Are Florida Home Builders Doomed?
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- čas přidán 8. 09. 2024
- The recent developments in the Florida housing market bear a striking resemblance to the issues that plagued the industry in 2007. Instances of unfinished homes, fraud, and corruption are emerging once again, highlighting ongoing challenges in the sector.
Unfinished Homes and Arrests: In Sarasota, Avalon Homes left 50 homes unfinished, and the company's principal, Joseph Pufta, was arrested on multiple felony charges.
Foreclosures and Delinquencies: The mortgage market in Florida is showing signs similar to those before the 2007 crash, with increasing foreclosure and delinquency rates starting from the mid-2000s.
Overvalued Markets: Similar to the pre-2007 crash, a significant portion of housing markets today are overvalued, indicating potential instability. In 2007, 99% of housing markets were overvalued, and today, 96% are in a similar state.
These recurring issues suggest that despite past lessons, the Florida housing market continues to face significant regulatory and ethical challenges.
Disclosure:
Please note that all the information provided on this CZcams channel or through it is only for entertainment and educational purposes. The owner of this channel, Jimmy Bitzas, is not a realtor or a financial planner and cannot guarantee the accuracy of the information shared in this video. The information shared is subject to change, as is the nature of the fast-paced world we live in. Jimmy Bitzas cannot be held responsible for any errors in the information shared or any injuries or damages that result from the use of this information.
Part of the building problem is building codes. In FL new homes windows have to be impact resistant. Home circuit breakers now have to be arc fault/gfci driving up costs. To me at least it seems to protect the insurance companies. Prices of building materials are astronomical. Makes housing unaffordable along with interest rates, property taxes and insurance.
I agree with you 100%
Housing market in Connecticut is crazy. Looking to move back. Stuff does t stay on the market very long
I really like you guys. Especially Jimmy seems super genuine.
Thank you for saying that. It’s really appreciated and doesn’t go unnoticed. Thank you.
Where did they abandoned the new built site? What community in Fl?
Builders must think people will continue to own and buy second homes all over FL. Because the local job markets certainly cannot support the home prices, and even more importantly, the cost of ownership.
Of course people have always loved FL but the reason we all don’t live there is because the jobs are not good. Never have been. And that may be fine when you could get a second home for 125k, but it’s cost prohibitive now.
Work from home is being eliminated among large companies. I know that for fact.
Trouble is coming to FL. Who knows who will pay the price for this, when the willingness of our federal government to get involved seems limitless. Maybe our tax dollars will bail out these foolish builders. Why not? Just raise taxes, right? ☹️
Edit: you’re not getting doctors and medical professionals to work for a third the wages of most places in the country. The only reason you have any now is because they have been there long enough that they got in before prices and costs skyrocketed. I know many nurses who used to travel nurse to FL. They won’t do it anymore at the wages and cost of living.
6,500 homes planned
For west Bradenton 75st and Cortez. God afful. No green space whatsoever. Damn builder is in every local politician’s pocket. He’s a nightmare.
I was born and raised in Bradenton. I'm 40 and the amount of people that live here now have ruined it for locals looking for a house or place to rent or buy because the prices are so high. Not to mention how bad traffic has gotten to go anywhere in a manatee or Sarasota county.
@@BigRichard705 I’m stopping driving later in this or mid next year. I’m 74 and I just don’t want to deal with the traffic anymore. I’m glad you have good memories. I’ve only been here 10 years. But I can see the nightmare getting much worse. 🌟
@@BigRichard705 my parents and teen brother moved to Highpoint/ Brooksville in 1978. Brother graduated from Spring Hill My mom and brother always stayed a few times a year in Sarasota. Her dream place at that time. Boy. Not anymore. Wishing you all the best and thank you for your channel. Telling us like it really is for us now. 🥺
Those homes are ALL in flood Zone X… rude awakening coming….
I agree
Comparing California to what’s happening in Florida?😂🤣😂🤣👍