Demand PLUMMETS in Florida | Aging Homes Left with No Buyers!

Home and Condo sales in Florida dropped sharply year-over-year state-wide for the month of June. Increased housing supply and stifled demand has left older homes in need of updating on the chopping block as new construction dominates with price and incentives.

#realestatenews #floridarealestate #housingmarket

👇 Let me know your thoughts in the comments below

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Ben Grieco
Broker Associate
Call/Text: 845-674-5290
SL# 3330499
Coldwell Banker Sunstar Realty
2825 Tamiami Trail, Punta Gorda, FL 33950

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#realestateupdate #realestate #floridahousingmarket #housingmarketupdate #housingcrash #marketcrash #condos #housing #housingbubble #housingcrash #marketcrash

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[UPdan]

Too hot, too many hurricane, too expensive cost of living down there and roads too crowded.

[davidmajer]

learning that an HOA was dissolved is music to my ears.

[gingerjones]

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.

[MikeSunRiseWest]

Prices are still too high for me to buy….

[victorsong]

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...

[edmundmcgrath]

This is all junk It still is 50% OVERPRICED

[andyhughes]

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.

[gustavodiaz]

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

[PianoMatronNeeNee]

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.

[Red-nr]

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.

[SupremeMotorsUSA]

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.

[nmb]

As buyer, its a good time to make lowball offers, due to lack of demand.

[adam_ackerman]

Another solid video sir. Punta Gorda is filled with old, overpriced homes.The Sellers are also super old too.

[SuperMachead]

Since the properties were over priced by 40-50%….a 25% drop is not close to where it needs to be….

[michaelf]

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.

[JR-kkce]

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.

[pxn]

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!

[chrisbowers]

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!

[Christine-orlm]

I will not pay more than 2018/2019 prices.

[CynthiaWord-iqin]

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.