WHY The FLORIDA Housing Market Hasn’t CRASHED Yet
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- čas přidán 21. 08. 2024
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It’s the same here in Tennessee. Tons and tons of people moving in. Lots from California. Now we have companies by the dozens snatching up houses for rental properties. The locals here can’t afford to buy and so many are forced to rent at stupid prices. It’s insane here too!
The $500-600k two-bedrooms shit holes around Miami are absurd.
I saw thw same thing back in 2006 in LA. my sibblings were going to help me buy a house, I went looking around and even back then they wanted $500k in the middle of gang infested areas. If I found a decent area I would always get outbidded by someone with a high cash offer.
Ok then dont buy...10 years from no the same places will be a cool million or more
@@nolongeranurse3369it will be four million more by 2030.
@@EsteOeste-vw7ps Smh
Thanks Michael for hitting the nail on the head again!!! Yes, we have many folks from the North (New York, New Jersey, Connecticut, Massachusetts & Chicago) moving here to retire or escape the high cost of renting in those places. The folks moving here have money from selling their homes and pensions for the retirees and the middle aged have good careers, as many corporations have work from home for high level employees. Since our taxes and living expenses are low compared to up North, it's a no brainer! Not to mention, foreign investors from Latin America love Miami exclusively.
As a foreigher and following Florida real-estate and your videos. I am starting to think the prices in Florida might remain high as it is unique location in the world attracting globally investors like you said. Let's see what happens but I don't expect -30% crash to happen, especially on a good neighborhood.
I completely agree with you that any correction in Florida will be minimal
I used to love visiting Florida but it’s way too crowded now and toll roads ! Geez ! Nope. I’ll stay by my lake home and enjoy the hills and green grass and less people.
The house in St Pete right next door to my brother is up for sale, and I have the cash to buy it, but the property insurance situation in Fla made me decide not to.
it's because people retiring or approaching retirement hate the cold weather.... they have cash to buy a house but not necessarily a high income.
They better have had a high income and a lot of cash to buy in Florida. The prices are dumb.
Well, they made it that way. Prices went up when they started buying properties at 70,000-100,000 over asking price.
If you buy a high value property, you must have high income even if you pay 100% cash. Carrying cost of property taxes and insurance are extremely high in Florida. Not to mention insurers demand roof replacement in 20 years or less…
@@maryrenaud6732 I meant high earned income. People who have cash to buy property generally have enough additional cash/investments to cover carrying costs.
I love your take on this! This outside demand plus how it skews the market data massively towards the most expensive properties is the issue. The reality in Florida is that the main market has lost all the demand, the properties that are not luxury properties or high end properties. All we really have to do is remove those upper tier properties and you can see exactly where the general market is heading. And
Exactly. Heading down
Heading up
Outsiders are driving the Naples market and are willing to pay sometimes millions more than the list price. It’s insane here. The locals are priced out of the market and can’t afford housing. Or apartment rent.
Honestly I don’t even get it. Naples . And Fort Myers I mean these towns are just lol and the rich people flocking here wonders why there are staff shortages everywhere. Ugh hello it’s because you people priced the locals out of being able to afford living here on these peasant wages. The job market is garbage in these towns and can’t sustain these rent and house prices if they want actual working people to live here.
@@Alwaysbeclosing1774 right?! We are having to move there for my husbands job. I don’t get the appeal of Naples at all.
Naples prices are falling fast, just like the rest of florida
@@jmoneymillionaire6705 No, they aren’t. I just sold a home for 1.4 million that sold 2 years ago for 500k.
capitalism rocks !!!!
No matter what happens not buying anything at this point. Mortgage rates and house prices are on steroid. It smells like 2008.
Yep. I just focused on paying off all my debt and now I’m saving all my money. Should have $200 K saved my end of year. Still not buying.
😂 back in 80's the rates were 14-17%! try that on. Todays 7% is nothing.
Boomers hold the majority of the wealth and are also retiring in droves now. At some point the demand will taper off, but I won't be surprised if this holds for a while. In another 10 years or so they will be reducing in numbers and I would expect housing there will be in much higher supply...
Nope. new wrld ordr. Do your homework. everyone not a multimillionaire or elite will be renting beyond 29'and they (wrld econ 4um) have said they will force everyone out of their homes via unreal prop tax and ins to name a few.
So is it safe to assume the market in SFL won't take a dive at all? That's what my realtor said. She's got clients from out of state buying. It's disgusting for those of us who need to buy it down here.
I don’t think SWFL will dive at all. Too many people still moving here.
@@Sonofawildanimal4241it's not just the winter. It's permanent relocation because of how badly it sucks to live in other states.
@@daniellemuffler3948 Moving here for what though? Not a job unless they are in the medical field.
Go back and look at news articles from 05-07. They were saying the same thing then. "Too much demand the SWFL market is too strong to crash". As an upper class tech migrant to SWFL I can tell you that I'm noticing BIG changes in the job market. I've gone from 3 interviews a week to one or two per month.
I'm still able to make it work because my income is diversified but I'm not the norm. If they don't start printing money again soon tech workers won't be buying any of this overpriced FL real estate
@@mg-by7uu Can you imagine how many people also think their jobs are bullet proof but aren’t? The only job that is safe is military right now which they might be on the front lines soon (unfortunately). It’s not tech workers that are filling up Florida it’s mostly retirees with cash. I do agree the people that moved to Florida who are WFH are going to be in for a surprise soon.
I'll tell you, I live in Broward. Just about every single retired, building contractor, doctor, lawyer, optometrist, sucessful business man in Ontario and Quebec has a condo down here. Why? Because they don't want to spend 6 months of their retirement years stuck inside their homes in bitter cold weather with 3 feet of snow and ice outside. Summer sucks down here, heat himidity afternoon thunderstorms, Oct.15- April 15 beautiful. The Canadians prevent a housing collapse, here in Broward.
Well said
Our quality of life due to those facts have been going downhill for years.
that's why I'm probably going to move next year. I am a native Floridian, but I refuse to be price gouged by rich people that treat me like I am their slave.
@@standinginthegap7118yeah man I’d seek a better deal for yourself old people want to run your life over there it seems
If DeSantis is so republican why isn’t he putting Floridians first? We need a governor who puts us first, ban foreign investors from owning more than one home and let Floridians own Floridian homes.
PUT FLORIDIANS FIRST DESANTIS
Because DEATHSantis doesn’t care about Native Floridians. What Republican Senator or Congressman does?
They are all in the pockets of Real Estate from Wall Street.
That would be something the legislature would have to start.
He's a rino, so... there's that.
You realize that would hurt our home value, right?
DeSantis is Gods gift to Floridians who love where they live! He’s an environmentalist.
Outside demand won't be deterred by high interest rates. So many cash buyers. Watch the % increase in cash purchases over the next year.
Great point ☝️
When you hear your realtor tell you that market is not going to crash and now is the best time to buy, remember that realtor needs to pay $9000 insurance policy, $30,000 new roof to comply with that insurance policy and they also would like to put a screened lanai for $15,000 so their desire to make you buy or make you sell is directly tied to their personal interest in getting hands on your money to pay for things they can't afford to pay for without YOU paying for it.
Thank the rich New Yorkers and AliBaba executives
It’s cause Florida has sane leadership and great weather. People are flocking to FL in droves. Unfortunately the high prices are a side effect.
Usually it's only Miami that's supported by outside money. This time it really is different.
I would never buy a house now
Cash sales... lot of it has to be cash sales, and desperate Western and Northeastern escapees. But all this does is hurt the local resident more and more.
Eventually, FL will be like Chitown in summer.
Florida is like California in the 70's
Yep, and that was the early sign of Californias decline. My grandparents left California back in the early 70’s because they we’re being priced out, out of every home they tried to buy
@@underground9260california declined around 2020
So ypru grandparents made the wrong move
Funny how all we see are California's moving here. 😂😂😂
You’re right and if you own a home, it will be worth a million in 5 years. The population growth will still continue. We pay no state income taxes. All the states will feel the exodus for years to come. I am not worried about a crash.
@@crunch9876yeah about 2019. The pandemic hit and the mass California exodus happened.
That in a State with low wages.
And I support it! Let them keep driving up prices. Ultimately the Fed continuing to raise rates will ultimately restore true pricing to the market. Let them spend away. What goes up, must come down.
Thing is.. peoples housing was never meant to be a wall street bets thing...
Miami/Dade has ALWAYS been an International City. Being born on Miami Beach in Mount Sinai Hospital in 1956, we have had people from Europe, Central/South America, Asian Countries and Canada (Snowbirds for six months) to name just a few. You are blaming Governor Desantis for something that has been going on, 70 years now, before he was even born!
What it really reveals is wealth and intelligence are not always synonymous.
Neither are comments
@@pampypants871 Just the wind.
And the infrastructure is not there to support the current numbers such as clean water, trash, roads, parking.
When credit card money runs out and vacations stop, these home prices will plummet. With HOA, they should go for pennies. People are going to lose a crap ton of money on those houses
Michael, another great video. A large portion of people are retiring right now. They were tied to their jobs in areas where housing was historically a lot higher than Florida. You can see on Redfin these people are coming from Seattle, LA, SFO, DC, NY. Where i am working in California, 3 years ago, they prepared for 60% of the staff to be eligible to retire in 5 years. These people had lifelong plans to retire in Florida and other states, especially tax free states where they can withdraw their fat 401k and 457 accounts, and covid gave many of them an early out. Home markets in their home areas are crashing, so i see this slowing down and creating a second wave crash in the south by people who can't sell and people who moved out and see a financial opportunity to move back.
It will crash. It's just going to take time just as it did before when the unemployment rate rises, accompanied with the low-wages and soon to come layoffs. This whole thing is like watching a movie over and over again. You can build a predominantly wealthy state however you will need people to do the work to maintain it.
Yea, beware of buying a home in Florida if it sold for half the price a few years ago
It wont crash, its all planned and will continue. Its age nda 30' own nothing and be happy via rasing taxes, ins, everything.
What do you think will happen as a result?
As well as healthcare which is huge here... jobs...and hospitals/urgent care centers everywhere for those 65 and up!
From what I’ve seen Florida nurses don’t get paid anywhere near what other states make. Many Florida nurses travel to other states to work while the Florida hospitals have to bring in travel nurses to staff their units. The dumbest thing I’ve ever seen. If Florida hospitals would just raise the pay they could retain their staff. Florida healthcare ranks are below average.
I live in Naples and have full time since 1995. Probably leaving the state soon there's very little instentive to be here anymore besides work. 32 year years old with wife and 2 kids its impossible to buy a home here with all of the baby boomers buying everything up.
Half of the Country either wants to move or they are in fact moving to Florida . A Housing Market under these circumstances may slow somewhat ? But crash ?
Florida was always such a nice place to visit . I always wanted to live there . When I retired it was affordable to go there for a couple months in the winter . Not anymore. It’s actually less now to go to the islands . Covid was a bad thing . I feel badly for esp young people starting out in Florida now . Hopefully the market will correct
Born in 1993 and raised in swfl. I now live in north fl in a converted tiny house shed. Posting this for posterity. I doubt things will change significantly for the locals for another ten years or so
I honestly doubt it. Florida is the California of the 80’s. And it will follow the same path as California has taken. When prop 13 was passed in the 70’s, it brought in many wealthy people to the state, and cause housing prices to skyrocket.
@@MamaGatorborn before you sw FL. Moved inland, affordable where I am but quality of life has declined significantly due to density. Looking farther North or the mountains out of state
Then those same ppl complain about going out to a restaurant, and have to wait because places are severely understaffed
I'm so glad I listened to you and held off on buying our first home. The home my wife and I were going to buy has dropped -16% since January of this year alone. 2026, 2027 will be the year to buy again. Once all the dust settles. Thank you, again!
Home prices are exorbitant for what you get in Florida! But they keep selling!
Great News Prices are still jumping up! ❤❤❤
WFH workers + No hurricanes + still high employment. But all 3 won’t last long, especially people WFH in FL
Agree. It about to all come unraveled and head back to pre pandemic prices.
More vacation homes and airbnb for tourism drive prices up?
Blackrock inc/ vanguard, Chinese investors, Israeli investors, ny investors, etc
Don't forget Russians
Sounds like how numbers are projected, as it relates to home buying in FL, needs to be formulated differently to account for the outside demand.
This won’t last much longer!!!
Or will it?
Says who?
I bought a house last month, went up 40,000 ( went from 560,000 to 600,000 worth now and still going up) everyone from NYC/NJ moving to South Florida
@@andri9011 And bringing their lovely personalities and attitudes with them. They are really changing South FL, for the worst.
@@ssoffshore5111 Now of course we cant stop them... Thankfully its always retired individuals moving down here... Im in my mid 20s and just lucky to have the job that I do have to be able to work there..
The boomers MIGHT stop moving there if young people flood South Florida , they will get upset when they see the young 20 year olds living their dream life they had to work all their life to achieve.
That is the way South Florida will thrive, if we get young people to own homes down there.
Lol just lik my state house monthly payment is almost 60-70% of the income
So crazy, they want turn America into Asian countries
So as long as outside wealth keep investing in Florida it will never crash . The retirees who live there will eventually suffer because of their fixed income and the dramatic rise in HOA / condo fees etc. but then the wealthy will continue to swoop in and buy it. So Florida will never crash pretty much. ? Right.
Florida is about to be the next Monty Carlo!!!
The min we hit are summer months it will will go back down ! Nobody likes the heat and humidity here 😮 It’s fricken hot as hell 🥵
Same thing i keep telling people...hate to pray for a hurricane but if the heat dont get em a hurricane normally does lol.. been here since the 90s and was just trying to get ready to buy before lockdown...waiting for the predictable market correction cycle.. but then the influx of the real estate investor rescuers from strange and distant places came to pass..
June is the best month for real estate sales 8n Florida
You nailed it nicely Michael! 💯% on 🎯
Where can I see this map? You are doing an awesome job by the way!
I am hoping the Phoenix area nose dives badly way worse than FL so I can sell my place in FL and move back...FL is over rated and not worth the price IMHO, the economics of affordability here bother me greatly even as someone who owns and would re buy at roughly double the median home price.
Florida
The Hoa
Taxes
Insurance
Night life too expensive it’s coming due and the people who wait to long to sell will be stuck
Especially with 7 percent mortgages and a lot of over priced investments people can’t make it Florida jobs don’t pay a lot
Insurance is going so high it may well have an effect
Yep this is gonna force people to sell. My homeowners insurance adjuster lives in Tampa. She said do not buy down there. Insurance is gonna force people to sell with a mortgage. Wait a few years. This does sound similar to 2008 but we will see.
@@StLbfdup It's happening now. People are selling due to increasing insurance rates.
As an appliance and ac tech time to move there and overcharge for services there .
You;re way too late.. the New York maintenance scammers already flooded the market.. not to mention all the other guala gualas ;-)basically most of the people who came to florida in the last few years low key came to destroy it.. i can see it in their eyes..
I'll remember your name.
Yes do I will be really expensive
My friend owns an ac business in the panhandle. Expanding constantly
Cool map ...where can I look at those?
Reventure app
Just funny to see Tallahassee is also red. However, Tallahassee prices are propped up by the city of Tallahassee, developers and builders. Not outside demand at all.
Naples is detached from reality. It’s great here!!
So? So the market is still strong. And people will keep pouring in. No crash.
Everyone wants to be in Miami. People from all over the world want to be in Miami. It’s already virtually unlivable. It’s going to soon be one of those cities that’s exclusively for rich people.
NYers ruined their city, then came here.
They didn't ban chinese to buy properties in Florida ?
Because Florida is awesome baby and no matter what all the naysayers say we're still here and they're still buying real estate left and right, will they lose their ass, only time will tell but everyone still wants to live here! don't be a hater peeps 😂(Not you Michael, you rock)
Good logic !
True!
Show Atlanta pleas
I ain’t buying a house until everything crashes
Why would you want to
Live in Florida? The weather makes me want to stay inside all day because it’s so humid.
Click on the little green eye. Very cheap there 😂
Let it happen. When the outsiders finish investing it will crash with all of their cash.
what is the website you're using for this mapview?
reventure app
I sold my 2 bedroom 1000sqft bungalow in a bad neighborhood in Lakeworth Florida for $450,000 😂😂😂😂😂😂😂😂😂😂😂😂😂 i couldn't believe it
I had literally bought it only 2 years earlier for $190,000
People have short memory same bitting game was happening in mid 2000's. You made it good let that buyer worry about it once it will crash and burn would be worth less than 100k
When did you sell?
Where is printed cash landing ?
New Ukraine money coming to Miami!
😂 corruption at its highest! This is what FL is about
@@Gatiezalapin just Florida how naive
It's already there, president owns a house there. He bought it before the war, I'm sure he is looking at penthouse some where in the neighborhood
Outlaw Local & foreign investment companies snatching up real estate.
But then the real estate will crash. Kind of in a jam here.
Gainesville Florida has bidding wars returning currently.
The florida housing market is cyclical. Its been good for the last 8 years, now it will be bad for some years.
True
I’m getting an RV
All states are moving to Florida , people from California, New York , companies . Florida will be the spotlight and soon the super rich state . Our GPD will surpass NY AND California one day .
im all for government intervention in teal estate investment!
Intervene and do what exactly?
@@10_door_tycoon Maybe stop foreign investors from buying. Tax the heck out of secondary homes while most people don’t even have their first. Housing isn’t an atm, it’s a necessity. God forbid people work for their money…
@@aliciahernandez6203 If you taxed the heck out of secondary homes 1/3rd of America would be run down over night. Most investors aren’t mega corporations and don’t make a ton of money on these deals for a what ends up costing them a lot of up front money. When I first started buying homes rent in the area I was buying was $650 for a 3 bedroom single family home. It took years to get to any sort of noteworthy profit. I took out several loans against my 401k just to be able to afford to be able to do maintenance on homes that were not making me money. People need to not confuse big corporate landlords with the average person in the rental property business.
Its about to get real in fla. I oqn rentals there and i assure you the tide has turned
Can someone please tell me what website he's using to look at this. I'd really appreciate it.
He isn’t wrong on this. The really bad thing it creates a bubble and illusion that it’s driven (demand) by traditional factors. When that illusion pops similarly to the 2008 correction from their time’s bubble favors, the correction will be sharp.
Very simple. People are escaping the blue woke states for the solid red state of Florida. Thank you Governor DeSantis.
Hah
He needs to fix insurance both house and car.
I’m really thinking about starting a mortuary in Florida heard it’ll be big money in a couple years
@@sendittobrandon2012 Wrong place. Try DC. The murder rate there just hit a new record.
Many international buyers too from places like Latin America.
Russian billionaires, Chinese, exiled muslim princes, etc etc.
What if it never crashes because rich foreigners just keep buying?
There goes Florida natives… out of here
It's happening now. Check out the IRS data for the income levels of who is leaving and which income is coming in from last year.
All the Messi fans moving to Florida
How can you say that prices are “detached from reality,” and seconds later state exactly what is propping up prices? There is a basis for the pricing, which means it IS reality. And you can probably thank remote work for it.
Yep, but it wont last. Headed back to pre pandemic prices soon
@@jmoneymillionaire6705 Keep dreaming. Remote work is here to stay and everybody with some money is wising up to it. You get to live in paradise in the winter while not having to pay state income tax. Think about it: if you are a high earner, the money you save in income tax alone more than pays for any housing-related expenses in Florida. Mind blowing, amiright?
@@hejiranyc many companies are pulling workers back into the office for at least part of the week stating innovation and productivity are better when people work in person with their colleagues
@@greensorrel6860 Yeah, they tried pulling that shit last year and employees bolted for the exits. The percentage of remote jobs actually bumped up earlier this year. I personally just landed another remote job and am currently in the process of trying to fill 2 or 3 positions reporting to me, also remote, and it's still hard to find people! And these are positions paying over $200K/year plus equity. I can only imagine how difficult it must be for the RTO companies to find workers!
The prices in Hernando County are extremely affordable ($350-450k).
What is the service use to show interactive map?
Thank you
Georgia has not even remotely crashed…-rices haven’t budged much and the inventory is low north of atlanta
Hi! Can you please review Port Saint Lucie, FL? It’s officially part of “Central FL”. Thank you in advance for!
What website gives you the information you are looking at? I wanted to look in my area.
Michael do you mind sharing this website with me? It seems to be good information.
as aNY’er moving next summer. I apologize
Consider moving in late autumn, warmest day in NYC that's a cool day in Florida during the summer months
We're full
We're full
We are full
Northeasterners😰
Michael Bordenaro love you videos. Please make one on adjustable mortgages. What is it? Pros Cons? How to do the process? What companies help with this?????
Where did you get that map?
Yes and a lot dont even speak english
What website is this?