Trying to sell my home in Punta Gorda and downsize. Brutal! Homes all over my sub division for sale around me, no bites! Listed mine 3 weeks ago and no lookers and I'm pretty good priced compared to other houses around me. That's brutal for Charlotte County the number of single family homes listed.
Many are gonna have to either break even, or take a loss if they really have to sell out of desperation. After 3 back to back storms, and high cost of owning a home, high cost a living, its going to be a tough sell.
Great work Ben thank you👍. I’m currently renting now that I have sold my home back in July and I have no desire to purchase anytime soon. Homes are way overvalued. Hopefully things will change sometime soon. Here in Florida, the American Dream has become the American Nightmare. Appreciate all you do for this channel.
No surprise- what goes up must come down…during pandemic & the few years after, prices went up 60-100% in a few years…not sustainable- prices will be cracking especially when carrying costs have skyrocketed
Lots of people made a bunch of money in the last few years. The people who didn’t sell will still make some money but not like they would have had they sold at the peak of the bubble.
I agree. If you really take a look at the average income earner, (everywhere you shop and eat. Those people outnumber professional jobs), the rent is way over priced, and doesn't come close to what the average wages are. And they should.
My thoughts on Miami-dade is that the city of Miami warps their numbers and that's the reason they seem a little skewed. I also think that the average sale price and Dollar Volume in Sarasota jumped up ridiculously in the last two months because an unusual amount of very expensive properties fell onto the market in those two months. Why that happened might be interesting to investigate further (Why they ALL sold so fast). Also are there going to be more very expensive units like that coming to market there soon?
Lee County Condos example why the months supply is at least double the months it says on all the counties. 3476/261=13 months supply of condos not 8.9. Okay not double but way way way more.
There are two ways to calculate it. The Florida Realtors uses the average amount of sales from the previous 12 months now instead of just that monts sales. So you are not wrong. I would prefer it calulated the other way but thats how they role.
Miami is still hot you say? Well if it was hot you would see people buying properties and going to open houses. Don't believe me look at the time on the market and the $10-50k price reductions so what does that tell you?
Right now in babcock ranch, they are selling multifamily 2br 2 bath homes for 450k with future HOA fees of $750 a month😂😂😂😂 they try to justify it by saying "Oh but they're 1700 sq ft." I told the lady there, it doesnt matter. The HOA fees are way too high, and you're attached to 3 other families in one building. I wouldnt pay more than 150k for that thing. Low and behold, they're having a real tough time selling them. They're depending on wealthy snow birds buying them, and hardly no one is biting. Even those snowbirds arent really interested. You're not in the keys, or miami beach, or any desirable vacation spot along the big bend. Reality is gonna hit these people hard soon enough.
Definitely a warning about craziness in bitcoin for those that forgot #ftx_scandal and Miami actually. I don't see what has changed since the collapse in 2022 other than Ben is simply wandering around the empty streets of Florida anymore looking for signs of life #to_infinity_and_beyond 😊😊
Miami's market isn't really reflective of the general economics dictating property markets. SF homes aren't affected because the supply overall is limited and there are plenty of Wall Street crooks with money to burn. This is a money-is-no-object crowd. As for condos, my ex-building has listings piling up and going unsold month in and month out. Sellers are unwilling to accept reality-based price offers, so the market is in a standoff. Some people are still moving there (mostly the FOMO crowd), partly due to the area being spared by storms. But I'm hearing many stories of people moving there and becoming disillusioned within a few years by overcrowding, high cost of living, nightmarish traffic, and obnoxious people with superiority complexes. Reality will eventually have its impact on Miami.
Excellent imput and viewpoint. It is for sure it own anomoly not only in the state but most likely the country on a whole with these market defying numbers. Will be interesting to see how the condo market shakes out there going forward.
Ben ; what would you say about a 75% loss of value in 2009 on an Orlando condo that has put us at a 50% loss of value to todays market 15 years later ?!
All these people still buying, if they arent wealthy, they'll be trying to sell and looking to get out as soon as those new bills come in the following year. After they figured out they over paid for their home and insurance premiums start to kill their bank accounts. On top of taxes and hoa fees. 😂
Trying to sell my home in Punta Gorda and downsize. Brutal! Homes all over my sub division for sale around me, no bites! Listed mine 3 weeks ago and no lookers and I'm pretty good priced compared to other houses around me. That's brutal for Charlotte County the number of single family homes listed.
Many are gonna have to either break even, or take a loss if they really have to sell out of desperation. After 3 back to back storms, and high cost of owning a home, high cost a living, its going to be a tough sell.
This is the best video you have ever posted!!! You should do this every month. Great work :)
Great work Ben thank you👍. I’m currently renting now that I have sold my home back in July and I have no desire to purchase anytime soon. Homes are way overvalued. Hopefully things will change sometime soon. Here in Florida, the American Dream has become the American Nightmare. Appreciate all you do for this channel.
Thanks for all the support!
We’re down about 20% across the board we’ve got another 20% to go to get back to fair home prices for first time buyers before the pandemic. 👍
what's a fair price for a house that is in the target zone of the next hurricane, and has 15k/year in insurance?
FL real estate is looking like it did in 2007, only worse.
No this is entirely different. There's no point in 2007 where sales dropped to a fraction but prices kept rising.
No surprise- what goes up must come down…during pandemic & the few years after, prices went up 60-100% in a few years…not sustainable- prices will be cracking especially when carrying costs have skyrocketed
I appreciate your videos, although I have no intention of buying in Florida. I can’t look away!
Thank you!
Thanks Ben, interesting and hope the needle moves more favorable for everyone.
Lots of people made a bunch of money in the last few years. The people who didn’t sell will still make some money but not like they would have had they sold at the peak of the bubble.
Awesome video Ben! Looks like the ballers are still ballin' in Miami! Those crazy expensive houses are comprising a big percentage of the sales.
Thanks Ryan! They are running wild over there brother!
All i can say about this is, gobble gobble. Happy Thanksgiving to all in the Ben Grieco Community.
Happy thanksgiving to you as well sir!
The rent is too damn high!
If still is
I agree. If you really take a look at the average income earner, (everywhere you shop and eat. Those people outnumber professional jobs), the rent is way over priced, and doesn't come close to what the average wages are. And they should.
Good information thank you!
Glad it was helpful!
Thx. so much information in one video.
You're welcome!
Thanks
My thoughts on Miami-dade is that the city of Miami warps their numbers and that's the reason they seem a little skewed.
I also think that the average sale price and Dollar Volume in Sarasota jumped up ridiculously in the last two months because an unusual amount of very expensive properties fell onto the market in those two months. Why that happened might be interesting to investigate further (Why they ALL sold so fast). Also are there going to be more very expensive units like that coming to market there soon?
Lee County Condos example why the months supply is at least double the months it says on all the counties.
3476/261=13 months supply of condos not 8.9. Okay not double but way way way more.
There are two ways to calculate it. The Florida Realtors uses the average amount of sales from the previous 12 months now instead of just that monts sales. So you are not wrong. I would prefer it calulated the other way but thats how they role.
Miami is still hot you say? Well if it was hot you would see people buying properties and going to open houses. Don't believe me look at the time on the market and the $10-50k price reductions so what does that tell you?
No buyers here in WPB either. Market is definitely changing. Prices need to fall regardless of the interest rates.
@PianoMatronNeeNee
You got that right brudda 💯
Right now in babcock ranch, they are selling multifamily 2br 2 bath homes for 450k with future HOA fees of $750 a month😂😂😂😂 they try to justify it by saying "Oh but they're 1700 sq ft." I told the lady there, it doesnt matter. The HOA fees are way too high, and you're attached to 3 other families in one building. I wouldnt pay more than 150k for that thing. Low and behold, they're having a real tough time selling them. They're depending on wealthy snow birds buying them, and hardly no one is biting. Even those snowbirds arent really interested. You're not in the keys, or miami beach, or any desirable vacation spot along the big bend. Reality is gonna hit these people hard soon enough.
None of these factors matter until the actual prices fall. The resilience of the market is far beyond what any natural system should have.
Very resilient indeed
Please examine Broward County next time.
Lake Worth seems to be desirable. Prices down but not enough for me yet.
glad I never invested in condos
All new luxury condo purchases in Miami since pandemic should all be investigated… that’s all …
why?
@@joaquincortada1483 potential money laundry
Definitely a warning about craziness in bitcoin for those that forgot #ftx_scandal and Miami actually. I don't see what has changed since the collapse in 2022 other than Ben is simply wandering around the empty streets of Florida anymore looking for signs of life #to_infinity_and_beyond 😊😊
one common theme in most are cash buyers are fewer and fewer
Miami's market isn't really reflective of the general economics dictating property markets. SF homes aren't affected because the supply overall is limited and there are plenty of Wall Street crooks with money to burn. This is a money-is-no-object crowd. As for condos, my ex-building has listings piling up and going unsold month in and month out. Sellers are unwilling to accept reality-based price offers, so the market is in a standoff. Some people are still moving there (mostly the FOMO crowd), partly due to the area being spared by storms. But I'm hearing many stories of people moving there and becoming disillusioned within a few years by overcrowding, high cost of living, nightmarish traffic, and obnoxious people with superiority complexes. Reality will eventually have its impact on Miami.
Excellent imput and viewpoint. It is for sure it own anomoly not only in the state but most likely the country on a whole with these market defying numbers. Will be interesting to see how the condo market shakes out there going forward.
obnoxious ppl in Miami? no way 🤣
Ben ; what would you say about a 75% loss of value in 2009 on an Orlando condo that has put us at a 50% loss of value to todays market 15 years later ?!
I would be shocked
18:57 sure LOOKS like money laundering?
All these people still buying, if they arent wealthy, they'll be trying to sell and looking to get out as soon as those new bills come in the following year. After they figured out they over paid for their home and insurance premiums start to kill their bank accounts. On top of taxes and hoa fees. 😂
And many people Trump is gonna fix this. LOL, there is really nothing he can do.
There is a new state now viewers, its called FLARda.
Flahrada!