Florida's Housing Market Just Signaled a MAJOR Warning to All...
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- Опубліковано 1 жов 2024
- Latest Florida Video: • Florida's Housing Mark...
The Florida Housing Market is in a free fall, but not all markets are feeling the pain of the 2024 housing market crash. In this video, we look at 5 listings in Port Charlotte Florida - a middle class area getting slammed by crashing prices. We will be looking at short sales, massive $50,000 price cuts on cheap houses and more. #florida #housingmarket
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DISCLAIMER: Ryan Scribner, including but not limited to any guests appearing in his videos, are not financial/investment advisors, brokers, or dealers. They are solely sharing their personal experience and opinions; therefore, all strategies, tips, suggestions, and recommendations shared are solely for entertainment purposes. There are financial risks associated with investing, and Ryan Scribner’s results are not typical; therefore, do not act or refrain from acting based on any information conveyed in this video, webpage, and/or external hyperlinks. For investment advice please seek the counsel of a financial/investment advisor(s); and conduct your own due diligence.
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If you enjoy this video, be sure to check out my latest Florida Housing Market video here: ua-cam.com/video/nawBZY6tWwY/v-deo.html
The housing bubble in Southwest Florida has officially popped! Great boots on the ground analysis Ryan
300k for a tiki hut we are definitely still in a bubble all of those houses on that video should be no more than 160k
The man himself!!!! Wanna Collab? Love your videos man
@@RyanScribner yeah that would be awesome! Shoot me a message when you’re in Miami 👌
@@MichaelBordenaro would love to see a collab with both of you!
@@alexcastro5081 YESSSSSSSSSSSSSSSS AGREE
I have been in Florida since 1959. People do not understand how important land elevation above sea level is. Much of Florida housing is built stupidly. Port Charlotte is awash with stupid.
Wow! Thanks for these insights, totally agree, even within the same neighborhood a foot or two can make all of the difference, and there are going to be higher and lower houses - I would always suggest looking at a house in Florida after a massive downpour to see what the place REALLY looks like
As is ft Meyers, Cape coral, Naples,..... same leaders to the bottom as in 2007.....
All cheap rentals are in the crap flood zones
@@Pleasemisonagreed the only way where u gonna get a decent rental that’s not in a flood zone in southwest Florida is Lehigh acres, not the most developed but it’s growing…..
North port got the worst flooding next to the beach areas storm surge.
You provide some good information, but it is overly alarmist. I'm born and raised Floridian and people don't worry as much about hurricanes as news and youtube commentary would have everyone believe. It is sad that houses were allowed in flood zones, and any buyer should examine flooding map and ask specific questions about what a house has experienced. I do think the comment about permit violations is good, and people should realized that unpermitted work, especially roofs in florida, are a big problem.
I have worked for contractors here in SW Florida from Northport to Naples since Hurricane Ian in 2022. The real problem that I have seen here with most of the homes, is that most of the owners are not even fully aware of the extent of the damage to these homes. While there was likely water damage to a majority of the homes here, small or large, the biggest issue with even minimal water damage is the dangers of MOLD damage! Mold is highly toxic and dangerous to human health! Most owners even now in 2024 are not even aware of the mold/water damage. We’re still getting calls from owners who thought they needed a little paint or cosmetic work only to find out their home needs to be remediated and gutted which costs tens of thousands of dollars. Most of the hurricane victims could not get contractors to come fix their homes even if they had money to fix them! So homeowners either gave up and listed their homes for sale or they’re still trying to get contractors to come fix their homes. The damage is so extensive and sadly most homeowners were either not financially prepared to fix their home and the insurance companies were either not paying at all, or taking 6-12 months or more and a law suit just to pay out part of the damages. Florida and this are in particular has the largest retirement population in the country. Sadly this age group is struggling to take care of themselves on a daily basis, let alone to be able to recognize that their home has water or structural damages or be able to follow through with the “headache” of getting a contractor to actually show up and follow through with repairs on their home. Sadly the contractors are just overwhelmed with huge home repairs and homeowners on fixed incomes who don’t have the money to pay for repairs. 😢 meanwhile insurance companies are raising rates to astronomical rates, counties are raising taxes on homes substantially in order to pay for fixing infrastructure on roads and water overflows, and of course, the utility companies who took massive losses from hurricane damages have raised rates as well. 😢 yes Floridians are struggling and so selling and moving out of state is a very desirable option for those who have enough strength and energy to do so. There’s no way these homes are worth even half of what they’re listed for. Even then I personally would not want to purchase any home built prior to 2023-2024 as even the new construction homes that were halfway built during Hurricane Ian were damaged and there’s no way to know if they were compromised by water and mold damage which can destroy a home over time and cause many horrible and hard to detect health problems for people over time. I will buy new construction only after 2024 and must be thoroughly inspected for mold prior to purchase and after the market crashes which is obviously happening already.
That was a very honest and thoughtful analysis of what is going on and what to watch for. Thanks for taking the time to post.
If the inspectors that come to assess damage when the home owner calls after a Hurricane or any other weather event causing loss of property, the inspectors NOTE ALL ISSUES. Therefore they DOCUMENT that water breached the inside of the home/apartment/condo/townhouse. That information can usually be found pretty easily. Another thing, not all mold is "toxic", but some molds can cause health issues, but you can get someone from the City or County to come inspect and take a sample of the mold and send it off. Usually that service doesn't cost a thing. LOL - and you are TOO FUNNY, not going to buy a home that was built prior to 2023, I would take my chances and due my due diligence on buying an older home rather than the "look alike, cracker houses box houses" they are litterally building in RECORD TIME and there is NO WAY crap isn't being done behind those FINISHED WALLS AND THERE IS ALSO, WITH THE RECORD AMOUNT OF HOMES BEING BUILT THAT THE CITY AND COUNY INSPECTORS ARE DOING A THROUGH JOB, THERE ISN'T ENOUGH TIME IN THEIR DAY TO COVER THE MASSIVE AMOUNT OF BUILDING GOING ON IN FLORIDA. AND FOLKS BETTER DUE THEIR HOME WORK AND DUE DILIGENCE ON SOME OF THESE PRODUCTION BUILDERS LIKE DR HORTON, AND I THINK THE OTHER IS PARADYM OR SOMETHING LIKE THAT. THERE ARE MANY VIDEOS ON UA-cam ON BUILDERS GROSS INCOMPETENCE IN BUILDING QUAILITY. GOING TO BE INTERESTING TO SEE HOW MANY OF THESE RAPID FIRE BUILT HOMES HOLD UP HERE IN FLORIDA WHEN THE NEXT BIG HURRICANE HITS. THEN WE WILL SEE HOW THOSE CRACKER JACK BOX HOUSES HOLD OUT
So basically your saying every house in florada gets mold . Nice to know . I'm sure they end up like the front concrete driveways that they have to power wash every few months .
Our home was under construction during Ian. Thankfully our area didn't flood and it was at a state where there was framing, but no drywall or any sort of finish work.Wind blew harmlessly right through the home. (I think it also helps we are surround by trees on all sides, this likely broke the worst of the wind) Had it fully inspected but thankfully the worst of it was re-doing some of the flex ducting, which had broken loose from their hangers. Port Charlotte however is more low lying than where we are and I fully agree. So many people were hurt so badly by this, its awful to see. I see it worst in houses from the 50s-early 80's where developers didn't bother raising the homes up above ground level, and where owners did not retrofit hurricane ties/straps.
That house is not worth 165k, it's worth $55k. It sold for that in 2015 because that's what it's worth. 2022 was already peak bubble. Idk what people are thinking listing for even more in 2024, especially in this area. There's nothing down there. Almost no good paying jobs, and those are tiny old shacks.
Hmmm paid $69k in 2015 and they NOW want $249k even with unrepaired damage. This is at 1641 sq feet, at $249 k= $151.74 sq Ft. At 2015 price of $69k it is $42.05 per sq Ft. So, even at $100 per sq Ft, the home is worth a max of $164k….probably less, looking at the 2015 price.
It is possible this will sell for no more than $100k or even fall to the price in 2015 at $69k.
If they bought it so low, why can’t they sell for say $125k….probably the owner took out homeowner equity loans (HELOC’s), so now they have to sell for much more than this house was ever worth.
But no one is dumb enough to buy at the over-inflated price level.
If the short sale fails, the owner may e looking at a foreclosure…
@@maryrenaud6732agreed, but some idiot may come along and buy it. Fomo is a MF.
Not one home you showed is worth 160K those homes are worth less than what they cost when they were built, and many home builders are going or about to go bankrupt, that's where the guys are, looking for a new line of work.
Hot take - but you're probably 100% right...
Because....I live in fantastic, beautiful Sarasota. Port Charlotte is ugly and boring and hurricane inviting.
@@jalqassar I lived in Sarasota for many years and built the Gingerbread Man Restaurant many years ago it is now called the Sarasota Brewing Company on Gateway Ave behind the Mall on 41. The last time I checked it had a fire and was closed down but you are correct Sarasota is beautiful, 30 years ago it was a quiet little town and the only time the traffic was heavy was in the middle of tourist season, I could tell you some great stories of that town.
LMFAO "bring your own kitchen special"!!!!!!! 🤣😂
Hahahahah, it's gonna sell fast!!! Just wait 500 days!
😂
Market is alive and well! I feel really bad for those who don't understand how to shop, what to know, what to avoid. TIP! NEW AND NEWER homes have home insurance up to 75% less than older homes! Also, use common sense! Live somewhere in the center of the state! FAR less worry of storms! Also, cheaper insurance. AND a little known secret I won't tell you. The hint will be, learn about ELEVATIONS! People wasting money in 2024 on new homes in the wrong high risk areas are either insane, or stupid.
They just need to make these float or something. Honestly if it got destroyed before why in gods name would you build it back the exact same failed way? Make it fiberglass, the traditional home doesn't in this environment. Do better.
LOL!!! This is gold
The problem is once drywall gets wet you have mold and it needs gutted so I guess you could find a waterproof alternative to drywall and maybe keep the electrical stuff high enough up then put a metal roof on it. Or just have no walls.
This Florida housing crash is going to be epic. With insurance rates going through the roof, inflation ticking up possibly signaling future higher interest rates, insurance going stratospheric, a recession on the horizon, in another year or so there could be as much as a 80% drop in prices due to the only people purchasing are cash buyers a severely discounted prices.
Sounds like the Great Depression 2.0, I'll be sure to keep doing videos like this as the crash continues... sad situation - and it really is mostly cash transactions but those people buy in Miami, Tampa etc. not Port Charlotte, this area got SCREWED
Talk about totally missing the ball on this. All the homes feaatured are older ones built before all the hurricane protocols. Most of these homes are held by people who bought them years ago and probably dont have the resourses to rebuild. No one is going to buy them, thats why they are building a ton of new houses which by the way doesnt sit on the market. Most are sold before they start construction. Prices has gone up drastically on the area so people with the older homes are hurting as the are becomes gentrified.
Yup!!
In Florida it's a plus to have funs or multiple fans in all rooms. Even if you have an AC a fan enhances the cooling. You are obviously not from Florida! LOL
Hahah, you got me, I am definitely not from here - I rent down here (relocated in 2021) so I wasn't familiar with that, but now I know!
@@RyanScribner I live in Arizona and have fans in every room. They are cheap actually and they make the place feel better even with the AC.
It’s amazing to me that they’re still building up new construction with plywood and two by fours. Even the apartment buildings are not even built with concrete. What an absolute disaster.
Not only that. There's a house being built next to me and they just left all the lumber out in the rain. It's been there for weeks and looks totally warped.
@@mg-by7uu exactly, see I’m really surprised because I thought most homes in Florida were made of concrete. It’s no wonder why the hurricanes do so much damage every single time. Most of these homes I’m seeing are not fit for a human being to live in, even after fixing. I can’t imagine paying these prices for a home that will undoubtedly flood again. The houses aren’t even on stilts.
@@ChaseMaximilian yep and the insurance costs are insane.
When a hurricane does blow the toothpicks down or flood the insurance company is nowhere to be found.
Or they'll drop you as soon as it shows up on radar 😂
Totally agree, the houses in Miami are concrete & stucco fortresses, Shingles & Hurricanes DO NOT go well together (same with plywood and 2x4s), Miami is almost all Clay or Metal roofs
@RyanScrtile roofs took a beating in Cape Coral as you must know ibner
So glad we were fortunate to see the writing on the wall and sold our SWFL home in the summer of 22 just before Ian ! After 17 yrs there, the area was no longer Paradise for our retired life!
Where did you finally move?
WOW! Great timing, congrats on getting out, sorry for your friends/family in that area potentially, this got ugly fast
Good move..
You’re very smart
What didn’t you like about it anymore? Too busy? Where did you move to?
Wow! These people lost so much money. Plus i am sure Charlotte, Florida wants their city taxes still.
Ugh I know... it is really nauseating to see how much was lost so quickly, those lenders should never have approved that $275,000 mortgage on the short sale, this could financially ruin folks
Reminiscent of 2008.I was doing trim work for Pulte homes in a new development. In a matter of months, they discounted the homes from half the original price just to unload all the new homes they built
Almost seems like these areas will become abandoned ghost towns, any new construction should be stilt type homes or at the very least be built on 4’ stem wall foundations and high quality metal roofs.
My family and I lived in Punta Gorda in the 1960's. Port Charlotte back then was mostly empty.
The SW FL housing market is looking a lot like it did in 2007. Look out below!
Would this be the definition of insanity. Do the same thing over and over again with the same results
We need a crash in NYC. Florida isn't that bad compared to NYC, $1M houses in the ghetto, migrants and crime everywhere..
Would LOVE to do a similar vid in NYC this summer looking at the Commercial RE, San Fransisco too maybe?
All those houses look dumpy and not worth the prices they are hoping to get. I did not see one house I'd be willing to buy there at those grandeur prices. I'd be interested in seeing a similar very honest video such as this one on the Ocala, FL area sometime.
Ocala is a lot cheaper than Charlotte county
@@raymondkidwell7135 I had heard that a year or two ago, just wondering if the prices have doubled in the last year or two like they seem to have done all over Florida. Also curious about the crime and job situation there.
Ocala is country. There’s not any jobs there but it’s a nice cheaper part of Florida.
Ocala is inland. No beaches. All the inland areas are cheaper than the coast and less populated.
@@raymondkidwell7135 Thank you for the info, very helpful.
I'd give $40k - $50k for any of these homes.
No kidding right
I think it’s hilarious how you don’t show the previous prices that the property sold for before 2020 hahahahah then you can see the real price of these houses
Hurricanes, property insurance and HOA's have pretty well gutted the market in parts of Florida. I gave up on Florida and moved to Arkansas.
What part of Arkansas?
925 sq ft and $220,895? That’s ridiculous! Very poor renovations and outrageous insurance costs.
If you actually live in Florida, you know that everyone of these houses that he showed are $75,000-$150,000 homes. That’s all they’re worth even with damage. Nobody is going to pay that much here for homes unless they are from New York New Jersey Ohio or California. They’re the only kind of people that buy these homes and then they don’t even want to live in them. They want to rent them out or flip them but then nobody buys them because the price is too high again. This is a trap Florida. If anybody hasn’t noticed there is no industry in Florida so no one works here for a living unless they are servers. Think about it the reason they ask so much for these homes is because that’s how they make a living is ripping people off.
There is definitely industry in Florida. We produce an enormous amount of pine for lumber. To a much lesser degree we also supply citrus, melons, grapes and mangoes as well as beers and wines. Sun exposure can't be downplayed for those who wish to have the best immune systems and lowest incidence of lung disease. While tourism is huge for Florida, we're also one of the biggest shipping lanes this side of the seaboard.
@@josephasbury4492 😂😂😂😂👌
@@MADBurrus Why are you laughing? Florida has the 4th highest GDP in the country.
@@rogermccaslin5963 hahahahahahaha
@@rogermccaslin5963 GDP…Gold Digging Peasents
This decline is regional and a political hit job on this Beach area. The new building codes, requirement for flood insurance, and increase in real estate insurance are driving residents out of SW Florida
Anybody watching this video has the same impression. Port Charlotte is a dump. Hurricane Ian made landfall at the south end of Charlotte Harbor. We were exposed to 140 mph sustained winds and 160 mph gust for 9 hours because the worst part of the storm, the northeast quadrant, passed directly over us. Every house received damage. Some more than others. Every road sign had their post bent 90 degrees. Every tree to include palm trees had their leaves stripped. Most medium to large trees were lost. That is why in this video there are very few trees. The other contributing factor is we have an extraordinary dry period from November to June. Then an extraordinary rainy season every summer. It is hard to grow anything down here and if it thrives, then the bugs consume it. People flocked here during Covid to escape closed state lockdowns. The remote work concept allowed people with good jobs up north to live and work down here. Allegiant Airline granted access to Punta Gorda with 28 direct flights a day from cold northern cities. The planes are always full. When Fort Meyers, Sanibel and Captiva were decimated in the hurricane all the people who normally wintered there decided to do short term rental in Port Charlotte until their regular spot was reopened. Simultaneously, you have thousands of insurance adjusters, utility workers, charity workers, roofers, and debris cleanup companies etc. all filling the hotels, short term and long term rentals. A huge bubble in demand emerged. Most of the hurricane chasing workers have moved on. Homeowners are still fighting the insurance companies and getting pennies on the dollar. Price gouging is in full effect. For example, a tile roof installed in 2003 for $30,000 cost $190,000 today. Resurfacing a pool in 2015 cost $4,700. Today the exact same job by the exact same company is $12,500. Charlotte county has one of the most elderly populations in the United States. Most retirees on fixed income cannot afford to fix their property and pay the huge increase in homeowners insurance premiums and property taxes. They are the ones running for the exits. The median household income in 2021 in Charlotte county was $59,285. There are very few corporate and high income jobs here. With outside cash investors avoiding the area after they drove up the prices, all that is left is a modest earning local population who refuse to pay exorbitant amounts for real estate. The inventory will continue to pile up and unless you price your house right for this declining market, you too will see your listing on Zillow 200, 300, 400 days.
YEP and there is no need for service workers like Roofers and others to price gouge to that extent. The price of things have increased, but when they give you a detailed quote, you can to to Home Depot or Lowes or other supply companies and add up the cost of the materials and WHAMO - YOU FIND THEY ARE MAKING more than 87% profit - There is no call for that. AND MOST THAT are buidling contractors, plumbers, electricians are all MEN, AND MANY GO DO CHURCH ON SUNDAY.. Laughable isn't it? (Of couse many go to Church so they can say the are a Christian, but they don't practice being a Christian, so many going to fall off their bended knee trying to explain themselves before God). Knowing this and all of todays crooks and satanic goverment makes my heart sing. It's best to stay on the right side of the Lord.
I wouldn't call it a dump by any means! We just had a BAD hurricane. There are many older houses occupied by mostly older, retired folks on fixed incomes who owned there houses outright and didn't have insurance and now can't afford to fix them. That doesn't make the whole area a "dump" at all.
These houses were never up to hurricane code plus they were originally built as summer homes in the 60s and 70s. And of course the elevation is so low that it's going to flood at a moment's notice. Most of these newer builds in the late nineties and newer have higher elevations , metal roofs and impact windows. A lot of these people's insurance isn't paying out yet. We had a metal roof no damage, pool cage just a couple of screens, garage door replaced from being dented by some missile. Boat dock had no damage. A lot of people's roofs are just getting put back on before the next season because the insurance is playing the who's going to move first game for accepting their lowball offer. Remember the last quarter 39% of the houses purchased for cash. Our new neighbor from Miami paid cash for his house and it was over 600,000 and it's only two bedroom and he's looking to buy the lot next to it on the water for 750000. He said if this was in Miami you'd be paying triple. He said more people are coming here. Those houses you're showing are people running out of money and I don't know why they would still have a mortgage on some of those houses you were showing. I mean it's common sense that if the house doesn't have a kitchen or other major problems you're not going to be able to get a mortgage. But you got to remember there were people paying cash for houses left and right and it didn't matter and at some point when they get to the bottom somebody's going to dive in and start buying this stuff again to rent out. And a lot of these new houses are sold quickly and and the builder makes sure he puts them on a high level that doesn't require flood insurance. What you're showing is some really bad looking houses.
Found this channel from Michael Bordenaro! 💯
That is awesome!!!! He will be in my next video :)
31:10 that's a 75K house, that's all its worth
I got lucky in my area ohio. bought a 5500 sq ft. 2 commercial properties available. Tenants upstairs pay all my bills 850 sq. I turned the rest into my man cave $55k i paid in 2017. Its a nice place 5 furnaces 3 bath. We paid cash. I dont know whats its worth Zillow wont tell me. but its not forsale so whatever. Its my cave and stole it. Flordia people are off the chart when come to $$. We have houses up here that are only on the market for 6 hrs. and gone, no place to go in my area. Ill never move to FL only visit for 4 days Then I wanna come home
Love it, I have a "house hack" that costs me $0 a month in NY bought in 2019 and upgraded it a lot over the last half-decade, I am also NEVER selling that baby
Why so many furnaces ? Are they portable radiator heaters ?
very good Im with ya, I had someone put a sticker on my building said we will buy it. Im taking my man cave to the grave. Never sell always buy. Go in my cave I got everything I love it. @@RyanScribner
All of these examples are just tiny blips on a very crowded radar screen for flippers trying to get out. 😢 You still have the issue of insurance in Florida as well 😮
I could've probably done an 8 hour video like this, you're totally right, this is a drop in the pot!
@@RyanScribner ❤️👍
I am from the tropics it BLOW MY MIND why flroida builds with match sticks. dude why is no one using cinderblocks and concrete??? Houses would survive hurricanes no problem, just mop and pressure wash... DONE
I wouldn't take a free home with the ridiculous taxes and insurance. NO THANK YOU
I would. 💰
You don’t need insurance if you don’t have a mortgage so all you need to worry about is taxes. Though I guess you’re screwed if you can’t afford repairs after a hurricane
@raymondkidwell7135 exactly. I want to buy in like 3 years to move to Florida but I'm now wondering why lol just do monthly rentals and getaway to Florida may be a better alternative
And yet, so many people-agents argue “Florida real-estate will always be in demand.” Not according the aging out baby boomer demographic, that drove the market for the last 12-15 years. This massive population are in the early stages of selling; this and the cost of mortgages, taxes, insurance, HOA fees, maintenance and repairs will have a seriously negative impact on home prices. 👇🏽 I hope I’m wrong, but the cracks are beginning to appear.
Yikes! You're totally right about the aging out aspect, and those HOA fees can go up fast once people in the neighborhood stop paying them for one reason or another
HOA's can be abolished.
Unless Trump wins reelection and actually keeps his campaign promise to deport everyone, there isn't a population problem. He didn't do much the first time around, so I doubt anyone will be deported.
Please do a video on port Charlotte, englewood, rotanda etc Cape Coral. Our city/county was impacted worse than ft Myers. Ft Myers received more storm surge and flooding from the ground up whereas Charlotte county and south Sarasota county received most of the wind damages as well as flooding from ground up and roof down. North port had the worst flooding in this area. Yet didn’t get much media coverage in these areas. Rotanda west city recorded wind speeds up to 178 mph and almost every home in these areas had to be blue tarped. Still homes have not been repaired, thousands of homes still have water and structural damage that haven’t been repaired due to insurance companies that either can’t or won’t pay out and homeowners who are maxed out and having insurance and taxes raised on them before they can even get their homes repaired. Contractors can only help so much as they’re overwhelmed with work for homeowners who can’t afford the cost of repairs during one of the highest economic inflation periods in history. 😢 many homeowners are being forced to live in 3rd world like ruinous conditions with often no a/c or water running or be forced to move. Yes it’s that bad! I work for contractors and worked in many homes under these circumstances with often elderly folks living under harsh and unsafe conditions.😢
A 50K going for 200k might be part of the problem! All these homes are trying to sell WAY OVER VALUE, Banks & Buyers know this! Noone is buying an old house for 100k less then a NEW one in a BETTER Area! Ft Myers & Naples are out in the sticks as far as Florida goes, a place once build for CHEAP Retirees in no longer "cheap" never really was. These people watching professional flippers and trying to flip in the wrong markets are learning the HARD Way. Also many of these homes likely got flooded with NO flood Insurance and the people couldn't make repairs and thus the homes have been abandoned for the bank or flippers, and thus the lack of work.
Only the rich are buying on the costs now, with ELEVATED properties with surge in mind, as they should have for when the occasional hurricane storms in, still less common then twisters in Oklahoma! Central Florida is doing much better.
Dude you are hilarious 😂. Bring your own Kitchen. Stove sold to pay mortgage. Sad. What is going on in this country. Best review ever! ❤
Hahahahah, thanks a ton, I agree it is sad tbh
Awesome video man. Keep up the good work
Thanks so much!
I loved watching!!! You could do a whole separate channel analyzing property listings. I learned a lot about what to look for in listings. 👍
Thanks so much!!! I really enjoyed this and it will definitely be an ongoing segment on here
Please do a video on Fort Myers. We moved there during the great resignation. We lived there for 2 years and could not find a decent home for under $400K. We ended up moving to Alabama after hurricane Ian. The prices were so inflated...
people should relized what are they get into not even a good weather very humid ...and HOA and Lot rent ha...ha not me good bye FL
True!!! not to mention the insurance racket
Can we say, worst than a 💰 money pit? Like 💦 water doesn't get in the WALLS 🧱?😲🧐
When I see a nice property for a relatively cheaper price, I look up the address on the county’s flood zone map. It quickly eliminates most from further consideration.
YESSSS county flood maps are a GEM, this is such an important comment - pay attention folks!
This Joe in the morning made me vomit that's why O dont watch MSNBC
There are job deserts in florida. What you gonna do work 75 hours a week while your house rots to crap?
This is such a good point!! There's really no jobs there, not everyone can work from home either, maybe they can all work at the Tiki Bars... LOL
Air bnb that shed lmao
Thanks for the info packed post , great to have boots on the groind !!
You got it!! Thanks for watching and commenting
Insurance rates are at monthly mortgage payment amounts. Gonna be tough.
Show us the data in the area showing a buyers market. Number of pendings divided by number of active listings plus pendings in the last 30 days and tell us the subdivision, the asking price range used and the percentage of pendings after the computation. Thank you. Then I'll go on Zillow to verify, which everyone can do for free.
I have a fan in each room to help circulate the A/C more efficiently. I am in Central Florida and have dine this in each home we have had.
That makes sense! Thanks for sharing, we've solved one mystery now
@@RyanScribneryeah I've always had fans in my homes, in Florida it makes it more comfortable, without having to keep the AC running so hard. In most cases, anything more than a 30° differential, is placing a strain on the system.
I don't understand Floridians! Your in a HOA! Paying dues. The house will flood at some point! No 🚢 boats allowed in a HOA? House's not on stilts? Doesn't make sense?🤔 It's like take my money 💰?🤔
Race to zero that’s why people are holding till interests go back to normal/good ol days
And sadly with inflation coming in hot, that seems to be less than guaranteed
The good old days were rates at 15 percent in 1980
I’ll consider buying a house when a 1700 square-foot house sells for $140,000
The housing market in Florida has already been popped and a lot of people I think are personally desperate to either move out of their current spot or just leave the state entirely, they can build as much as they want doesn't matter if it's condos to penthouses to townhouses or multi-family units if the pool of people are not there to buy then there's no reason to keep prices up with these rates because it's just going to sit there and waste away. Also I think Florida is experiencing a major crash and the employment field because even if people are coming over here the wages are not keeping up with today's economy and a lot of employers don't want to give out raises because it's either they are greedy or they need to keep the business around longer which I understand to a certain point but if you're working here making only 15 bucks an hour to 17 if you're lucky starting out that's not a lot of money to live on while rents are crazy high. I'm glad that I'm renting in the hood in Sarasota even if the area isn't the most nicest I'm blessed to be able to be downtown pretty close for under a thousand bucks by the end of the year A lot of people are going to be pushed out of Florida either non-voluntarily or by choice and with the extra real estate stacking up right now it's not going to be pretty for people to buy into this market and also the luxury market is going downhill even if they can build homes on lido or siesta key Beach not many people would pay the insurance and the cost to maintain that high of a risk factor. Just stack up your money and looked towards other options and think about ways to cut your cost and if you want to buy a home I recommend you buy the land outright and do a simplistic cabin or something because you just need a place to live in
GREAT insights here, thanks for sharing!
Your talking about the west coast east south Florida is crazy and ain’t coming down
If the area floods why are they not building on stilts? What is the governor of the state doing for this situation? Whenever buying a house anyplace check if they got permits, history of the permits matches the work. Too many contractors willing to do work without permits. Also check the lawsuits of the contractors and that the permits are legit.
You are really really good at this. I learned a LOT.. THANK YOU.
Glad it was helpful!
Dang bro your are less then 200k from a million subscribers. I remember when you quit your electrician job 👊
Hahahaha thanks man!! Wow, you are an OG - that was back in 2017
It's one neighborhood in what is clearly a flood prone location. Those prices, for those houses, are somewhat attractive to me for... reasons. But, if it's in a flood zone, and if I have to get flood insurance, it's a no from me dawg. We live in Pinellas right now, which in theory is more storm prone, but we're at the county's highest point, not a flood zone, not an evac zone, no flood insurance needed, so they'd have to cut those prices even more to interest me personally. HOWEVER, one neighborhood's bad fortunes doesn't imply this is a Florida-wide problem. It's not.
Actually most of sw Florida has 7-8 months of inventory right now! Buyers market! Home owners in sw Fl keep dropping their prices, not just this neighborhood he’s showing.
@@amandabrau-v6w Oh, yes, I'm not surprised that in areas with lower population densities will see some drawback, but I don't see it in the major metros, except MAYBE the Jax area. But Miami, Orlando, Tampa, Ft. Lauderdale and etc. I don't see it. A prolonged period of relatively flat prices, perhaps, but not a drawdown, and even if I'm wrong about that, not a huge one like we saw in '08.
Bring your own soffit and facia special. LOL
Good for my generation, houses are too expensive rn
Exactly, the crash is actually a correction. There's been a bubble in many states..
I do feel bad that it’s at the expense of regular families, and not developers who took advantage
House prices are absolutely ridiculous. Smh.
How about fixing the flooding problem before fixing the cosmetics.
We gotta fix these darn hurricanes
You can not have enough ceiling fans here in Port Charlotte, it is hot hot hot. Why are you showing the worst neighborhoods? We all got hit bad here with the hurricane. I had $108,000 in damage, luckily my insurance company paid for most of it. The insurance and property taxes are getting way too expensive. Florida will be only for the wealthy in the near future.
I live here too and exactly the same comment! Of course we have lots of ceiling fans! And he picked the worse houses out of the whole town!
When u come back to fort Myers can u detailed story on Lehigh acres, Florida, it’s a lot of people from the east coast of florida that come to Lehigh, u get a lot of land compared to other cities in through out the state of Florida, and it doesn’t flood much….
L A is a dump
@@stanmarcusgtv a lot better then the place he showed, no it’s not the best in florida, by far it’s not but it’s in its beginning stages of growth, plus every little town has its so called dumps…
A lot of these overpriced homes with reductions look like these were bought by a bunch of wannabe flippers who drank the HGTV koolaid and then the hurricane hit. yikes. So depressing
HGTV Kool Aid hahahahah love it!
gotta get that $90,000k jeep in there for the write off....
I just moved to Panama City. I’d love an analysis on this market!
Thanks for the suggestion! I've never been to the "panhandle" but would love to make the trip
Thank you for detailed and thoughtful coverage. Please cover Fort Meyers as we have been planning to move there from California but are waiting for the housing correction
Thanks for watching and I will definitely add it to my list!
Bro fort myers was destroyed by Ian. I guess it’s rebuilt by now
1/2 price house. Bring your own roof
Ryan you do a great job and I enjoy your channel. One observation I made that is one of the reasons we sold our house in FL and moved to another state. There is a community that was highly sought after named Lake St. George. I wanted to buy there so badly in 2003 but nothing was available. We just sold our home and rented an Airbnb in LSG right before we left the state. I couldn't rven recognize LSG any more. The sign to enter the community was falling off of the hinges and eveyrthing looked so old and dated.
The same happend in Oakstead- if you look at all of these wood frame shingle homes, even stucco homes, the house looks so old in only 10 years because of all of the wear and tear from the sun.
Maybe all the workers went to the spring break party's 👍😎?
Lmao!! Siesta Key perhaps?
I lived in Florida when I was growing up. Hurricane flood prone areas are never worth the state market price. People who don't know anything about the state and purchase a price that is to high.
Totally agree, county flood maps are VERY important to look at
There no tropical trees, not even any trees around most houses. It all looks barren and ugly.
welcome to most of florida.
It's because we lost a lot of trees and landscaping due to a major, once in a lifetime level hurricane. It is all coming back. He makes it look much worse than it really is.
Do it ❤ thank you so much awesome video! Keep up a good job 👏🏼
Thank you! I appreciate the feedback
The AC should be on a stand?? What about building the entire house on a stand. If the area is known to flood it seems weird that construction methods don't account for this.
They are selling dumps for huge money
I guess the land is worth it.
Tear it down and build a new home on the property. It's a teardown !
Please checking near Jacksonville airport area and please advise if it’s good neighborhood for elderly woman to live. Thanks
are they elevating the new builds at all?
thanks, very useful video! I subscribed. could you analyze Osceola and Duval counties pls ?
Thanks!! I will put it on my list
One word. Mold.
Middle class, tyring to make ends meet.
It's sad to see... sucks that people are going through this but hopefully this type of content becomes a warning for others
Give it some more time. The smart few people out there will scoop a lot of this up when prices get low enough due to desperate sellers.
People should never buy HOA property. Its just not smart at all.
Lol 😂 I built my house in 2004 in Charlotte..built right …with a tile roof… never lost one tile through three hurricanes..
Tile is the way to go, shingles don't make sense for that area whatsoever
Great video. Wake up call for buyers.
Thanks for watching!
Great video. Very interesting. Thanks for doing it.
Thank you for watching!
Florida is over priced
Crowded
I tried it
Only good for vacation
Not to live
Winter Haven Florida next
Never heard of it, but it's now on my list! It would be very interesting to compare Central Florida (maybe even Orlando & surrounding) to the West coast and the East coast
No covers on the outlets?….OMG, that’s a deal breaker
Yup! And a piece of missing trim and too many ceiling fans! I really think most of the things he points out are just ridiculous. I flipped houses myself, and a little pile of construction debris never turned me off.
Boot's on the ground!!👍🤩😍🧐
Very informative.
When you in city limits there are regulations on what you do to your house I dont ask ? I just do it. FL is a mess so is Cali. and NY. I dont have awnsers to everything of what were going threw but its not pretty. Dont finace and hunker down till smoke clears I know its hard. We will come out of it these hard times that I know of been happing long time. Before internet came along. Good luck.
Yes - Miami Dade especially is INSANE with the permits, you are supposed to get a permit even to replace a Bathroom Vanity.... nuts
You’re trying to compare California real estate dropping 1.5% to what’s happening in Florida?
That’s hilarious!!!
You need reeducated. Im not gonna argue with people if I want to argue it will be with my wife. @@jabreck1934
I wouldn’t pay $50k for these
Hey man. I live in Punta gorda and your videos pretty good. I like it what you did there. Some of the info, though I think you can be more elaborate on and explain the sewer and the water bill. If they have their own water and sewer connections would be a big deal and if they were on a septic tank and drain feild would definitely improve your overall evaluation of the property.
Thanks for the tips!
I'm thinking 50k to 100k all day long in a yr or so.
That "outdoor tub" you saw isn't even remotely close to a tub. That's one of those plastic igloo dog houses.😅
LOL! I had no idea, good eye
The property did not pass inspection so the buyer's could t get financing, or didn't appraise. Not sure. You can always get a permit after the fact and an inspection and pass, so that isn't the issue. All those permit issues will be in county records. The violation seems door issues unrelated to a roof (u mentioned shed etc)
Welcome to Florida geniuses.
Almost all the homes in Central Florida have Hodge podge flooring that aren't new construction. I despise vinyl flooring. I put matching tile throughout after Charlie, Jeanne, and Frances within 6 weeks of each other in 2004
Ryan seems like a guy I’d chill with. Looks and sounds like a Florida local too.
Florida locals are people who talk about how great New York and New Jersey are except when you ask them if they want to move back then they say it sucks