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Mar 4 - Florida's Housing Market Is In Trouble



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 1 month ago '17        #1
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Dante Haversham  topics gone triple plat - Number 1 spot x18
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icon Mar 4 - Florida's Housing Market Is In Trouble
 

 
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Sales of condos in Florida have dramatically fallen in recent weeks, even as prices dropped in some of its major metros and the number of "motivated" sellers in the state—those willing to accept a lower offer in order to sell quickly—is currently the highest in the country.

House prices at the state level have been steadily growing in the past months, with the median sale price for all homes in Florida being $404,100 in January, up 4.5 percent year-on-year, according to Redfin data.

While these numbers suggest that the price correction undergone by the U.S. between late summer 2022 and spring 2023 is definitely over in the Sunshine State, they don't explain why Florida is underperforming compared to the national market, with some of its major metros seeing a plunge in home sales and prices.

According to Redfin data, the number of sales in Jacksonville plunged by more than 27 percent in January compared to a year ago, while in Miami it dropped by nearly 9 percent. In Jacksonville, home prices have fallen 6.5 percent compared to a year ago, while in Miami they slid by 2.5 percent.

This is going against the trend at the national level, where condo prices are accelerating and sales are performing at a higher rate, according to Redfin. So what's going on in Florida?

Lawrence Yun, chief economist and senior vice president of research at the National Association of Realtors, explained the drop in condo sales as due in part to the ongoing insurance crisis in the state, and in part due to higher fees for condos.

"Long-term factors could be due to the sharp rises in property insurance premiums," Yun told Newsweek. "And a second factor could be that many c0ndominiums must have extra funds in reserve for repair and maintenance in the aftermath of the tower collapse a few years ago."

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"So, the higher condo association fees are an added burden for condo owners, which also deters buyers—unless the price falls enough to compensate for the ongoing, higher monthly condo association fees."

The cost of home insurance in Florida has risen by 102 percent in the past three years, according to data from the Insurance Information Institute (Triple-I) cited by Fox 13, and they are three times more expensive than the national average.

Home insurance in 2023 cost about $6,000, according to Triple-I, the highest average premium in the country.

While demand is low and people are seeking cheaper properties, Florida's home prices are still rising because supply remains low.

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"While the lowest housing affordability in four decades has drastically reduced demand for homes, pushing existing single-family home sales to their lowest level since the Great Financial Crisis, a simultaneous reduction in supply is keeping a floor under prices," Moody's Analytics housing economist Matt Walsh told Newsweek.

"The condo market is displaying a similar dynamic to the market for single-family homes," Walsh explained. "tr@nsaction volumes are low, but prices as measured by the Moody's Analytics Home Price Index continue to climb. Nevertheless, the pace of appreciation is slow, and this is most pronounced among the most expensive condo units."

According to Walsh, the rise in mortgage rates and monthly payments has been the greatest for the most expensive properties in the state, and what prospective buyers remain in the market are shifting their search to lower-priced properties.


As previously reported by Newsweek, Redfin said that buyers are turning away from condos and looking at single-family units as a result of the higher fees associated with condos, contributing to bringing sales and prices of single-family units up.

Walsh said that low affordability and lean supply will remain the dominant forces in Florida's housing market over 2024.

"Moody's Analytics expects prices to move sideways in the coming years, slowly restoring the balance between median house prices and median incomes," he said. "All told, this adjustment will occur over an extended time before affordability is restored, barring a recession."

Yun is positive about the future of the state, despite the current troubles. "We must determine whether this trend [lower sales] is sustained or just a short run, because Florida has one of the fastest job creation and population additions among all states," he told Newsweek.

"More people mean more housing demand eventually, even though the short-term timing of the purchase may be influenced by mortgage rates."

But others think that troubles might still be ahead for Florida's housing market. Lance Lambert, a reporter for ResiClub, wrote that several major metros in Southwest Florida have seen the biggest inventory increase year-on-year between January 2023 and January 2024, suggesting they might see prices dropping soon.

According to Lambert's data, inventory was up by 149 percent year-on-year in Punta Gorda, 103 percent in Cape Coral-Fort Myers, 81 percent in North Port-Sarasota-Bradenton and 62 percent in Naples-Marco Islands.

 https://www.newsweek.com/ .. rouble-1874962
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113 comments

 1 month ago '12        #2
FrescoB  topics gone triple plat - Number 1 spot x8
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Cue the bugs gif
+30   

 1 month ago '17        #3
Ymmot  topics gone triple plat - Number 1 spot x6
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Figures, that far right wing sh1t doesn't work.
+14   

 1 month ago '23        #4
Yopa 
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Outrageous association fees , outrageous code enforcement violations fees , insurance rates are outrageous 25 miles from the coast , law enforcement are out of control. Is Florida turning to sh!t ?
+31   

 1 month ago '04        #5
killadre  topics gone triple plat - Number 1 spot x3
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Insurance premiums
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+22   

 1 month ago '20        #6
Jaye85  topics gone triple plat - Number 1 spot x1
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With the way the housing market in North America (mostly US AND Canada) are going, there's more rights and leeway for tenants rather than landlords, U have been seeing this with people who bought properties to try to use them or rentals and Airbnb's it's almost going to get to the point where tenants can get aways with months of backlog for rent. HOWEVER, on the flipside of things it also means that landlords won't give a sh1t about making sure their tenants are good under the guise that they won't be able to afford it which isn't limited to fixing leaks, maintenance and repairs, taking care of infestations, etc.
+8   

 1 month ago '15        #7
naledgestate 
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Just waiting on Bugs to cut that bi#ch off.

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+9   

 1 month ago '05        #8
nupe1911 
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Nobody wants to live in that sh1tty state!. Florida is Mississippi with palm trees...and it's always been like that outside of South Beach!
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 1 month ago '10        #9
JKO 
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I got y’all



+71   

 1 month ago '06        #10
illathruz  topics gone triple plat - Number 1 spot x5
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Ngl - another housing crisis might cool this market down
+17   

 1 month ago '22        #11
MONEY WORLD 
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 Ymmot said 🔗
Figures, that far right wing sh1t doesn't work.
Yea, because the ma$s exodus out of blue states proves that far left sh1t "works".
+3   

 1 month ago '21        #12
Puddingpops  topics gone triple plat - Number 1 spot x15
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Texas

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+4   

 1 month ago '21        #13
HesOnFire 
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 nupe1911 said 🔗
Nobody wants to live in that sh1tty state!. Florida is Mississippi with palm trees...and it's always been like that outside of South Beach!
fu#k outta here we got the best beaches in the continental US this sh1t nothing like poor a$s Mississippi and how is it no one want to move here when its tr@nsplants moving here left and right breaking records and sh1t driving the price of everything up
+28   

 1 month ago '13        #14
PaperBoy  topics gone triple plat - Number 1 spot x11
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thats what happens when you have MFS moving from Cali/NY trying to turn Florida into something it never was meant to be. FL is a retirement state hence the reason for no state income tax. Hence the reason snowbirds and other out of towners flock here for the spring/summer holidays. I think people at power forget that especially the philthy rich investors from new York buying up all the old property tearing sh1t down and building high-rises everywhere. This is not new York this is Florida. Itsjust a matter of time before all of this backfires imo.
+49   

 1 month ago '18        #15
jgxx 
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 nupe1911 said 🔗
Nobody wants to live in that sh1tty state!. Florida is Mississippi with palm trees...and it's always been like that outside of South Beach!
you're an idiot.. foh
+12   

 1 month ago '17        #16
Dante Haversham  topics gone triple plat - Number 1 spot x18 OP
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 Ymmot said 🔗
Figures, that far right wing sh1t doesn't work.
Because sh1t is going just fine in New York and other blue states where far left ideology has them letting illegals in by the bus load and giving them money while they fu#k sh1t up and attack citizens.
+6   

 1 month ago '16        #17
96jordan  topics gone triple plat - Number 1 spot x3
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 PaperBoy said 🔗
thats what happens when you have MFS moving from Cali/NY trying to turn Florida into something it never was meant to be. FL is a retirement state hence the reason for no state income tax. Hence the reason snowbirds and other out of towners flock here for the spring/summer holidays. I think people at power forget that especially the philthy rich investors from new York buying up all the old property tearing sh1t down and building high-rises everywhere. This is not new York this is Florida. Itsjust a matter of time before all of this backfires imo.
Desantis cooked it, not even Cali / NY they tryna treat it like Texas too

Hoping to convince my moms to sell her crib
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 1 month ago '11        #18
megalomaniacal 
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Squatters are winning in life right now.
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The banks and rich people are just hoarding properties
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 1 month ago '15        #19
naledgestate 
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 Puddingpops said 🔗



Texas

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The deep south is cooked
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+1   

 1 month ago '16        #20
Boogie1790  topics gone triple plat - Number 1 spot x3
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 PaperBoy said 🔗
thats what happens when you have MFS moving from Cali/NY trying to turn Florida into something it never was meant to be. FL is a retirement state hence the reason for no state income tax. Hence the reason snowbirds and other out of towners flock here for the spring/summer holidays. I think people at power forget that especially the philthy rich investors from new York buying up all the old property tearing sh1t down and building high-rises everywhere. This is not new York this is Florida. Itsjust a matter of time before all of this backfires imo.
Naw...those people are dying..retirement might not even be a thing in the future

It can't remain just an retirement state/tourism state.....you can't afford to live here working in those industries...

They need to regulate Air Bnb and other businesses similar to it as well as corporations and foreign entities buying up property

Alot of te problem is the focus is tourism and retirees when the should've trying to bring more tech corporations and other cutting edge industries

O yea..insurance
+6   

 1 month ago '15        #21
AmillionMo  topics gone triple plat - Number 1 spot x3
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No one really mentioned this yet but Florida is under sea level and built on limestone. More vicious hurricanes. More rain. More flooding. More sinkholes. Gah damn!
+11   

 1 month ago '17        #22
Ifeellikekobe  topics gone triple plat - Number 1 spot x9
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Good thing their governor spent so much time losing a presidential election something may have been done to help
+9   

 1 month ago '23        #23
Yopa 
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The feds are to busy creating enemies with Russia , China & Iran to see that everything is falling apart
-2   

 1 month ago '20        #24
fremontitic 
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How about South Beach vs Northeast beaches?
Always wanted to go never went.
So decent air bnb for 2 weeks how much should expect?
Northeast beaches are terrible - Cape Cod , NYC, Jersey ehh tired of atlantic City - Wildwood etc
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 1 month ago '18        #25
Infamous1 
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Its all the big States that are a complete mess right now, its not a right or left thing llke a certain dipsh1t dem likes to always say
+2   

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