My friend’s studio (2 rooms) coop in Manhattan rents for 4K. If some place like FL can rent out a 500 sq ft studio for 4K, I would buy because FL’s housing and condo prices are a lot cheaper than 4K in rent.
We're retired snowbirds and bought a condo in Cape Coral on 2013. For 7- 8 years , it was very affordable and definately much cheaper than renting for the winter season. But the last 2-3 years has seen steady HOA increases, massive insurance increases, as well as rapidly escalating realty tax and services rates which has made the advantages of ownership alot less advantageous over renting. With the ever increasing threat of weather events combined with the above(+ a slowing economy & persistent inflation), we decided, a number of months ago, to list our property for sale. Luckily, we sold it in Dec. and any return trips to Florida will be as renters only. Your video makes imminent sense and hits all the pertinent points. Thanks for your insights.
Moved from North FL to South FL in 2019. Modest home. New roof. In an HOA. In that short period of time, our HOA fees have doubled from $200 to $400. Our property taxes have doubled from $5500 to $11,500. Our home owners insurance has quadrupled from $2200 to $8500. Insane!
lol I moved to Las Vegas - saving a ton of money and national parks are amazing and much better food and prices too… downside car insurance is higher….
I have a condo in South Florida on the beach. So my Condo fee went from 500 to 1000 in November and we got a $17,000 assessment at the same time to fill our reserve. My taxes started out at $5000 10 years ago and now they are $10,000. But having said that, everything goes up everywhere not just FLORIDA. And to me it's worth it because it's still cheaper than the northeast or California and we have better weather.
Have condo in Port St. Lucie tried for 6 months to get a renter no one could qualify,gave up now selling it because I don’t want to take a chance of a tenant becoming a squatter 😮!!
Bought a foreclosure there in 2009 for 220k was 650k a few months before...sold it for 220 3 years later..noticed it's up for sale for 650k now .in pre foreclosure again .Port St.lousy
If you do not want a renter to be a squatter, rent the condo according to what it should be priced at. You are the one who would create your renter to become a squatter.
@commonsense8012 I did it for 3 years, loved spending time with my mom and dad as an adult, worked 2 full time jobs pretty much when covid started and just finally got back to 1 job so I could have my free time back, saved enough to buy a home straight cash.
I’m a Florida nurse watching this clip on my lunch break in Boston Ma. I just spoke to another Florida nurse yesterday (from her job in Georgia) and she warned me car insurance has just doubled as well.
That happened to me. Got to jump to another provider when that does. Luckily my current one just renewed at similar rate with better coverage than jumping this time. In 5 years I probably will drop to basic coverage bc car won't be worth as much.
Yes! It has! My auto insurance…full coverage for a 21 Mazda has gone from 980 per year to 1680! I am 58 and haven’t had a ticket since 1986 and have not made a claim!
It’s cheap in Florida, I just bought a house for 560G paid it out in cash , just realized I can also rent out condos in Delray .. they’re only 200G put 20% down payment . Rent it out.. easy money
I'm one of them moving, retired Marine, moved here 2yrs ago to Ocala. Mortgage payment went up and I'm on a fixed income with my retirement and disability. I'm heading back to Michigan and brave my winters again because it just isn't worth it living here. Can get a house up there much nicer and cheaper.
Market is unsustainable. Out of state buyers are not stupid and will strat to negotiate the prices now. No locals who can buy. Insurance will remain a problem for a long time. And if a hurricane hits Fl, prices will further escalate. Thanks for your video 😊
Out of state buyers ARE stupid..which is why this is happening in the first place. And why they are moving to a place that's already over crowded. Don't come here
You got that right. Those of us from the mid-Atlantic (DC to NYC) may have a lot of cash due to selling our houses but we know what things cost in other areas and won’t take the bait
Insure rose so much in Florida not simply due to bad weather, but also due to repeated fraud. Hopefully, the new laws that passed where the claims can no longer be assigned to a scamming contractor and their scamming attorneys, will eventually start to help after all the pending litigation clears the court system.
@@ChrisWilliams5605LS While I agree that a law like that is necessary, what are people going to do when they need their house repaired quickly? Do they have enough contractors in Florida to do all the work on every home affected by a storm or some other weather phenomenon? I don’t live in Florida but I am assuming the reason why people hired scam artists to do “repairs” is because they weren’t even getting call backs from legitimate contractors and if they were they were told it would take months to get to their homes. What sort of contingencies are in place for that? I think that is why Florida home buying is a huge risk.
DeSatan could do something about it but he chooses to side with the insurers that were giving him election money. Too bad he can’t help Floridians as governor but instead concentrates on a failing run for the presidency with no hope of ever becoming president.
@@cindyhuffman6711 LOLOL And because these problem are everywhere blame the governor LOLOL Move to NY PS NJ and other States lol. Most are moving because they can't afford where they are now..LOLOL always blame
Ben, you are spot on. The value proposition in Florida is gone. As a retired SE Michigander I can afford Florida. However I will not pay the excessive costs for a little extra sunshine. It simply makes more sense to visit whenever we choose. In every expense catagory a retired person measures expense and they are saying no. The residents unfortunatley cannot afford basic housing. In Michigan, yes they can afford basic housing, it still tough but doable. Florida, not happening.
I live mobile now. Was a small contractor in Florida for 30 years. Thinking about going back and charging $50/hr. as a handyman. I’d crush it. Maybe $75?
Florida condo prices are going to collapse with the new condo law requiring milestone inspections and reserve study with reserves being fully funded by 2025. HOA and insurance prices are skyrocketing.
@@ChrisWilliams5605LSit was appealing for retirees to put off maintenance because the brutal calculation was they'd probably be dead before the bill came due
We're having the exact same problem in Sneads Ferry, NC. I've lived in my home for 8 years. My total mortgage is $600 more per month than it was at the time at purchase due to increased taxes and insurance. And I have a FIXED 3.75% interest rate! I get a letter every year from my mortgage company stating there is a shortage in the escrow due to increased taxes and insurance. 😢
@@bensellin A $600 per month increase over eight years does not seem that bad to me. I suspect that many folks' income went up much more than that over eight years.
That depends on the initial amount, doesn't it? $200k would get you a lot of house in Sneads Ferry, with a mtg. around $1000. Add $600 on top of that and it is a massive increase.@@ChrisWilliams5605LS
@ 4:29 This house is in Zone AE, HIGH RISK! This translates to the highest flood insurance there is, other than actually being in the water. So my guess is insurance, just flood insurance and not homeowners, is about 10k a year, minimum. Probably about that for regular homeowners insurance. That is exactly why this house isn't selling. 20k a year to start not including mortgage. Now, good luck even getting insurance to boot
Example I'm a 65-year-old man 95% of my income goes to just living I do not drink I do not smoke I do not go out to dinner every bit of my paycheck goes to rent utilities food gas insurance Wonder why people are leaving no choice
Great Video. I have been living in Florida since 1959. Since the last 3 years I see the struggle many of my friends are going through due to the increasing Property Taxes, Home, Flood, and vehicle insurance increases. This video is a great heads up for people moving to Florida.
You should have moved here 6 years ago. Had you bought, your house would have likely been up 2.5x. I moved from NYC to Miami in 2017 and the quality of life here is much higher than in NYC.
@@EricDurrant-k5z You didn't understand the comment (even though you edited your original comment based upon this comment) 2.5x is not 2.5%. It's 150%.
@@BestStockStrategy I think it's you who didn't understand. If there's nobody buying, the increase in value is only on paper. The real value is what buyers are actually willing or able to pay.
@@EricDurrant-k5z your comment makes no sense. First off, you don't even understand that 2.5x equals 150%, not 2.5% then you make false assumptions that there are no buyers. You're incredibly ignorant to assume that the entire RE market in on of the nation's most desirable locations doesn't have transactional volume. But you know what they say, "a wise man arguing with a fool, from a distance, it's impossible to tell which is which" so... You're welcome to hold onto your ridiculous belief if it suites you lol 🤣🤡🤡🤡
Unless you are a super high net worth person, you don’t want to live on or near the ocean as the property insurance is sky high and the sea air corrodes and erodes everything.
Game over for them, I been debt free except my business debt that makes a lot of cash. I drive a car with 300k miles on it. Yes I can buy a new one but no.. Waiting for the fire sale. Until then, I will drive my beater lol..
I visited south Florida where a friend of mine was saying he was paying 1550.00 per month for a 3/1 and next month it’s jumping to 3200.00. The landlord didn’t raise rent for several years and now it’s time to do so. The place isn’t all that either.
Sadly many did that here recently. 100% rent increases in a year or two were not uncommon. Now had they been low for years, yes, but that is just too much at once.
@@bensellin he’s decided to move to central Florida. I moved from Broward to north Florida 4 years ago and if I was to buy down south what I have up north it would be over a million easily. The prices are insane!!!’
@@bensellin I had people paying $925.00 a month and the taxes went to $3,000.00. Then the plumbers started charging thousands. They argued over a $75.00 raise so out they went. Not paying for people to live there.
Owned 20 years in PS Lucie, sold it due to high taxes and HOA fees. Don’t really miss the snobbery of a gated community. We just rent as snowbirds now. Rents keep going up but no risks of owning and hurricanes. 🇨🇦
@@chetmyers7041 we contact a real estate company in area we like. They have rentals they don’t advertise. Nov to April are prime time so rents higher. It’s harder to rent just one month, but possible. You have a rental agreement like a lease. Everything done online.
Wow! Eye opening about housing costs in Florida. I heard about insurance premiums going sky high too. It's getting to expensive to live anywhere anymore. We're getting priced out of affordability in America. The next generations may live in an unstable society.
A free market uses price signaling as a way of showing what you're doing isn't a good idea. So doing things like building your house on a flood plane that's 1/2 a foot from sea level is a way of saying that's a really bad idea.
I moved to Northwest Georgia from Florida back in 2006. Cobb County Georgia removes the school portion of property taxes off when you turn 62. I live in the County next to Cobb, and at 65, they remove half of the school portion and all of the school portion at 67.
I moved to Orlando 8 years ago from Marietta GA and I am more than ready to move back to Marietta. I have only been renting since here but rent prices are ridiculous for a 1x1. I will be moving back to GA this year.
We have ZERO existing homes for sale in my Town of Ogden/Spencerport, New York. As soon as a listing arrives on the market, it gets 30 offers and sells for 70K over asking price. This has been going on for years now. Every listing has delayed talks to review all offers, and take the highest offer with no inspection.
I heard this too about NJ & CT. I've been in FL 9 years now but am native to South Jersey. I told my friend to sell now.... She's been waiting for the right time to go to SC for years. She's a hardcore Republican & NJs government stresses her out 😂
When you lose locals housing affordability, two things happen. 1. They leave 2. The cost to get someone greatly increases. Living in Summit County, I watched it start happening at the Ski resorts beginning in the 90s. Aspen priced people out, so they moved to Vail. That price out Vail people out, so they moved to Breckenridge, or Edward's or other smaller areas. I watched some wages quadruple from Denver pricing. Another example is Parker Colorado in the early 90s. It only had one apartment complex and one condo subdivision. Home Depot had to do a special wage hike just for their new store. Rent can only go down so far if taxes and purchase price is to be supported. Or you get a reset where values drop drastically.
I worked in Tampa ten years ago. Thought about buying something. But the HOA was more than the mortgage. I looked into why, discovered Citizens, and said "Nope." And this was when you could easily buy a nice condo for $135k.
@@marblox9300 The insurer of last resort. Florida-sponsored/financed home insurer. Flood and wind insurance for all the parts of FL that realistic underwriting say are uninsurable.
@@michaelryan405Genuinely asking here, aren’t there some other odd taxes though? For example: a monthly tax on each television, in Ireland? I also find all the complaining done in the US about fuel prices, but, go to Ireland or anywhere really and drive around the country and check your cost. Now they aren’t commuting like we do here, but man.. fuel across the pond sure adds up
But you have to live in Oregon…..sooo I’ll pay higher everything not to live in constant drizzle and clouds. Stepping over homeless and drug addicts on the streets is no fun. I left Oregon for FL. Way better here!
Wages in Florida have traditionally $ucked. How are people who work in the retail and food industries supposed to live there? They can’t and will have to leave. Then all you’ve got left are people in the healthcare and space tech industry. That means no restaurants, clothing stores, or retail in general because those jobs don’t pay enough to live there.
I just read that in 2022, Florida's population grew by 765K but that in 2023 it grew only by 365K. The average growth per year, prior to the pandemic was approximately 250K and may be headed back to that norm. So anyone who wants to sell will have a much smaller pool of buyers.
With millions of illegals coming to this country, the housing supply is getting smaller and smaller and I don't see any real estate going down in the future
If you live in a high tax high wage state like NY, NJ, MA, or MD, it's more beneficial to just stay there than to move to the Sunbelt. Especially because there are some Sunbelt cities that are now significantly more expensive than some midsized cities in the Northeast. Simply not worth it.
No way! Forget about the weather the taxes in the north east where I'm from kill us here and there is no income tax in Florida. if you buy a condo, the insurance is included in your condo fee in Florida unless you want to buy separate interior insurance which I did for $900 a year. Houses are expensive in the north east more so than Florida in the long run, FLORIDA is cheaper.
I had a condo on the beach I sold a few years ago in south Florida. The building insurance policy kept going up and the assessments kept piling on. No one but Citizens would insure the inside of the condo and that ran close to $4k/year. It was insanely expensive carry the place. You have to be very careful down there. The prices you see now may correct some but you are paying for the next 10 years of price appreciation, meaning you won’t see prices go up for a decade in my opinion.
Great content and insights. Been following the Florida market for decades. The Co vid pop was just that, a pop and its over. Be interesting to see how the government addresses the many, many affordability issues going forward. Between Ian and the Surfside disaster, and the insane pop in pricing and the consequent assessments. (Pretty sure the state got drunk on all that excess thinking it would never end. Its ending.) The national and global economy is in the tank.
I worked through the LEE County housing crisis. Short sales for years. I'm trying to stay positive but these massive price reductions are giving me deja vu of 2006. We thought we would never see prices skyrocket the way they did back in the housing boom of yesteryear but they exceeded them in the last 2 years. I was worried then and I'm very worried now. I'm keeping positive but 7 years clawing out of the housing crisis was not fun. I don't want to experience it again. :(
“Market value” dropped 60k (70 miles away from coast, 1300 sf house north Florida) insurance only increased $600 this year (more than doubled last year) & property taxes not too bad. Lived in the same house for 36 years (refinanced & upgraded a few times). Apparently I’m one of the lucky ones & am still considering moving out of state.
@@lindylou3519 Hopefully the Florida government, inflated housing prices & insurance companies can get the prices more reasonable but I guess we’ll just have to wait & see.
Lived in FL for about 24 years... profesional with an average salary.. I could not find a job to sustain the cost of living in Orlando. Moved to New Rochelle, got a job that pays 3x more of what I made in FL.... it's cheaper for me living in NY than FL... mind blowing.
Leaving FL for TN on 3/11 @ 4:00 am. Sold my $68,000 home for $386,000….. in 3 days 😮 - my new home insurance will be $760 compared to $4000. Be there - Done that _ …. 🎱
The cost of living and the housing decline is nationwide. People are escaping Florida but no telling where they are going and maybe moving back with family members to cut costs. The young generation feels hopeless with buying a house as the sellers asking too much and buyers just don't have the funds to qualify, or even if they qualify the cost to maintain is not sustainable. I am seeing appraisals come in below the builder purchase contracts nationwide on average of 35-40%; keep in mind many of those contracts are signed months earlier prior to completion. Things are out of control and there's no turning back regardless of getting this treasonous administration out of office. Pray hard
There's plenty of cheap housing with water, sewage, electricity, and roads. Just go to Zillow and look at any major and minor metropolitan area; they're full of cheap and affordable housing next to public transportation. The catch is that you'll have to live in a minority neighborhood. So choosing to live outside of cheap neighborhoods, and requiring a car so you don't have to, seems to me a lifestyle choice not an affordability crisis.
@@langhamp8912 The point wasn't whether it is was a lifestyle or not; the point is prices have risen nationwide including the "cheap housing" as well. What is your definition of cheap? Are you stating only minority neighborhoods are cheap; I can show plenty of examples of inner city houses that most can't afford and your not going to be living high (crime high, no parking and only have public transportation, etc. Starting 2019 to present the cost of living has exploded knocking many out of the market. Real estate is location, location, location. Typically, the "cheap housing" you are referring to is not area's with high employment and amenities which is required especially if you have no car
@@grierhixson2623 I am indeed stating that only minority neighborhoods are cheap, and that is verifiable via Zillow. But again, I consider all this to be lifestyle choices. You choose to live in good neighborhoods not cheap neighborhoods, and then you complain how expensive that neighborhood is? I could leave my house right now and find quite close by a historically black neighborhood with $500/month rent. And it'd be on a bus line! All these historically black neighborhoods are on bus lines. As for public transportation, most Americans loath it, and will do anything to stay in their cars. But driving is expensive, and at a certain point will become too expensive for most Americans to afford. I would argue that since about 80% of drivers of new and used cars have a loan on them, that point has long since passed. If something is crushing you via prices, then that's a pretty good indication that you're choosing a lifestyle that you can't afford.
I live in charlotte county. Most people go to Georgia or south Florida. Some retired people with a little more cash go to South Carolina which is slightly cheaper than Florida but still expensive. A smaller number go back to New York or Ohio or wherever they came from but not many. Georgia houses are half what Florida houses are and it’s not far from Florida and the weather is not much different. South Carolina also similar weather to Florida it’s a little colder further north but it’s not like going back to New York. But most people are fleeing liberal politics in California New York Illinois.
The people from Florida are hating New Yorkers and Californians that are moving in because its cheaper to live in Florida than it is to live in those States and the People of North Carolina and Georgia are hating people Who are Moving in from Florida because it is cheaper to live there instead of their own State "Florida" and then the people of Virginia are hating people from North Carolina and Georgia who have Moved in from those States because it is cheaper to live in Virginia then it is in there State. We are all being shifted to where we can afford to live. We are also hating each other because of it when it is none of our fault. We are all just rolling with the Punches throw at us by Corporate Greed and Governments who Support Corporate America taking full control of our housing market, Foods etc.
Ben, Visited PG last November and am trying to move there. I'm watching for the market to adjust and trying to be ready to pounce when the time is right.
Was there a couple of weeks ago to look at houses and was very interested in a house. After finding out about the taxes of it being reassessed after if we bought it and the taxes would go up from 3.8k to over 10k it no longer made sense and we pulled out. Doesn't make sense you can have 2 of the same houses next to each other and because they bought years ago they pay 4k and newer buyers pay over 10k. There is no incentive to move if you decide to move within florida. It only keeps the housing prices down as they don't want to pay the taxes.
Here in Georgia there is no "freeze of property tax increases" for seniors or people who have not sold. All homes on a level paying field based on assessed values.
@@chetmyers7041 Same here in NJ. They reassess the houses every 10 years or so and the same rate it applied to everyone. I guess the FL taxes sorta worked before when housing went up gradually. The sudden spike in houses prices I think is a problem. I even called the tax assessor to see because of the sudden spike if there were talks about maybe lower the millage rate which then they could up the assessed values of the homes they are restricted to 3% increase but also bring down the taxes of the new home buyers to a more reasonable rate. That would increase home value but she said no there was no talks of that. That's when we decided not to buy.
Yes it does make sense. The Florida legislation that keeps taxes from skyrocketing you speak of is doing its intended purpose: What this man is pointing out in the video (people being priced out of their homes) can’t happen to people that make Florida their primary residence. The tax rate did change. You made the mistake of not knowing the tax rate; you based it on the current rate. Typical crappie realtor move. They should know better.
@@youflatscreentube from what I saw the rate doesn't change it's the assessed value. I looked at many tax records before making the decision and even called the tax assessor. I understand it's to not raise taxes more then 3% on residence and in a normal market as prices go up gradually that works. When the taxes are done the assessed values are only raised enough so the taxes don't go over 3% but if you moved the new assessed value is set to the that home after you purchase it. In the case of the house I was looking at the current taxes were $3.8k if I bought the house the taxes on the house would be around $10.5k. In my opinion if I owned and lived in a house in FL and wanted to move to another town in FL I would be hesitant because the new assessed value would applied with the spike in housing prices.
I live in Tampa and am on SS, I have to work full time just to survive. With the annual increases in my rent my housing is now more than my SS. I am moving to the Phillipines this summer and will never come back.
Another floridian walking, wearing sunglasses and talking pretty familiar like another utuber. I really enjoy seeing the neighborhoods on your walks. Florida is such a beautiful state.....thanks!
That’s the historic district. Even if you build a new home it has to be in the old southern style. Those houses are really expensive. Worse because it’s a hundred year old neighborhood it’s all flat and a potential flood zone.
43 year Florida Resident… I love my Central Florida home..I’m leaving in 18 months…to Tennessee….i can no longer afford the homeowners insurance that went from 1700 per year to 5200….mind you I am NOT in the hurricane wind zone nor flood area…and have NEVER made a claim in the 23 years I’ve owned my home.
Clearwater Good houses go quick for asking non updated houses not priced well stay on the market for months and take many price cuts. Rental homes are coming down and supply is building up.
Do you believe house prices will continue to fall? My wife and I are looking to move down but we are concerned with the increase in cost of living in Florida
I just turn 60. Won't fully retired until 67. Even than I would do side hustles. I love to buy and sell. Been doing the flea market thing forever. Even now with a full time job. Running a flea market booth during weekends. It's not work to me, since I enjoy doing it. Extra income and will keep on doing it until my ticker quits. Beyond my fully retirement years.
Just came back from SE FL, everything is very crowded, lots of traffic. Dinner out for a family of 4 was $100-$160 depending on type of order/drinks, before tip at a decent restaurant. Already starting to get hot with avg day time times high 70's-80's. Almost everything seems to be a 15-30 min drive usually in traffic. Can't imagine being there year round.
I live in a town where local wages don't support the house prices. So what people have to do is work elsewhere at a high paying job, save up, and return with savings in order to buy. One guy worked in the oil patch, I went to work on yachts, there are other types of jobs like this. This is in Colorado.
I'm in Fort Pierce on South Hutchinson Island living on my 36 foot sailboat at a very nice marina right on the class A inlet to the ocean. I've been here now for a year and a half and would like to make it my new homeport. Selling my home in Maryland, I need to decide if I will rent or buy a new land base. I don't need a large single family home, been there and one that for 50 years. A small 2 bedroom bungalow would be great but they are outside my price range - most were built in the 50's and 60's and have been totally updated by snowbirds. A 2-bedroom condo would be fine and I have my eye on a couple in an older condo development. The problem is both the price - in the $200K+ range, but more, the HOA fees: over $700 per month, plus flood insurance and taxes (probably a year before qualifying for a homestead break). If the HOA is that high now, where will it be in 2 to five years? The model isn't built for these high fees. These are very nice and mostly updated condos, but not "marble palaces" like a few others right on the channel that go for $1M+. So, who is going to buy a $225k 2-bed condo with such a high HOA, plus assessments coming from the Florida laws on structural integrity reports (SIRS)? It may be better to place the sale proceeds of my home into my investment account and let the 5% rule pay my rent: $1800 to $2K per month. I forgo any valuation increase from buying, but do I really care during the later years of my life? Perhaps a 6 or 12 month lease will be the answer to let the election, economy, and state laws shake out before committing to buy - or maybe becoming a retiree renter? Your take please.
Hard to say. HOA is such a wild card as with insurance like you mentioned. I think renting is only going to get better in the short term as we are starting to see a lot of units sit vacant, but on the whole I feel the East Coast will hold up better than the west coast of Florida due to the job markets. Every area is going to see different variations. Sounds awesome what your are doing though!
40 year Florida homeowner here. We just bailed out of the madness that is currently underway and downsized into a modest, yet quality condo complex, while we wait for the dust to hopefully settle and Ron to direct his attention to matters of importance. Lucky enough to sell to an out of state cash buyer. The Homeowners insurance is what ended the party--non-renewals, massive increases from $3000 premium in 2017 to $17000 in 2023. Ben I'd like to know what that century old Punta Gorda 2 story homeowners insurance annual premium is--if they can even get insurance. Punta Gorda has faced full force Charley and Ian about 20 years apart. Where I lived we've not experienced hurricane force winds since 1960, yet the insurance company rated my zip code/neighborhood a high hazard area. Hence one of their justifications for the premium increases.
Our holier than thou governor. The guy who just wasted almost an entire year and lord knows how much money spreading his disgraceful BS across the country and right here at home in Florida.
@@erikarommel Ron DeSantis, just like Demi Moore's interior decorator neighbor Ron in St. Elmo's Fire, someone who's mentioned, but never seen.....at least here in Florida. This man is a hot mess and disgrace.
I was a part-timer in Florida, in the Keyes - Islamirada - and 2008 came around, I left immediately, back to Burbank/California ... best move I ever made
Thanks for sharing this info. Everything is getting so expensive, especially for the retirees like myself. My vehicle insurance went up $1,000 more. I am hoping that the insurance does continue to go up. Otherwise I may have to get rid of one of my.
I have lived in Florida fir nearly all of my 70+years. I'll be happy if more people leave this state. The growth in even the last 15 years has been absurd. I moved from Hollywood in the late 70's due to the growth to St. Augustine. Left that area for the same reason in 2009. I moved to acreage in Nassau County. In the past 10 years, growth in Nassau has ruined this area. When I purchased my current house which is a 2600 sq feet home modern home built to the current wind standards. This house was built with a whole house generator, in house sprinkling system, and all Hardie board exterior and it sits on 11 acres. The sprinkling system was installed due the house sitting in the middle of timberland. My home owners insurance in 2010 was $900 a year. Today with same coverage I'm paying $3600.00 a year. I have never filed a claim. Don't get me started on Auto Insurance. When we have a legislature and Governor that stops wasting time on social justice issues and doesn't carry the water for the insurance companies then maybe we make some progress on these issues. I'm not keeping my hopes up.
I would have lost over $50000 if I would not have sold in Cape Coral last July. The market there has fallen over 16%. It became completely unsustainable for my retirement income.
I'm in the cape. My house has dropped since i bought it. I don't want to sell. But insurance and Taxes here are stupid!!! They rezoned mine to a flood zone. 😮
Moved here from Vermont. Went from high state tax to no state tax. My property taxes are way lower and my living expenses (goodbye winter) are way lower. Property insurance went up a bit. What am I missing with all this doom and gloom??
Good video Ben. A realtor does a CMA of what BUYERS are willing to pay, not what sellers listed at. Also buyers drove up prices by paying more than the asking price.
Great truth telling my man. Moved to Floridia in 1983 bought my first house in 1987 $70,000. Retiring in 2 years. Moving to Ohio or PA for cheaper coast of living. Will become a snowbird.
We, in Canada, laugh at you sir! That house you showed might cost us 2 1/2 million here! Our taxes are through the roof. People are living hand to mouth here, as they have been since I’ve ever known. when things get rough in a truly free society, the people who had been enjoying freedom for so long don’t know how to cope.
Part of the problem is that people arent trying to lose out after over paying for homes. Lots of inflation probably starts at beginning of production and is passed along just because people paid during the pandemic shortages. Those prices are stuck even witn supply raised.
Punta Gorda 17 year full time local retiree, getting out of FL ASAP ! I'm being priced out of this state as are fellow retirees. Any new comer is going to regret moving to this area of low wages and high costs, retirees had better be millionaires Personally, I feel that real estate agents are partially to fault for unrealistic listing prices that have the seller languishing on the MLS for way too long.
But the lifestyle is great. Year round golfing, beautiful beaches and lots of water activities. But expenses are getting higher every year. My auto insurance doubled in 18 months. My homeowners insurance is Stupid expensive.
2 houses just sold a block from me, flips 1500 sq ft $650k each. Its a low end area, homes pre pandemic selling for $100 to 200k. Both sold within a few days. In Marshall's yesterday, lines out the door, carts full, mainly snowbirds, restaurants full, roads packed. In west Bradenton.
I'm close to your area but work closely with the real estate market. Demand is anemic. The people who moved here in the past few years in areas like Lakewood Ranch are propping up the local economy. Locals are priced out. Things remind me too much of 07.
@@soquick69 i agree, we bought in LWR in 04, 3 years later 75% moved on in our sub division. The builder had advertised in NJ, they didn't like it here after the novelty wore off. We sold 2 yrs ago to Californians who are renting it out for a high amount. That subdivision has now turned over to wealthy out of towners. Main st LWR too has change, full of excited newbies. Wondering if and when the novelty will be over. West Bradenton real estate is being advertised as minutes from Anna Maria and quaint downtown.
I did great . Bought a 2005 manufacturered home in a 55+ community in Sebring in July of 2020 for $22900 . They are selling my floor plan now for $70000 . It’s cheaper to live here than in Ohio for me .
I have heard of people leaving Florida since 2008. Hurricanes drive them out, property taxes push them out, Housing increases drives people out, even parking costs in cities and at the beach drives people away. They used to go to NC but that has become sky high. I know people that went to Tenn. Its not only less mo ey to buy and lower taxes, but do not need to get approval & inspection every time you want to do something on your property. States need to stop making new rules and raising taxes, otherwise we will all move to different countries where life is easy !!
I had a girlfriend that lived in santa cruz in the early 90's. When the silicone valley millionaires discovered santa cruz they would pay any price for houses. Pricing everyone out. The property taxes went nuts kicking live long residents out of their homes. Finally California passed some resolution that protected the original residents from the gentrification. Florida heading down this road maybe???
I'm glad for it. The influx of the "barely able to afford" horde exploded, creating all kinds of problems and hardship for longer term, permanent residents. This on the SW used to be a nice calm very livable place before, and during the first half of Covid. Then it just exploded. So I WELCOME the high prices, I did not come here to live on a shoestring. I fervently hope, that the high prices will reduce the crowds who came here on the cheap, screwing up our way of life and comfort, during the last two or three years. Look at the out-of state plates on their pretentious(!), show-off, often gigantic vehicles. They OBVIOUSLY cannot afford(!) to fly, or if - in case - they have a property here, they cannot afford(!) to keep a vehicle here (and wardrobe) permanently. For comparison: My well-to-do neighbors from up North, fly here with only a carry-on, and keep not one, but two cars here permanently in their houses' garages.
Pandemic crazy, site unseen buying plus Ian and the insurance craziness has made it very difficult for the average person to own a home. I'm a lifelong Floridian since 1967 this is 07 all over again only this time its going to be worse. Buckle up people. Pay off your debt, save as much as possible and grab some popcorn it's about to get real ugly.
I live mobile now. Was a small contractor in Florida for 30 years. Thinking about going back and charging $50/hr. as a handyman. I’d crush it. Maybe $75?
Sarasota is the same way. When they pull a rug - a lot of people will get hurt. It's unaffordable to rent/buy. San Francisco prices and Florida pay don't mix together.
W sold a rental house there last year. Sold in 2023 for $440k, bought 2018 for $252k. We saw the writing on the wall. Had another in Wesley chapel (Epperson Lagoon), bought 2021 for 399k, sold 10 months later for 520k. It was time to get out 12 months ago.
This area is anti worker. It desperately needs working class housing and they build more 55+ communites and expensive condos with some 500k family developments. It's all insane.
@bensellin you'd think that people would be more realistic in selling if they bought in 20-23 and can't afford the taxes, escalating insurance and HOA fees... But, they're delusional listing their homes for double what they paid😅. People never learn
In my area of New Jersey houses are still ridiculously expensive, but that will change. One thing I know for sure is that I’m so glad I never got the itch to move. I’m happy in my home of over 20 years, and although my taxes are high, from what I can tell, the south is catching up.
NW Florida is getting the same way. Taxes and insurance is going up, but not as bad as South Florida. Its bound to happen here. We bought property in the county and down sized. Its manageable.
![Chris Langan - The Interview THEY Didn't Want You To See - CTMU [Full Version; Timestamps]](/img/n.gif)
Florida has Manhattan rents at Mississippi wages.
Insurance companies are tired of annuual disaster payouts.
But not Manhattan crime, communism, or woke schools.
My friend’s studio (2 rooms) coop in Manhattan rents for 4K. If some place like FL can rent out a 500 sq ft studio for 4K, I would buy because FL’s housing and condo prices are a lot cheaper than 4K in rent.
Well said!
I built a home inside an active volcano. Why is my home owners insurance so high?
Manhattan health care is better than Mississippi, Florida, and Texas. Why? Just look at the life expectancy tables.
We're retired snowbirds and bought a condo in Cape Coral on 2013. For 7- 8 years , it was very affordable and definately much cheaper than renting for the winter season. But the last 2-3 years has seen steady HOA increases, massive insurance increases, as well as rapidly escalating realty tax and services rates which has made the advantages of ownership alot less advantageous over renting. With the ever increasing threat of weather events combined with the above(+ a slowing economy & persistent inflation), we decided, a number of months ago, to list our property for sale. Luckily, we sold it in Dec. and any return trips to Florida will be as renters only.
Your video makes imminent sense and hits all the pertinent points. Thanks for your insights.
Moved from North FL to South FL in 2019. Modest home. New roof. In an HOA. In that short period of time, our HOA fees have doubled from $200 to $400. Our property taxes have doubled from $5500 to $11,500. Our home owners insurance has quadrupled from $2200 to $8500. Insane!
But people will say its not happening. Best of luck brother. Those are some wild numbers.
It's time to move. I know it's tough if you've been on a job there. Things are good here in Texas. South Texas.
lol I moved to Las Vegas - saving a ton of money and national parks are amazing and much better food and prices too… downside car insurance is higher….
I have a condo in South Florida on the beach. So my Condo fee went from 500 to 1000 in November and we got a $17,000 assessment at the same time to fill our reserve. My taxes started out at $5000 10 years ago and now they are $10,000. But having said that, everything goes up everywhere not just FLORIDA. And to me it's worth it because it's still cheaper than the northeast or California and we have better weather.
not homestead?
Have condo in Port St. Lucie tried for 6 months to get a renter no one could qualify,gave up now selling it because I don’t want to take a chance of a tenant becoming a squatter 😮!!
Bought a foreclosure there in 2009 for 220k was 650k a few months before...sold it for 220 3 years later..noticed it's up for sale for 650k now .in pre foreclosure again .Port St.lousy
If you do not want a renter to be a squatter, rent the condo according to what it should be priced at. You are the one who would create your renter to become a squatter.
@@commonsense8012or maybe afford what you can afford or move back home with your parents and burden them
@ijg8343 I agree with afford what you can afford, but moving back with your parents ? From a parents point of view...no 😎
@commonsense8012 I did it for 3 years, loved spending time with my mom and dad as an adult, worked 2 full time jobs pretty much when covid started and just finally got back to 1 job so I could have my free time back, saved enough to buy a home straight cash.
I’m a Florida nurse watching this clip on my lunch break in Boston Ma.
I just spoke to another Florida nurse yesterday (from her job in Georgia) and she warned me car insurance has just doubled as well.
That happened to me. Got to jump to another provider when that does. Luckily my current one just renewed at similar rate with better coverage than jumping this time. In 5 years I probably will drop to basic coverage bc car won't be worth as much.
Yes! It has! My auto insurance…full coverage for a 21 Mazda has gone from 980 per year to 1680! I am 58 and haven’t had a ticket since 1986 and have not made a claim!
Moved to FL in 2020 and out in 2023. It’s too expensive to live there.
It’s cheap in Florida, I just bought a house for 560G paid it out in cash , just realized I can also rent out condos in Delray .. they’re only 200G put 20% down payment . Rent it out.. easy money
I'm one of them moving, retired Marine, moved here 2yrs ago to Ocala. Mortgage payment went up and I'm on a fixed income with my retirement and disability. I'm heading back to Michigan and brave my winters again because it just isn't worth it living here. Can get a house up there much nicer and cheaper.
Market is unsustainable. Out of state buyers are not stupid and will strat to negotiate the prices now. No locals who can buy. Insurance will remain a problem for a long time. And if a hurricane hits Fl, prices will further escalate. Thanks for your video 😊
Out of state buyers ARE stupid..which is why this is happening in the first place. And why they are moving to a place that's already over crowded. Don't come here
You got that right. Those of us from the mid-Atlantic (DC to NYC) may have a lot of cash due to selling our houses but we know what things cost in other areas and won’t take the bait
Insure rose so much in Florida not simply due to bad weather, but also due to repeated fraud. Hopefully, the new laws that passed where the claims can no longer be assigned to a scamming contractor and their scamming attorneys, will eventually start to help after all the pending litigation clears the court system.
When another hurricane hits. It is inevitable.
@@ChrisWilliams5605LS While I agree that a law like that is necessary, what are people going to do when they need their house repaired quickly? Do they have enough contractors in Florida to do all the work on every home affected by a storm or some other weather phenomenon? I don’t live in Florida but I am assuming the reason why people hired scam artists to do “repairs” is because they weren’t even getting call backs from legitimate contractors and if they were they were told it would take months to get to their homes. What sort of contingencies are in place for that? I think that is why Florida home buying is a huge risk.
It's not only taxes but house/car insurance is just going wild, no one is doing anything about it. They can charge you what ever they want
A new governor would help.
Since our governor gets a lot of money from insurers, they have no reason to deal with the problems.
DeSatan could do something about it but he chooses to side with the insurers that were giving him election money. Too bad he can’t help Floridians as governor but instead concentrates on a failing run for the presidency with no hope of ever becoming president.
@@cindyhuffman6711 LOLOL And because these problem are everywhere blame the governor LOLOL Move to NY PS NJ and other States lol. Most are moving because they can't afford where they are now..LOLOL always blame
Ben, you are spot on. The value proposition in Florida is gone. As a retired SE Michigander I can afford Florida. However I will not pay the excessive costs for a little extra sunshine. It simply makes more sense to visit whenever we choose. In every expense catagory a retired person measures expense and they are saying no. The residents unfortunatley cannot afford basic housing. In Michigan, yes they can afford basic housing, it still tough but doable. Florida, not happening.
Sorry folks, but prices need to crash by 30 to 40% to get the market back in line with affordability.
At least. Maybe even 50-60%. Especially for people who subscribe to the tenets of Mr Ramsey.
Yeah that won’t happen soon, maybe a 10-15% correction
I live mobile now. Was a small contractor in Florida for 30 years. Thinking about going back and charging $50/hr. as a handyman. I’d crush it. Maybe $75?
Florida condo prices are going to collapse with the new condo law requiring milestone inspections and reserve study with reserves being fully funded by 2025. HOA and insurance prices are skyrocketing.
And 2 insurance company's that insure condos right now wants 56% increase in premium
Yep, I know a condo owner whos dues went from $280/month to $810 because of the reserve requirement.
Yep, condo owners who voted against their assessments for years are now having to pay the piper for ignoring common sense maintenance.
@@ChrisWilliams5605LSit was appealing for retirees to put off maintenance because the brutal calculation was they'd probably be dead before the bill came due
We're having the exact same problem in Sneads Ferry, NC. I've lived in my home for 8 years. My total mortgage is $600 more per month than it was at the time at purchase due to increased taxes and insurance. And I have a FIXED 3.75% interest rate! I get a letter every year from my mortgage company stating there is a shortage in the escrow due to increased taxes and insurance. 😢
Wow that is a wild jump. All over the country these days it seems.
Keep voting for local leaders who want to expand public services so taxes can keep increasing.
@@bensellin A $600 per month increase over eight years does not seem that bad to me. I suspect that many folks' income went up much more than that over eight years.
And what do most people do when their income goes up?
That depends on the initial amount, doesn't it? $200k would get you a lot of house in Sneads Ferry, with a mtg. around $1000. Add $600 on top of that and it is a massive increase.@@ChrisWilliams5605LS
@ 4:29 This house is in Zone AE, HIGH RISK! This translates to the highest flood insurance there is, other than actually being in the water. So my guess is insurance, just flood insurance and not homeowners, is about 10k a year, minimum. Probably about that for regular homeowners insurance. That is exactly why this house isn't selling. 20k a year to start not including mortgage. Now, good luck even getting insurance to boot
Where do you find the zone that a house is in? on zillow? Or is there another site? Thanks
@@javajunkie517 Google "FEMA Flood map." Poke around there
Example I'm a 65-year-old man 95% of my income goes to just living I do not drink I do not smoke I do not go out to dinner every bit of my paycheck goes to rent utilities food gas insurance Wonder why people are leaving no choice
Thanks Brother!
Drinking, Smoking, Dining out, and Automotive are all costs that keep a lot of people broke.
Great Video. I have been living in Florida since 1959. Since the last 3 years I see the struggle many of my friends are going through due to the increasing Property Taxes, Home, Flood, and vehicle insurance increases. This video is a great heads up for people moving to Florida.
My wife and I looked at Florida to retire about 6 years ago. Saw the future, saw too many moving there, that made me say no.
You should have moved here 6 years ago. Had you bought, your house would have likely been up 2.5x. I moved from NYC to Miami in 2017 and the quality of life here is much higher than in NYC.
@@BestStockStrategy that 2.5 increase is a fiction if there's nobody buying.
@@EricDurrant-k5z You didn't understand the comment (even though you edited your original comment based upon this comment) 2.5x is not 2.5%. It's 150%.
@@BestStockStrategy I think it's you who didn't understand. If there's nobody buying, the increase in value is only on paper. The real value is what buyers are actually willing or able to pay.
@@EricDurrant-k5z your comment makes no sense. First off, you don't even understand that 2.5x equals 150%, not 2.5% then you make false assumptions that there are no buyers. You're incredibly ignorant to assume that the entire RE market in on of the nation's most desirable locations doesn't have transactional volume.
But you know what they say, "a wise man arguing with a fool, from a distance, it's impossible to tell which is which" so... You're welcome to hold onto your ridiculous belief if it suites you lol 🤣🤡🤡🤡
Unless you are a super high net worth person, you don’t want to live on or near the ocean as the property insurance is sky high and the sea air corrodes and erodes everything.
I am glad that I live 6 miles from the ocean.
1. People got stuck with overpriced cars. Thinking the values will only go up
2. People are about to get stuck with overpriced homes
3. Game over
If you thought the price of your car would go up 😂
Game over for them, I been debt free except my business debt that makes a lot of cash. I drive a car with 300k miles on it. Yes I can buy a new one but no.. Waiting for the fire sale. Until then, I will drive my beater lol..
99% of automobiles are a depreciating asset. 10-20% the instant you drive it off the lot. These folks sound like frigging morons.
@@fuqutube I also can easily afford to pay cash for a bunch of new cars but I choose to keep my $500 old car going - if it still works - keep-it.
I visited south Florida where a friend of mine was saying he was paying 1550.00 per month for a 3/1 and next month it’s jumping to 3200.00. The landlord didn’t raise rent for several years and now it’s time to do so. The place isn’t all that either.
Sadly many did that here recently. 100% rent increases in a year or two were not uncommon. Now had they been low for years, yes, but that is just too much at once.
@@bensellin he’s decided to move to central Florida. I moved from Broward to north Florida 4 years ago and if I was to buy down south what I have up north it would be over a million easily. The prices are insane!!!’
@@bensellin I had people paying $925.00 a month and the taxes went to $3,000.00. Then the plumbers started charging thousands. They argued over a $75.00 raise so out they went. Not paying for people to live there.
Owned 20 years in PS Lucie, sold it due to high taxes and HOA fees. Don’t really miss the snobbery of a gated community. We just rent as snowbirds now. Rents keep going up but no risks of owning and hurricanes. 🇨🇦
Educate me please, are seasonal rentals available, or do you sign yearly leases?
@@chetmyers7041 we contact a real estate company in area we like. They have rentals they don’t advertise. Nov to April are prime time so rents higher. It’s harder to rent just one month, but possible. You have a rental agreement like a lease. Everything done online.
Wow! Eye opening about housing costs in Florida. I heard about insurance premiums going sky high too. It's getting to expensive to live anywhere anymore.
We're getting priced out of affordability in America. The next generations may live in an unstable society.
Just keep voting for Socialism. That is the plan. You will own nothing.
A free market uses price signaling as a way of showing what you're doing isn't a good idea. So doing things like building your house on a flood plane that's 1/2 a foot from sea level is a way of saying that's a really bad idea.
Its worth every penny. Hard to beat@@langhamp8912
Or Mexico
Yeah but Biden and the Democrats can't get enough illegals to poor over the border, 10 million plus in 3 years adding to the problem.
Restaurants are getting crushed too
I moved to Northwest Georgia from Florida back in 2006. Cobb County Georgia removes the school portion of property taxes off when you turn 62. I live in the County next to Cobb, and at 65, they remove half of the school portion and all of the school portion at 67.
I moved to Orlando 8 years ago from Marietta GA and I am more than ready to move back to Marietta. I have only been renting since here but rent prices are ridiculous for a 1x1. I will be moving back to GA this year.
@@susannafeinberg6407 I live in Paulding County. Not far from Marietta.
@@ilc-nl3yy I know where that is, Paulding county is peaceful.
We have ZERO existing homes for sale in my Town of Ogden/Spencerport, New York. As soon as a listing arrives on the market, it gets 30 offers and sells for 70K over asking price. This has been going on for years now. Every listing has delayed talks to review all offers, and take the highest offer with no inspection.
Hearing this all across the North East sadly. Without major building, not sure how that stops.
I heard this too about NJ & CT. I've been in FL 9 years now but am native to South Jersey. I told my friend to sell now.... She's been waiting for the right time to go to SC for years. She's a hardcore Republican & NJs government stresses her out 😂
@@KJPartyof6 Hardcore Republican here too. I don't blame her one bit.
Great content Ben. I enjoy your candid, honest assessment of the Florida real estate market.
When you lose locals housing affordability, two things happen.
1. They leave
2. The cost to get someone greatly increases.
Living in Summit County, I watched it start happening at the Ski resorts beginning in the 90s. Aspen priced people out, so they moved to Vail.
That price out Vail people out, so they moved to Breckenridge, or Edward's or other smaller areas.
I watched some wages quadruple from Denver pricing.
Another example is Parker Colorado in the early 90s.
It only had one apartment complex and one condo subdivision.
Home Depot had to do a special wage hike just for their new store.
Rent can only go down so far if taxes and purchase price is to be supported.
Or you get a reset where values drop drastically.
I worked in Tampa ten years ago. Thought about buying something. But the HOA was more than the mortgage. I looked into why, discovered Citizens, and said "Nope." And this was when you could easily buy a nice condo for $135k.
What do you mean "Citizens".????
@@marblox9300 The insurer of last resort. Florida-sponsored/financed home insurer. Flood and wind insurance for all the parts of FL that realistic underwriting say are uninsurable.
My property taxes in Oregon are $7,000 and my home insurance is $800 per year for 2,700 sq ft home!
I moved to Ireland from florida
Property taxes $300 a year.insuramce $350 a year for similar sized house
@@michaelryan405Genuinely asking here, aren’t there some other odd taxes though? For example: a monthly tax on each television, in Ireland? I also find all the complaining done in the US about fuel prices, but, go to Ireland or anywhere really and drive around the country and check your cost. Now they aren’t commuting like we do here, but man.. fuel across the pond sure adds up
But you have to live in Oregon…..sooo I’ll pay higher everything not to live in constant drizzle and clouds. Stepping over homeless and drug addicts on the streets is no fun. I left Oregon for FL. Way better here!
@@ronosborn7704 Enjoy your mountains and forests and mild non- raining summers down there.
That flood insurance is going to be a killer.
AE zone bites
Wages in Florida have traditionally $ucked. How are people who work in the retail and food industries supposed to live there? They can’t and will have to leave. Then all you’ve got left are people in the healthcare and space tech industry. That means no restaurants, clothing stores, or retail in general because those jobs don’t pay enough to live there.
The new "going out to dinner:" bring a pot-luck dinner to cul-de-sac and share. Does build community among neighbors.
It’s not even just retail and food anymore. It’s affecting teachers and some medial staff now. The bubble will burst
I just read that in 2022, Florida's population grew by 765K but that in 2023 it grew only by 365K. The average growth per year, prior to the pandemic was approximately 250K and may be headed back to that norm. So anyone who wants to sell will have a much smaller pool of buyers.
Not to mention the massive amount of inventory that is currently under construction.
With millions of illegals coming to this country, the housing supply is getting smaller and smaller and I don't see any real estate going down in the future
@@ImThePronounPoliceAbsolutely false. What a xenophobe.
I am west of Chicago now. Illinois is simply not worth the cost of living here.
This problem is national in any town worth living in.
If you live in a high tax high wage state like NY, NJ, MA, or MD, it's more beneficial to just stay there than to move to the Sunbelt. Especially because there are some Sunbelt cities that are now significantly more expensive than some midsized cities in the Northeast. Simply not worth it.
No way! Forget about the weather the taxes in the north east where I'm from kill us here and there is no income tax in Florida. if you buy a condo, the insurance is included in your condo fee in Florida unless you want to buy separate interior insurance which I did for $900 a year. Houses are expensive in the north east more so than Florida in the long run, FLORIDA is cheaper.
I had a condo on the beach I sold a few years ago in south Florida. The building insurance policy kept going up and the assessments kept piling on. No one but Citizens would insure the inside of the condo and that ran close to $4k/year. It was insanely expensive carry the place. You have to be very careful down there. The prices you see now may correct some but you are paying for the next 10 years of price appreciation, meaning you won’t see prices go up for a decade in my opinion.
Great content and insights. Been following the Florida market for decades. The Co vid pop was just that, a pop and its over.
Be interesting to see how the government addresses the many, many affordability issues going forward. Between Ian and the Surfside disaster, and the insane pop in pricing and the consequent assessments. (Pretty sure the state got drunk on all that excess thinking it would never end. Its ending.) The national and global economy is in the tank.
I worked through the LEE County housing crisis. Short sales for years. I'm trying to stay positive but these massive price reductions are giving me deja vu of 2006. We thought we would never see prices skyrocket the way they did back in the housing boom of yesteryear but they exceeded them in the last 2 years. I was worried then and I'm very worried now. I'm keeping positive but 7 years
clawing out of the housing crisis was not fun. I don't want to experience it again. :(
Dont listen To the gloom and doomers this market isnt crashing
“Market value” dropped 60k (70 miles away from coast, 1300 sf house north Florida) insurance only increased $600 this year (more than doubled last year) & property taxes not too bad. Lived in the same house for 36 years (refinanced & upgraded a few times). Apparently I’m one of the lucky ones & am still considering moving out of state.
So sad. 😢 I love FL & we had hoped to retire there but looks like we’ll just continue to vacation there. (from GA)
@@lindylou3519 Hopefully the Florida government, inflated housing prices & insurance companies can get the prices more reasonable but I guess we’ll just have to wait & see.
We love your honest assessment 👏 It's refreshing in this industry 🙌 Keep up the great job!
$800k to live in a flood zone 😂😂😂😂 no thanks. Yes please tell us how much the insurance is on that house.
Greetings from NYC, we know there's many wonderful people in Florida. Good luck to anyone struggling..
Lived in FL for about 24 years... profesional with an average salary.. I could not find a job to sustain the cost of living in Orlando. Moved to New Rochelle, got a job that pays 3x more of what I made in FL.... it's cheaper for me living in NY than FL... mind blowing.
Leaving FL for TN on 3/11 @ 4:00 am. Sold my $68,000 home for $386,000….. in 3 days 😮 - my new home insurance will be $760 compared to $4000. Be there - Done that _ …. 🎱
The cost of living and the housing decline is nationwide. People are escaping Florida but no telling where they are going and maybe moving back with family members to cut costs. The young generation feels hopeless with buying a house as the sellers asking too much and buyers just don't have the funds to qualify, or even if they qualify the cost to maintain is not sustainable. I am seeing appraisals come in below the builder purchase contracts nationwide on average of 35-40%; keep in mind many of those contracts are signed months earlier prior to completion. Things are out of control and there's no turning back regardless of getting this treasonous administration out of office. Pray hard
There's plenty of cheap housing with water, sewage, electricity, and roads. Just go to Zillow and look at any major and minor metropolitan area; they're full of cheap and affordable housing next to public transportation. The catch is that you'll have to live in a minority neighborhood.
So choosing to live outside of cheap neighborhoods, and requiring a car so you don't have to, seems to me a lifestyle choice not an affordability crisis.
@@langhamp8912 The point wasn't whether it is was a lifestyle or not; the point is prices have risen nationwide including the "cheap housing" as well. What is your definition of cheap? Are you stating only minority neighborhoods are cheap; I can show plenty of examples of inner city houses that most can't afford and your not going to be living high (crime high, no parking and only have public transportation, etc. Starting 2019 to present the cost of living has exploded knocking many out of the market. Real estate is location, location, location. Typically, the "cheap housing" you are referring to is not area's with high employment and amenities which is required especially if you have no car
@@grierhixson2623 I am indeed stating that only minority neighborhoods are cheap, and that is verifiable via Zillow.
But again, I consider all this to be lifestyle choices. You choose to live in good neighborhoods not cheap neighborhoods, and then you complain how expensive that neighborhood is? I could leave my house right now and find quite close by a historically black neighborhood with $500/month rent. And it'd be on a bus line! All these historically black neighborhoods are on bus lines.
As for public transportation, most Americans loath it, and will do anything to stay in their cars. But driving is expensive, and at a certain point will become too expensive for most Americans to afford. I would argue that since about 80% of drivers of new and used cars have a loan on them, that point has long since passed.
If something is crushing you via prices, then that's a pretty good indication that you're choosing a lifestyle that you can't afford.
US borders are open, everyone will be living in a minority neighborhood.@@langhamp8912
I live in charlotte county. Most people go to Georgia or south Florida. Some retired people with a little more cash go to South Carolina which is slightly cheaper than Florida but still expensive. A smaller number go back to New York or Ohio or wherever they came from but not many. Georgia houses are half what Florida houses are and it’s not far from Florida and the weather is not much different. South Carolina also similar weather to Florida it’s a little colder further north but it’s not like going back to New York. But most people are fleeing liberal politics in California New York Illinois.
The people from Florida are hating New Yorkers and Californians that are moving in because its cheaper to live in Florida than it is to live in those States and the People of North Carolina and Georgia are hating people Who are Moving in from Florida because it is cheaper to live there instead of their own State "Florida" and then the people of Virginia are hating people from North Carolina and Georgia who have Moved in from those States because it is cheaper to live in Virginia then it is in there State. We are all being shifted to where we can afford to live. We are also hating each other because of it when it is none of our fault. We are all just rolling with the Punches throw at us by Corporate Greed and Governments who Support Corporate America taking full control of our housing market, Foods etc.
Yep. Greedy 1% has the rest of us playing Whack-a-Mole, and we're blaming the moles.
Ben, Visited PG last November and am trying to move there. I'm watching for the market to adjust and trying to be ready to pounce when the time is right.
Was there a couple of weeks ago to look at houses and was very interested in a house. After finding out about the taxes of it being reassessed after if we bought it and the taxes would go up from 3.8k to over 10k it no longer made sense and we pulled out. Doesn't make sense you can have 2 of the same houses next to each other and because they bought years ago they pay 4k and newer buyers pay over 10k. There is no incentive to move if you decide to move within florida. It only keeps the housing prices down as they don't want to pay the taxes.
Here in Georgia there is no "freeze of property tax increases" for seniors or people who have not sold. All homes on a level paying field based on assessed values.
@@chetmyers7041 Same here in NJ. They reassess the houses every 10 years or so and the same rate it applied to everyone. I guess the FL taxes sorta worked before when housing went up gradually. The sudden spike in houses prices I think is a problem. I even called the tax assessor to see because of the sudden spike if there were talks about maybe lower the millage rate which then they could up the assessed values of the homes they are restricted to 3% increase but also bring down the taxes of the new home buyers to a more reasonable rate. That would increase home value but she said no there was no talks of that. That's when we decided not to buy.
Yes it does make sense.
The Florida legislation that keeps taxes from skyrocketing you speak of is doing its intended purpose:
What this man is pointing out in the video (people being priced out of their homes) can’t happen to people that make Florida their primary residence.
The tax rate did change. You made the mistake of not knowing the tax rate; you based it on the current rate. Typical crappie realtor move.
They should know better.
@@youflatscreentube from what I saw the rate doesn't change it's the assessed value. I looked at many tax records before making the decision and even called the tax assessor. I understand it's to not raise taxes more then 3% on residence and in a normal market as prices go up gradually that works. When the taxes are done the assessed values are only raised enough so the taxes don't go over 3% but if you moved the new assessed value is set to the that home after you purchase it. In the case of the house I was looking at the current taxes were $3.8k if I bought the house the taxes on the house would be around $10.5k. In my opinion if I owned and lived in a house in FL and wanted to move to another town in FL I would be hesitant because the new assessed value would applied with the spike in housing prices.
I live in Tampa and am on SS, I have to work full time just to survive. With the annual increases in my rent my housing is now more than my SS. I am moving to the Phillipines this summer and will never come back.
NE TN is off the chain as well. I sold and moved from panhandle area and happy we did.
They have done nothing 800K ? Ridiculous.
lol agreed...
House is ugly ...that jobs in the area will not find a buyer
Obviously a flip.
Right? 800K eyesore IMO.
They did maybe $100k worth, some of it not needed. Let's see what it sells for.
Tampa area here, our house has sold moving out day in Thursday, we got 35 acres in NW Florida rural area, Glad that I'm getting out of the city
Another floridian walking, wearing sunglasses and talking pretty familiar like another utuber. I really enjoy seeing the neighborhoods on your walks. Florida is such a beautiful state.....thanks!
Yeah I like SW FL views better. These houses in this video are so pretty. We so wish we could afford to live there.
That’s the historic district. Even if you build a new home it has to be in the old southern style. Those houses are really expensive. Worse because it’s a hundred year old neighborhood it’s all flat and a potential flood zone.
@@raymondkidwell7135breaks my heart. I grew up in FL & I so wanted to move back. Life is crazy.
And less politics
43 year Florida Resident… I love my Central Florida home..I’m leaving in 18 months…to Tennessee….i can no longer afford the homeowners insurance that went from 1700 per year to 5200….mind you I am NOT in the hurricane wind zone nor flood area…and have NEVER made a claim in the 23 years I’ve owned my home.
Clearwater
Good houses go quick for asking non updated houses not priced well stay on the market for months and take many price cuts. Rental homes are coming down and supply is building up.
Do you believe house prices will continue to fall? My wife and I are looking to move down but we are concerned with the increase in cost of living in Florida
That's why so many seniors (including me) are still working. It's too scary to have to worry about drastically rising prices on a fixed income.
I just turn 60. Won't fully retired until 67. Even than I would do side hustles. I love to buy and sell. Been doing the flea market thing forever. Even now with a full time job. Running a flea market booth during weekends. It's not work to me, since I enjoy doing it. Extra income and will keep on doing it until my ticker quits. Beyond my fully retirement years.
Just came back from SE FL, everything is very crowded, lots of traffic. Dinner out for a family of 4 was $100-$160 depending on type of order/drinks, before tip at a decent restaurant. Already starting to get hot with avg day time times high 70's-80's. Almost everything seems to be a 15-30 min drive usually in traffic. Can't imagine being there year round.
You are spot on florida market and your area. Keep up the great work.
I live in a town where local wages don't support the house prices. So what people have to do is work elsewhere at a high paying job, save up, and return with savings in order to buy. One guy worked in the oil patch, I went to work on yachts, there are other types of jobs like this. This is in Colorado.
I live in Lakeland and prices are coming down but still unaffordable
I'm in Fort Pierce on South Hutchinson Island living on my 36 foot sailboat at a very nice marina right on the class A inlet to the ocean. I've been here now for a year and a half and would like to make it my new homeport. Selling my home in Maryland, I need to decide if I will rent or buy a new land base. I don't need a large single family home, been there and one that for 50 years. A small 2 bedroom bungalow would be great but they are outside my price range - most were built in the 50's and 60's and have been totally updated by snowbirds. A 2-bedroom condo would be fine and I have my eye on a couple in an older condo development. The problem is both the price - in the $200K+ range, but more, the HOA fees: over $700 per month, plus flood insurance and taxes (probably a year before qualifying for a homestead break). If the HOA is that high now, where will it be in 2 to five years? The model isn't built for these high fees. These are very nice and mostly updated condos, but not "marble palaces" like a few others right on the channel that go for $1M+. So, who is going to buy a $225k 2-bed condo with such a high HOA, plus assessments coming from the Florida laws on structural integrity reports (SIRS)? It may be better to place the sale proceeds of my home into my investment account and let the 5% rule pay my rent: $1800 to $2K per month. I forgo any valuation increase from buying, but do I really care during the later years of my life? Perhaps a 6 or 12 month lease will be the answer to let the election, economy, and state laws shake out before committing to buy - or maybe becoming a retiree renter? Your take please.
Hard to say. HOA is such a wild card as with insurance like you mentioned. I think renting is only going to get better in the short term as we are starting to see a lot of units sit vacant, but on the whole I feel the East Coast will hold up better than the west coast of Florida due to the job markets. Every area is going to see different variations. Sounds awesome what your are doing though!
Miss that place! Have a beer at Archies
40 year Florida homeowner here. We just bailed out of the madness that is currently underway and downsized into a modest, yet quality condo complex, while we wait for the dust to hopefully settle and Ron to direct his attention to matters of importance. Lucky enough to sell to an out of state cash buyer. The Homeowners insurance is what ended the party--non-renewals, massive increases from $3000 premium in 2017 to $17000 in 2023.
Ben I'd like to know what that century old Punta Gorda 2 story homeowners insurance annual premium is--if they can even get insurance. Punta Gorda has faced full force Charley and Ian about 20 years apart. Where I lived we've not experienced hurricane force winds since 1960, yet the insurance company rated my zip code/neighborhood a high hazard area. Hence one of their justifications for the premium increases.
“Waiting for the dust to settle” and Ron to direct his interest to things that matter… I’m LMAO.
Yes, he's got more books to ban, and out of state political races to lose.
😢 this is just sad.
Our holier than thou governor. The guy who just wasted almost an entire year and lord knows how much money spreading his disgraceful BS across the country and right here at home in Florida.
@@erikarommel
Ron DeSantis, just like Demi Moore's interior decorator neighbor Ron in St. Elmo's Fire, someone who's mentioned, but never seen.....at least here in Florida.
This man is a hot mess and disgrace.
I was a part-timer in Florida, in the Keyes - Islamirada - and 2008 came around, I left immediately, back to Burbank/California ... best move I ever made
Thanks for sharing this info. Everything is getting so expensive, especially for the retirees like myself. My vehicle insurance went up $1,000 more. I am hoping that the insurance does continue to go up. Otherwise I may have to get rid of one of my.
I have lived in Florida fir nearly all of my 70+years. I'll be happy if more people leave this state. The growth in even the last 15 years has been absurd. I moved from Hollywood in the late 70's due to the growth to St. Augustine. Left that area for the same reason in 2009. I moved to acreage in Nassau County. In the past 10 years, growth in Nassau has ruined this area.
When I purchased my current house which is a 2600 sq feet home modern home built to the current wind standards. This house was built with a whole house generator, in house sprinkling system, and all Hardie board exterior and it sits on 11 acres. The sprinkling system was installed due the house sitting in the middle of timberland. My home owners insurance in 2010 was $900 a year. Today with same coverage I'm paying $3600.00 a year. I have never filed a claim. Don't get me started on Auto Insurance.
When we have a legislature and Governor that stops wasting time on social justice issues and doesn't carry the water for the insurance companies then maybe we make some progress on these issues. I'm not keeping my hopes up.
Moved to Englewood 2019.....house prices have tripled in my area.....starting to sit on market, so maybe one day I can afford to buy.....
I would have lost over $50000 if I would not have sold in Cape Coral last July. The market there has fallen over 16%. It became completely unsustainable for my retirement income.
I'm in the cape. My house has dropped since i bought it. I don't want to sell. But insurance and Taxes here are stupid!!! They rezoned mine to a flood zone. 😮
Driving around Lee county ladt week saw at least 2 giant developments with thousands of houses planned.I wonder how this market will affect those?
Maybe if the builders started constructing hurrican proof houses that aren't in flood zones, those insurance rates would be more reasonable.
Moved here from Vermont. Went from high state tax to no state tax. My property taxes are way lower and my living expenses (goodbye winter) are way lower. Property insurance went up a bit. What am I missing with all this doom and gloom??
Prices in LWR are still insane, both for new builds and resale. Waiting with dry powder to see if/when capitulation happens.
Good video Ben. A realtor does a CMA of what BUYERS are willing to pay, not what sellers listed at. Also buyers drove up prices by paying more than the asking price.
Great truth telling my man. Moved to Floridia in 1983 bought my first house in 1987 $70,000. Retiring in 2 years. Moving to Ohio or PA for cheaper coast of living. Will become a snowbird.
We, in Canada, laugh at you sir! That house you showed might cost us 2 1/2 million here! Our taxes are through the roof. People are living hand to mouth here, as they have been since I’ve ever known. when things get rough in a truly free society, the people who had been enjoying freedom for so long don’t know how to cope.
Part of the problem is that people arent trying to lose out after over paying for homes.
Lots of inflation probably starts at beginning of production and is passed along just because people paid during the pandemic shortages. Those prices are stuck even witn supply raised.
I really preferred the colorful decor of the pre "fix"-up all white interior,
Thanks for telling it like it is.
Punta Gorda 17 year full time local retiree, getting out of FL ASAP ! I'm being priced out of this state as are fellow retirees. Any new comer is going to regret moving to this area of low wages and high costs, retirees had better be millionaires Personally, I feel that real estate agents are partially to fault for unrealistic listing prices that have the seller languishing on the MLS for way too long.
But the lifestyle is great. Year round golfing, beautiful beaches and lots of water activities. But expenses are getting higher every year. My auto insurance doubled in 18 months. My homeowners insurance is Stupid expensive.
2 houses just sold a block from me, flips 1500 sq ft $650k each. Its a low end area, homes pre pandemic selling for $100 to 200k. Both sold within a few days. In Marshall's yesterday, lines out the door, carts full, mainly snowbirds, restaurants full, roads packed. In west Bradenton.
I'm close to your area but work closely with the real estate market. Demand is anemic. The people who moved here in the past few years in areas like Lakewood Ranch are propping up the local economy. Locals are priced out. Things remind me too much of 07.
@@soquick69 i agree, we bought in LWR in 04, 3 years later 75% moved on in our sub division. The builder had advertised in NJ, they didn't like it here after the novelty wore off. We sold 2 yrs ago to Californians who are renting it out for a high amount. That subdivision has now turned over to wealthy out of towners. Main st LWR too has change, full of excited newbies. Wondering if and when the novelty will be over. West Bradenton real estate is being advertised as minutes from Anna Maria and quaint downtown.
I did great . Bought a 2005 manufacturered home in a 55+ community in Sebring in July of 2020 for $22900 . They are selling my floor plan now for $70000 . It’s cheaper to live here than in Ohio for me .
I have heard of people leaving Florida since 2008. Hurricanes drive them out, property taxes push them out, Housing increases drives people out, even parking costs in cities and at the beach drives people away. They used to go to NC but that has become sky high. I know people that went to Tenn. Its not only less mo ey to buy and lower taxes, but do not need to get approval & inspection every time you want to do something on your property. States need to stop making new rules and raising taxes, otherwise we will all move to different countries where life is easy !!
I had a girlfriend that lived in santa cruz in the early 90's. When the silicone valley millionaires discovered santa cruz they would pay any price for houses. Pricing everyone out. The property taxes went nuts kicking live long residents out of their homes. Finally California passed some resolution that protected the original residents from the gentrification. Florida heading down this road maybe???
CA has Prop 13 that saves the older generation who bought decades ago.
Itll b 5-6 grand total on insurance if you factor in flood...
I've been screaming about the working class people leaving Florida for over a year now. I don't think the state will do anything to fix it either.
I'm glad for it.
The influx of the "barely able to afford" horde exploded, creating all kinds of problems and hardship for longer term, permanent residents.
This on the SW used to be a nice calm very livable place before, and during the first half of Covid. Then it just exploded.
So I WELCOME the high prices, I did not come here to live on a shoestring. I fervently hope, that the high prices will reduce the crowds who came here on the cheap, screwing up our way of life and comfort, during the last two or three years.
Look at the out-of state plates on their pretentious(!), show-off, often gigantic vehicles. They OBVIOUSLY cannot afford(!) to fly, or if - in case - they have a property here, they cannot afford(!) to keep a vehicle here (and wardrobe) permanently. For comparison: My well-to-do neighbors from up North, fly here with only a carry-on, and keep not one, but two cars here permanently in their houses' garages.
We are moving to Florida soon from NY our taxes, and all our bills will be half in Florida compared with what I’m paying in New York
You nailed it with your comment: “Locals need to be a certain consideration, they cant be priced out. It can’t be 100% retired moving in.”
Pandemic crazy, site unseen buying plus Ian and the insurance craziness has made it very difficult for the average person to own a home. I'm a lifelong Floridian since 1967 this is 07 all over again only this time its going to be worse. Buckle up people. Pay off your debt, save as much as possible and grab some popcorn it's about to get real ugly.
First time listener. You did very well.
I live mobile now. Was a small contractor in Florida for 30 years. Thinking about going back and charging $50/hr. as a handyman. I’d crush it. Maybe $75?
I'm moving to the Greenville SC area. Florida is too congested and like the man said , the cost of living broke the camels back.
You need to drive around northern lake county,there building homes and apartments left and right. Plus, there are plenty of help wanted signs.
How can you be complaining?
Bugs, Humidity,
Flooding!
Maybe people are figuring out that Florida is just a crappy place to live?
We don’t own winter coats
Big swamp
Lakewood Ranch is going to hurt when it plummets
I agree. We looked at Taylor morrison homes that sold for 450k in 2019 and reselling for 1 million. Ridiculous
Sarasota is the same way. When they pull a rug - a lot of people will get hurt. It's unaffordable to rent/buy. San Francisco prices and Florida pay don't mix together.
Is LWR going under already?
W sold a rental house there last year. Sold in 2023 for $440k, bought 2018 for $252k. We saw the writing on the wall. Had another in Wesley chapel (Epperson Lagoon), bought 2021 for 399k, sold 10 months later for 520k. It was time to get out 12 months ago.
This area is anti worker. It desperately needs working class housing and they build more 55+ communites and expensive condos with some 500k family developments. It's all insane.
@bensellin you'd think that people would be more realistic in selling if they bought in 20-23 and can't afford the taxes, escalating insurance and HOA fees... But, they're delusional listing their homes for double what they paid😅. People never learn
It's a tough spot to be in I'll say that.
Love the videos, keep em coming.
Talked with a bartender in Panama City Beach. She said she has to work 3 jobs to make it there. 😢
In my area of New Jersey houses are still ridiculously expensive, but that will change. One thing I know for sure is that I’m so glad I never got the itch to move. I’m happy in my home of over 20 years, and although my taxes are high, from what I can tell, the south is catching up.
NW Florida is getting the same way. Taxes and insurance is going up, but not as bad as South Florida. Its bound to happen here. We bought property in the county and down sized. Its manageable.
Move to inland Florida. Stay away from the coastal areas. Housing and insurance cheaper. Weather still great.