insurance is insane.. god help you if you ever get hit by a hurricaine, people still have open or disputed claims on properties from 2 years ago the insurance companies stiffed them not too far from there. residents of FL are still recovering from Hurricaine Ian.. www.flgov.com/2023/09/28/florida-provides-updates-on-hurricane-ian-recovery-efforts-one-year-after-landfall/.
We have AC for the summer months and those who are smart don't live in a flood zone. But you're right, insurance is out of control preventing many from buying.
I am a buyer looking to purchase in SEFL, I found two great homes but both were radically overpriced. Both owners were only 3 and 5 years in, respectively. Yet both were nearly doubling or increasing their property price by either 60% or 90%. Without being overbearing, I tried to mention that no one is going to get rich by selling one house. Didn't matter. Both homes built in the 70s, both on the market for at least a month, no other offers. The man who bought his 300K house would not take anything less than 525K, and the couple who bought at 275K wanted 500K not a penny less. They did not put extensions or do anything more than basic homeowner repsirs, a new bathroom, a new hotwater heater, etc which is not value add, just considered basic repair. Dreamy eyed owners have delusions of get rich quick schemes by selling their homes. THAT is the real problem.
It's like the old Meme. Owners think their 1970s house with the shag carpet and wood panelled walls that was last in fashion when Peter Frampton Comes Alive was in the charts, is "recently upgraded" because they put in a bay window in 1993.
@@ResisterCIO Friends bought one of those and the family was trying to sell it for way too much and it wouldnt sell. I basically walked through and told the family this house will not sell because the level of a facelift is unbelievable
I would never again move into a new house, especially here, in SW FL. New homes are built with the lowest grade materials, substandard workmanship, crappy and corrupt inspections and they are an immense amount of work to make them acceptable, plus of course, the landscaping, pool and cage. These three alone will take an extra $100K, plus the hassle and ordeal. I had three brand new houses in my life. Never again...
There's a reason why Florida home prices have been historically low - the local salaries cannot support high prices. But because of remote work in recent years, people from somewehere else moved there which jacked up the price. Now, their companies want them back in the office, they must sell. That and other factors like increased insurance due to more frequent natural disasters now help collapse prices back to where they have always been.
Actually, natural disasters these past couple of decades are way below 20th Century normal. It's insurance fraud by foreign organized crime driving up the rates.
Why do they keep building? We live in East Texas and the same thing is happening. A lot of new builds are sitting and the prices are way too high. Makes no sense to me ? 😮😮😮😮
Just broke down and decide to build a gulf access home in the cape for 565k out the door including the lot. Been waiting but the sellers are on fentanyl asking for 600k and 700K for 1970 shacks
Its a house you live in. People get confused and think its supposed to make you all kinds of money. Unless its an investment property, its a liability. Great to own a home but the covid years have skewed the perception. Regular market is back.
Thanks Ben great video. Just sold my townhouse in West Palm Beach. Not thinking of buying for another 2 years. Tired of the HOA’s, insurance and taxes. May even leave Florida for good. Don’t want to leave our home state, but the burdens are too much. Appreciate your integrity and honesty.
Great info and context. Generally, if you purchased a home prior to 2020 in Fl at minimum you could have made at least 100% profit by selling between 2020 and early 2024 assuming the home met certain. Lots of people that purchased these homes during the pandemic are reselling and are unable to get their original purchase price. When the music stops be sure to have a chair.
100 percent would be the exception, and counting all of the fees and taxes, unlikely. We bought near Orlando in 2020 and have seen maybe 45-50 percent appreciation. Houses are coming out of the ground like mushrooms around here.
@@katazack I'm in Southeast Fl (Boca Raton) and it certainly has been the norm. Sales have slowed, but prices remain steady, Miami as well with the exception of older condos.
Same in Myrtle beach! Junk houses with $500,000.00 price. I am NOT going to pay $550,000.00 for a $275,000.00 house. It makes me sick because I am 65 and ready to buy. It is a boom here in Alabama right now as well. My neighbor got 4 times what he paid for his house in 1988. (He sold last year).
Cannot sustain these crazy price points…..must increase inventory…. They need to get the builders to build more cost effectively. Increase inventory even more! Everything would correct.
Indeed, as what were traditionally $35,000 to $50,000 homes with property taxes below $600 per year have artificially been inflated to $400,000+ homes the insurance burdens became unaffordable and as the owners age and leave them to children or sell them, how many can afford a mortgage on $400,000 and $3,000+ annual property tax and $3,000+ homeowners insurance or even if they got them for free just afford those taxes and insurance rates. People who profited from this initially patted themselves on the back not giving any consideration to how it wouldn't be sustainable or what the long term consequences would be to working class families who grew up in Florida but now can no longer afford to live here. We are just beginning to understand how much profiteering took place using the COVID Pandemic as an excuse to permanently raise prices due to a temporary situation. The various Bubbles caused by Greedflation need to burst unfortunately it likely won't be the Greedy that brought this about who are going to take the hit when it does. Best!
Ben you are on-point as usual. I’ve been shopping property in SW FL since 2021 and your comments just affirm everything I’m seeing. Thanks for the great video!
We just bought a 1980 house in Sun City Center, we picked the house that had the roof and A/C units in 2023. It had the lowest price of about 20 identical houses, and can do the updates we want! We're quite happy with our deal!
What a great walk through Punta Gorda. Born in Tampa, love those 1story ranch-style block homes, palms, tropical plants. Shell drives or white concrete, Lawns...beautiful.
I live in Cape Coral, and in my view, the reason many are leaving is that it is becoming increasingly unberable to live in SW, Florida. During most of the year, the heat and humidity is unbearable. Everyone stays inside in the ac. If you go to the beach, you have red tide or toxic blue/green algae. If you go in the water, there is flesh eating bacteria and other diseases from sewage in the water all up and down the coast. If you go on a nature walk or just out in your backyard, you have to cover yourself with repellent because of the swarms of mosquitoes. This year, it has gotten much worse due to a big infestation of chiggers in backyards and everywhere else. Then you have local and municipal governments increasing costs for everything in order to pay for the pensions and fringe benefits of public employees. Cape Coral recently announced an increase of 30% in the water bill for everyone. We already pay about $100/month in water for a family of two, which tastes so bad that everyone drinks bottled water. Then there is the amount of traffic caused by all the canals that force all the traffic onto limited through roads. It is all getting more and more worse each year.
Honestly, all places you live have their benefits and issues. I grew up in California, my family is still there. My home here in Orlando is probably worth 1.2 million, but in the Bay Area would be 6 million. They have all the same taxes we have... but an additional state income tax. Cities are swarming with homeless, crime, graffiti, even human feces on the streets. So many people are escaping California now that the state has put laws in place to tax you on your way out. The population of California actually went DOWN a few years ago for the first time ever. The difference between income and cost of living is orders of magnitude worse than it is here in Florida. All signs indicate it will get worse. Given all that... hearing people complain about mosquitoes and red tides as "the worst stuff ever" is another world. I LOVE it here and will NEVER go back.
@@ianandrews6890 ….here in south Florida my property is zestimated over double…we bought 7 years ago for 125…and now it’s “worth” 250…I don’t want to pay higher taxes…so I’m hoping values drop…
Thanks for the informative video. I’m looking to transplant to SW Fla in 2-4 years and have been closely watching the real estate market and scouting neighborhoods. Agreed, new construction definitely has its perks. Other factors considered are HOA fees, CDDs, taxes based on sell price, insurance, flood zones, seasonal traffic, curb appeal, yard space, privacy, and on resales seeing what house sold for just a few years ago. Please consider doing a video on inland developments like Babcock Ranch. Thanks again-cheers.
Property my wife wanted in Belie Way, Punta Gorda, just sold for 400k, a 30k drop in about two weeks. Insane Inventory problems all over Southwest Florida. Keep up the great content Ben!!!
I’ve seen a house in SW Florida that sold for $870k in 2018 and was marketed in 2023 at $2.5 million. Naturally there were no takers. The price is now down below $1.7 million and there are still no takers. Prices are going to have to fall to a lot closer to pre-Covid levels to get the market moving again but that will mean an awful lot of people having to liquidate huge losses.
Great video, the drop in monthly rental prices down there is incredible. Also seeing several for sale listing's converting to rentals. Not sure why anyone would buy a condo right now
Thanks as always for the insightful update. One note: If built well, a house built in 2004 is not old at all . Maybe houses age differently in Florida ? I'm here in NY, and a 20 year old house is not even thought of as old.
The difference in Florida is that the house has to be designed and built after 2001 to meet the state hurricane code that most insurance companies require. Roofs (shingle) older than 15 years are another red flag.
I never understood why people with families move to Florida when their education system is ranked in the bottom third. Why seniors over there when healthcare is also in the bottom half of national statistics. To move for hot , humid oppressive heat and having to live inside for most of the year makes no sense. At least in snowy areas you clean up and get on its life and my house is still standing.
complete over exaggeration and untrue. I'm in CT and right now, for the past month, it's been in the low 90's and pretty high humidity. I was in FL in May, it was in the low 80's with 60& humidity. It was lovely every day. I'll take that weather all day long. I can have coffee all year round outside and read the PBPost
@@Gardis72I get it…NOT sure what the attraction is to FLORIDA….NOT to mention “hurricanes”-there should be a sign when entering Florida - dangerous, at your own risk -
I JUST BOUGHT A 10 ROOM... ROOMING HOUSE WITH A ONE BED ROOM APARTMENT IN MY STATE OF MASSACHUSSETTS FOR $250.000 THAT I WILL TURN INTO A SOBER LIVING HOUSE... AND LIVE IN THE APARTMENT...I ALSO HAVE A ADDICTION REHAB ACROSS THE STREET SO REFERALS TO MY NEW SOBER LIVING ARE ALL READY IN THE WORKS... ✌
Good. I’m a 6th gen native from Ft. Myers. Would love to be able to move back home without completely overpaying for a home. The prices down there are ridiculous.
Good content, Ben!! The laws of economics can be suspended for a while, but they eventually reassert themselves as soon as less-than-ideal underlying conditions emerge. Although official economic stats tell one story, I am uncovering numerous reports of the economy coming unglued under the covers, and rapidly. Adding to the weakening economy, you have overpriced properties and huge, uncontrollable, and unpredictable carrying and maintenance costs, and Florida property values have the potential to collapse massively. If stock prices continue to decline and dip much further (overdue), you have the reverse wealth effect then putting a tourniquet on money needed to arrest the decline, much less keep prices elevated excessively like a lot of owners/sellers are counting on. With many others saying "Fuck Florida" and moving out, or cancelling plans to move here, the collapse can potentially be MASSIVE.
I am modernizing my 40 yr old home. It is in an over 55 community. The community is top notch. Kitchen and master bath in the home was redone when I bought it. Just put in 23 new PGT windows. Need to do some Florida retrofit guide work when I re-roof next year. House should be able to handle 135mph winds when I am done. Over paid in 2021 but the community has the best value amenities for 63 holes of golf with not a weed in it, 8 tennis courts, 12 pickle ball courts and new 3.5 million dollar gym. Yes , back in the day, the builder kept the mature live oaks instead of today's no tree new builds. The HOA is well run. Has 13 million in the bank. Has no debt and pays cash for everything they do.
I lived in Florida on and off for 20 years. Moved out again last year. As a Contractor you could see this one coming a mile away. The Insurance rates are just killing the homeowners there.
Thanks for the video. Good! Their greed overpriced average homes. A 400 grand home for 1 million is so stupid. The causes for this insanity so many reasons.
Avoid properties with an HOA! The best time to have bought was 10 years ago. Now your paying more then double for that same house. Waterfront, pool, with Dock, & Gulf access is a must have.
Houses built 2008 and 2017 in my opinion are the best built 🏡 homes. Homes built back in 1993 are the best built in Miami. New codes after hurricane 🌀 Andrew.
Because 20% down payment, this new buyers pay agent fee, closing costs, high interest, high insurance, new property assessments, and throw on some unpredictable HOAs starting STARTING at 500/600 a month?!? No. Sincerely, someone from the Tampa Bay Area.
I wouldn't EVER buy a new home in FL unless it was from a small builder who does them one at a time for customers. Those new ones I looked at were truly horrendous. So, in a nutshell, I'd take a 10 yr old home over a new community build any day of the week.
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.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
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.
My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
I just copied and pasted Jennafer’s whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.
Who can afford a house for 3 million dollars?? The market is in an INSANE BUBBLE... these homes are WAY OVERPRICED BY 300%.. so a tiny drop of 25% just aint cutting it. NOBODY is BUYING FOR A GOOD REASON.
Lived on & off in Florida for 20 years and just moved out again last year. The Insurance Rates are crazy now. The influx of people flocking down there has jacked up prices to stupid levels. I liked Florida a lot at times, but it's getting too ridiculous throughout the state.
The homebuilders are offering a new 1400 sq ft home with a 5.5% teaser for the first two years and inhouse financing, USB ports in the bedroom and kitchen straight in the wall! Across the street in Palm Bay there is a Space Race 1960s 2-bed, now only 3 bed because they filled in the carport, asking $20k less but with a roof that's 30 years old and an HVAC unit on it's last legs. The owner thinks they are going to get $280k for the billard green walls and cat pee stained 27-year old rose colored carpet that grandma had many depends leaks on. Did I mention the fake gold-embossed 1988 white furniture and the endless mirrors and ornate chandelier! Why pay $20k more for a brand new home?
Interest rates are not the issue. The real problem is the asking price. Prices need to return to 2021 levels, which would require a 40% to 50% reduction.
Not surprised HOA fees, homeowners insurance and home prices are 10 times higher than anywhere in the country goodbye Florida maybe the governor of Florida should help the good people who live there DE Santis needs to do his job and H. E L P
Good info. Those old 20 or 30 year old condos may very well plunge to their original prices of 20 years ago. And with the huge assessments we've already heard about, is there any real question as to if the HOA has maintained the property? Constant deferment which owners will now pay for. A tough place to be for older long time owners but at the end of the day, no one to blame but themselves
Florida appears to be ground zero for current home devaluations, increased property taxes and out of control homeowner and auto insurance. That same disease was passed on to California and now it's coming to Texas. Can anyone tell my why this is not the case for some states?
We had work done years ago and hired an architect. The job went well, and we're very satisfied. Years later, the architect sent me an additional bill for $94. I'm not going to challenge such a small amount of money, but did the architect take up the crack pipe and sent phony bills to all his clients?
And house I was interested in that sold just before pandemic for 360k had nothing done to it was used as rental just sold this month for more than 800 in north Naples
If there is a glut of inventory, and homes aren't being sold, WHY are builders steadily building even more, and WHO do they expect to buy those new homes???
Because it often takes 10 years from land purchase to build (due to required land use/permitting issues) and so they were committed to the project long before the current market presented itself. “Lag effect”
$900K for a vertically stacked Hobbit house (with elevator) is INSANE! Oh........... and how crazy is the HOA fee to live in Hobbit Hollow? Are people really that stupid?
Good advice, those newer homes should meet all the new state requirements compared to the older homes. An why would an older home sell more these days makes no sense? Also, any home having an elevators is forward thinking with more seniors wanting homes that are aging in place friendly. Who ever is coming to Florida should be looking at the state wanting to retire not much more.
This sucks. We really wanted to sell here in FL and move to south FL but 8 out of 80 units in my community is up for sale. Half have sat for 5 months so far. I guess we will stay until things level out at some point in time.
Absolutely *SHOCKED* by food prices this past week and there is *ZERO* shortage of options including brand new *TOP OF THE LINE.* Long $kr Kroger strong buy.
894 people per day are moving to Florida according to the latest news. These people need to live somewhere. It would be interesting to see a breakdown county to county. I would expect the real estate numbers are much better in Central Florida after the recent hurricanes along the coasts. Central Florida not only provides a little protection from hurricane exposure but also lower taxes and insurance
Slightly better protection from the worst of the hurricanes and a little easier to insure, but the taxes are pretty much the same in all of the highly developed counties. The good thing about Florida property taxes is that they are capped at a 3 percent annual increase for resident homeowners and the accumulated savings can be rolled over to the next house you purchase in Florida.
My Homeowners insurance in a single family home with flood zone X is down 18%. That's on a renewal and not a re-quote. Another 18% percent and it's almost back to the future Whistling Dixie
60% increase year over year for the past 4 years means that smart buyers are going to hold back for a few years, unless they strike a deal. Advise folks that elevators require monthly maintenance, so buyers should expect to buy an annual elevator contract for boo-koo bucks.
Wow! I live in Wyoming at nearly 6,100 ft elevation which is about as opposite as you can get from where you are. The views are gorgeous, but I can’t imagine paying the insurance, taxes, & fees you guys in FL pay! I guess that’s the cost of living in paradise.
It isn't the mortgage rates as it is, home insurance and auto insurance rates and the high electric, water rates, COL here ! Oh did I mention the H word ? Hurricanes and Tropical storms ? Retirees leaving in droves, and others waiting for their homes to sell so they can exit as well !
Too hot, too many hurricane, too expensive cost of living down there and roads too crowded.
insurance is insane.. god help you if you ever get hit by a hurricaine, people still have open or disputed claims on properties from 2 years ago the insurance companies stiffed them not too far from there. residents of FL are still recovering from Hurricaine Ian.. www.flgov.com/2023/09/28/florida-provides-updates-on-hurricane-ian-recovery-efforts-one-year-after-landfall/.
I wish lots and lots of people think just like you. Too many people here, would love to see things return back to pre-COVID normality.
Your comment made me think of Yogi Berra's joke "Nobody goes there anymore, it's too crowded."
Water
We have AC for the summer months and those who are smart don't live in a flood zone. But you're right, insurance is out of control preventing many from buying.
I am a buyer looking to purchase in SEFL, I found two great homes but both were radically overpriced. Both owners were only 3 and 5 years in, respectively. Yet both were nearly doubling or increasing their property price by either 60% or 90%. Without being overbearing, I tried to mention that no one is going to get rich by selling one house. Didn't matter. Both homes built in the 70s, both on the market for at least a month, no other offers. The man who bought his 300K house would not take anything less than 525K, and the couple who bought at 275K wanted 500K not a penny less. They did not put extensions or do anything more than basic homeowner repsirs, a new bathroom, a new hotwater heater, etc which is not value add, just considered basic repair. Dreamy eyed owners have delusions of get rich quick schemes by selling their homes. THAT is the real problem.
Expectations certrainly have to be reset
It's like the old Meme. Owners think their 1970s house with the shag carpet and wood panelled walls that was last in fashion when Peter Frampton Comes Alive was in the charts, is "recently upgraded" because they put in a bay window in 1993.
@@ResisterCIO Are you living with shaggy carpet ?
@@ResisterCIO Friends bought one of those and the family was trying to sell it for way too much and it wouldnt sell. I basically walked through and told the family this house will not sell because the level of a facelift is unbelievable
Suckers🎉
I would never again move into a new house, especially here, in SW FL. New homes are built with the lowest grade materials, substandard workmanship, crappy and corrupt inspections and they are an immense amount of work to make them acceptable, plus of course, the landscaping, pool and cage. These three alone will take an extra $100K, plus the hassle and ordeal.
I had three brand new houses in my life. Never again...
There's a reason why Florida home prices have been historically low - the local salaries cannot support high prices.
But because of remote work in recent years, people from somewehere else moved there which jacked up the price.
Now, their companies want them back in the office, they must sell.
That and other factors like increased insurance due to more frequent natural disasters now help collapse prices back to where they have always been.
Actually, natural disasters these past couple of decades are way below 20th Century normal. It's insurance fraud by foreign organized crime driving up the rates.
I always made very good money in Florida and so has everyone I’ve known in 30 years but certainly don’t disagree the home market is out of control
learning that an HOA was dissolved is music to my ears.
Lol yea it made me feel all warm and fuzzy inside😂
🤣😆
@@geocam2 lmao okay karen
Why do they keep building? We live in East Texas and the same thing is happening. A lot of new builds are sitting and the prices are way too high. Makes no sense to me ? 😮😮😮😮
Wait until your neighborhood looks like New Port Richie
Just broke down and decide to build a gulf access home in the cape for 565k out the door including the lot. Been waiting but the sellers are on fentanyl asking for 600k and 700K for 1970 shacks
Its a house you live in. People get confused and think its supposed to make you all kinds of money. Unless its an investment property, its a liability. Great to own a home but the covid years have skewed the perception. Regular market is back.
Thanks Ben great video. Just sold my townhouse in West Palm Beach. Not thinking of buying for another 2 years. Tired of the HOA’s, insurance and taxes. May even leave Florida for good. Don’t want to leave our home state, but the burdens are too much. Appreciate your integrity and honesty.
Would you like to trade places with me in Shitcago Illinois? 🤔
@@Da-King-of-Swing😂😂😂
Great info and context. Generally, if you purchased a home prior to 2020 in Fl at minimum you could have made at least 100% profit by selling between 2020 and early 2024 assuming the home met certain. Lots of people that purchased these homes during the pandemic are reselling and are unable to get their original purchase price. When the music stops be sure to have a chair.
100 percent would be the exception, and counting all of the fees and taxes, unlikely. We bought near Orlando in 2020 and have seen maybe 45-50 percent appreciation. Houses are coming out of the ground like mushrooms around here.
@@katazack I'm in Southeast Fl (Boca Raton) and it certainly has been the norm. Sales have slowed, but prices remain steady, Miami as well with the exception of older condos.
This is all junk It still is 50% OVERPRICED
Same in Myrtle beach! Junk houses with $500,000.00 price. I am NOT going to pay $550,000.00 for a $275,000.00 house. It makes me sick because I am 65 and ready to buy. It is a boom here in Alabama right now as well. My neighbor got 4 times what he paid for his house in 1988. (He sold last year).
Prices are still too high for me to buy….
Don’t worry this is just the start
its too high for anyone to buy, which is why sales are in the gutters.
What area is still to high? Many sellers are desperate you just have to make an offer. I’m in Naples.
Cannot sustain these crazy price points…..must increase inventory…. They need to get the builders to build more cost effectively. Increase inventory even more! Everything would correct.
Indeed, as what were traditionally $35,000 to $50,000 homes with property taxes below $600 per year have artificially been inflated to $400,000+ homes the insurance burdens became unaffordable and as the owners age and leave them to children or sell them, how many can afford a mortgage on $400,000 and $3,000+ annual property tax and $3,000+ homeowners insurance or even if they got them for free just afford those taxes and insurance rates.
People who profited from this initially patted themselves on the back not giving any consideration to how it wouldn't be sustainable or what the long term consequences would be to working class families who grew up in Florida but now can no longer afford to live here. We are just beginning to understand how much profiteering took place using the COVID Pandemic as an excuse to permanently raise prices due to a temporary situation.
The various Bubbles caused by Greedflation need to burst unfortunately it likely won't be the Greedy that brought this about who are going to take the hit when it does.
Best!
Ben you are on-point as usual. I’ve been shopping property in SW FL since 2021 and your comments just affirm everything I’m seeing. Thanks for the great video!
Good stuff! Thank you!
Another solid video sir. Punta Gorda is filled with old, overpriced homes.The Sellers are also super old too.
Should be lots of homes on the market shortly then
We just bought a 1980 house in Sun City Center, we picked the house that had the roof and A/C units in 2023. It had the lowest price of about 20 identical houses, and can do the updates we want! We're quite happy with our deal!
What a great walk through Punta Gorda.
Born in Tampa, love those 1story ranch-style block homes, palms, tropical plants. Shell drives or white concrete, Lawns...beautiful.
I live in Cape Coral, and in my view, the reason many are leaving is that it is becoming increasingly unberable to live in SW, Florida. During most of the year, the heat and humidity is unbearable. Everyone stays inside in the ac. If you go to the beach, you have red tide or toxic blue/green algae. If you go in the water, there is flesh eating bacteria and other diseases from sewage in the water all up and down the coast. If you go on a nature walk or just out in your backyard, you have to cover yourself with repellent because of the swarms of mosquitoes. This year, it has gotten much worse due to a big infestation of chiggers in backyards and everywhere else. Then you have local and municipal governments increasing costs for everything in order to pay for the pensions and fringe benefits of public employees. Cape Coral recently announced an increase of 30% in the water bill for everyone. We already pay about $100/month in water for a family of two, which tastes so bad that everyone drinks bottled water. Then there is the amount of traffic caused by all the canals that force all the traffic onto limited through roads. It is all getting more and more worse each year.
And worst of all.......New Yorkers.
Honestly, all places you live have their benefits and issues.
I grew up in California, my family is still there. My home here in Orlando is probably worth 1.2 million, but in the Bay Area would be 6 million. They have all the same taxes we have... but an additional state income tax. Cities are swarming with homeless, crime, graffiti, even human feces on the streets. So many people are escaping California now that the state has put laws in place to tax you on your way out. The population of California actually went DOWN a few years ago for the first time ever.
The difference between income and cost of living is orders of magnitude worse than it is here in Florida. All signs indicate it will get worse.
Given all that... hearing people complain about mosquitoes and red tides as "the worst stuff ever" is another world. I LOVE it here and will NEVER go back.
As buyer, its a good time to make lowball offers, due to lack of demand.
Zillow FSBO 1074 Hamlet Dr maitland , FL 32751
🎉
Since the properties were over priced by 40-50%….a 25% drop is not close to where it needs to be….
Start at $100k . Add 40% = $140k . Less 25% of $140k = $105k . So a 25% drop IS close to where it needs to be.
@@ianandrews6890 ….here in south Florida my property is zestimated over double…we bought 7 years ago for 125…and now it’s “worth” 250…I don’t want to pay higher taxes…so I’m hoping values drop…
You should talk about replacement cost of roofing. Also Metal vs Tile replacement
It seems like a lot are going to metal from what I see when driving around
Nice area you’re walking through. Thanks for the updates
You bet
when prices go back to 2009 (post bubble correction) levels, ill sweep in w cash...
inb4 bot accounts call you a rentard for not buying at the peak
I think they plan to crash the stock market after the election which will also bring home prices back to earth no matter who is elected.
It's ok with me if you say "Master Bedroom"... don't change language to not offend :) Great video tho! I enjoy your presentations.
Thank you!
Agreed. It is sad how many words get changed by the butt hurt society today.
I'd assert that claiming the only use for "master" is in slavery is racist. Wokists always project and use hypocrisy as a weapon.
I was told in mass you can’t stay the word children or walk because you’ll offend handicap and childlessfamilies lol
Thanks for the informative video. I’m looking to transplant to SW Fla in 2-4 years and have been closely watching the real estate market and scouting neighborhoods. Agreed, new construction definitely has its perks. Other factors considered are HOA fees, CDDs, taxes based on sell price, insurance, flood zones, seasonal traffic, curb appeal, yard space, privacy, and on resales seeing what house sold for just a few years ago. Please consider doing a video on inland developments like Babcock Ranch. Thanks again-cheers.
I will not pay more than 2018/2019 prices.
Same
Same.
You will never own then
Property my wife wanted in Belie Way, Punta Gorda, just sold for 400k, a 30k drop in about two weeks. Insane Inventory problems all over Southwest Florida. Keep up the great content Ben!!!
Thank you! Some price drops are getting wild.
I’ve seen a house in SW Florida that sold for $870k in 2018 and was marketed in 2023 at $2.5 million. Naturally there were no takers. The price is now down below $1.7 million and there are still no takers. Prices are going to have to fall to a lot closer to pre-Covid levels to get the market moving again but that will mean an awful lot of people having to liquidate huge losses.
Great video, the drop in monthly rental prices down there is incredible. Also seeing several for sale listing's converting to rentals. Not sure why anyone would buy a condo right now
Thanks! Yes the rental market is very oversaturated.
Thanks as always for the insightful update. One note: If built well, a house built in 2004 is not old at all . Maybe houses age differently in Florida ? I'm here in NY, and a 20 year old house is not even thought of as old.
Correct same here in Shitcago Illinois, a 20 yr old house is like a baby. Most houses here are 50 to 100 yrs old on avg
The difference in Florida is that the house has to be designed and built after 2001 to meet the state hurricane code that most insurance companies require. Roofs (shingle) older than 15 years are another red flag.
I never understood why people with families move to Florida when their education system is ranked in the bottom third. Why seniors over there when healthcare is also in the bottom half of national statistics. To move for hot , humid oppressive heat and having to live inside for most of the year makes no sense. At least in snowy areas you clean up and get on its life and my house is still standing.
complete over exaggeration and untrue. I'm in CT and right now, for the past month, it's been in the low 90's and pretty high humidity. I was in FL in May, it was in the low 80's with 60& humidity. It was lovely every day. I'll take that weather all day long. I can have coffee all year round outside and read the PBPost
All hype, grow tropical fruits, warm salty water,
White sand beaches,
Reasonable boat prices,
Quiet backwater bays.
We are our Own
Shipwrecks.....
@@Gardis72I get it…NOT sure what the attraction is to FLORIDA….NOT to mention “hurricanes”-there should be a sign when entering Florida - dangerous, at your own risk -
@@Gardis72 May is not the high heat of summer. No mention of the increasing hurricanes, property taxes, flooding and home insurance. Get real.
I was just looking there. The HOA and FLOOD price me out.
Zillow FSBO Hamlet Dr maitland , FL 32751
I JUST BOUGHT A 10 ROOM... ROOMING HOUSE WITH A ONE BED ROOM APARTMENT IN MY STATE OF MASSACHUSSETTS FOR $250.000 THAT I WILL TURN INTO A SOBER LIVING HOUSE... AND LIVE IN THE APARTMENT...I ALSO HAVE A ADDICTION REHAB ACROSS THE STREET SO REFERALS TO MY NEW SOBER LIVING ARE ALL READY IN THE WORKS... ✌
Good. I’m a 6th gen native from Ft. Myers. Would love to be able to move back home without completely overpaying for a home. The prices down there are ridiculous.
Good content, Ben!! The laws of economics can be suspended for a while, but they eventually reassert themselves as soon as less-than-ideal underlying conditions emerge. Although official economic stats tell one story, I am uncovering numerous reports of the economy coming unglued under the covers, and rapidly.
Adding to the weakening economy, you have overpriced properties and huge, uncontrollable, and unpredictable carrying and maintenance costs, and Florida property values have the potential to collapse massively. If stock prices continue to decline and dip much further (overdue), you have the reverse wealth effect then putting a tourniquet on money needed to arrest the decline, much less keep prices elevated excessively like a lot of owners/sellers are counting on.
With many others saying "Fuck Florida" and moving out, or cancelling plans to move here, the collapse can potentially be MASSIVE.
and nationally. This country is almost bankrupt.
I am modernizing my 40 yr old home. It is in an over 55 community. The community is top notch. Kitchen and master bath in the home was redone when I bought it. Just put in 23 new PGT windows. Need to do some Florida retrofit guide work when I re-roof next year. House should be able to handle 135mph winds when I am done. Over paid in 2021 but the community has the best value amenities for 63 holes of golf with not a weed in it, 8 tennis courts, 12 pickle ball courts and new 3.5 million dollar gym. Yes , back in the day, the builder kept the mature live oaks instead of today's no tree new builds. The HOA is well run. Has 13 million in the bank. Has no debt and pays cash for everything they do.
Nice!
That proves that there are some well managed communities, as someone who is looking, can you share at least where this is?
I lived in Florida on and off for 20 years. Moved out again last year. As a Contractor you could see this one coming a mile away. The Insurance rates are just killing the homeowners there.
Thanks for the video. Good! Their greed overpriced average homes. A 400 grand home for 1 million is so stupid. The causes for this insanity so many reasons.
You can keep florida
I agree never warmed up to Florida
Back in 2021 wife and I with kids put an offer for 800k in punta gorda, lost it to a north cash buyer for close to 1M. Now I dont feel so bad
you lost the bid but came out ahead. your lucky..
Smart move, Gator! 🐊🫶🏻🐊
rising inventory leads to lower prices. just takes time in real estate for it to play out
Inventory and prices are up in Florida. Crazy
Avoid properties with an HOA! The best time to have bought was 10 years ago. Now your paying more then double for that same house. Waterfront, pool, with Dock, & Gulf access is a must have.
Houses built 2008 and 2017 in my opinion are the best built 🏡 homes. Homes built back in 1993 are the best built in Miami. New codes after hurricane 🌀 Andrew.
Because 20% down payment, this new buyers pay agent fee, closing costs, high interest, high insurance, new property assessments, and throw on some unpredictable HOAs starting STARTING at 500/600 a month?!? No. Sincerely, someone from the Tampa Bay Area.
I wouldn't EVER buy a new home in FL unless it was from a small builder who does them one at a time for customers.
Those new ones I looked at were truly horrendous.
So, in a nutshell, I'd take a 10 yr old home over a new community build any day of the week.
Florida insurance is a nightmare. New house is easier to insure
California insurance is a nightmare. New house is easier to insure.
Thoughts and prayers.
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.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
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.
My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
Jennafer Beaver Turner is the licensed advisor I use.
Just research the name. You'd find necessary details to work with to set up an appointment
I just copied and pasted Jennafer’s whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.
Who can afford a house for 3 million dollars?? The market is in an INSANE BUBBLE... these homes are WAY OVERPRICED BY 300%.. so a tiny drop of 25% just aint cutting it. NOBODY is BUYING FOR A GOOD REASON.
its only in miami you can but house in miami for 500 k still
And some of these new develooments have a cdd like mine pending on the size of your home it can go gromm $991 like mine to 1800 to 2000 a year
Lived on & off in Florida for 20 years and just moved out again last year. The Insurance Rates are crazy now. The influx of people flocking down there has jacked up prices to stupid levels. I liked Florida a lot at times, but it's getting too ridiculous throughout the state.
The homebuilders are offering a new 1400 sq ft home with a 5.5% teaser for the first two years and inhouse financing, USB ports in the bedroom and kitchen straight in the wall! Across the street in Palm Bay there is a Space Race 1960s 2-bed, now only 3 bed because they filled in the carport, asking $20k less but with a roof that's 30 years old and an HVAC unit on it's last legs. The owner thinks they are going to get $280k for the billard green walls and cat pee stained 27-year old rose colored carpet that grandma had many depends leaks on. Did I mention the fake gold-embossed 1988 white furniture and the endless mirrors and ornate chandelier! Why pay $20k more for a brand new home?
Interest rates are not the issue. The real problem is the asking price. Prices need to return to 2021 levels, which would require a 40% to 50% reduction.
Sold my house in cape in June. Had 1987 home remodeled thank god got out had buyer in a week
Not surprised HOA fees, homeowners insurance and home prices are 10 times higher than anywhere in the country goodbye Florida maybe the governor of Florida should help the good people who live there DE Santis needs to do his job and H. E L P
Great observations.
Ben you said it - "the carrying costs" are no longer tolerable. Even stand alone homes have had various costs go up roughly 20%.
The price must adjust!
Good info. Those old 20 or 30 year old condos may very well plunge to their original prices of 20 years ago. And with the huge assessments we've already heard about, is there any real question as to if the HOA has maintained the property? Constant deferment which owners will now pay for. A tough place to be for older long time owners but at the end of the day, no one to blame but themselves
You bring value to me. I appreciate you
Would what you speak of in this video apply to Parrish, Florida?
Florida appears to be ground zero for current home devaluations, increased property taxes and out of control homeowner and auto insurance. That same disease was passed on to California and now it's coming to Texas. Can anyone tell my why this is not the case for some states?
We had work done years ago and hired an architect. The job went well, and we're very satisfied. Years later, the architect sent me an additional bill for $94. I'm not going to challenge such a small amount of money, but did the architect take up the crack pipe and sent phony bills to all his clients?
Just the beginning! Boom town to get me out of here town!
And house I was interested in that sold just before pandemic for 360k had nothing done to it was used as rental just sold this month for more than 800 in north Naples
They're still building like crazy in Cape Coral, looks like a groundhog farm out here!
If there is a glut of inventory, and homes aren't being sold, WHY are builders steadily building even more, and WHO do they expect to buy those new homes???
Because it often takes 10 years from land purchase to build (due to required land use/permitting issues) and so they were committed to the project long before the current market presented itself. “Lag effect”
@@monsteraetc Thank you for the answer.
Desantis ruined Florida.
I think you’re thinking of California
$900K for a vertically stacked Hobbit house (with elevator) is INSANE! Oh........... and how crazy is the HOA fee to live in Hobbit Hollow? Are people really that stupid?
Obviously
That master bedroom was not big at all.
The elevator will be costly to maintain if done to any kind of standards!
"Are people really that stupid?" umm.. do you have to ask?? I know it was a Rhetorical question..
@@crystalwestergard2500 I was thinking the same thing. It's cool until you have to repair it.
Good advice, those newer homes should meet all the new state requirements compared to the older homes. An why would an older home sell more these days makes no sense? Also, any home having an elevators is forward thinking with more seniors wanting homes that are aging in place friendly. Who ever is coming to Florida should be looking at the state wanting to retire not much more.
Last year it was allegedly an inventor shortage. This years excuse ‘it’s slow season things pickup in the fall and winter’.
Finally realization has kicked in.
Good video
This sucks. We really wanted to sell here in FL and move to south FL but 8 out of 80 units in my community is up for sale. Half have sat for 5 months so far. I guess we will stay until things level out at some point in time.
That master bedroom is huge !🎉🎉🎉🎉
Another quality video Ben!
Thanks brother we gotta line up another chat soon!
Absolutely *SHOCKED* by food prices this past week and there is *ZERO* shortage of options including brand new *TOP OF THE LINE.* Long $kr Kroger strong buy.
Pound of butter now $4.49/pd up here in CT. Two weeks ago was $3.99 for quite a while. I don't know what caused this spike.
1900 square ft over 3 levels is tiny and cramped.
Are there aging homes in good areas with strong year round demand for rentals over there? And if yes, what is the price range
@@ronie6773 the rental market is a mess right now
@@bensellin it sounds so far like a classic entering to recession stage in real estate cycles , i hope it continues this way
any thoughts on the deep creek area in Punta Gorda? How is that holding up? Seems like a nice community.
Will be doing an video on Deep Creek soon. Stay tuned.
I'm seeing above ground power lines. Is there going to be a push to get these underground since this is such a hotspot for hurricanes?
A lot of areas by me are not converting to underground. It is going to take awhile but the push has started. Has its own ups and downs as well though.
894 people per day are moving to Florida according to the latest news. These people need to live somewhere. It would be interesting to see a breakdown county to county. I would expect the real estate numbers are much better in Central Florida after the recent hurricanes along the coasts. Central Florida not only provides a little protection from hurricane exposure but also lower taxes and insurance
Slightly better protection from the worst of the hurricanes and a little easier to insure, but the taxes are pretty much the same in all of the highly developed counties. The good thing about Florida property taxes is that they are capped at a 3 percent annual increase for resident homeowners and the accumulated savings can be rolled over to the next house you purchase in Florida.
I don’t doubt it, but 654 people are dying every day on average in FL. Using 2022 stats
And what's property tax and home insurance!
There's still a trade off. New builds need landscaping and all the appliances,
walked a few hundred yards from my home.... wish i saw you to say hello.
That would have been great.
Here in the n.p area their are empty rentals everywhere, and the greedy landlords still won't lower the rents ,let it implode
What is np
Wow amazing!
My Homeowners insurance in a single family home with flood zone X is down 18%. That's on a renewal and not a re-quote. Another 18% percent and it's almost back to the future Whistling Dixie
Is that your homeowners policy and your flood policy added together down 18%? Or just your homeowners?
Nice! Hopefully the new companies and increased competition keeps it going down.
Just home owners Ins down 18%.
I'm deeply hurt for those employed in the Realtor trade but I truly believe if things change this fall, this will turn around. Thanks Ben
60% increase year over year for the past 4 years means that smart buyers are going to hold back for a few years, unless they strike a deal. Advise folks that elevators require monthly maintenance, so buyers should expect to buy an annual elevator contract for boo-koo bucks.
Wow! I live in Wyoming at nearly 6,100 ft elevation which is about as opposite as you can get from where you are. The views are gorgeous, but I can’t imagine paying the insurance, taxes, & fees you guys in FL pay! I guess that’s the cost of living in paradise.
Wyoming is a beautiful state!
I'm always waiting ❤😂 WHERE YOU BEEN 👀 👀
Was that white pickup truck going the wrong direction on the divided four lane?
Im in Palmetto and my community is sarrounded by debelopment crazy
Ty
It isn't the mortgage rates as it is, home insurance and auto insurance rates and the high electric, water rates, COL here ! Oh did I mention the H word ? Hurricanes and Tropical storms ? Retirees leaving in droves, and others waiting for their homes to sell so they can exit as well !
3:59 wait- is that car on the right driving on the wrong side of the boulevard?
Phone video flips the scene backwards.
@@whenmullet2674 watch, again, and check me. I believe there are two cars that pass, one in each direction, on that side.
Prices still way too high than they were pre-Covid. They may be a lot of homes listed but their asking prices are too high.
It is all about weather🙂
Not worth the price. Fl is overpriced, over crowded.
Property taxes and insurance are insane.
Devaluation of money is a major problem and of course uncontrolled imigration add pressure on the system