Two houses away a house remains gutted from a hurricane. It's on a deep canal on one side, the mouth of the bay on the other. The house and bulkhead are in awful condition. Someone tried to flip it from 529 to 999k. It sat for two years and just went for 449.
I think that there is always a pretty big delta between the list price and the final sales price. Much of the blame is squarely on the shoulders of the listing agents. A home should be prices realistically from the outset.
He just bought it in 2023 for $500k, then listed it for 1.3million to make the buyer believe he is getting a great deal through a $400k discount. Smart seller. He made big profit.
ben i live in 3 storie condo thats new first floor is parking dose that fall in to law of 3 stories or is it liveing floors know one seems to know but smart guy like you will thanks mark
I wonder how long it will take for the rents to start DROPPING DRASTICALLY in Florida? I don't care WHERE, but a ONE bedroom apartment is still only ONE bedroom, and the rent should therefore START with a ONE! $2,000 a month or MORE, for a ONE bedroom? Ridiculous! $1,700 should be the MAX, and even THAT is high!
Did you not notice the 1st house was bought at 300k less in 2023? Here's what's gonna happen. They flipped to a person who thinks they stole it. When prices crash that person will take a 300k bath on it.
If you highlight what they paid for the property, most of those sellers did more than alright. The first home you featured previously sold in October 2023 for $575,000. Less than a year later they sold at $865K, almost $300K higher. It appears they made a killing. The fact that they listed initially at $1.3MM is laughable.
Correction: The Mackle Brothers (Deltona Corp.) had NOTHING to do with General Development. And your first example was actually a home-run for the seller, they made a huge profit on that sell, so the discounts didn't turn that into a bad deal for the seller.
Hoping to make 865,000 in 11 days? How much work can you days in that amount of time when you consider that you have to pull permits and pass inspections?
Are people realizing what an epic fall $100k+ reductions are??!?!?! THAT is NOT anywhere near normal!!!! Seller make a $20k-$30k overestimation, and that’s understandable, but you overvalued your home more than $100K?!?!?!?!? What were you thinking? Was your agent involved in any way?
I’m up here in the panhandle in the Destin/Ft Walton area sitting back and waiting for my opportunity. Lot of supply coming on the market and probably 1/3 of the listed houses have cut the price. I think I’ve got about a year or two to save up to take my shot. We saw the biggest, craziest bubble in housing history during Covid. The ABNB and flipping gurus are going to start getting wrecked soon, and that’s when the real fun begins.
Your opportunity is coming. I saw the same as far as reduction in prices and priced my Destin place to sell. Listed in august and closed Aug 30. I basically bolted the area, but will return for vacations.
I don't care what they listed for. What I look at is did it flood in Ian and how much damage? What is the likely hood of it flooding? What was the value of it in 2019/2020? What is it's sale history? What is the insurance situation on the house? Location!!! Usually not interested in flipper homes.
Yes the sale numbers dont have meaning by themselves….Ben needs to include the other costs to have any reasonable understanding of market value. Current HOA, est ‘25 HOA, current homeowner insur, flood zone insur if applicable or flood X zone insur as applicable, etc.
Sellers and their real estate agents put out a big price to see if any suckers take the bait, like they did the past 3 yrs. It takes some time for a new reality to set in.
Just so tired of seeing overpriced junk over the last 3-4 years. Have argued with many realtors who used to say prices will never come down. A little too much wishful thinking.
OVERVALUED. Shame on those who set the price. Not well priced at all. So glad its dropping. Port Charlotte...they NEVER saw prices like this. Until the lockdowns. Of course the bubble is POP.
I will like to know what are the important things to consider in a house for insurance? Metal roof, Impact windows and doors, elevation of the house in the lot, flooding or not area. Tiles floor, pool cage, etc
I had a kind-of girlfriend who was a nut. Her father was very wealthy and humble, while she was doing tricks in college for $25.00. The father wanted me to marry her. I was just out of the army and unemployed, but I still ran away from this situation. He became one of the founding owners of the Villages and left her $100 million when he died. And she's still a nut who's only gotten worse. I always wondered if I should've done this differently. She has a crazy stare now like Charles Manson did.
Can you review the pool cage issue? My friend bought in rotunda heights after Ian- she ended up fencing due to the wait for pool cage Did you say though there is an issue putting pool cages now because of….?
No some setback requirements from the water in Punta Gorda Isles have changed since the pools were originally installed. So on some properties they can't be rebuilt after the hurricane tore them down because with new code the structure has to be a certain distance away from the water that was not previously required. PGI is deed restricted.
Was there some law in Florida that you had to sell your house in 2014? I noticed nobody has taken a legitimate L on these houses.. even after significant price cuts they are still walking away with a massive bag. Florida was giving away houses 10 years ago.
2010 was the bottom, so maybe people waited a few years for prices to start to tick up before selling? In 2014 most homes for sale under $200k in central FL were foreclosures or short sales that needed a lot of work.
Need to focus in positioning in the SW market right now. Have lower mortgage interest make a difference. What is the situation with insurance? Are starting property taxes for buyers subject to any political change? Is inventory going to go to the stratosphere in high season! Are sellers looking forward to sell at realistic prices?
I was an executive with a top 10 production builder in the 90's and 2000's we build 10,000 new homes per year. I have bee warning people since 2020 that the market was in a period of distortion due to poor FED policy and the housing market would be disrupted for several years.
Agreed. Same here. As well as being an agent w top grossing in Florida. Not surprised..but Punta Gorda and Port Charlotte...we both know about those towns. Dump
@@danah358 They should have never been that low and the FED left the rate too low for too long we now need high rates and high unemployment to stimulate deflation. But likely we will get more QE soon causing more inflation.
I'm kind of nostalgic for those Mackles, having grown up in Florida during the swamp peddler age of mail order lot sales developments. I may have to drive down and see how those held up now that I'm retired and don't need much. If theneighborhoods still look good, maybe a good option.
Been inspecting homes I SWFL for 8 years. You are one of only a handful of realtors that are actually a realist about the market. Most say we are at the bottom and it's gonna get way better the end of September...or fill in any other month at the end of that sentence
It’s port Charlotte!!! 40% more downside to come! This is just the beginning! Again it’s Port Charlotte. If you do this for a living, why would you ever be surprised? I guess you’re gonna be super shocked when there’s 30 to 40% more drawdowns!
The problem with the HOA fees is they can be increased at any time. The day you buy it is $781, a year later it could be $2k, or you could be looking at $200k special assessment. Makes zero sense to buy a condo in FL in 2024, unless it is a newer building, or
What in the fresh hell is going on with the pool in the front yard?!😳😂 I think the seller was lucky to get $602K for that home😬 Keep those price drops coming…music to my ears👏🏻👏🏻👏🏻
Whoa 500k off… That’s actually not insanity… that’s us being back to reality. We can’t keep going up up up for decades and be shocked when this finally correct
"A sucker is born everyday" If investment corps didn't drive up these prices while gobbling up every home in sight, we wouldn't be in this situation. Prices come down when they run out of suckers to buy at these prices.
I lost $350,000 on a condo and all I felt was like I lost $350,000. I don’t see where feeling stupid would help. Plus most stupid people ain’t got $350,000 in the first place to lose. You know people like you.
For some balance, it would be interesting to see you include a little bit more conversation about sarasota, which doesn't seem to be taking the big hit like in your area, since you represent Southwest Florida in your headlines and topical discussion
I cover Sarasota in other videos. Its holding up better than Charlotte for sure but has also seen big inventory rises and price declines in some areas.
I guess you as a Realtor have never been thru a Real Estate cycle?? Why are you so surprised at prices adjusting on the other side of the cycle? How long have you been a Realtor??
"Real Estate Cycle" ... Is really Manufactured Economic Boom Bust cycle as purchasing power disintegrates under the weight of bad policies. They pulled this same grift in the eighties; with the same escalating insurance costs.
@@bensellin Its part of it. I saw prices in Palm Beach county go down 50%+ last cycle. I dont know whats gonna happen now, however it would not surprise me...
Thank you Sir 👍🏾 you rock.
You rock!
Two houses away a house remains gutted from a hurricane. It's on a deep canal on one side, the mouth of the bay on the other. The house and bulkhead are in awful condition. Someone tried to flip it from 529 to 999k. It sat for two years and just went for 449.
The dolphin view condo has an HOA fee of $781/month. That's an extra $9372/year folks. Probably going up up up in the future.
what's insanity is the markup.
I think that there is always a pretty big delta between the list price and the final sales price. Much of the blame is squarely on the shoulders of the listing agents. A home should be prices realistically from the outset.
He just bought it in 2023 for $500k, then listed it for 1.3million to make the buyer believe he is getting a great deal through a $400k discount. Smart seller. He made big profit.
great video
Glad you enjoyed it
ben i live in 3 storie condo thats new first floor is parking dose that fall in to law of 3 stories or is it liveing floors know one seems to know but smart guy like you will thanks mark
I wonder how long it will take for the rents to start DROPPING DRASTICALLY in Florida? I don't care WHERE, but a ONE bedroom apartment is still only ONE bedroom, and the rent should therefore START with a ONE!
$2,000 a month or MORE, for a ONE bedroom? Ridiculous! $1,700 should be the MAX, and even THAT is high!
Bi-Level kills it. Old people don't want to walk stairs.
Did you not notice the 1st house was bought at 300k less in 2023? Here's what's gonna happen. They flipped to a person who thinks they stole it. When prices crash that person will take a 300k bath on it.
If you highlight what they paid for the property, most of those sellers did more than alright. The first home you featured previously sold in October 2023 for $575,000. Less than a year later they sold at $865K, almost $300K higher. It appears they made a killing. The fact that they listed initially at $1.3MM is laughable.
Prices need to come back to 2014 prices.
that is close to water, how about flooding or hurricanes
Correction: The Mackle Brothers (Deltona Corp.) had NOTHING to do with General Development. And your first example was actually a home-run for the seller, they made a huge profit on that sell, so the discounts didn't turn that into a bad deal for the seller.
It will take 3 to 4 more years to see the bottom but it will be worth it!
The first house they bought in 11/01/2023 for $575.000 and then sold it for $865,00, which is still ridiculous!!!!
I noticed that too ,so not as doom and gloom!
They likely put a lot of money into it… and remodels are not cheap here
Hoping to make 865,000 in 11 days? How much work can you days in that amount of time when you consider that you have to pull permits and pass inspections?
Are people realizing what an epic fall $100k+ reductions are??!?!?! THAT is NOT anywhere near normal!!!! Seller make a $20k-$30k overestimation, and that’s understandable, but you overvalued your home more than $100K?!?!?!?!? What were you thinking? Was your agent involved in any way?
Like the list price vs sale price showcase. Good video.
Thanks! 👍
I look forward to watching your videos. Thank you for you insightful comments and data.
Thanks for tuning in!
I’m up here in the panhandle in the Destin/Ft Walton area sitting back and waiting for my opportunity. Lot of supply coming on the market and probably 1/3 of the listed houses have cut the price. I think I’ve got about a year or two to save up to take my shot. We saw the biggest, craziest bubble in housing history during Covid. The ABNB and flipping gurus are going to start getting wrecked soon, and that’s when the real fun begins.
Your opportunity is coming. I saw the same as far as reduction in prices and priced my Destin place to sell. Listed in august and closed Aug 30. I basically bolted the area, but will return for vacations.
I don't care what they listed for. What I look at is did it flood in Ian and how much damage? What is the likely hood of it flooding? What was the value of it in 2019/2020? What is it's sale history? What is the insurance situation on the house? Location!!! Usually not interested in flipper homes.
Exactly
Yes the sale numbers dont have meaning by themselves….Ben needs to include the other costs to have any reasonable understanding of market value. Current HOA, est ‘25 HOA, current homeowner insur, flood zone insur if applicable or flood X zone insur as applicable, etc.
Sellers and their real estate agents put out a big price to see if any suckers take the bait, like they did the past 3 yrs. It takes some time for a new reality to set in.
Or everyone in FL has committed PPP loan fraud
Just so tired of seeing overpriced junk over the last 3-4 years. Have argued with many realtors who used to say prices will never come down. A little too much wishful thinking.
OVERVALUED. Shame on those who set the price. Not well priced at all. So glad its dropping. Port Charlotte...they NEVER saw prices like this. Until the lockdowns. Of course the bubble is POP.
It appears the longer you wait the better the deal you get.
I will like to know what are the important things to consider in a house for insurance? Metal roof, Impact windows and doors, elevation of the house in the lot, flooding or not area. Tiles floor, pool cage, etc
You pretty much nailed them all except for flooring.
I had a kind-of girlfriend who was a nut. Her father was very wealthy and humble, while she was doing tricks in college for $25.00. The father wanted me to marry her. I was just out of the army and unemployed, but I still ran away from this situation. He became one of the founding owners of the Villages and left her $100 million when he died. And she's still a nut who's only gotten worse. I always wondered if I should've done this differently. She has a crazy stare now like Charles Manson did.
Gotta correct about the wind protection. No matter if the door swings out the glass must be impact rated...
Ah good point I did miss the glass
All these homes are way over valued.
That house with the pool in the front is so overpriced is crazy! I just build a brand new gulf access home including the lot under 600k
Can you review the pool cage issue?
My friend bought in rotunda heights after Ian- she ended up fencing due to the wait for pool cage
Did you say though there is an issue putting pool cages now because of….?
No some setback requirements from the water in Punta Gorda Isles have changed since the pools were originally installed. So on some properties they can't be rebuilt after the hurricane tore them down because with new code the structure has to be a certain distance away from the water that was not previously required. PGI is deed restricted.
@@bensellin thanks. I appreciate it
Looks like they still made $300,00 in 10 months.....not too shabby
3:50 How much did they put in it before selling?
@@difigfs do you have the seller’s email? Let’s ask…
@@difigfsSelling costs plus buyer costs initially, annual costs like insurance, HOA etc. Zero return if lucky.
Still too expensive. I always look at history
Ty
I would love to see a asking price classification of single family homes: canal front, pool or not, etc.
and flood zone classification, and damage rating due to Ian.
Bought it for $575k and 11 days later lists it for $1.350 million? Still not worth it at $865k.
The condo is very nice but the building is almost sea level at high tide so susceptible to surge damage. So essentially a throw away purchase?
It’s so cheap at $865k for such a marvelous property if the location is good
How can you say that without knowing all the other monthly costs, hoa, insurance, flood zone, flood X, etc.
Was there some law in Florida that you had to sell your house in 2014? I noticed nobody has taken a legitimate L on these houses.. even after significant price cuts they are still walking away with a massive bag. Florida was giving away houses 10 years ago.
2010 was the bottom, so maybe people waited a few years for prices to start to tick up before selling? In 2014 most homes for sale under $200k in central FL were foreclosures or short sales that needed a lot of work.
Need to focus in positioning in the SW market right now. Have lower mortgage interest make a difference. What is the situation with insurance? Are starting property taxes for buyers subject to any political change? Is inventory going to go to the stratosphere in high season! Are sellers looking forward to sell at realistic prices?
I was an executive with a top 10 production builder in the 90's and 2000's we build 10,000 new homes per year. I have bee warning people since 2020 that the market was in a period of distortion due to poor FED policy and the housing market would be disrupted for several years.
Ha! So the Fed should have left rates low and let inflation escalate?
Agreed. Same here. As well as being an agent w top grossing in Florida. Not surprised..but Punta Gorda and Port Charlotte...we both know about those towns. Dump
@@danah358 They should have never been that low and the FED left the rate too low for too long we now need high rates and high unemployment to stimulate deflation. But likely we will get more QE soon causing more inflation.
I'm kind of nostalgic for those Mackles, having grown up in Florida during the swamp peddler age of mail order lot sales developments. I may have to drive down and see how those held up now that I'm retired and don't need much. If theneighborhoods still look good, maybe a good option.
Just came from down there . There still overpriced. I think another 6 to 12 months before bottom sets in.
I assume the HOA fee for the condo was the 2024 number not the upcoming 2025 assessment.
Been inspecting homes I SWFL for 8 years. You are one of only a handful of realtors that are actually a realist about the market. Most say we are at the bottom and it's gonna get way better the end of September...or fill in any other month at the end of that sentence
Thank you!
Publix just made a huge purchase was the report anyways. 😊
I'm seeing things going over ask for sfhs is St Pete
Now that is entertainment, but it would be interesting to see when they went pending.
Prices need to drop below 2020 prices otherwise they are way over priced.
Buying when prices are high is a risky gamble. Some people learn the hard way. Smart people wait it out and buy when the prices go into recession.
It’s port Charlotte!!! 40% more downside to come! This is just the beginning! Again it’s Port Charlotte. If you do this for a living, why would you ever be surprised? I guess you’re gonna be super shocked when there’s 30 to 40% more drawdowns!
Punta Gorda has just started an EPIC crash!!!
Find us a house Ben, you know what we like……$500,000 price adjustment works for us…
kuje the real time update of the crash underway
The problem with the HOA fees is they can be increased at any time. The day you buy it is $781, a year later it could be $2k, or you could be looking at $200k special assessment. Makes zero sense to buy a condo in FL in 2024, unless it is a newer building, or
What in the fresh hell is going on with the pool in the front yard?!😳😂 I think the seller was lucky to get $602K for that home😬
Keep those price drops coming…music to my ears👏🏻👏🏻👏🏻
Lol couldn't fit it in the back
Happy to see a start to the correction in this way overpriced market.
Whoa 500k off… That’s actually not insanity… that’s us being back to reality. We can’t keep going up up up for decades and be shocked when this finally correct
Well, if you want to sell, I suppose that's the real price.
"A sucker is born everyday"
If investment corps didn't drive up these prices while gobbling up every home in sight, we wouldn't be in this situation. Prices come down when they run out of suckers to buy at these prices.
So how do those people feel that paid over half a million for those condos?! I mean how stupid!
I lost $350,000 on a condo and all I felt was like I lost $350,000. I don’t see where feeling stupid would help. Plus most stupid people ain’t got $350,000 in the first place to lose. You know people like you.
@@jimmycain8669Thanks for proving my point.
Listing price....who cares? Who wants to pretend they're a millionaire.
The delusion is strong this year.
For some balance, it would be interesting to see you include a little bit more conversation about sarasota, which doesn't seem to be taking the big hit like in your area, since you represent Southwest Florida in your headlines and topical discussion
I cover Sarasota in other videos. Its holding up better than Charlotte for sure but has also seen big inventory rises and price declines in some areas.
I guess you as a Realtor have never been thru a Real Estate cycle??
Why are you so surprised at prices adjusting on the other side of the cycle?
How long have you been a Realtor??
"Real Estate Cycle" ... Is really Manufactured Economic Boom Bust cycle as purchasing power disintegrates under the weight of bad policies.
They pulled this same grift in the eighties; with the same escalating insurance costs.
Nope. Don't have 35 years under my belt like some.
@@bensellin Its part of it. I saw prices in Palm Beach county go down 50%+ last cycle. I dont know whats gonna happen now, however it would not surprise me...
@@louismarasco3439 That must have been wild. We are all wondering where its going to go.