Florida Home Sales Fall | Condos Crushed | SWFL Leads Losses | Miami Still Hot

FL real estate is looking like it did in 2007, only worse.

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?

The rent is too damn high!

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 ?!

Thanks

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.

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.

So is Longboat key the new money laundering capital of Florida? Miami isn’t going to take that well.

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. 👍

Thx. so much information in one video.

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.

Please examine Broward County next time.

Awesome video Ben! Looks like the ballers are still ballin' in Miami! Those crazy expensive houses are comprising a big percentage of the sales.

I appreciate your videos, although I have no intention of buying in Florida. I can’t look away!

Good information thank you!

None of these factors matter until the actual prices fall. The resilience of the market is far beyond what any natural system should have.

There is a new state now viewers, its called FLARda.

Thanks Ben, interesting and hope the needle moves more favorable for everyone.

All new luxury condo purchases in Miami since pandemic should all be investigated… that’s all …

All i can say about this is, gobble gobble. Happy Thanksgiving to all in the Ben Grieco Community.

glad I never invested in condos

This is the best video you have ever posted!!! You should do this every month. Great work :)

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.

And many people Trump is gonna fix this. LOL, there is really nothing he can do.

one common theme in most are cash buyers are fewer and fewer

I think Miami will always be hot because it's an international city. People all over the world with money, obtained legally or not, will want to own a place there. It doesn't depend so much on the US economy.

Lake Worth seems to be desirable. Prices down but not enough for me yet.

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?

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.

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. 😂

FL Association of Realtors numbers are not trustworthy.

Great video!!! I felt bad when I didn't snag a condo in 22 with the low rates, but looks like I dodged a bullet

A lot of rich foreigners buy in Miami. Russians, Middle Easterners. There isn’t enough wealthy Americans to keep the housing market going. Pretty soon more foreigners will own property in the US than actual Americans.

Lee county has a lot of people moving into the area from Miami. Almost all my new coworkers are from Miami.

You need to dive deeper into Miami. Super high end new condos under contract for 2-3 years are hitting sold column now. The true trend in price is not up.

Citrus county property sells fast . Building new homes in Oak Village South lots clearing on every block.
Boom in new homes for its hot 🔥.

I don't understand anyone buying a condo in Florida right now.

Excellent EXCELLENT video! No marketing, just an explanation of whats going on in the market.

Thanks Ben

Thank you for all your hard work keeping us all informed, much appreciated.

How about West Palm Beach?

I’m in Naples , look at the prices . If you can’t afford millions , you can’t afford Naples .
Ft Lauderdale and Miami are the same . You must be looking at places inland

Just looking for now. Waiting for the big drop to consider buying. Also waiting for insurance reform in your state. Too volatile for now.

The Pay Is Too Damn Low down here ! Lowest in the nation for teacher and lowest for most trades. I’m considering moving. Can’t afford a home if I can’t pay the loan. Florida is burning the candle at both ends.

Dollars to donuts, Sarasota was just that one building. However, during presales, these closings were most likely contracted 2-3 years ago. I don't have the data to discount these sales and calculate the actual base numbers with normal sales. Good work digging deep into the numbers.

Ty

Home values are declining rapidly in the greater Orlando area.

I love these videos. I look forward to them. So informative