Is our Housing Market in NE Florida a Boom or Bust?! - Interview with Dr. Alex Stewart

Is our Housing Market in NE Florida a Boom or Bust?! - Interview with Dr. Alex Stewart
In todays video we cover all the economic factors that effect the local housing market. We talk mortgage rates, inflation, the local economy. No subject is off the table in todays talk. Dr. Alex Stewart is a professor at UNF here in Jacksonville and was also a top producing Mortgage Loan Originator for Bank of England. He has a depth of knowledge and experience in the industry and is one of the visionaries for our local real estate economy.
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TIMESTAMPS
00:00 Introduction
00:40 St. Augustine and Jacksonville are increasingly merging into one urban area
03:40 Discussing about Data that will be shared in this video
05:12 Positive about Real Estate Market, Nationally or Locally
11:08 Comparing Naples Real Estate to Northeastern Florida
16:27 Discussing about Housing Prices Situation
21:41 Advice for people who want to buy house
28:04 Comparing Familial houses to Town homes & Condos
30:41 Challenges Real Estate Market Facing
35:52 Election and Government Effect on Interest Rates
41:00 Real estate transactions have decreased significantly since 2020
43:31 Discussing about Interest Rates, Inflation from past to today
51:55 Discussing about St Johns County Real Estate Market
58:35 St Augustine's Airbnb market shows resilience
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[@TheRoadtoGonzo]

Next to no jobs in St Augustine pay the salaries necessary to support the present cost of housing. Its great moving there with a remote job, but these don’t last. Not to mention the outrageous insurance costs, hoa/cdd fees and taxes. Realtors need to get realistic about what they are telling people they can get. Sellers need to get realistic about offering value.

[@LIVINGINSTAUGUSTINE]

I'm upfront with everyone on what the costs are.
The county definitely needs to raise salaries for government work, I believe they have the money.
Problem is there are so many people moving to our area that either have money or are making good money remotely it's hard for locals to compete.
Insurance isn't like South Florida here though. Most of the policies I am seeing for a 2k sq ft home is around 200/mo

[@felixarmor7]

I live in a brand new house built in 2021 under $200k in Panama park area. I bet the county appraises at $280k but the abandoned/vacant house next door or the prostitution and don’t forget the drugs all add to ambience.There is also a sewer smell from the water treatment I hope it’s that at least.

[@LIVINGINSTAUGUSTINE]

Were you familiar with the area before you purchased?

[@user-jw9mb4bp6u]

Great podcast. Just a comment. I believe PCE does substitution, not CPI

[@LIVINGINSTAUGUSTINE]

I get lost with all these acronyms. I'm learning more every day

[@AlexStewart7]

Awesome comment! You're spot on that PCE is more aggressive on the substitution. The CPI does some, but only within the item categories so it's not as significant and is part of why the CPI is generally higher than the PCE. Here's a good article on the differences between the two price measures: www.whitehouse.gov/cea/written-materials/2023/09/29/crosswalk-talk-whats-the-difference-between-the-pce-and-the-cpi/#:~:text=Because%20the%20PCE%20formula%20allows,small%20in%20the%20figure%20above.