Insurance rates up 100% in Florida over last 3 years. Citizens is doing ANOTHER insurance hike of 14%. The crisis will only get worse. Inventory will keep hitting the market. The question is: will it be enough to bring down prices in a market like Miami? Track the data for your city and ZIP code in Florida on Reventure App: www.reventure.app
Big problem is that when buyers go to the closing table they need to have homeowners hazard insurance to close with most mortgage lenders. So this crisis is hitting home owners and home buyers from both sides.
53% insurance increase for some homeowners in the FL Keys. Thanks Ron Disantis for making Florida unaffordable. He removed the 30 % rules too on insurance roof replacement so more money spent on litigation after a hurricane
Florida was doomed after we voted for a $15 minimum wage in 2020. The amount of people moving in from areas like New York, Illinois and California only made the problem a lot worse.
@@Ent13111 $15 an hour people never had been able to afford a home and never will. $15 an hour wasn't enough to own a home back in 1984, even. So those people are 100% not a factor as they don't participate in the market at all.
I remember in 2007 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.
Most people find it difficult to deal with a fall since they are accustomed to bull markets, but if you know where to search and what to do, you can earn a lot of money. Yes, depending on how you enter and exit.
Given our lack of experience with such turbulent markets, the fact that the US stock market has been on its longest bull run in history helps to explain the widespread dread and excitement. There are opportunities if you know where to look, as you noted when I earned almost $780k in the previous ten months. I hired a portfolio advisor because I knew I'd need a sound strategy to get through these trying times.
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.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
This reference seems valid.. Just looked up her full name on my browser and found her webpage without sweat, over 15 years of experience is certainly striking! very much appreciate this.
To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
Can you imagine if we DID NOT have to pay INCOME TAX??? Our government would NOT have the money to do the destructive things they do, because they wouldn’t have the money. MONEY is the problem. If they don’t have it, the corruption would lessen and we could afford our bills.
There are always buyers. They need to lower the price significantly to bring buyers back. Until then, people like myself will wait, and wait, and wait, and wait. Until true value is realized.
Of course it's a red states wich might as well be anti worker like south Carolina wich governor brags about being anti union. Like most red states right to work for less laws
Back in the day, when I purchased my first home to live-in; that was Florida in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Big problem is that when buyers go to the closing table they need to have homeowners with most mortgage lenders. So this crisis is hitting home owners and home buyers from both sides.
Lived in FL for 34 years. What the primary causes are predatory roofers with assignment of benefits claims, shoddy roof jobs, the big ambulance chasing legal firms, shoddy house construction. Auto insurance is the same.
My friend basically got his entire roof replaced for “free” or so he thought he did. The money he saved he’s now paying back and then some, his home insurance tripled.
Also, the fraud is rampant. I am a contractor in Sarasota. After the last hurricane, I'd estimate 30% of all new roofs were not needed. 50% of all fences were already dilpidated before the storm but the insurance companies, and payees, got to buy people a new fence. It's a problem.
I cancelled all 8 of my policies on my rental homes in 2023. I'm now among the self-insured. My houses are in a relatively safe county (Marion) yet the premiums went up between 80-130%. Screw the insurance companies!!!😡
I sold my condo on the beach in Naples back in 2021. I was paying $1,150 a year for homeowners insurance policy. The present owners are now paying $6,100 in 2024.
Wow! That is a scam. The risk of hurricane damage has not increased to such a degree. And the value of the house is the not the basis of what premiums ought to be. It is the risk of having to pay out.
Not that Im defending insurance companies but its kind of hard to insure a property that jumped "70% in value" in 2 years. What did these dummy homeowners think was going to happen with the biggest residential real estate bubble in world history for such ridiculous home prices. This is in addition to rising property taxes. Wake up America, YOU ARE GETTING PLAYED!
That's not how insurance is supposed work. Insurance is based on the increased risk of an event happening not that the value of your home is worth. Otherwise insurance rates in NYC and coastal California would have increased the most.
@@vmoses1979 But that's the thing - what's the point of insurance if it will only pay for a fraction of what it takes to replace the home? And what makes Florida more problematic is the need to build stronger than the previous structure to satisfy building codes that have to account for hurricanes.
@@JDCheng Insurance have companies have banked billions over decades. Their business is to figure out the risk and be prepared to pay out clients in full. This is not a non profit service. The reality is that the premium increase over the last 5 years cannot be justified by the increase in home values. Ultimately this Insurance shoukd be taken over by the state since private companies will just abuse the little people.
I think its moreso due to FL being so vulnerable to climate change impacts coupled with high cost to replace/repair when homes are damaged or destroyed. so the value is a factor but the main issue is actually risk of natural disasters.
@@marylander3798 But risk of natural disaster hasn't doubled as premiums have. These insurance companies are making sh*t up to justify higher revenues.
Housing crisis, health crisis, cost of living crisis, debt crisis, inflation crisis, Middle East crisis-how many crises can one handle? As I approach retirement with a comfortable few million, I’m nervous about a potential market crisis but also want to capitalize on a possible correction. Where should I focus to best grow my money?
Diversify… I completely understand your concerns. But In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at your budget, you should consider financial advisory.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Melissa Terri Swayne for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
@@JT-bs8wz its not horrible advice, just watched a guy that paid 4 million in cash for a home in miami, he paid cash to avoid a $60k year insurance bill & only citizens will cover him if he wanted insurance. Go 3-5 years without a problem & you saved $180k to $300k, takes a lot of damage from a storm or whatever to make a 60k per year bill worth it. $180k to $300k goes kind of far when you take crooked insurance out of the picture.
Great advice. Put that insurance money into something that makes at least 5% per year in case you need a roof replacement due to hail or hurricane damage. You WILL come out ahead.
Also in Jax, in a bunch of open houses I've gone in it seems a lot of young professionals who moved here over the pandemic moving back to Midwest or Northeast home areas.
@@lerar28 100%, I was in Gainesville for almost 10 years before I moved here so it’s a little bit different for me but most people that move from other states they don’t realize the lifestyle and the culture of Florida so it makes perfect sense that they want to move out of here. Florida is not for everybody. I grew up inGreece, but I have been in the south for 20 years so it’s a little bit different. I’m used to the way of life.
_"Just met a guy today selling his house here in Jacksonville..moved from DC 2yrs ago & going back WOW.. Video on POINT"_ You wouldn't happen to be a CNN reporter???
But lots of things have come down as well… subscription cable, security cameras, home improvements (diy and handyman apps), electricity with more efficient electrics …..
@@ReventureConsultingyea mortgage rates increase because people property value is increasing as people keep moving here to florida and i dont see homes near me in south florida just sitting on the market
@@ReventureConsulting like you just said mortgages are more now. So why do you keep acting like there’s been a crash that is helpful to general public? If the monthly payments are higher now why even mention the total price. It’s irrelevant to everyone except cash buyers. If watching pricing adjust to rates is a crash you are don’t understand the market
Bought my house in The Netherlands in 1990 for 60.000 Dollars (converted currency). I sold my house in 2010 for 200.000 Dollars. In 2020 the house was listed for 300.000 Dollars. In 2024 that same house is sold for 450.000 Dollars. It's just mental.
The house my kids grew up in I bought for 142k dollars in 2000. It was worth about 215k in 2015. It sold for 385k in 2021 and is now supposedly worth $485k now. (I sold in 2015).
This is what you get with unregulated unfettered capitalism. Capitalism on steroids. Just like bodybuilders and athletes use steroids to cheat the system to artificially increase their muscles or their athletic abilities. When prices of housing and cars go up 20% and in a years time and the average paycheck increases 1 to 3% if that then you know this system on a downward trend.
You are absolutely right. Florida's economy is mainly based on tourism, and rich retirees. New York has the financial market that's nothing but money. Los Angeles has the Hollywood and movie stars. Median household income in Miami is $54K, NYC is $74K, Los Angeles' is $82K. Ideally, homes should cost 4x their annual income. That would be $216K for Miami, but you are seeing 3x that.
I live in Orange County so have a good glimpse of LA and spend a little time up there for work. The people living in LA are generally paycheck to paycheck with a 6 figure (inflated wage) job and no family, kids, or marriage. Many are transplants from other areas and get help from mommy and daddy well into their 30's. Almost no one living there is truly "making it" for themselves. If you go tour anywhere fun in LA like Hollywood or Santa Monica, you will see the streets filled with people and no one actually working. I think the only place to build yourself up at this point is to work a remote job with modest income and take it to the midwest.
@@drewmorg. I know a family that moved from north of orlando / south of gainesville, very right leaning politically & they moved to Carlsbad ca during the early part of the pandemic. They love it there, they don't like the politics of course but they love the weather & the mountains/hills & the lack of humidity. They don't complain about much of anything there.
I'm a native New Yorker and grew up in Brooklyn the first part of my childhood. My parents moved to Florida in the late 70's to escape the cold winters of NY. Back then it was super affordable to live in Miami. They bought a modest 3 bedroom, 2 bath home for $55,000 in a community where the homes were built in the 1950's. Those homes were built like tanks. Property taxes were low, homeowners insurance was very affordable and the cost of living was much lower. I returned to NY in the mid 80's to go to college in NYC and I've been living here ever since. I had planned on going back to Miami at some point since my family was still living there. But I met my husband and I remained in NY and built my career here. My parents have since passed away and my brother and I inherited their home. My brother wants to stay with the house since there is no mortgage and he needs a place to live. Unfortunately, he can only afford fire and liability insurance because hurricane insurance is too expensive. And even without hurricane insurance, the other policies are still expensive. Also, property taxes have gone up but it's cheaper for my brother to stay in our parent's home than to pay rent. I love Florida and go down often because of my brother and I still have a lot of relatives and friends down there. But it's becoming increasingly difficult for them to live there with the high cost of living especially since a lot of my family have lived there for 40 plus years. A lot of them are now headed to their retirement years and will be forced to sell their homes they've had for decades and move out of state. I already have relatives that have moved to other states where the cost of living is a lot less expensive. I know that the cost of living is going up everywhere but it's sad that Florida has come to this. I have many special memories of growing up there during the latter part of my childhood. Unfortunately, south Florida, like many other large cities in the country are becoming places only the wealthy can afford to live. It's hard for those on a fixed income. Florida is a beautiful state. But my heart goes out to those that will no longer be able to afford to live there and will have to sell their homes after years of ownership.
Lots of truth in what you said. Sad truth. I was born and raised here in Miami Fl and it is out of control. I don’t want to leave but if it’s this bad now I can only imagine down the road when I approach retirement or how it will be for our children.
@@Coral_dude if it’s market value it would have sold. There is a house in a neighboring community listed for 695K in April. They just lowered the price for the third time to 638K. Its actually an attractive well kept home. Prop wire show a value of 560K. I think if realtors were more honest with reality market value, instead of just get the listing,this owner would have been better served. The realtor may not however secured the listing. So they say sure I’ll list it for 10-15% over market value. In the height of the market a comparable square footage home did not sell for 700K. Owners think they have something they don’t. They may have last year but they don’t now. A professional should be honest and realistic. Now people may look at this property and think, What’s wrong with it? Not to mention the time wasted on the market now. I am all for market value but if you’re paying a professional 3-5% of your equity. I expect honesty and a realistic opinion…..not what I want to hear and only hope. Yes I’m making a lot of assumptions not being present in the listing negotiations but unrealistic pricing like this…….Iprobably am more correct than wrong. I am in no way suggesting they give it away either but get real.
A friend purchased a condo in a high end golf community close to the beach, around 2019. I moved out shortly after 2020. He just let me know that special assessments, insurance, and maintenance have gone sky high, causing numerous residents, who used to be comfortable.....to put their units up for sale. But...there's been no interest in the units. Buyers are paying close attentions to the real costs of owning there.
I recently talked to a retired couple who moved back to the northeast. They moved to Florida in 2017 and total expenses were less than 2500 a month. Then suddenly after Covid, car and home insurance, HOA fees and taxes all increased. They were over 2500 a month on just housing alone! They left in 2023 and moved back into their once rented home in CT.
For a piece of junk property, people in California are willing to pay close to $1 million. California is losing people and businesses, yet the cost of homes there hasn't decreased. Here, nothing makes sense.
Yes, I completely agree! That's why in August 2022, I paid 685k with a 4.375 interest rate to purchase my second property in San Diego. The property is currently worth $895k. I've already increased my ownership by over 30% in less than two years. There's no need for me to sell because I'm making over 90k in rental income from my two ADU studios, which pays my mortgage each month. Not to mention that I view my ridiculously low rate as a benefit.
I'm sorry for first-time homebuyers who could never afford to buy one in the first place. I have no sympathy for first-time homebuyers who could afford it but decided to hold off because they believed the market was collapsing and was now priced out.
I don't panic because I have an excellent professional analyst in *Leah* *Foster* *Alderman* who helps me adopt an investor mindset and only purchases properties with strong cash flows in desirable neighborhoods.
I don't panic because my financial analyst is professional she helps me adopt an investor mindset and only purchases properties with strong cash flows in desirable neighborhoods.
I live in Miami in a town house which I own and it’s 1200 square feet. My HOA insurance covers my roof and walls. So I have to just get dwelling insurance. I went from 1100 to 1200 to 1800 to 3900 and my renewed is in July and it went to 4100. I only qualify for citizen. So this is very true about the insurance.
Anyone living in Florida that are retired an option to afford to stay in Florida is reverse mortgages. My wife does reverse mortgages and she has saved many people from being forced to move. It is a great product for people on fixed incomes. If your interested send me your emails i will have my wife contact you with information. I live in FL it is tough but the 2 main problems high interest rates for purchase and refinance. Your house prices are high plus the cost of Insurance keeps spiking. Do I think FL is a housing bunble no. I do feel that average Joe can't live here without changes. Rates will drop many buyers are on standby either hoping prices fall or rates. Its hard to save up for down payment with high inflation.
Every homeowner in Florida was promised a new roof by attorneys by way of lawsuits against the insurance carriers if they failed to pay and contractors working with these same attorneys charged obscene roof replacements costs. Congratulations Floridians. You dug your own grave.
It is the fault of ALL of us for continuing to burn more and more coal/oil/gas for energy. If the storms were the same number, and the same intensity, as 50+ years ago, the insurance rates would be the same as 50+ years ago.
Yeah this is dead on the reason the insurance rates in Florida are 3x anywhere else in the country. For years people came to my front door pitching the 'roof scam'. They would claim the roof was 'storm damaged' to the insurer then threaten to suit if the insurance company didn't pay something. Florida had 79% of all home owners insurance lawsuits in the country. The politicians didn't stop it because some people were making BIG MONEY! The insurance companies responded by raising and raising the rates. The legislatures finally plugged the hole but too late, many companies have left the state and the ones still here want you to replace your roof every 10 years (my last roof lasted 25). Now because a condo building collapsed, new laws are resulting in 6-figure bills for some condo owners. Condos are flooding the market. I know two families that moved to other states. I am waiting for the bottom to fall out of home sales here. I don't see how it can't.
@@howardlosson2809 Thanks Howard. Finally someone doesn't hide the elephant in the TV room. BTW, I predicted Florida's insurance fiasco in 1992 when Hurricane Andrew hit Florida. It all started then. I was there. I was working as an insurance adjuster. And today contractors in Florida won't allow outside state contractors to come in and compete for work and this means they (FL contractors) are syndicated and they charge whatever they agree on and believe me, roofs in Florida are 3 to 4 times more expensive than in Texas.
Last fall, my son accepted a public school teaching job in Doral that paid $48K per year. He struggled to find housing he could afford on that scrawny salary, eventually commuting daily 45 minutes and living in a dump. He is leaving for Ventura CA where he'll make 50% more and rents are about the same. The Miami housing market is truly awful.
48 K is plenty for a teacher don't kid yourself he's not a brain surgeon and with hoilidays and summer vacation teachers work 6 months a year and have good pensions that no one should get. Many of these teachers lifeguard for 3 months in the summer as they have off at least 3 straight months while I work 50 weeks per year with no time off and am way more highly educated
@@edmundmcgrath213 by your own logic you are not very smart. if a teacher has it better than you do then who is the smarter & more educated one? That said you are wrong, take on a teaching position, try that on for size, but na you would rather work 50 weeks per year because you are so highly educated... dunning kruger much?
@@edmundmcgrath213 You miss the point. At $4K/month, $1500 for rent would be the absolute maximum a young professional could afford. Miami rents are $3000/month and up. The ratio simply doesn't work for most of the people living there, no matter the occupation.
Right in the heart of downtown Orlando, on the main popular drag Orange Avenue, a remodeled office building that was appraised at 22 million sold for 9 million just a few weeks ago
Finding a way to Get money out of politics is the way to get things more stabilized. Politicians will do where ever the money comes which by default isn't going or looking out for the peoples interests at all.
So its desantis fault? Not big insurance for jacking up prices or joe biden/fed reserve money printer for inflation or all the millions of people moving here creating insane demand bcuz desantis looked after us and kept us open during covid when their states didnt?
@@jdog22c34 WOW your soo smart! You really think him saying that implies that he thinks greed doesnt exsist outside this country? Does he really need to be that specific? Besides, he can really only speak for his own country...
I closed on selling our second home in Charlotte County last week. The intent was to carry it for 5 years until we retire......but with everything going up (insurance, HOA, property taxes, energy) and the threat of our equity going down, the calculus to hold didn't make sense anymore. We didn't take a loss thankfully. Wishing all prospective sellers and buyers the best of luck.
I live in Charlotte county. We were hit hard by Ian and that definitely scared a lot of folks. I’m glad you were able to not lose money on the transaction.
One more thing: If you're going to live in Florida, DO NOT LIVE ON THE COAST! Not only is it incredibly expensive, but your hurricane risk means you could lose everything. Stay inland where it is much hotter AND safer. The chance of Orlando getting hit by a Cat 5 hurricane is near ZERO. A Cat 5 on the coast will be a Cat 3 by the time it moves inland and even a direct hit will be around 115mph Max winds. Your home will survive! You might need new shingles, but that's it. Location is critical in a hurricane state. I've been here over 30 years and know what I am talking about.
If it is a 5 it absolutely could still be a 5 in Orlando. lol. The distance from Daytona Beach to Orlando is only about 50 miles. A powerhouse hurricane that’s moving at a decent speed will not downgrade that quickly.
@@GW-gz8jh Is that right? Because it's never even had a Cat 2 hit. Do your research: "As for Orlando, the City Beautiful has never had a hurricane eye pass over it greater than a Category 1, or a storm with maximum sustained winds between 74 and 95 mph, according to the NOAA archives."
@@CarsandCats has and can’t are two different things. There’s coastal areas of FL that haven’t been hit by a Cat 5. That doesn’t mean it can’t happen. 50 miles inland isn’t that big of a buffer to diffuse a 5 especially if the forward speed of the storm itself is quick.
I love my neighbors chickens! The rooster crows in the morning and it makes me feel like I'm in the countryside. My ex girlfriend couldn't handle them though and would flip out cursing at them.
@@ReventureConsulting yeah it's one of the least stable real estate markets in the nation, next to the Southwest. I attribute that to increasing influx populations, lots of buildable and undeveloped land, etc. It's like a night and day difference with, say, the real estate market in Northeast which is stable.
In the late 80’s I lived in a West Kendall rental community (3br, 2bth), with plenty of amenities, where I paid 850 usd a month. It was a long time ago, of course, but it does give a idea of how crazy prices have grown in Miami.
The remote workers came to Florida with their NY salaries to a state’s salaries are much lower creating hyperinflation which became the norm in South Florida
@@GW-gz8jh yea, sure. Thats why miami landlords are struggling and have to lower rents bud . The people with money left. Tik tok miami realtors rang the alarm bells in 2022 that remote workers are fleeing. Miami is called detroit by the ocean for good reason and its gonna get bad. Real bad. Some new office building in wynwood already went into foreclosure. Miami is fuckkked. Couldnt happen to a better place! oh well
What sucks about this next recession is the crime is going to be 100x worse. Broward was mostly working class people so in 2009 the only thing that happened was shuttered commercial spaces and empty parking lots. These luxury high rises are a breeding ground to turn into slums, the gentrifier:homeless ration is 1:1. The homeless population has skyrocketed, I was born here and have never seen anything close to this. Junkies throwing up on the side of the road. And a hurricane? Forget it. We don't have the infrastructure to handle this many people here any way you cut it. Developers and politicians have RUINED south florida.
Poor global control of assets, little production in-country any more, stagflation, ruler flat wages while the 1% parties... this is going to be a depression for sure. 10-15 "lost years" are about to happen to us because of greed and a lack of planning by our leaders.
Cheers Nick, I like that you had an on the street interview with a tenant and hopefully you will do this more in the future with homeowners, potential buyers, sellers.
Shocker!! Insurance rates are up 100%! Quit building in areas prone to natural disasters. Rates in my area are spiking due to the shared risk of inappropriate development.
@@geocam2 'conservative' doesn't mean low numbers of welfare recipients, indeed the red states tend to have the most people on welfare for lots of reasons I won't get into. As far as quantity, there are more than enough Federal programs, subsidies, etc. that can be tapped into but Florida also has additional ones that are local.
Makes sense people would be moving back to their original states. So many people moved during the pandemic when there was absolutely no guarantee from their employers that they’d be allowed to work from home forever
I think this was a plan within the government to jack up home prices. Start a pandemic, make people believe that they will work from home forever and that they can live wherever they want, wait and when that changes causing prices to plummet so corporations can come in and buy a whole bunch more
On point. We are in central Florida and not near the coast and our insurance went up 70% just this year. What good is a 2.625% mortgage when your other costs go up substantially each year? Our total monthly payment has increased 40% in 3 years.
_"but now both are becoming unlivable."_ California is becoming unlivable due to Gavin Nuisance. The only place becoming unlivable in Florida is Miami and everyone there votes blue no matter who... Both California and Miami got what they voted for... They get to live with it. I was born in Pensacola. My mom lives there my older brother has lived there most of his life. Florida panhandle is one of the best places in the world to live.
@@nathanwoodruff9422lol Yes, Florida insurance is through the roof because of Miami. The GOP runs Florida, no one wants to hear you trying to avoid holding REPUBLICANS accountable.
It comes down to simple math. In my case, I own properties in FLA and MA. Auto and homeowners insurance FLA vs MA, FLA cost about 5k year more than MA. Which means that I can have an income of 110k in MA and break even paying MA state tax. Which in MA, we have better schools and services than FLA. Now in Miami Dade, the median income is 72k. In my MA zip code, the median income is 105k. I hate to break it to you that MA is cheaper than FLA if you can find a place to leave. If Miami and Boston have the same real estate prices, Boston wins. So in FLA condo fees and HOA fees are now being funding at the correct rate. The dog has it's day. Now you have northeast replacement costs in FLA with high weather risk so that bill is huge. Then you have roofing fraud, and Morgan and Morgan telling you to get an attorney for everything, We not only pay for the insurance premiums but surcharge for the attorneys of shore yachts. Then there is property tax. FLA counties love these high real estate prices for there tax revenue. The new guy pays, the long term residents homestead their homes and pay next to nothing compared to the new guy that just bought. At least in MA, the guy that just bought his house across the street from you pays the same for the same home and lot size as the new guy. So the FLA property tax base is uneven to fund the schools and services. So FLA counties live on the new development drug from the developers to keep the money coming. If it was not for the weather, FLA would be just another poor, struggling, and unsophisticated state like AR and MS with no real reason to move there.
The weather for the most part sucks so it doesnt even have that. I never understood how people can talk about Florida’s “great weather” and then hurricanes in the next sentence.
You are misinformed if you think Arkansas is the state you thought it was when Sam Walton started Walmart in Bentonville.. Doing your research on Arkansas would keep you from embarrassing yourself.
@@diedonner299 Because hurricanes - if they're not coming at you - are a great break from the heat. At least we get some good weather here in Tampa Bay (though that's changing due to climate change). It stays hot 12 months of the year in Miami.
If you don't like FL. ....... GTFO us locals can't stand and never will tolerate Tommy Bahama Hey dude wearing Kyles and Kevin's.......stay out so you don't keep on whining about the problems you caused.......us locals will be just fine
People are greedy and ridiculous. Those houses in Florida are not worth a fraction of what they're asking and they put these houses on the market after they maybe painted a door and they want like you said $400,000 more for it. It's insanity!! I live here and I sold my farm for so cheap the end of 2020 and I can't even buy a home now and I'm retired . It's so sad and I've had five homes here I just can't wait for it to become another 2008 to tell you the truth!!
NOT EVEN CLOSE! I'm talking dumps in sketchy neighborhoods that would have been lucky to get 100K in 2010 going for 500K in 2022. Give me a fucking break!
Nick, been binging on your videos. Excellent work. Although not in Florida, it does help me understand what is going on in my area, and what to look for. Thank you. A fan
Yes!! The proof is in the pudding. I sold a house in Fort Lauderdale for 1.8M in 2021 that I paid 300 for (plus 250 reno) in 2012. It was the last foreclosure I bought. I scraped together the money. The buyer in 2021 was from NYC and turned it into an airbnb. It went bust in 2.5 years as every other house became one. It’s about to close to a new buyer for 1.2M next week. How do I know? I did seller financing for both deals and no the new sale isn’t a short sale.
Good. The owners of those unlicensed hotels are also looking for the quick buck. Let them all go under as well and lose their investments in foreclosure or tax delinquency.
@@bblegacy Amen. Ruined our former condo building. Just flat-out ruined it. Used to be families, snowbirds and all owners who were invested in the community. Then these scumbags came in, broke the rules (week minimum) and let all kinds of trash in. By the time we left, I caught some woman smoking heaters and throwing her butts in the stairwell. I wouldn't do that in a dive motel, but this POS was doing it right there in front of people's homes.
The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that or generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 48.
I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Azul to ensure appropriate retirement planning.
I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
They are building one like that right behind my apartment here in pensacola florida, multiple 3 story units with walls made of particle board that are supposed to be high end apartments...what the owners don't know, it's on land that during hurricanes and bad thunderstorms have tornado's sometimes go over the land at tree top level without touching the ground, seen several over the years, even have 1 passing by on video.
Fantastic reporting on the topic he is exactly on point. I know someone listing 1.6M and was offered with a 1.3M offer and took it off the market because they were insulted lol
..Newsom may have been smart to put min wage at 20 & State Health Care at 18. Min. That may have saved him a true major exidous. I didnt consider min wage for Florida being much less. When I lived in TX min wage was 4.25. Ouch! No way to even buy a truck to get home. I had to work in CA for 2 months before we could move back. Bummer.
Everyone knows that home prices are absurdly inflated. It's not accidental either. Blackrock and Vangard are driving this by offering 120% of asking price, and then suddenly stopping in certain areas, then prices tank back to normal levels, then they move in and buy up more.
@@trentp151 There has always been a difference between residential and commercial property areas. Airbnb is a commercial enterprise that should not be allowed in a residential zoned area.
We are in Kissimmee, have a 3,600sq ft home. When we bought it in 2012 it was 2,200 per year. Last year after being dropped we were slapped with Slide insurance and they said it was going up to 13,500 per year!! I shit you not. We said HELL no and picked up citizens and we dropped to 3,300 per year, down from 9,700 the previous year!! Now they tried to dump us this year but couldn't as all other quotes were over 20% more but now insist we buy flood insurance even though we aren't on a flood plain. I told my wife if this home had got to 15k we were dumping it and leaving. I want to move to the midwest Kentucky/Indiana area but she wants to stay in FL for the family. I told her there will be a point where we throw more money away each month than we can afford. If we move we can actually keep all of the money in our pocket. My car insurance for 4 cars is now 878 per month!!! Last year it was 577 and the year before that was 480s. Honestly I'm so ready to leave, I'd rather keep more money in my pocket for vacations than to just stay in Florida, I'm over the traffic and the influx anyways.
I bought a mobile home on an acre in southern indiana in 2016, pretty private, 120 acres of forrest right out the back door, old limestone quarries across the street, quiet 1/3 mile dead end road with 4 homes/properties on it yet close to a gas station & dollar general, overall great location.. for get this I paid $10k, $115 year property taxes with no exemptions.. I can live on $600 per month there including food & with a $190 xfinity cable/internet bill, no sewer bill, $25 month water bill, $80 to $120 electric bill & a $35 cell phone bill. I work from home so not much of a gas cost for vehicle, maybe $10 a week in gas. talk about being able to save a lot of money!!! I didn't buy the place to live in when I bought it but it was 5 mins away from Indiana's biggest lake & it was so cheap but in 2020 I saw what was coming & moved there full time, best decision ever too! Now I look for ways to live even cheaper, or the same cost but on a beach in Thailand or Sri Lanka, just watched a video of a guy from australia who has his monthly cost down to $400 living in a closed down restaurant/hotel right on the beach not 20ft from the water in Sri Lanka & it has a restaurant grade kitchen with a good size dining room that he uses as a living room & a bedroom with bath/shower & he pays $150 month rent for it & he buys fresh yellow fin tuna for $3.12 a kilo, $6 per kilo for fresh prawns & so on. $400 a month total living costs & super duper cheap medical care, cheaper than just the co pay with insurance in Australia. Cell phone service is $6 month, $6 month water bill, $40-$50 month electric bill & so on & so on
And (1) there is really no reason for these high (corporate) insurance premiums other than greed, and (2) when tragedy strikes, they don't pay out or off. After the last big storm in my area, a woman came to my home asking if my insurance company had refused to pay out for any storm damage. A group of home owners were getting their facts and figures together to start a class action against this/these insurance companies who were doing a Rainmaker scam on their subscribers. This only goes to show (1) insurance companies are predatory scammers in the habit of selling the ILLUSION of protection, because when the time comes, they have no intentions of holding up their end of things, and (2) that this scenario is a complete failure of the governor's office that is doing nothing to stop these predatory practices because he is in on it by being on their side and giving them safe harbor. He, like all (R) in the state need to go, and be replaced by impartial Independents who will use their office to give more than lip-service to protecting the people from all of these predatory practices. This includes the real estate industry, the insurance industry, and the banking industry. But this is being done intentionally. The market manipulations up and down are causing people to be evicted and the banks to end up with the land, the house, and the home owner's equity. The plan is to convert all housing across the whole country to renters only, effectively making We, the People, slaves; debt slaves in petpetuity to the corporate New World Order. That's the plan.
My aunt and uncle are two of those people. They live in Orlando, and they're not leaving. As far as I'm concerned the state could do without you and your family and their bigotry. Most of those out of state homeowners are probably richer than you, and smarter than you. Florida is nothing without out of state investment in real estate, and tourism.
Yep ,Yankee go home! Before they do any more damage to Florida. I used to love going down there in the old school Wild west ( key west)Florida hey day of the 1970s . Southern Ocean Racing Conference( SORC big time sailboat racing working on rich peoples yachts)inexpensive cottages to rent,lots of fun ,crazy 70s parties , little substance enforcement. I guess the pretty party girls from back then are all the " Golden Girls" now shacked up together trying to make rent after their diborces or they nagged their husbands to death.😮Oh I'm getting old, but good for one more wild adventure.
When Florida's unemployment rate was 10%, that didn't include me, self-employed contractors that were simply 'slow' or the 'undocumented' people who were seeing less work. It was worse than reported.
My uncle had a house in Florida and the keys. It was made of cinder blocks had a simple roof and had vents in the side. How much would it cost to rebuild that home with those old codes from the 1940s or 50s? The answer is not much at all so the insurance cost would probably be very little after all the land would still be there you just have to put up new cinder block walls and a simple roof. Well today if you're going to mandate all this expensive construction and you're going to have all these expensive things included in your home then your insurance costs have to cover what it's going to cost to replace all those things. Maybe if you can't afford to replace your house every 10 or 20 years and what is basically an oceanic flood zone then you should probably build your house in another state.
Thats crazy, those wynwood homes sold for like 25k in the 90s… Selling for a mill these days and still run down not even renovated looking like they were in the 70s when they were built
I can’t believe he didn’t go to the shops at Sunset place. If you really want to freak out, go to that huge mall as all the stores have closed and only the movie theater and a few stores remain open. The maintenance on that building alone is ridiculous. He should really go over there while he’s in Miami.
I took advantage of housing bubble in 2010 and bought a condo for $110K in upper mid east. 5 yrs later, I sold it for $330K. Today, it's worth $550K! All I will say is that this condo is part of an old 3 story house built back in 1910!
Miami has a democrat majority, and democrats are far more likely to abuse capitalism to the point of fraud. Just look at California, New York, and Chicago.
@@garymuhlenforth7251Floridians didn’t do sh*t us to us NATIVE, BORN N RAISED here Floridians, it’s the foreigners and northerners that’s fuckin shit up and ruining our paradise
Lmfao you couldn’t give me a free mansion in Miami with the only strings attached were I had to pay for the insurance and property taxes on it.Still not worth it.
Understand your points, and agree with most of them but one correction: We have a local program called “Save Our Homes” where people who homestead are capped at a max of 3% increase per year in property taxes. This would effectively make it impossible for peoples property taxes to double in 4 years. This is obviously limited to those who make their primary residences in Florida, but they do make up a majority of situations.
Why would you pay $11,000 a year for HOI in Florida? I pay $17,100 per year in rent here in the sf Bay Area and our weather Is much better . While making $170k per year
Vacant commercial properties , local & regional banks collapsing , tons of restaurants closing & people with 3 jobs to just get by. South Florida’s bubble is going to bust and it wont be pretty. Venture capital boosted the price of all the homes by purchasing large swaths of properties and inflated prices ; nothing is what it seems down here. It’s unsustainable
You are correct. “They” want us “to own nothing and be happy.” Even cars. In 20 years not many will be able to afford cars. They will just call a self driving car whenever they want to go anywhere losing all freedom in an emergency to evacuate. Very scary times ahead. Save our money and live within our means is the best advice.
FYI...most likely the need a new roof or hurricane shutter My father in law was quoted $10,000 BUT once we put on a new roof...insurance is $4300. Please note as house price goes up so does insurance too.
It’s because so many people used a minor rain storm to get new roofing and insurance companies didn’t investigate, they just would pay out 10-20k for an unnecessary new roof.
If so many people are predicting it, you will see how government will step in again before the prices will actually start going down. US is a quiet communistic system
@@TCJC7296I bought early 2011. It was a very good time to buy. I just added a standing seam aluminum roof, impact windows and doors, and renovated the kitchen. Best investment in my life.
Here in Miami, what I’m seeing is families moving in with other families to sustain their mortgage payments. Drive by the homes and you’ll see about 5-8 cars parked there. And groups of people hanging out on their yards. That’s on a daily basis. People in Miami dade, Broward and Palm beach counties which basically is south Florida. They claim they live in a bullet proof economy and that houses will still rise. They will be in for a rude awakening if there is a housing crash in south Florida. Boots on the ground in Miami is awesome keep up the good work!
same in the Phoenix AZ area. Several families renting one home just so they all can afford a roof over their heads. I've even seen people living in the attached garage, just turned it into a studio. But the gov says the economy is great, right?
yeah you def got out just in time, the number of homes for sale there in CC is insane right now, over a 1000% increase in inventory the past several months with fewer & fewer buyers, cape coral will be one of the first hard hit areas in FL & its starting to happen right now. It will only get worse over the next year!
Some people in Miami can spend on Lambos…but that IS NOT the norm or the “most common” standard of living…you also heard the median household income of Miami in the video..
Your real estate knowledge is fascinating and your insight that you’re generously sharing is incredible! Thank you sir, I appreciate you and also your expertise!🙌🏻
Insurance rates up 100% in Florida over last 3 years. Citizens is doing ANOTHER insurance hike of 14%.
The crisis will only get worse. Inventory will keep hitting the market.
The question is: will it be enough to bring down prices in a market like Miami? Track the data for your city and ZIP code in Florida on Reventure App: www.reventure.app
Big problem is that when buyers go to the closing table they need to have homeowners hazard insurance to close with most mortgage lenders. So this crisis is hitting home owners and home buyers from both sides.
53% insurance increase for some homeowners in the FL Keys. Thanks Ron Disantis for making Florida unaffordable. He removed the 30 % rules too on insurance roof replacement so more money spent on litigation after a hurricane
Florida was doomed after we voted for a $15 minimum wage in 2020. The amount of people moving in from areas like New York, Illinois and California only made the problem a lot worse.
These houses are crap It you could afford 1.6 what are you buying a dump that is worth 22 000 The same thing happened in CA
@@Ent13111 $15 an hour people never had been able to afford a home and never will. $15 an hour wasn't enough to own a home back in 1984, even. So those people are 100% not a factor as they don't participate in the market at all.
I remember in 2007 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.
Most people find it difficult to deal with a fall since they are accustomed to bull markets, but if you know where to search and what to do, you can earn a lot of money. Yes, depending on how you enter and exit.
Given our lack of experience with such turbulent markets, the fact that the US stock market has been on its longest bull run in history helps to explain the widespread dread and excitement. There are opportunities if you know where to look, as you noted when I earned almost $780k in the previous ten months. I hired a portfolio advisor because I knew I'd need a sound strategy to get through these trying times.
Please can you leave the info of your investment advisor here? I’m in dire need of one.
Annette Christine Conte is the licensed advisor I use. Just search the name. You’ll find the necessary details to work with to set up an appointment.
Wow! I looked up her complete name online just out of curiosity and was pleasantly surprised by her credentials. Thank you for sharing.
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.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
Would you mind providing details on the advisor who helped you?
Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
This reference seems valid.. Just looked up her full name on my browser and found her webpage without sweat, over 15 years of experience is certainly striking! very much appreciate this.
To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
Anyone with two brain cells can spot your scam a mile away.
Black rock is buying everything and raising the prices.
Wow, very good research and well said! Addiction also played a role for me, but absolutely all of those things you mentioned are relevant.
Can you imagine if we DID NOT have to pay INCOME TAX??? Our government would NOT have the money to do the destructive things they do, because they wouldn’t have the money. MONEY is the problem. If they don’t have it, the corruption would lessen and we could afford our bills.
Forced to sell a home is bad but what's worse is when your forced to sell and no one is buying.
There are always buyers. They need to lower the price significantly to bring buyers back. Until then, people like myself will wait, and wait, and wait, and wait. Until true value is realized.
WHO THE HELL WILL BUY YOUR HOUSE WITH HUGE INSURANCE INCREASES?? NOBODY...
You go, girl!
@@justiceprevails3305 Some folks can't afford to take less. They're stuck.
Where is this happening right now?
Florida- New York prices, West Virginia wages.
Of course it's a red states wich might as well be anti worker like south Carolina wich governor brags about being anti union. Like most red states right to work for less laws
Well said.same with AZ. That's why they crash the hardest.
Unless you work for Grandpa Joe Biden. Im raking in the doe. Thanks Joe!
@@ExtremelyAnnoyed_MIAhard choice between Grandpa Biden vs Inmate Trump.
😂😂so true
Born and raised in Miami. Make 70k annually and I had to leave because it was too expensive. Very depressing
Where did you move to?
That’s not depressing. It’s good you got out of that cesspool of greed so you can have life.
👏👏@@eliot5220
@@eliot5220 True that. Place is fucking Gomorrah.
Back in the day, when I purchased my first home to live-in; that was Florida in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
@@williamDonaldson432 Impressive can you share more info?
Impressive can you share more info?
Her name is Annette Marie Holt can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
Big problem is that when buyers go to the closing table they need to have homeowners with most mortgage lenders. So this crisis is hitting home owners and home buyers from both sides.
Insurance company are making the house market to be more expensive for house owners amd buyers to get deal done
Florida is such a mess now home now is more expensive.
Home is more expensive than salary earn how can individuals pay rent
@@jesdelighted7458
Insurance rate is getting more higher everyday i don't know what's going on.
Why paying such amount of money for rent when you can rent is lower place and invest the rest to earn more
Example of homeowner’s greed: Paid $23,000 in 1990 now asking $1,300,000 for his home!
Lived in FL for 34 years. What the primary causes are predatory roofers with assignment of benefits claims, shoddy roof jobs, the big ambulance chasing legal firms, shoddy house construction. Auto insurance is the same.
My friend basically got his entire roof replaced for “free” or so he thought he did. The money he saved he’s now paying back and then some, his home insurance tripled.
Friend, did you forget outright fraud...?
Also, the fraud is rampant. I am a contractor in Sarasota. After the last hurricane, I'd estimate 30% of all new roofs were not needed. 50% of all fences were already dilpidated before the storm but the insurance companies, and payees, got to buy people a new fence. It's a problem.
Couldn't be, ya know.. hurricanes.
I left Fla 13yo
I don't regret it at all
Much better in middle of country
More space
I cancelled all 8 of my policies on my rental homes in 2023. I'm now among the self-insured. My houses are in a relatively safe county (Marion) yet the premiums went up between 80-130%. Screw the insurance companies!!!😡
You do realize you have to pay based on your state, not based on your individual home
can you tie your homeowners liability policy to your rental homes.
@@neilkurzman4907?? he dont have to pay he only needs liability insurance l. renters have to have their personal property insurance
dont blame you. if tentant starts fire their insurance pays I WOULD DEMAMD YOU are on their policy
@@angie-xy5sf
Tenant policies only cover contents.
I moved to Tampa back in 2021. The prices are insane throughout most of Florida. My rent went up $400 in one year. I am so ready to move.
My friend's rent went up by $800.
@@KCSimsStarter in one year?
Try $1,100 in one year. Yeah.
@@diedonner299 you live Miami? Because that’s insane. What landlord would even do that? That sounds illegal.
I have lived in 15 states, and travelled to all 50. I think the Upper Midwest is the best place to live, overall.
I sold my condo on the beach in Naples back in 2021. I was paying $1,150 a year for homeowners insurance policy. The present owners are now paying $6,100 in 2024.
In 3 yrs?!
Whoa!
Holy shit, I thought I was passing high insurance
Damn
Wow! That is a scam. The risk of hurricane damage has not increased to such a degree. And the value of the house is the not the basis of what premiums ought to be. It is the risk of having to pay out.
Not that Im defending insurance companies but its kind of hard to insure a property that jumped "70% in value" in 2 years. What did these dummy homeowners think was going to happen with the biggest residential real estate bubble in world history for such ridiculous home prices. This is in addition to rising property taxes. Wake up America, YOU ARE GETTING PLAYED!
That's not how insurance is supposed work. Insurance is based on the increased risk of an event happening not that the value of your home is worth. Otherwise insurance rates in NYC and coastal California would have increased the most.
@@vmoses1979 But that's the thing - what's the point of insurance if it will only pay for a fraction of what it takes to replace the home? And what makes Florida more problematic is the need to build stronger than the previous structure to satisfy building codes that have to account for hurricanes.
@@JDCheng Insurance have companies have banked billions over decades. Their business is to figure out the risk and be prepared to pay out clients in full. This is not a non profit service. The reality is that the premium increase over the last 5 years cannot be justified by the increase in home values. Ultimately this Insurance shoukd be taken over by the state since private companies will just abuse the little people.
I think its moreso due to FL being so vulnerable to climate change impacts coupled with high cost to replace/repair when homes are damaged or destroyed. so the value is a factor but the main issue is actually risk of natural disasters.
@@marylander3798 But risk of natural disaster hasn't doubled as premiums have. These insurance companies are making sh*t up to justify higher revenues.
Housing crisis, health crisis, cost of living crisis, debt crisis, inflation crisis, Middle East crisis-how many crises can one handle? As I approach retirement with a comfortable few million, I’m nervous about a potential market crisis but also want to capitalize on a possible correction. Where should I focus to best grow my money?
Diversify… I completely understand your concerns. But In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at your budget, you should consider financial advisory.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
That's impressive ! I could really use the expertise of these advisors.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Melissa Terri Swayne for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
They key is to pay off the home and self-insure, improve your homes construction and then you don't have to buy any insurance.
Would about property taxes?
Florida has the save our homes tax. If you’re homesteaded you can’t go up more than 3 %. (Used to live in Coral Springs )
That is horrid advice.
Save $5k a year to have $700k in risk?
@@JT-bs8wz its not horrible advice, just watched a guy that paid 4 million in cash for a home in miami, he paid cash to avoid a $60k year insurance bill & only citizens will cover him if he wanted insurance. Go 3-5 years without a problem & you saved $180k to $300k, takes a lot of damage from a storm or whatever to make a 60k per year bill worth it. $180k to $300k goes kind of far when you take crooked insurance out of the picture.
Great advice. Put that insurance money into something that makes at least 5% per year in case you need a roof replacement due to hail or hurricane damage. You WILL come out ahead.
Just met a guy today selling his house here in Jacksonville..moved from DC 2yrs ago & going back WOW.. Video on POINT 👉🏾
I am in Jacksonville as well. This is a very common thing. It’s been happening all over Florida and that’s what happened in 2008 as well.
Thank God
Also in Jax, in a bunch of open houses I've gone in it seems a lot of young professionals who moved here over the pandemic moving back to Midwest or Northeast home areas.
@@lerar28 100%, I was in Gainesville for almost 10 years before I moved here so it’s a little bit different for me but most people that move from other states they don’t realize the lifestyle and the culture of Florida so it makes perfect sense that they want to move out of here. Florida is not for everybody. I grew up inGreece, but I have been in the south for 20 years so it’s a little bit different. I’m used to the way of life.
_"Just met a guy today selling his house here in Jacksonville..moved from DC 2yrs ago & going back WOW.. Video on POINT"_ You wouldn't happen to be a CNN reporter???
Investments are the roots of financial security; the deeper they grow, the stronger your future will be."
The deeper your investment roots, the stronger your financial security will be in the future.
Exactly! With my adviser, I’ve cultivated deep investment roots, strengthening my financial security for the future.
This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.
Thank you for this amazing tip. I just looked the name up and wrote her.
Lived in Miami in 2021. Rent for a 1/1 went from 2k/mo to 3.2k/mo in one year. I left.
Crushed by: home insurance, property tax, HOA FEES and assessments.
But lots of things have come down as well… subscription cable, security cameras, home improvements (diy and handyman apps), electricity with more efficient electrics …..
@@Yui789esssand I just got my insurance quote it’s 2k less than last year idk what they are talking about
Not to mention rising mortgage rates for anyone new buying into the market. Numbers don't make sense.
@@ReventureConsultingyea mortgage rates increase because people property value is increasing as people keep moving here to florida and i dont see homes near me in south florida just sitting on the market
@@ReventureConsulting like you just said mortgages are more now. So why do you keep acting like there’s been a crash that is helpful to general public? If the monthly payments are higher now why even mention the total price. It’s irrelevant to everyone except cash buyers. If watching pricing adjust to rates is a crash you are don’t understand the market
Bought my house in The Netherlands in 1990 for 60.000 Dollars (converted currency).
I sold my house in 2010 for 200.000 Dollars.
In 2020 the house was listed for 300.000 Dollars.
In 2024 that same house is sold for 450.000 Dollars. It's just mental.
The house my kids grew up in I bought for 142k dollars in 2000. It was worth about 215k in 2015. It sold for 385k in 2021 and is now supposedly worth $485k now. (I sold in 2015).
Fiat
The US has extreme speculative markets. There are areas where house prices went up x10 in the last decade.
Lack of supply, booming populations (take from that what you will) and ever increasing numbers of single people combine to create housing nightmares.
This is what you get with unregulated unfettered capitalism. Capitalism on steroids. Just like bodybuilders and athletes use steroids to cheat the system to artificially increase their muscles or their athletic abilities. When prices of housing and cars go up 20% and in a years time and the average paycheck increases 1 to 3% if that then you know this system on a downward trend.
I like that you walk the neighbiorhoods you talk about. Respect!!
You are absolutely right. Florida's economy is mainly based on tourism, and rich retirees. New York has the financial market that's nothing but money. Los Angeles has the Hollywood and movie stars. Median household income in Miami is $54K, NYC is $74K, Los Angeles' is $82K. Ideally, homes should cost 4x their annual income. That would be $216K for Miami, but you are seeing 3x that.
I live in Orange County so have a good glimpse of LA and spend a little time up there for work. The people living in LA are generally paycheck to paycheck with a 6 figure (inflated wage) job and no family, kids, or marriage. Many are transplants from other areas and get help from mommy and daddy well into their 30's. Almost no one living there is truly "making it" for themselves. If you go tour anywhere fun in LA like Hollywood or Santa Monica, you will see the streets filled with people and no one actually working. I think the only place to build yourself up at this point is to work a remote job with modest income and take it to the midwest.
@@drewmorg. still doing better than fl
No jobs in fl
@@drewmorg. I know a family that moved from north of orlando / south of gainesville, very right leaning politically & they moved to Carlsbad ca during the early part of the pandemic. They love it there, they don't like the politics of course but they love the weather & the mountains/hills & the lack of humidity. They don't complain about much of anything there.
@@robertpierpont2262 Carlsbad is super nice.
Miami does have wealthy foreigners owning some of that real estate.
I'm a native New Yorker and grew up in Brooklyn the first part of my childhood. My parents moved to Florida in the late 70's to escape the cold winters of NY. Back then it was super affordable to live in Miami. They bought a modest 3 bedroom, 2 bath home for $55,000 in a community where the homes were built in the 1950's. Those homes were built like tanks. Property taxes were low, homeowners insurance was very affordable and the cost of living was much lower. I returned to NY in the mid 80's to go to college in NYC and I've been living here ever since. I had planned on going back to Miami at some point since my family was still living there. But I met my husband and I remained in NY and built my career here. My parents have since passed away and my brother and I inherited their home. My brother wants to stay with the house since there is no mortgage and he needs a place to live. Unfortunately, he can only afford fire and liability insurance because hurricane insurance is too expensive. And even without hurricane insurance, the other policies are still expensive. Also, property taxes have gone up but it's cheaper for my brother to stay in our parent's home than to pay rent. I love Florida and go down often because of my brother and I still have a lot of relatives and friends down there. But it's becoming increasingly difficult for them to live there with the high cost of living especially since a lot of my family have lived there for 40 plus years. A lot of them are now headed to their retirement years and will be forced to sell their homes they've had for decades and move out of state. I already have relatives that have moved to other states where the cost of living is a lot less expensive. I know that the cost of living is going up everywhere but it's sad that Florida has come to this. I have many special memories of growing up there during the latter part of my childhood. Unfortunately, south Florida, like many other large cities in the country are becoming places only the wealthy can afford to live. It's hard for those on a fixed income. Florida is a beautiful state. But my heart goes out to those that will no longer be able to afford to live there and will have to sell their homes after years of ownership.
Lots of truth in what you said. Sad truth. I was born and raised here in Miami Fl and it is out of control. I don’t want to leave but if it’s this bad now I can only imagine down the road when I approach retirement or how it will be for our children.
I lived in SW Fla for 25 yrs. Wages are terrible.
Realtors are still blowing smoke up owners butts with what their house value just to get the listing too. You said it all in one word…..GREED.
Name something you own that has value. Now sell it to me for way less than the market value.
@@Coral_dude if it’s market value it would have sold. There is a house in a neighboring community listed for 695K in April. They just lowered the price for the third time to 638K. Its actually an attractive well kept home. Prop wire show a value of 560K. I think if realtors were more honest with reality market value, instead of just get the listing,this owner would have been better served. The realtor may not however secured the listing. So they say sure I’ll list it for 10-15% over market value.
In the height of the market a comparable square footage home did not sell for 700K. Owners think they have something they don’t. They may have last year but they don’t now. A professional should be honest and realistic. Now people may look at this property and think, What’s wrong with it? Not to mention the time wasted on the market now.
I am all for market value but if you’re paying a professional 3-5% of your equity. I expect honesty and a realistic opinion…..not what I want to hear and only hope.
Yes I’m making a lot of assumptions not being present in the listing negotiations but unrealistic pricing like this…….Iprobably am more correct than wrong.
I am in no way suggesting they give it away either but get real.
Boomer Greed
I would say OWNER greed. It’s not just boomers although they are the larger population of owners.
I live in Miami and a Construction Contractor and you are absolutely RIGHT
A friend purchased a condo in a high end golf community close to the beach, around 2019. I moved out shortly after 2020. He just let me know that special assessments, insurance, and maintenance have gone sky high, causing numerous residents, who used to be comfortable.....to put their units up for sale. But...there's been no interest in the units. Buyers are paying close attentions to the real costs of owning there.
I recently talked to a retired couple who moved back to the northeast. They moved to Florida in 2017 and total expenses were less than 2500 a month. Then suddenly after Covid, car and home insurance, HOA fees and taxes all increased. They were over 2500 a month on just housing alone! They left in 2023 and moved back into their once rented home in CT.
My home insurance doubled and I live in Tallahassee with much less risk of hurricane damage than in South Florida.
For a piece of junk property, people in California are willing to pay close to $1 million. California is losing people and businesses, yet the cost of homes there hasn't decreased. Here, nothing makes sense.
Yes, I completely agree! That's why in August 2022, I paid 685k with a 4.375 interest rate to purchase my second property in San Diego. The property is currently worth $895k. I've already increased my ownership by over 30% in less than two years. There's no need for me to sell because I'm making over 90k in rental income from my two ADU studios, which pays my mortgage each month. Not to mention that I view my ridiculously low rate as a benefit.
I'm sorry for first-time homebuyers who could never afford to buy one in the first place. I have no sympathy for first-time homebuyers who could afford it but decided to hold off because they believed the market was collapsing and was now priced out.
I don't panic because I have an excellent professional analyst in *Leah* *Foster* *Alderman* who helps me adopt an investor mindset and only purchases properties with strong cash flows in desirable neighborhoods.
*Leah* *Foster* *Alderman*
I don't panic because my financial analyst is professional she helps me adopt an investor mindset and only purchases properties with strong cash flows in desirable neighborhoods.
I live in Miami in a town house which I own and it’s 1200 square feet. My HOA insurance covers my roof and walls. So I have to just get dwelling insurance. I went from 1100 to 1200 to 1800 to 3900 and my renewed is in July and it went to 4100. I only qualify for citizen. So this is very true about the insurance.
Im in Minnesota in a condo. I don't have any homeowners insurance.
Thanks for the comment. That's crazy. Quadrupling in insurance cost.
@@jeg5438Minnesota is a blue!!
Anyone living in Florida that are retired an option to afford to stay in Florida is reverse mortgages. My wife does reverse mortgages and she has saved many people from being forced to move. It is a great product for people on fixed incomes. If your interested send me your emails i will have my wife contact you with information. I live in FL it is tough but the 2 main problems high interest rates for purchase and refinance. Your house prices are high plus the cost of Insurance keeps spiking. Do I think FL is a housing bunble no. I do feel that average Joe can't live here without changes. Rates will drop many buyers are on standby either hoping prices fall or rates. Its hard to save up for down payment with high inflation.
Every homeowner in Florida was promised a new roof by attorneys by way of lawsuits against the insurance carriers if they failed to pay and contractors working with these same attorneys charged obscene roof replacements costs. Congratulations Floridians. You dug your own grave.
It is the fault of ALL of us for continuing to burn more and more coal/oil/gas for energy. If the storms were the same number, and the same intensity, as 50+ years ago, the insurance rates would be the same as 50+ years ago.
And who caused the ice age? Damned Trump.
Yeah this is dead on the reason the insurance rates in Florida are 3x anywhere else in the country. For years people came to my front door pitching the 'roof scam'. They would claim the roof was 'storm damaged' to the insurer then threaten to suit if the insurance company didn't pay something. Florida had 79% of all home owners insurance lawsuits in the country. The politicians didn't stop it because some people were making BIG MONEY! The insurance companies responded by raising and raising the rates. The legislatures finally plugged the hole but too late, many companies have left the state and the ones still here want you to replace your roof every 10 years (my last roof lasted 25). Now because a condo building collapsed, new laws are resulting in 6-figure bills for some condo owners. Condos are flooding the market. I know two families that moved to other states. I am waiting for the bottom to fall out of home sales here. I don't see how it can't.
@@howardlosson2809 Thanks Howard. Finally someone doesn't hide the elephant in the TV room. BTW, I predicted Florida's insurance fiasco in 1992 when Hurricane Andrew hit Florida. It all started then. I was there. I was working as an insurance adjuster. And today contractors in Florida won't allow outside state contractors to come in and compete for work and this means they (FL contractors) are syndicated and they charge whatever they agree on and believe me, roofs in Florida are 3 to 4 times more expensive than in Texas.
Fort Lauderdale used be a great option if miami was too expensive…but they are just as bad in terms of rent and cost of living 😢
Unfortunately, all the poor and less desirable people are being pushed away.
I used to live there.
@@jeffersonjohns6397 wrong
Rich people are leaving
At least in Broward Cnty 50% speak English.
@edmundmcgrath213 but none grew up in Florida and all out of towners
Last fall, my son accepted a public school teaching job in Doral that paid $48K per year. He struggled to find housing he could afford on that scrawny salary, eventually commuting daily 45 minutes and living in a dump. He is leaving for Ventura CA where he'll make 50% more and rents are about the same. The Miami housing market is truly awful.
Florida doesn’t value education.
And, the weather is much nicer there. I wouldn't mind Ventura.
48 K is plenty for a teacher don't kid yourself he's not a brain surgeon and with hoilidays and summer vacation teachers work 6 months a year and have good pensions that no one should get. Many of these teachers lifeguard for 3 months in the summer as they have off at least 3 straight months while I work 50 weeks per year with no time off and am way more highly educated
@@edmundmcgrath213 by your own logic you are not very smart. if a teacher has it better than you do then who is the smarter & more educated one? That said you are wrong, take on a teaching position, try that on for size, but na you would rather work 50 weeks per year because you are so highly educated... dunning kruger much?
@@edmundmcgrath213 You miss the point. At $4K/month, $1500 for rent would be the absolute maximum a young professional could afford. Miami rents are $3000/month and up. The ratio simply doesn't work for most of the people living there, no matter the occupation.
You are amazing! Everyone needs to follow you. This is the exact things I’ve been telling all my friends and fam!
He’s been saying this for 4 years. Meanwhile you’ve missed out on 60% price appreciation and the last sub 3% interest rate environment of our lives.
Right in the heart of downtown Orlando, on the main popular drag Orange Avenue, a remodeled office building that was appraised at 22 million sold for 9 million just a few weeks ago
Good, hope it was private equity!!
Florida is dying
Some commercial real estate is going for pennies on the dollar.
@@SA-hz1rs- Florida is dying? Lol.. compared to where?
@@rubicon3416 to anywhere
Greed rules our country.
Selfish politicians to be exact
Finding a way to Get money out of politics is the way to get things more stabilized. Politicians will do where ever the money comes which by default isn't going or looking out for the peoples interests at all.
So its desantis fault? Not big insurance for jacking up prices or joe biden/fed reserve money printer for inflation or all the millions of people moving here creating insane demand bcuz desantis looked after us and kept us open during covid when their states didnt?
Thank goodness that human trait stops at the border, lol
@@jdog22c34 WOW your soo smart!
You really think him saying that implies that he thinks greed doesnt exsist outside this country? Does he really need to be that specific? Besides, he can really only speak for his own country...
Spot on. I live in Miami for the last week this is exactly what we have discussed.
I closed on selling our second home in Charlotte County last week. The intent was to carry it for 5 years until we retire......but with everything going up (insurance, HOA, property taxes, energy) and the threat of our equity going down, the calculus to hold didn't make sense anymore. We didn't take a loss thankfully. Wishing all prospective sellers and buyers the best of luck.
I live in Charlotte county. We were hit hard by Ian and that definitely scared a lot of folks. I’m glad you were able to not lose money on the transaction.
One more thing: If you're going to live in Florida, DO NOT LIVE ON THE COAST! Not only is it incredibly expensive, but your hurricane risk means you could lose everything. Stay inland where it is much hotter AND safer. The chance of Orlando getting hit by a Cat 5 hurricane is near ZERO. A Cat 5 on the coast will be a Cat 3 by the time it moves inland and even a direct hit will be around 115mph Max winds. Your home will survive! You might need new shingles, but that's it. Location is critical in a hurricane state. I've been here over 30 years and know what I am talking about.
If it is a 5 it absolutely could still be a 5 in Orlando. lol. The distance from Daytona Beach to Orlando is only about 50 miles. A powerhouse hurricane that’s moving at a decent speed will not downgrade that quickly.
@@GW-gz8jh Is that right? Because it's never even had a Cat 2 hit. Do your research:
"As for Orlando, the City Beautiful has never had a hurricane eye pass over it greater than a Category 1, or a storm with maximum sustained winds between 74 and 95 mph, according to the NOAA archives."
But are the insurance rates lower inland?
@@crystalwestergard2500 not really. You may not have to take out as much flood insurance. But you will still need hurricane coverage.
@@CarsandCats has and can’t are two different things. There’s coastal areas of FL that haven’t been hit by a Cat 5. That doesn’t mean it can’t happen. 50 miles inland isn’t that big of a buffer to diffuse a 5 especially if the forward speed of the storm itself is quick.
Thank you for putting this video together. I went through the 2008 crisis . It was not fun
Never overpay for a house in a neighborhood swarming with chickens 😂
I love my neighbors chickens! The rooster crows in the morning and it makes me feel like I'm in the countryside. My ex girlfriend couldn't handle them though and would flip out cursing at them.
I got chickens in the city and a few others closeby have them too, of course our homes are priced less than a third of the national average
@@benjaminolsen2381 Yeah not everybody wants to put up with that. My neighbor did the same S# but he had about 15 roosters.
Yeah, saw a few of those houses with bars on the windows to keep the chicken swarms out da' house!!! 🤪
Clearly you've never lived in Hawaii or Guam
As they say about Florida: when Florida isn't bubbling, it's crashing
Just have to weather the storm. Fitting metaphor.
It's funny how rarely Florida is priced at it's long-term average. It's usually above or below.
@@ReventureConsulting yeah it's one of the least stable real estate markets in the nation, next to the Southwest. I attribute that to increasing influx populations, lots of buildable and undeveloped land, etc. It's like a night and day difference with, say, the real estate market in Northeast which is stable.
In the late 80’s I lived in a West Kendall rental community (3br, 2bth), with plenty of amenities, where I paid 850 usd a month. It was a long time ago, of course, but it does give a idea of how crazy prices have grown in Miami.
The remote workers came to Florida with their NY salaries to a state’s salaries are much lower creating hyperinflation which became the norm in South Florida
They all.left
I did that exact thing back in 2018. Me and wife with Boston salaries in FL. Love it
@@rampletero13 they all went back to ca
They hated fl
@@SA-hz1rsmany are still here. I know several people that did that and aren’t going anywhere
@@GW-gz8jh yea, sure. Thats why miami landlords are struggling and have to lower rents bud . The people with money left. Tik tok miami realtors rang the alarm bells in 2022 that remote workers are fleeing. Miami is called detroit by the ocean for good reason and its gonna get bad. Real bad. Some new office building in wynwood already went into foreclosure. Miami is fuckkked. Couldnt happen to a better place! oh well
What sucks about this next recession is the crime is going to be 100x worse. Broward was mostly working class people so in 2009 the only thing that happened was shuttered commercial spaces and empty parking lots. These luxury high rises are a breeding ground to turn into slums, the gentrifier:homeless ration is 1:1. The homeless population has skyrocketed, I was born here and have never seen anything close to this. Junkies throwing up on the side of the road. And a hurricane? Forget it. We don't have the infrastructure to handle this many people here any way you cut it. Developers and politicians have RUINED south florida.
They have ruined central Florida too!!!!!!!!
Poor global control of assets, little production in-country any more, stagflation, ruler flat wages while the 1% parties... this is going to be a depression for sure. 10-15 "lost years" are about to happen to us because of greed and a lack of planning by our leaders.
They ruined Broward county many years ago. I grew up there . I escaped when I was 35 years old. That was in 1997.
Democrats ruined South Florida, especially Broward County.
Thanks for the updates Nick..I had been watching your videos keeping myself updated.Keep up the good work.
Sounds like a correction in price is coming. That’s good for Florida.
At what cost?
Cheers Nick,
I like that you had an on the street interview with a tenant and hopefully you will do this more in the future with homeowners, potential buyers, sellers.
Shocker!! Insurance rates are up 100%! Quit building in areas prone to natural disasters. Rates in my area are spiking due to the shared risk of inappropriate development.
5k mortgage
1.7k insurance
1.7k taxes
8.5k monthly payments?
You have to make 400k to live in Florida
Why 400k
nah. you just need to be on enough government assistance programs.
@@dancox3251the government assistance program aren’t helping people who’d qualify for a mortgage of 5k
Nah once you pay off housing then food and car at most like 20k a year. So like 150k would still be comfortable.
@@geocam2 'conservative' doesn't mean low numbers of welfare recipients, indeed the red states tend to have the most people on welfare for lots of reasons I won't get into. As far as quantity, there are more than enough Federal programs, subsidies, etc. that can be tapped into but Florida also has additional ones that are local.
Makes sense people would be moving back to their original states. So many people moved during the pandemic when there was absolutely no guarantee from their employers that they’d be allowed to work from home forever
I think this was a plan within the government to jack up home prices. Start a pandemic, make people believe that they will work from home forever and that they can live wherever they want, wait and when that changes causing prices to plummet so corporations can come in and buy a whole bunch more
On point. We are in central Florida and not near the coast and our insurance went up 70% just this year. What good is a 2.625% mortgage when your other costs go up substantially each year? Our total monthly payment has increased 40% in 3 years.
It’s sad. California and Florida were the two states people dreamed of moving to, but now both are becoming unlivable.
_"but now both are becoming unlivable."_ California is becoming unlivable due to Gavin Nuisance. The only place becoming unlivable in Florida is Miami and everyone there votes blue no matter who... Both California and Miami got what they voted for... They get to live with it.
I was born in Pensacola. My mom lives there my older brother has lived there most of his life. Florida panhandle is one of the best places in the world to live.
@@nathanwoodruff9422 never ever a republican felt
@@nathanwoodruff9422lol Yes, Florida insurance is through the roof because of Miami. The GOP runs Florida, no one wants to hear you trying to avoid holding REPUBLICANS accountable.
@@MM-kf3gq _"never ever a republican felt"_ If that is what your feelings are teling you. Or maybe CNN told you how to feel.
Both beautiful states with beautiful weather ruined
It comes down to simple math. In my case, I own properties in FLA and MA. Auto and homeowners insurance FLA vs MA, FLA cost about 5k year more than MA. Which means that I can have an income of 110k in MA and break even paying MA state tax. Which in MA, we have better schools and services than FLA. Now in Miami Dade, the median income is 72k. In my MA zip code, the median income is 105k. I hate to break it to you that MA is cheaper than FLA if you can find a place to leave. If Miami and Boston have the same real estate prices, Boston wins.
So in FLA condo fees and HOA fees are now being funding at the correct rate. The dog has it's day. Now you have northeast replacement costs in FLA with high weather risk so that bill is huge. Then you have roofing fraud, and Morgan and Morgan telling you to get an attorney for everything, We not only pay for the insurance premiums but surcharge for the attorneys of shore yachts.
Then there is property tax. FLA counties love these high real estate prices for there tax revenue. The new guy pays, the long term residents homestead their homes and pay next to nothing compared to the new guy that just bought. At least in MA, the guy that just bought his house across the street from you pays the same for the same home and lot size as the new guy. So the FLA property tax base is uneven to fund the schools and services. So FLA counties live on the new development drug from the developers to keep the money coming.
If it was not for the weather, FLA would be just another poor, struggling, and unsophisticated state like AR and MS with no real reason to move there.
The weather for the most part sucks so it doesnt even have that. I never understood how people can talk about Florida’s “great weather” and then hurricanes in the next sentence.
You are misinformed if you think Arkansas is the state you thought it was when Sam Walton started Walmart in Bentonville.. Doing your research on Arkansas would keep you from embarrassing yourself.
@@diedonner299 Because hurricanes - if they're not coming at you - are a great break from the heat. At least we get some good weather here in Tampa Bay (though that's changing due to climate change). It stays hot 12 months of the year in Miami.
@@careyfreeman5056 endless hot muggy and humid, at least for the past 4 years now
I am a bus driver in New York City and I see more and more cars with Florida plates every day.
Lolololol
There primary home is in fla
They are ex NYrs going back for a visit.
yea murph, but they are stolen cars cmon now. I'm from queens. ain't nobody moving from florida to nyc. how could they afford it.
Lie more
I really dislike what these investors done to my home state. Ignorant greed
Desantis allowed it. He’s a bum
Nope......it's more than that...........
If you don't like FL. ....... GTFO us locals can't stand and never will tolerate Tommy Bahama Hey dude wearing Kyles and Kevin's.......stay out so you don't keep on whining about the problems you caused.......us locals will be just fine
@@Press1for enlighten me what?
@@thefpvlife7785
Oh, it’s not just DeSantis. It’s your previous governor too. And the one before that I believe.
People are greedy and ridiculous. Those houses in Florida are not worth a fraction of what they're asking and they put these houses on the market after they maybe painted a door and they want like you said $400,000 more for it. It's insanity!! I live here and I sold my farm for so cheap the end of 2020 and I can't even buy a home now and I'm retired . It's so sad and I've had five homes here I just can't wait for it to become another 2008 to tell you the truth!!
NOT EVEN CLOSE! I'm talking dumps in sketchy neighborhoods that would have been lucky to get 100K in 2010 going for 500K in 2022. Give me a fucking break!
Nick, been binging on your videos. Excellent work.
Although not in Florida, it does help me understand what is going on in my area, and what to look for.
Thank you.
A fan
I hope you haven’t listened to his advice. Dude’s been dead wrong on just about everything for 4 years.
THE AIR B & B CRASH IS HAPPENING ALSO
Yes!! The proof is in the pudding. I sold a house in Fort Lauderdale for 1.8M in 2021 that I paid 300 for (plus 250 reno) in 2012. It was the last foreclosure I bought. I scraped together the money. The buyer in 2021 was from NYC and turned it into an airbnb. It went bust in 2.5 years as every other house became one. It’s about to close to a new buyer for 1.2M next week. How do I know? I did seller financing for both deals and no the new sale isn’t a short sale.
@@TCJC7296 sounds like you’re “pretending” to sell it and are just a bank.
Good. The owners of those unlicensed hotels are also looking for the quick buck. Let them all go under as well and lose their investments in foreclosure or tax delinquency.
@@bblegacy Amen. Ruined our former condo building. Just flat-out ruined it. Used to be families, snowbirds and all owners who were invested in the community. Then these scumbags came in, broke the rules (week minimum) and let all kinds of trash in. By the time we left, I caught some woman smoking heaters and throwing her butts in the stairwell. I wouldn't do that in a dive motel, but this POS was doing it right there in front of people's homes.
The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that or generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 48.
I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Azul to ensure appropriate retirement planning.
I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
'Kristin Amber Landis' is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
We are watching from California and we are laughing ❤️ sending love.
It’s like all these states laughed at California but copied everything California did but on steroids and thought the outcome would be different 😅
Why would you build an apartment building with an apartment cost of $3K when the medium household income is $70K? Who were they catering to?
They are building one like that right behind my apartment here in pensacola florida, multiple 3 story units with walls made of particle board that are supposed to be high end apartments...what the owners don't know, it's on land that during hurricanes and bad thunderstorms have tornado's sometimes go over the land at tree top level without touching the ground, seen several over the years, even have 1 passing by on video.
dirty money
Those are being built for illegal immigrants and the government will pay the rent
That's what I like to know correct me if I am wrong but people in Florida don't have the same type of wages that they pay in NY or California.
Seems like they're trying to make miami a rich person town only.
Great information and great channel Nick
I remember Palm Beach in the 50s-60s my aunt rented 3 room first floor apartment with a patio for $80 a month, across from the the Breakers.
👍, well & detail explanation. Florida is N O T for working class!! Personally thinking to move back again.
You do an awesome job with your info,, thanks..
Fantastic reporting on the topic he is exactly on point. I know someone listing 1.6M and was offered with a 1.3M offer and took it off the market because they were insulted lol
..Newsom may have been smart to put min wage at 20 & State Health Care at 18. Min. That may have saved him a true major exidous. I didnt consider min wage for Florida being much less. When I lived in TX min wage was 4.25. Ouch! No way to even buy a truck to get home. I had to work in CA for 2 months before we could move back.
Bummer.
Everyone knows that home prices are absurdly inflated. It's not accidental either. Blackrock and Vangard are driving this by offering 120% of asking price, and then suddenly stopping in certain areas, then prices tank back to normal levels, then they move in and buy up more.
Vanguard does not buy homes.
So true but also airbnb people. Make it illegal
@@ralphpal Hm, that's interesting. You think government should tell people what they can and can't do with their property?
@@trentp151 There has always been a difference between residential and commercial property areas. Airbnb is a commercial enterprise that should not be allowed in a residential zoned area.
@@Automedon2 So you do want government to tell people what they can and can't do with their property.
We are in Kissimmee, have a 3,600sq ft home. When we bought it in 2012 it was 2,200 per year. Last year after being dropped we were slapped with Slide insurance and they said it was going up to 13,500 per year!! I shit you not. We said HELL no and picked up citizens and we dropped to 3,300 per year, down from 9,700 the previous year!! Now they tried to dump us this year but couldn't as all other quotes were over 20% more but now insist we buy flood insurance even though we aren't on a flood plain. I told my wife if this home had got to 15k we were dumping it and leaving. I want to move to the midwest Kentucky/Indiana area but she wants to stay in FL for the family. I told her there will be a point where we throw more money away each month than we can afford. If we move we can actually keep all of the money in our pocket. My car insurance for 4 cars is now 878 per month!!! Last year it was 577 and the year before that was 480s. Honestly I'm so ready to leave, I'd rather keep more money in my pocket for vacations than to just stay in Florida, I'm over the traffic and the influx anyways.
I bought a mobile home on an acre in southern indiana in 2016, pretty private, 120 acres of forrest right out the back door, old limestone quarries across the street, quiet 1/3 mile dead end road with 4 homes/properties on it yet close to a gas station & dollar general, overall great location.. for get this I paid $10k, $115 year property taxes with no exemptions.. I can live on $600 per month there including food & with a $190 xfinity cable/internet bill, no sewer bill, $25 month water bill, $80 to $120 electric bill & a $35 cell phone bill. I work from home so not much of a gas cost for vehicle, maybe $10 a week in gas. talk about being able to save a lot of money!!! I didn't buy the place to live in when I bought it but it was 5 mins away from Indiana's biggest lake & it was so cheap but in 2020 I saw what was coming & moved there full time, best decision ever too! Now I look for ways to live even cheaper, or the same cost but on a beach in Thailand or Sri Lanka, just watched a video of a guy from australia who has his monthly cost down to $400 living in a closed down restaurant/hotel right on the beach not 20ft from the water in Sri Lanka & it has a restaurant grade kitchen with a good size dining room that he uses as a living room & a bedroom with bath/shower & he pays $150 month rent for it & he buys fresh yellow fin tuna for $3.12 a kilo, $6 per kilo for fresh prawns & so on. $400 a month total living costs & super duper cheap medical care, cheaper than just the co pay with insurance in Australia. Cell phone service is $6 month, $6 month water bill, $40-$50 month electric bill & so on & so on
A new wife would be even cheaper. I'm serious 😒.
If you can pay it off asap and go without. Lots of folks doing this now.
@@robertpierpont2262 - only a rare few would or could live a life that in the third world. Not for everyone.
So proud of your 3,600 sq ft. It's greed and not admirable.
And (1) there is really no reason for these high (corporate) insurance premiums other than greed, and (2) when tragedy strikes, they don't pay out or off.
After the last big storm in my area, a woman came to my home asking if my insurance company had refused to pay out for any storm damage. A group of home owners were getting their facts and figures together to start a class action against this/these insurance companies who were doing a Rainmaker scam on their subscribers.
This only goes to show (1) insurance companies are predatory scammers in the habit of selling the ILLUSION of protection, because when the time comes, they have no intentions of holding up their end of things, and (2) that this scenario is a complete failure of the governor's office that is doing nothing to stop these predatory practices because he is in on it by being on their side and giving them safe harbor. He, like all (R) in the state need to go, and be replaced by impartial Independents who will use their office to give more than lip-service to protecting the people from all of these predatory practices. This includes the real estate industry, the insurance industry, and the banking industry.
But this is being done intentionally. The market manipulations up and down are causing people to be evicted and the banks to end up with the land, the house, and the home owner's equity. The plan is to convert all housing across the whole country to renters only, effectively making We, the People, slaves; debt slaves in petpetuity to the corporate New World Order. That's the plan.
It's not greed, if it was greed so many companies wouldn't have pulled out of Florida or went insolvent.
Northerners moving back to where they came from and getting out of Florida is a great thing!!!! Thank y'all very much!!!👍👏🏻👏🏻👏🏻👏🏻
But who is going to act like an ass at restaurants now?
My aunt and uncle are two of those people. They live in Orlando, and they're not leaving. As far as I'm concerned the state could do without you and your family and their bigotry. Most of those out of state homeowners are probably richer than you, and smarter than you. Florida is nothing without out of state investment in real estate, and tourism.
@@christaylor8337 Right!
Yep ,Yankee go home! Before they do any more damage to Florida. I used to love going down there in the old school Wild west ( key west)Florida hey day of the 1970s . Southern Ocean Racing Conference( SORC big time sailboat racing working on rich peoples yachts)inexpensive cottages to rent,lots of fun ,crazy 70s parties , little substance enforcement. I guess the pretty party girls from back then are all the " Golden Girls" now shacked up together trying to make rent after their diborces or they nagged their husbands to death.😮Oh I'm getting old, but good for one more wild adventure.
Tell them to stop by Georgia and pick up a couple more of their other selfish douches that took our kids' inheritances away.
When Florida's unemployment rate was 10%, that didn't include me, self-employed contractors that were simply 'slow' or the 'undocumented' people who were seeing less work. It was worse than reported.
My business is slow as hell right now
My uncle had a house in Florida and the keys. It was made of cinder blocks had a simple roof and had vents in the side. How much would it cost to rebuild that home with those old codes from the 1940s or 50s? The answer is not much at all so the insurance cost would probably be very little after all the land would still be there you just have to put up new cinder block walls and a simple roof. Well today if you're going to mandate all this expensive construction and you're going to have all these expensive things included in your home then your insurance costs have to cover what it's going to cost to replace all those things. Maybe if you can't afford to replace your house every 10 or 20 years and what is basically an oceanic flood zone then you should probably build your house in another state.
Thats crazy, those wynwood homes sold for like 25k in the 90s… Selling for a mill these days and still run down not even renovated looking like they were in the 70s when they were built
I can’t believe he didn’t go to the shops at Sunset place. If you really want to freak out, go to that huge mall as all the stores have closed and only the movie theater and a few stores remain open. The maintenance on that building alone is ridiculous. He should really go over there while he’s in Miami.
Most malls are going bankrupt here…some are turning into residential apartments
@@gamanshoo yeah but the shops at Sunset Place is a millionaires mall. It was all specialty stores just for the rich. All gonzo.
I took advantage of housing bubble in 2010 and bought a condo for $110K in upper mid east. 5 yrs later, I sold it for $330K. Today, it's worth $550K! All I will say is that this condo is part of an old 3 story house built back in 1910!
The wages to the cost of living in Florida is crazy skewed. We need a MAJOR correction
Yes vote desantis out
@@thefpvlife7785Agreed, but we need someone who actually cares to run against him, we don’t have that right now
Miami sucks. Hope it drops 90% and no one comes back to buy it up. Garbage!
Bit of a chip on your shoulder wouldn't you say. What did floridians do to u ?
Miami has a democrat majority, and democrats are far more likely to abuse capitalism to the point of fraud. Just look at California, New York, and Chicago.
@@garymuhlenforth7251Floridians didn’t do sh*t us to us NATIVE, BORN N RAISED here Floridians, it’s the foreigners and northerners that’s fuckin shit up and ruining our paradise
@@geocam2 Does California and New York? nope
Lmfao you couldn’t give me a free mansion in Miami with the only strings attached were I had to pay for the insurance and property taxes on it.Still not worth it.
excellent video and superb analysis. thank you !!! mark MBA owner and investor
Greetings from Jacksonville. I agree with your advice I follow you! great work.
Understand your points, and agree with most of them but one correction: We have a local program called “Save Our Homes” where people who homestead are capped at a max of 3% increase per year in property taxes. This would effectively make it impossible for peoples property taxes to double in 4 years. This is obviously limited to those who make their primary residences in Florida, but they do make up a majority of situations.
Why would you pay $11,000 a year for HOI in Florida? I pay $17,100 per year in rent here in the sf Bay Area and our weather Is much better . While making $170k per year
Dude that camera is amazing
Vacant commercial properties , local & regional banks collapsing , tons of restaurants closing & people with 3 jobs to just get by. South Florida’s bubble is going to bust and it wont be pretty. Venture capital boosted the price of all the homes by purchasing large swaths of properties and inflated prices ; nothing is what it seems down here. It’s unsustainable
Thank you Nick! Great content and work.
Plus, HOA dues are also going through the roof. All part of the plan to squeeze more and more people out of home ownership.
It really is evil.
@@suburbankaren5137 It's even worse than that. The HOA's went through the roof and the insurance company won't pay to fix it.
Yes, all the poor and less desirables are being forced out. It’s not fair.
HOA dues and condo fees aren't part of some sinister plot by the rich to screw over the working class. Inflation does exist.
You are correct. “They” want us “to own nothing and be happy.”
Even cars. In 20 years not many will be able to afford cars. They will just call a self driving car whenever they want to go anywhere losing all freedom in an emergency to evacuate. Very scary times ahead. Save our money and live within our means is the best advice.
FYI...most likely the need a new roof or hurricane shutter
My father in law was quoted $10,000 BUT once we put on a new roof...insurance is $4300.
Please note as house price goes up so does insurance too.
It’s because so many people used a minor rain storm to get new roofing and insurance companies didn’t investigate, they just would pay out 10-20k for an unnecessary new roof.
Anybody can tell you whatever goes up must come down.
.
Fl 2008 all over again in 2025 baby. Been waiting for 3 years for this crash 😮😮😮😮
This one might last for 10 years, everything is in a bubble.
I’m praying you are correct. I’ve been holding onto cash. I Sold everything I bought in the last crash. Waiting for this crash since 2022!!
If so many people are predicting it, you will see how government will step in again before the prices will actually start going down.
US is a quiet communistic system
@@TCJC7296I bought early 2011. It was a very good time to buy. I just added a standing seam aluminum roof, impact windows and doors, and renovated the kitchen. Best investment in my life.
@@TCJC7296Don't worry prices are coming down, you will have to wait longer that 2025 to get to a bottom though.
Here in Miami, what I’m seeing is families moving in with other families to sustain their mortgage payments. Drive by the homes and you’ll see about 5-8 cars parked there. And groups of people hanging out on their yards. That’s on a daily basis. People in Miami dade, Broward and Palm beach counties which basically is south Florida. They claim they live in a bullet proof economy and that houses will still rise. They will be in for a rude awakening if there is a housing crash in south Florida. Boots on the ground in Miami is awesome keep up the good work!
Same here in tampa some people have like 6-8 cars on their driveway
You're wrong.
Men can get pregnant.
same in fort myers and nales
I predicted the emergence of the "roommate society." Looks like I was right.
same in the Phoenix AZ area. Several families renting one home just so they all can afford a roof over their heads. I've even seen people living in the attached garage, just turned it into a studio. But the gov says the economy is great, right?
my homeowners insurance on a 3,000 square ft house in Olympia WA is 1,550 and property taxes are 4,900
People in Florida are just like the people in Las Vegas and Phoenix. They can't get enough of the same thing. (Yes Master, May I Have Another)
🤔🤨🤨😅
True words are spoken here.
I was happy that we sold our house in Cape Coral earlier this year. And moved to NC foothills
Noooo! NC is full too.Go to TN, better option.
You got out just in time. Nc foothills is beautiful.
yeah you def got out just in time, the number of homes for sale there in CC is insane right now, over a 1000% increase in inventory the past several months with fewer & fewer buyers, cape coral will be one of the first hard hit areas in FL & its starting to happen right now. It will only get worse over the next year!
@@user-mm6xi3er5u😂😂😂. Facts
This won’t age well 😮
Left fl in 2022. I miss it, but the writings were on the wall with how expensive things got so quickly and pay scale was garbage. Left just in time.
With the cost of living there. There won't be any chickens left running the streets. They're gonna be on everyone's dinner table
I love when he's talking about incomes, a LAMBO casually roles by at 3:48.. 😂😂😂😂
Probably was rented
2:20 And at 2.20 the guy in the background flies the rare "Double Bird" LOL
@@Mrbriangalvan Better off that way, unless you're Connor McGregor, and you can afford one that floats!! 😉 😂😂
Some people in Miami can spend on Lambos…but that IS NOT the norm or the “most common” standard of living…you also heard the median household income of Miami in the video..
Miami is poor
Your real estate knowledge is fascinating and your insight that you’re generously sharing is incredible! Thank you sir, I appreciate you and also your expertise!🙌🏻