The market has heated up quite substantially this past week. I almost made a new ending to this because of the increased buyer activity. This is what I’m telling my clients; if you want to buy at this point you can have your pick of the litter, more than likely ask for seller concessions, and buy the property for under list price. The key is to do your homework on these units! Find a good Realtor that knows the buy side and can help you navigate these muddy waters.
Another thing that has to be mentioned is that while 11 months out of the year the Laketown Wharf area is very safe, during Spring Break in the last few years it has turned into ground zero for the worst crime for a month or so. I almost bought a unit there about 5 years ago. I dodged a cannon ball.
Great video! Plenty of blame to go around. The county or city planning/permitting departments, BOD, realtors, home inspectors, condo Association, CAMs, and ignorant buyers. I would also bet the tax assessors are not reducing their assessments! People who have lived in a unit or owned a unit for 8 or more years I have no sympathy for either. They were fully aware that reserves were low or nonexistent and willingly let the board kick the can down the road. I would not by a cono in Florida until the dust settles and because of the outrageous monthly fees I wouldn’t go for that either.
Great video, one point of clarification worth noting is that this condo craziness only applies to units over 3 stories I believe. The smaller condos with only 2 or 3 stories don't seem to feel the same pain. Thanks for sharing!
That is true but don’t think because the are only 3 stories that they don’t have issues. Maybe association with single family homes have issues because of poor management.
Emerald coast went from affordable to grossly over priced, high maintence, high hoa, high insurance liabilities. A wave of foreclosures is coming, we could see 30-40% price drops. Last housing bubble started in 2007 and didn't hit bottom til 2013, this will take time but it will happen.
I like your take but have to disagree. Most of these are second home or investment properties. The number of people that own their out right is 33% in the US. The number of people that have more than 50% equity is 33%. That means more than 2/3 of home buyers have a tremendous amount of equity in their homes and will just refi out of these to save the second homes and hope for a rebound. There will be money to be made in creative finance but you are dancing with the devil when you trust wholesalers to pay your mortgage. Time will tell. Great take! Thanks for your comment!
@@LivingontheEmeraldCoastFlorida I dissagree, nobody will refi outta a 4% to an 8% mortgage, and the next generation of condo beach buyers don't have that kinda money for a 2nd home. Just like 2007, nobody thought it would get that bad, it will again. Cycles, nothing goes up forever.
@@irishman3375I can see it going that way. Some for sure might just let them go. If the market dips that much. We have had a lot of buyer activity due to Trump winning the election.
Thanks for the update. I may just rent for awhile in PCB until this condo crisis resolves.
The market has heated up quite substantially this past week. I almost made a new ending to this because of the increased buyer activity. This is what I’m telling my clients; if you want to buy at this point you can have your pick of the litter, more than likely ask for seller concessions, and buy the property for under list price. The key is to do your homework on these units! Find a good Realtor that knows the buy side and can help you navigate these muddy waters.
Another thing that has to be mentioned is that while 11 months out of the year the Laketown Wharf area is very safe, during Spring Break in the last few years it has turned into ground zero for the worst crime for a month or so. I almost bought a unit there about 5 years ago. I dodged a cannon ball.
Great video! Plenty of blame to go around. The county or city planning/permitting departments, BOD, realtors, home inspectors, condo Association, CAMs, and ignorant buyers. I would also bet the tax assessors are not reducing their assessments! People who have lived in a unit or owned a unit for 8 or more years I have no sympathy for either. They were fully aware that reserves were low or nonexistent and willingly let the board kick the can down the road. I would not by a cono in Florida until the dust settles and because of the outrageous monthly fees I wouldn’t go for that either.
Thanks for your insightful comment!
Great video, one point of clarification worth noting is that this condo craziness only applies to units over 3 stories I believe. The smaller condos with only 2 or 3 stories don't seem to feel the same pain. Thanks for sharing!
That is true but don’t think because the are only 3 stories that they don’t have issues. Maybe association with single family homes have issues because of poor management.
You are correct! Thanks for the comment!
Part 1 = yes only 3 stories or higher, part 2 = no because the reserves rule will affect all HOA/COAs I believe.
Another great video John. I can't wait to see my new LOWER property tax bill in 2025!! Gotta look at the bright side for us that did buy in 2023. 🏖
Now that’s the spirit! And remember, if you don’t sell it, you don’t lose money. Just hold until the market rebounds!
Emerald coast went from affordable to grossly over priced, high maintence, high hoa, high insurance liabilities. A wave of foreclosures is coming, we could see 30-40% price drops. Last housing bubble started in 2007 and didn't hit bottom til 2013, this will take time but it will happen.
I like your take but have to disagree. Most of these are second home or investment properties. The number of people that own their out right is 33% in the US. The number of people that have more than 50% equity is 33%. That means more than 2/3 of home buyers have a tremendous amount of equity in their homes and will just refi out of these to save the second homes and hope for a rebound. There will be money to be made in creative finance but you are dancing with the devil when you trust wholesalers to pay your mortgage. Time will tell. Great take! Thanks for your comment!
@@LivingontheEmeraldCoastFlorida I dissagree, nobody will refi outta a 4% to an 8% mortgage, and the next generation of condo beach buyers don't have that kinda money for a 2nd home. Just like 2007, nobody thought it would get that bad, it will again. Cycles, nothing goes up forever.
@@irishman3375I can see it going that way. Some for sure might just let them go. If the market dips that much. We have had a lot of buyer activity due to Trump winning the election.
Crypto gains will offset this