Builders are Crashing Florida's Housing Market!
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- Опубліковано 29 вер 2024
- The Florida housing market is in crisis as builders struggle to sell their newly constructed homes.
When you look at a median income of $27,000 and houses priced at a staggering $400,000 - $500,000, it's a harsh reality that these homes are left to sit empty.
As the 2023 housing market progresses with high mortgage rates and a looming recession across America...
Brace yourself for a flood of unsold homes, especially new construction, and especially in Florida.
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Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
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And the homeowners insurance in Fla is a killer.
I think $7,500 for insurance isn't bad considering we don't have state income tax.
LOL! Yep! Insurers leaving the state left and right! Lickety lets split!
@@PartnerBoss just like self driving trucks taking over the industry.
I live in a beautiful Apt in the heart of Pearland, TX. I rent because I’m a Flight Attendant and I move sometimes often. During this stressful time, I feel like I did right thing to LEASE and I’m glad I did. I RENEWED my lease for 15 months WITH NO EXTRA CHARGE!! That’s because I am a good tenant and I pay ON TIME according to the manager. If I have a problem with my unit - big or small - the maintenance guys take care of EVERYTHING!! I’m on the third floor - NO Harvey’s or squatters. We are a GATED community. You’ll need a clicker to get through.
BTW, we have security 24/7. Beautiful grounds and a lovely pool area.
My suggestion is to move into nice apt and WAIT until this all blows over. There is an old saying, “If you don’t know what to do, do nothing.”
Good Luck!❤🙏🏽
Pearland is way overpriced as well...
Half a mil for 1800sqft.
Goooooood luck with that
Before the Feds started raising rates, people would have bought it. Desperate people!!! FOMO
In Canada that would be a steal. In USD that would be about 378k. A house that size typically goes for $750k-$1.2M or in USD, $568k-$910k
Yeah in Illinois I can get 6000 sf mansion for that price
@@sleepy670 Exactly. The rooms in those houses are small
Never underestimate people. Some idiot will come along and think that’s a steal.
You left out a significant architectural issue in Florida..old people don't want stairs.. many people that relocate to Florida want single story and small footprint for lower maintenance..2 story is a deal breaker for many people
Same problem in my area, new housing signs stating prices starting in the low 800's . Builders must be completely crazy.
It depends on the market. Our Orlando area is pretty steady right now. People aren't selling because they have low rates, so there's little inventory (other than new construction) for buyers. Low-ish supply and decent demand in Orlando is keeping that market going.
🙏🏽 I hope Florida falls hard !! Been here all my life and outta state newbie got Florida feeling bougie . Time to humble the state
Tons of out of staters are either checking it out or are residents now... Things have certainly changed
Even mobile homes that was 10,000 I'm not going for $30,000 minimum
I have a Gold mine
My mobile was 13,000 I have spent a few thousand new walls new ceiling insulation
I could at least get 40 plus thousand
I also built a additional
Three bedrooms two bathrooms
The addition I built is not technically a bedroom
Because I haven't built closet
It more of a playroom
As a Florida man, I urinate every single time I get in the water.
I'm in Tampa they have made it feel bougie like LA since 2020 I hope they leave soon.
Florida's a hot mess. You gotta be able to buy sufficient flood insurance which is even hard to come by down there why the hell would anybody want these.
Why anyone would ever want to move to Florida is beyond me. One it’s hot. Two it’s got hurricanes and three most importantly their insurance companies are leaving cause they can’t handle the rise cost to payout claims for damages. I don’t know how many times that I have to explain why someone’s insurance is causing an increase to their escrow (impound) account.
Where I am at. New construction houses are already sold out.
Crazy thing is that the materials used for these houses now are so cheap that the houses shouldn’t be more than 250k. Upcharging to 500k is just pure greed and I’m glad they’re going to lose money from this.
Only a certain percentage of Americans can afford these homes. They will have to lower the prices even more for the average American to buy.
These over inflated housing prices will be the end of the economy.
I hope the companies responsible for this all go under. I wish them the worst.
You maybe right today… but it will change in a weeks time after that… your in the housing business for the long term, so you must adjust and prepare for tomes like these
And they're sold. Theres 3 left on that street, and less than 1% of the homes in the neighborhood remaining on the market.
A few car dealerships in my area also have full lots with bright red “Deal” stickers plastered on the windshield of most cars. New and used. Love to see it!! 😂 😂
In 2020, when the whole country was under lockdown, everyone from the entire state was flocking there in droves, including myself in 2021 there were so many people moving there on top of people moving there that landlords could afford to be picky on who they chose to rent as I was rejected 30 times statewide until I landed an apartment in Miami. Even as of now people are still moving there and people blame the home prices on Ron DeSantis but it’s countrywide. Inflation is on the rise and no one can afford to live on minimum wage let alone $20 an hour at 84 hours a week it’s not a livable wage.
Town homes in my neighborhood got as high as 330k for a 2/2.5 in 2022, right now there is 4 on the market for 260k and not moving.
Time for builders to start selling mortgages! Seller financing, baby!
Good people need homes.
This guy has big interest behind his message, all those properties will be Sell easily
In Glasgow uk that's all U see home for sale or rent
They’re simply over priced and with inflation everywhere you turn, a new day is coming.
The built quality is aweful as well. These contractors building these are garbage
I’m in south Charlotte. I see this a lot.
Good the builders are opportunist and now they won't be laughing at the rest of us struggling to get by
I wonder what's happening with those homes now, 6 months later🤔
Builders will be the key to correcting the resales
Short and sweet.
Desantis - I can’t help with the housing crisis however I will say woke 100 times a day to ease the pain
Greed has gotten so big and out of hand that we here in America are celebrating the failure of these builders, instead of rejoicing in capitalism and being thankful for them building houses for us. If your clients, or customers want you to go to hell, something is wrong.
Development companies and investors will buy them up and charge you more in rent than a mortgage would be. You'll own nothing and be happy.
That's why it's called speculation
Thoes houses at best are 250K MAX
Over priced due to GREED! It really is a sickness!
why dont they just charge what it cost to build the house
Purchasing a home is already a very difficult thing to do, unless you pay cash or don’t get a loan from the government. If only my minimum monthly house payment, over the course of 30 years I’ll pay more than double what my home is worth. I purchased before things got crazy so I got a good interest rate. I couldn’t imagine trying to rent or buy right now.
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Builders thought they could dupe all the out of state buyers. They forgot the internet exists....
Plus if the market is crashing other parts of the country then those sellers won't have the cash to buy in Florida.... Time for a reset
"and i would have gotten away with it if it weren't for you damn interwebs!!!"
Dupe? Home demand was out the roof. 2x4s were going for over $10 each. Builders will be going out of business over this.
The internet exists and seemingly the east and west coast are Marxists.
@@quantumtechcrypto7080 the age of information has become the age of misinformation. we used to spend our time looking for information now we spend it weeding out the 99% bullshit to find the 1% truth. most people don't even try
Those homes are slapped together and not worth $500,000. This is not a housing crash this is a realignment to value.
Fact. Hmm why wont they buy these 4,400 exact replika. Its a great design. 😂😂😂
accurate
Glue. Staples. Plastic. Hollow walls and doors. Cheap fixtures. Junk HVAC systems
I see many builder use cheap pinewood as foundation and the cheapest paint ..selling a home for 800k that only takes about 75k to make is a scamm..realtor and bank are scammer at it finest
The original price was close to 700,000
Let them crash until they sell for $140,000.
100k at most
Trouble is, they own a dozen like that and they'll get a bailout. We'll all be paying for those houses.
No, no two times lower
With no land and an HOA?! @@willplume1555 I wouldn't pay more than 50 bucks for them...
250 at MAX
Any builder who went into that neighborhood with those prices - not a lot of sympathy.
For the dumb buyers either
They've sold them.
Yep, the developers and builders got greedy.
That’s capitalism builders are symptoms
The plan was to gentrify the area to meet the price!! BUT didn't count on a pandemic to ruin their plans
Those should NEVER HAVE BEEN 400,000-500,000 houses. WTF. That was PURE GREED.
agreed
It only costs that much because they thought someone was willing to pay that much for those homes. Perhaps in 2021-22 that may have been the case but since these guys are sitting on empty houses they are going to drop prices.
U r right. Greedy bastards
It's the bull run peoples fault. They should have stayed calm and not created lines for homes like these.
It's called The American Greed.
Developers and speculators are pricing families out of homes.
No one wants to move to FL with a family. Maybe some old fascists want to. DeSantis has turned the state into a hell hole.
Seller trying to get in the cash ..banker getting greedy for profit..realtor making commission off hard worker people..politicians says it is free market..while most of us rent for the lowest price and than rent is raise each year about 10 percent..so guess what we are in a stagnation..
Not for long...
Developers keep prices down. It's supply and demand. If prices are high then demand is too high or supply is too low. The only way to get prices down is to get less people wanting houses or build more homes.
No, wages are not increasing to meet our doubling inflation and our Dollar is being devalued.
it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
A lot of folks have been going on about the bull rally and said stocks that would be experiencing significant growth, any idea which stocks this may be? I just sold my home in the Boca Grande area and I’m looking to remunerate a lump sum into the stock market before stocks rebound, is this a good time to buy or no?
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With insurance premiums increasing and houses overpriced Florida is not as attractive as it once was.
Yep, FL has been #1 for us but reconsidering now cause of insurance & associated costs
Florida is a disaster. No state tax, but plenty of other ways Florida taxes you. Plus red tide is terrible.
@@quimby1035
My brother recently moved there. His car insurance went from $1,000 to $4,000 a year
Why has insurance cost risen so much in Florida?
@@carlp8779 hurricanes
NW Florida native here. The area around those homes are a shithole. Warrington has a high crime rate, and homes in that area are usually sub-200k. Only way I could see 400k is if they were on the east side along the interior bay.
It’s almost like they’re hoping better People will drive the bad people away. 😂 the thing is in order to attract wealthier people to the neighborhood, There has to be a lower crime already.
Cantonment and Beulah are the only solid investments.
Yes!!
So black area.
@@jjohnson8977 No. Pensacola has never had the economy to support that homes of that value. It's not just black areas
If builders can afford to cut housing prices by 200k and still be building and finishing homes just imagine how much money they were making over the last 3 years. They need to be made to suffer for the bubble they created.
Why hate the builders? It was the government that allowed that to happen.
No it wasn’t the builders and it wasn’t the goverment it was the buyers who agreed to pay sellers that crazy amount of money for the house. Blame the people who agreed to pay those prices they did this
@@jakey7813 it is because. Renting also is a loser side..it Is cheaper in the short run but you get nothing over many years while owning a home you have to sacrifice you life for 15 years as you work hard and over time ..once the 15 hit than mortgage are much cheaper compare to rent ..
@@jakey7813 It's not buyers either, don't be ridiculous. It was the government. Printing money raises the cost, in dollars, of all assets. The biggest asset in the US that rises fastest is real estate, because millions upon millions of migrants are moving here (also thanks to government). Builders were getting screwed badly, they would set prices based on 2020 material costs, the buyer takes out a loan for that much, but then the materials doubled in price due to the real estate bubble and the builder walks away with nothing; a lot of the new construction is going to be builders trying to get themselves out of the debts from the 2021-2022 cost of materials.
@@jakey7813 Wrong, young buyers don't have much choice. Having a home is a necessity. The same way all Big pharma companies raise prices on drugs, what are you going to do; not buy medicine?
Holy crap. 400k for a house on "A" Street. That's hysterical. No one goes to the "alphabet streets" on purpose. Unsafe. LoL.
So true!
One thing I've learned is to be sure and check the pricing history on properties. That's what tells the true story about what's going on. how can a Home be sold at 125k one month, then two months later it's relisted at $300k. Everything in Florida is like 200 - 300 percent overpriced. Not priced to sell but priced for greed. I'll wait.
Yep, the flippers hit Florida hard.
If that is the case why would someone sell a house at 125k if it can be sold at 250k - 300k with some minor repairs that can be done in the course of 2-3 month? …Just doesn’t add up.
I think in that case was a combination of a really under market price (opportunity).
The house I lease is a 250,000 home but now the owner wants to sell it to us for half a million and he going to jack up my lease renewal by 1300.00 f him we’re moving
I saw one in Newport that was priced at 387k in early 2021 than in late 2022 it shot up at 887 k. That there is market manipulation and it pissed me off..
Yes, wait for 2024...
The shit is about to hit the Florida Fan....AGAIN.
yup
FL prices hit the fan, that’s for sure
We need laws where companies cannot buy residential houses. Its killing the market.
It's killing people too! Where do you think the surge in homelessness comes from? They also bought up apartment and mobile home complexes and doubled the rent!
You say this but I bet you don't vote
@@UA-cam_ban_me This has nothing to do with who or which party is in office in DC. How about some growth and reading comprehension from you. Idiota!
Kek at thinking voting does anything.
This is what sheds used to look like 20 years ago. My...how the standards have changed...$450,000 for that dump and not even a proper garage or shutters? And why are the front doors patio doors? Bizzare.
They were selling crap sheds for $100,000 in southeastern CT back in the 90s. Same old crap. Different zip code.
Facts!!
Probably not even CBS, the standard in South Florida. During a hurricane, your home becomes shrapnel.
1920 sqft is a "shed" ?
@@l2xsniper1 Yes. It's poor construction for the area it's located. A solid florida home is to be concrete. Anything less is foolish.
Young people just wanting a home: YES YES YES CRASH PLEASE CRASH
Old men with 3 properties 2 Airbnb's and a yacht: NO NO NO NO NO NO
YUP!
Uh, unless you’re paying full, those interest rates will make no difference in prices.
Exactly. I've been waiting with a huge down payment, and it's not quite time but it's almost time.. itll crash soon. Just like the 80s, middle class will be able to buy homes again. Unless the dollar face plants first
@@Mike-hs5rl in the same boat, waiting for things to get a little better. Just hoping we don't see hyperinflation, which could potentially happen at any moment with this conflict overseas..
Don't be haters. So I you think it gets tougher on rich people middle class people won't suffer. This is how they get rid of the middle class and the miner rich.
This was a unrealistic approach to begin with. With a average income at $27,000, these local residents couldn't afford a $40,000 at 2% rate much less $400,000 at 6%. What were they thinking? Or were they thinking at all?
Locals aren't the target market for these.
They were thinking of the ding dongs from NJ and NY offering 75k over asking on any listed price. But no jobs there to support it. That's true.
@@dcyphrz8532 Yeeeep. These are for people from out of state who don't know anybetter and think 400k is a "steal" until they realize the taxes are 3% a year and their insurance is going to be 20k a year.
Out of state realtors. It's insane
@dmoore8595: LMAO! If someone making $27k/year couldn't afford a $40k home with a 30-year fixed rate mortgage at 2%, they don't even deserve to own the clothes on their back because they're idiots.
Those houses weren't meant for the locals there. They're meant for New Yorkers and Jersey folks
The ridiculous cost of insurance and hurricanes will hopefully take care of them 😈
Yep 😒
That is what Nick doesn't understand. Million dollars for a condo. Nobody in Tampa making the average salary is going to pay that. Professionals in Tampa are just going to buy a house.
It’s still very cheap. I’ve been tempted for years to buy several homes in Florida and texas to rent out and not exactly live there. Even with the inflated prices, it’s still super cheap to buy multiple homes and land there. $500k for one home is a steal! It’s like dollar tree but for houses. Personally florida is a great place to visit but not live 24/7. The weather is great for a vacation but being there too long, you just get tired of the humidity and heat. Causes migraines and other heat related complications 😰 same like hawaii. Fabulous place and first thing you wanna do is live there until you realize the weather is a bit too much. But yet you still want to buy several homes there for rental and save an extra room for yourself so you don’t need to scramble for a hotel when you do visit lol
Agree, the buyers will keep coming. We are still trying to sump pump up all the Biden bucks, and it will take years. There are no unemployed in this whole country. Look at the stats.
In spite of how everyone is frightened and calling the crash, there is already an excessive amount of demand waiting to absorb it, which is another reason it's less likely to happen that way. This forecast was not made in 2008, at least not by the general public, as I will explain below. The ownership rate peaked in 2004, according to the other comment. We reached a peak in the second quarter of 2020 and are currently at the median level. From 2008 to 2012, it fell by 3%, and in the second quarter of 2020, it dropped from 68 to 65.
Given that we are not accustomed to such uncertain markets, the fact that the US stock market has been on its longest bull run ever makes the widespread anxiety and excitement comprehensible. There are opportunities if you know where to go, as you noted that it wasn't difficult for me to earn more than $780k in the previous 10 months. Since I was aware that I would need a reliable and strong plan to get through these tough times, I engaged a portfolio advisor.
@@danieljackson87 My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
@@andrewlogan7737 It was run by Ruth Loralann Brennan, who I learned about and got in touch with thanks to a CNBC interview. Since then, it has served as the point of entry and departure for the games we have emphasized. A search on the internet can be done if tracking is necessary.
@@danieljackson87 I just copied and pasted Ruth’s whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.
I have seen this comment word for word on other videos. Something is telling me butt hurt real estate agents reposting it and liking it so they can still make money selling overpriced homes
I am so frustrated in our Beachy Town East of Orlando, Homes are up 50%-100% from 2020-2021. I looked at a house yesterday. They bought in Fall of 2021 for $260k. It’s on the market today for $550k with NO Improvements/Updates. WTH? Are these people nuts? 😮😂
No these people selling these homes are not nuts. However the people BUYING these overpriced homes are.
There really is something wrong with people.
They act like the US has run out of room or something.
We just need to let ten million more people in the country to improve the supply of houses.
@@jamesrecknor6752 Sarcasm, right?! Ten million people need housing too (shrinking supply). The Biden Administration is giving NGOs $7-8k per month to house Illegals! My RE friend told me how churches are calling looking for rentals for Illegals.
What everyone seems to ignore is prices in areas of Florida doubled in a year. So in reality this isn't much of a correction. Houses in 2020 to 2021 were bought for example for 200k . A year later they were listed for 400k. In my mind it truly isn't a crash. The obscene doubling is an enigma of the pandemic. Ikewise BlackRock and Vanguard totally changed the normal market concept. Unfortunately the deep pockets of the corporate elite have not evaporated. World Economic Forum is our new leader. WEF you will own nothing and be happy is agenda 2030. Reality of their agenda 2070 is a nightmare. I truly believe we are in unprecedented times. The stock market not crashing during the lock down speaks volumes to our brave new world. It's all insanity.
Well the rich own 80-90% of all stocks, so they won't sell until they want to crash the market, but they own preferred stock anyway, so they'll get paid first.
These are $250K homes at best
Florida I had my catalytic converter cut out while parked in a parking lot beware!!!!
Same here in TX and I actually live with a “gated” parking lot only accessible to renters.
Where in Hialeah or in Lake Okeechobee?
I’m sorry that happened to you. What part of Florida?
@@jeffsteiner9053 in a jewish town. Absolutely corrupt and vile. Was a hate crime.
California is the Cat Converter theft capital of the nation
Just looked in Pensacola area for the last couple weeks and the realtor told us it’s not going to fall much more. 😑 I don’t believe her but it’s hard when you want to make a low offer that represents wha the property is really worth but your realtor isn’t on the same page
You can still put in the offer. If it’s enticing enough the seller might take it. You never know. Sure they may laugh at you but who cares you’re putting in an offer that you believe is fair. If the seller isn’t interested they’ll just say no and move on.
I love seeing this! They have been talking advantage of folks for the past 2 years
Unless you have cash and want to live in Florida. This will not help buyers.
Who's being taken advantage of?
Hopefully the housing market crashes everywhere....they deserve it because of their greed..
So... those who sold at these great prices are somehow going to get what the deserve if the market crashes?
They know the US is short on low-income housing so of course they're building homes for the well-to-do. 😒
2008 all over again except 2023 is on steroids
Let them sit and rot. They're too greedy. I hope they don't get one buyer.
My area much of the same story medium household income 43000. New houses 400000 to 500,000. They're not selling. Massive crash coming and starting.
Watch out for those FL new constructions. Make sure they aren't on an old phosphate mine so you and your kids don't get cancer. I just got a home for $140K at 5.5% but it's in AL lol
A 1,500 sqft home made of the typical materials used all over the USA, drywall, plywood, and some concrete cost 50k in materials . You can add the labor and the land cost on top to get the total price of any home .
@@jeff4invest It's 50k in materials in 2023, and 50k in materials in 2019. But in 2020-2021 it was probably 100k in materials, hence why all these builders are overpricing new construction to try to get out of the debts they're in from the pandemic materials bubble.
Same thing in tampa. I wouldn’t be buying right now. So much new building and now just starting to discount. I see rental prices going down as well! The crash begins!
I hope so, but all of the people flooding into Tampa from out of state, is sickening.
@@johnbhodi3785 i know a lot of people who moved here and are now moving away for various reasons. I believe we will see a reversal over the next few years.
Please let it be so! The soaring prices and arrogance of developers, plus postage stamp-sized lots is sickening. We wanted to buy in Tampa but...maybe not.
@@devaughnedwards1647 id wait until 2024 to see how far prices fall. Data i track indicates prices falling back to pre-pandemic levels by end of 2024.
Rentals going down where in Tampa? I live in a residential motel. It is jam packed. This is after 3 rental increases in a year.
You're so right. The Florida real estate market is always the biggest sham.
Always.
I member the mantra in 2021: "Gotta buy a house now or you'll likely never get a chance! Left in the dust!" Such BS, smart people knew the downturn would come.
It honestly depends. Bought a house in 2021 in SW Florida for $370k with a 3% interest rate. An identical one just sold in 2023 for $525k with a 6.5% interest rate. Sure it might “correct” a bit in the next couple of years but not back to $370k. Most likely will settle into a 500k spot.
People are not moving there because of fear of hurricanes and tornadoes...And, even sinkholes.
Sinkholes are a problem in the panhandle? I thought only towards central Florida.
Or because nobody is buying, and demand is dead. Hence the price cuts.
Tampa has not had a hurricane over a hundred years. Google it.
So hot in the summer. And so many people farting. There are hot farts everywhere you turn. In his last video on Florida, Nick said, “Everyday more people die from hot farts in Florida, then there are babies born.”
YESS!! LET THE MORTGAGE HIT THE FLOOR!
Always be leery of people who constantly predict there's a recession coming... people have been predicting a recession for the last five years eventually they're going to be right
Thank you for pointing out the median income. It's very low
My wife works on consulting after getting her MBA, while I work on pediatric nursing. Recruiters know Florida is a no-go for us and our perrs.
We cannot personally affect Florida, but we have noticed it's not a position we are being asked to defend: it's just "I understand" when we say "no Florida or Texas".
Did anyone see the person in a du-rag and pajama pants in the middle of the day. That's the neighbor I want with my half a million dollar house.😂😂😂
This is a huge story that Main Stream Media is NOT talking about. This bubble is going to be worse than 2008.
In addition to years of keeping wages low, the wealthy ownership class continue to raise prices (insurance rates, and originally the housing costs). When they make less, they raise prices to compensate, thinking somehow that'll make up the difference in their margin. Eventually it leads to ungodly numbers roaming the streets homeless and the crime and murder that accompany the surge in homelessness. And, what do you know, the wealthy actually make LESS money from raising their prices.
Greed truly is the greatest of all evils. Everything evil stems from the love of money.
Right and at the same time they put in an ungodly number of a semi assault weapons in the hands of the population
Good I hope they crash hard so sick of Florida rely on out of stater and the people live here get screwed over
Gonna have to cut another 50% before I care.
Houses slapped together with a high price tag. I live in Southern CA, and they were selling 1 bedroom apartments that looked like they would fall apart in a year and had a price tag of $800,000. Their plan was to push the poor out of that area, and they succeeded. Our homeless situation is out of control everywhere in CA.
homelessness crisis had not much to do with the housing. that's the effect. the cause is way different
@@porcudracului It’s always the same cause. But they’ll make us fight over politics and religion. While they run with the resources
Yea I came back to California in March of this year. Left SF in 2019. Crazy how unaffordable it is now. I don’t even get a hotel most nights.
Just sleep in my car every night. Everyone I’ve met here is like 25 living with their parents. So those are the options for young people. Have smart parents who bought out here 5-20 years ago or live out of your car if you have dumb parents who stayed in Texas their whole life and never tried to move out. Or live with a SO in a studio and split bills, which hardly ever works out.
California (the USA in general) has a drug problem. A person buying a house frees up another house so that is not a net loss.
If a person really wants a roof over their heads in California, it is still possible, just not ideal. Any sane person would chose to rent a room in a house than sleep out on skid row.
Here's my ignorant Florida real estate take, I'm an active real estate broker from another state. I moved to Florida 2 years ago. Building a home in SW Florida. The youngins are broke. Very few have their head centered enough to wipe themselves in this outrageous economy. Florida has the older generation that has money to pay cash for homes, hence avoid the high interest rates. My point is, if Florida's RE market is taking a substantial hit, I'd hate to focus on the rest of the country because it's gotta be much worse.
Im not trying to pay 300k for a cookie cutter house
Most new construction happens in undesirable area far away from great school districts.
Great neighborhoods with top school districts are still selling 😊
Above market value?
Haaaaaaa haa, they’re gonna eat it . I can’t wait and they are gonna payyy and loose . Ha!
This is only going to get worse. Look at how many customers of new homes have cancelled their build and told the builder to just keep their deposit.
They do that? Wow didn't know
@@nicholaslyons798 Yup. Do a google search on people backing out of their new home builds and losing their deposits. Incredible numbers doing this.
I've never heard of such a thing. Source?
@@dcyphrz8532 Google is your friend. Here, since I know you won't do it on your own, type in "new home customers walking away" and enjoy. Thanks.
Can't wait till those homes drop to $150k
Over $400k for a $200k home. And that's being nice about it.
Bought my house in a nice part of the Tampa bay area in 2016 for 125k. Built solidly in the 60s, 3 bed, 2 bath, right on a small lake it was a slice of heaven. Sold just 5 years later for double the price. That area of Florida is no longer affordable for so many. Hope it crashes. I did not sell to an investor at least.
Thank you for not selling to an investor.
250k was too much.
So you hope the market conditions that gave you profit won't happen for somebody else?
@@dcyphrz8532 Yes
@@jeff4invest Yes, I know. But someone was willing to pay it and I had to sell.
Keep in mint homeowners insurance is up 200 to 300 percent costing Floridians 35 billion in additional cost. Pensacola being the highest. The housing market for low and middle income will be crazy as they flee the state.
With that type of income those homes need to decrease another 50% at least. Perhaps 90%!
Homes are overpriced everywhere! Don't pay for what you don't see the value in. Classic example!
New episode of American greed …. To be continued!!!
Identical scenario in Winter Haven/Sebring/Lakeland/Davenport FL area (s). New unsold construction moving to rentals sitting flat empty, vacancies rising, rents falling: crash coming.
Same in Sarasota area. Builders slashing prices thousands of dollars, but nobody is buying.
@@Dee-w5y indeed. And with today's MBS app data being particularly weak, it appears we're on our way to an all out, full blown downward spiral. Going to be interesting...
Yep, so many old cow pastures/orange groves getting filled in with these easy to destroy homes, good luck next Hurricane season!!!
I wouldn’t trust most houses built during the pandemic. Especially when builders cut cost to make cheap houses that lacks proper foundation, insulation, etc.
I am a small builder in Tennessee. The construction industry did see about a 20 percent increase in construction cost on the house and depend if you had your own land over the previous year but i totally agree that some builders, not all have taken advantage of consumers. In my area we had large corporate and investment builders move into area buy up all the land and small local builders are having to buy land from them at higher than normal prices also the big guys have pressuring us local guys to raise our prices basically to get comps up so they could borrow more money from banks up front than the house is worth for working capital. It is a mess and think a correct is needed and I am and will be affected greatly as well but life as builder you have your ups and downs seems like every 10 years.
I quess i need to start practicing, "would you like fries with that".
Seeing some of the same styles here in Virginia, basically over prices luxury townhomes with no yard stacked side by side. For + $300k , you can buy a house with a yard, land that you own and no HOA fees for same or less. More importantly very few make the money needed to be able to afford these priced houses.