of top end retirees and entrepreneurs. Get used to it.
I live just north west of Orlando. The city that I live in has seen dramatic growth over the last 20 years. Now, they are breaking ground in a new housing project in Plymouth Sorrento. This project is supposed to be bigger than Baldwin Park, celebration, anddowntown Winter Park. With 13,000 homes and it’s right next to the extension of the 429 I just got completed. Keep in mind the last year they already put four new neighborhoods right around the 429 up here by me. Now they’re going for this one. I have one question who’s gonna buy these housesin this market?
Very informative! Thanks!
Price always reverts back to the mean. The only way this could be the new norm is if the economic growth was organic and stable. Extreme quantitative easing caused this inflation. This is not sustainable. The jobs data is manipulated. We are in a recession that hasn’t been announced. The interest on our national debt is $1 trillion every 3 months. The consumer credit card debt is the highest it’s ever been. That means people are living off of credit cards or using them to maintain their quality of life. Cars are being repossessed. Mortgages are going into default. Commercial loans are defaulting. Tiny cracks are starting to show. Eventually the dam will break and a collapse will occur. Florida is the canary in the coal mine
Prices are number of sales are holding up surprisingly well. I'm not seeing any bargains
I don't know about all homeowners insurance in Florida,
but mine (homeowners and windstorm) both doubled in 2021,
and doubled again in 2023.
When I purchased my Broward county home in 2002,
I was paying a combined $1600.00 a year for insurance.
I now pay $ 9800.00 a year.
And no, I do not live on the water, or have a multi-million dollar
mansion.
I will however, (when my mortgage is payed off) give the windstorm insurance
both fingers. This is probably the new trend here, in south Florida.
Moved here 3 years ago and your numbers are pretty accurate. The biggest scam is the record cost of home owners insurance.
skyrocketing housing prices + low wages + mass exodus of insurance companies... I'm no expert, but that doesn't sound like a good sign
The wealthy of America and the world invest in dollar denominated assets. Real estate and Treasuries are the most common purchases. As long as the U.S. dollar remains the global reserve currency of the world, dollar denominated asset prices will always rise/inflate in the long run. This video is a good video because it understands that wages can't keep up with prices. The asset might keep its price level, but the population's wages and wealth won't. This will only worsen. It's not a guess. It's a certainty. Wages in America have been declining since the 1970's. The cost of living for things like housing, healthcare, education, etc have been accelerating beyond the imagination. As the U.S. dollar loses its exorbitant privilege in the global economy, the asset prices will drop. Wages will drop even further. Low cost goods and services today will become much more expensive, since the U.S. doesn't manufacture enough to meet demand and won't for many years to come.
It's going to be a mess. The important thing to remember is that things like housing, healthcare, food, clothing, public transportation, are all absolute necessities for any society. To put the burden of cost onto working people is a crime. Since the end of the Bretton Woods period, American wealth has not been a function of the American working class. American wealth has been a function of global currency and global trade. When that ends, the wealth of America will once again depend on the American public. This is when asset prices will fall. The wealthy and their government won't be able to use bogus legal solutions to protect the wealthy. This is when the American public will have the opportunity to change the political economy of the nation to address the needs of people, not of assets. Housing is what you use to live. It's not an asset. I don't buy art or gold. These are assets. I can live fine without investing in assets. I can't live without housing. Soon the American public will wake up to the reality that both political parties and the media have been brainwashing all of us. We are people, not animals.
I was ahead of the curve and been here about 7 years. I can see a significant difference from when I first arrived. I came here because my father and grandfather live here. I wish I would have known this was going to happen.
We bought in Fort Myers 2 years prior to hurricane Ian. Paid $620,000 for the home. After hurricane Ian hit fort myers we listed the house 2 weeks after. A couple from Sanibel purchased it for 1.1 million. They have had it for sale almost a year now for 50,000 more than they paid and it is not moving. Also we were paying $2,200 for home insurance and $1,200 for flood insurance. The couple that purchased the home are paying $8,000 for homeowners insurance plus $3,000 for flood insurance. It has gotten insane with insurance. Thank God we sold when we did.
Housing. Prices are unsustainable but people are buying them anyways. This is how we have a serious housing problem. In 2008 it was all subprime but now it's everyone. If prices drop peole will be upsidedown and will walk away from their mortgages which will have a huge impact on banks.
If goct tries to bail out banks it will cause inflation. There are no good answers here l, we have exhausted all of our economic manipulation tools.
@anthonyb.9336 And where will those people go? If they walk away from their mortgage they aren't getting another one and most rentals do credit checks now, so they'll be screwed there too. I don't think anyone that can make their payments is going to walk away from a house and live on the street just because the house isn't worth what they owe.
@@richardjohnson8114 they will rent. If they can't afford their home or, their job requires them to move but they are upsidedown then they will walk away. I would say 50-75k is likely enough debt where people will let their home be foreclosed. In 5-7 heard they can. Uy a new home.
@@anthonyb.9336 Most rental properties require a credit report, and 1st and last month rent, so probably not as easy to rent as you think with a foreclosure on your record or when money is really tight.
I own two homes with one paid off and the other soon to be paid off with a $370/mo mortgage. My secrets: never do a 30y mort, put at least 20% down, be agnostic about which home you want and where, hack at the knees in negotiations until someone gives in. The price of all homes is what you pay for them, not what owners want to be paid. Last, avoid a RE agent. Be your own agent. Never buy until you've looked at at least 20 homes in an area. I also recommend considering forming an LLC so you can write off depreciation and interest expenses to offset your income taxes. Last never use your home as an atm, never refinance unless it's for a lower rate, never do a silent second and never do a heloc.
Literally not a single person got a good deal on a house in the last 3+ years. That was impossible. Negotiate? Thats funny. People couldn't even negotiate in a home inspection into the deal let alone a price cut. Home sales were more akin to auctions with the "asking price" really more like the opening bid. Your advice is good but impractical in recent years, but hopefully things are changing..
Yeah you live in a suburb in central Florida too
Okay boomer
@jonathantaylor6926 you're right that some areas are just impossible to operate in.
If you're looking for rental properties tho, it's not impossible at all. I just got a place in December for nearly it's pre covid price. It had some real cosmetic issues, but I spent my childhood painting and renovating houses with my dad and abuelo. The owners were a divorced couple who had overpriced it and run themselves out of the peak season. I offered low, and stayed low, they finally accepted, and it's almost ready for renters. Went from pretty ugly to rather beautiful. I've looked at around 30 houses in that area to find this one. Be persistent. Find distressed sellers outside of peak season, and cosmetic issues are a huge plus. Scares away the normies, you can learn most anything on TH-cam now to fix that stuff up. Get a thorough inspection though, never use the realors inspector and two inspections is better than one. . Most builders do garbage work anyways, you can do great work if you put your heart into it. Most people are basically useless with their hands, and labor costs a fortune now, take advantage of that and do it yourself.
Sounds you haven’t made an offer on a property in 5 years
You forgot to mention the effect of covid. My home value, based on Zillow, had a rapid rise during covid (Sep 2020 to Jul 2022). Homes were bought up quickly for rentals (Air B&B) and that drove prices up. Also, the influx of people, primarily from California and New York is also driving prices up, as you mentioned. This is a supply and demand situation. The residents of Florida that already own homes, are still OK, provided that insurance and taxes do not sky rocket (although insurance is ridiculous already).
Absolutely ridiculous. In Jacksonville, our condominium continues to get cash offers 100% over purchase price (2021). We are literally turning offer after offer away on a weekly basis.
Not just there. My place in Co was 350k in 2019. Now 775-800k recent comp. Absurdly ridiculous. This is the fed 1/3 MBS. Yellen and Powell destroying the cost of living to avoid a 2007. What a joke.
Now its CaliFlorida minus the crazy gas prices
And the progressive liberal communist democrats.
When my parents relocated from MO to CA that also was a cheap state to live in, it's sad other states are following us off the cliff.....
This is a play with numbers. Here is my reality. In Nassau County, I bought a foreclosure condo for $105,000 in 2010. I sold it in 2017 for $189,000. I bought a house lot for $80,000 with the profit and built a 1200 sq ft house for $200,000. Zillow has my house now for $650,000. Let’s say the value falls 30%. If I wanted to sell should I be upset? I would still have a major gain of over $100,000.
Hawaii doesn’t have the ability for new inventory, meanwhile florida builders are pumping out more and more houses.
Hawaii has a limited amount of supply, and always will, Florida still has plenty of room for more supply to be built.
Agree. Florida is not running out land.
The weather is not incredible. Half the year it’s Horrible! Heat and humidity!
It depends where you live
Just wait until Summer...
Property insurance and property taxes alone a pricing families out of most desired neighborhoods in FL. Even if you don't have a mortgage or can cope with it, people in fixed income (i.e.: Retirees) can only cope so much with price increases. Property insurance in FL has more than doubled from one year to another in several locations. Rich people a corporations have been buying property for investment and helping create the increased prices and low availability of properties.
My wife is a real estate broker and yes things have slowed down but people are still buying. A lot of folks are cash buyers. What amazes me is people think it’s too expensive to buy but yet they are paying twice as much monthly to rent a home in Orlando as it would cost to own the home.