Florida Housing Market Faces 'Nightmare Scenarios' as Deals Collapse

[Anonymous]

[Anonymous]

This article is tabloid garbage.

The article cites the new law that requires older buildings to do a structural assessment and if they find issues, put up adequate savings.

Then it cites the number of condo units for sale.

Then it cites the number of condo units that have done price reductions.

It does not say that the price reductions are because of the assessments! It’s Florida; it’s far more typical to have price reductions and for units to stay on the market for a few months, compared to dc where stuff sells quickly.

It sounds like “some” buildings have issues and/or are in for a future shock. And those buildings are going to have a crisis. But this does not make for a statewide crisis.

[Anonymous]

Exactly, the vast majority of us in Florida do not live in seaside high-rise condos!

[Anonymous]

Anonymous wrote:

Florida homebuyers are backed out of deals to purchase properties at a record rate, according to a new report from real estate brokerage Redfin, as prices continue rising and mortgage rates aren't budging.

In June, nearly 56,000 home-purchase agreements were canceled in the Sunshine State, the equivalent of roughly 14.9 percent of all homes that went under contract that month. It's the highest percentage of any June on record.

"We're seeing nightmare scenarios where deals are getting canceled at the last minute for the most minute reasons," Rafael Corrales, a Redfin Premier agent in Miami, said in a press release. In the coastal city, around 2,500 home purchases were canceled in June—about 17.6 percent of all homes that went under contract.

“Buyers often back out during the inspection period because they find something they don't like, but affordability is really the underlying issue," Corrales explained. "I don't want my buyers to be surprised by all of the expenses that come with owning a home in Florida, so I advise them to proactively research the hefty costs of insurance, property taxes and HOA fees, in addition to the cost of their mortgage payment."

https://www.newsweek.com/florida-housing-market-nightmare-scenarios-deals-collapse-1930532

This is going to be a big problem for Florida but no one is talking about it.

Couldn’t happen to a better state! I love this for Ron DeSantis and all the Trumpers! Maybe Ron will stop his culture wars and focus on real problems…

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Florida homebuyers are backed out of deals to purchase properties at a record rate, according to a new report from real estate brokerage Redfin, as prices continue rising and mortgage rates aren't budging.

In June, nearly 56,000 home-purchase agreements were canceled in the Sunshine State, the equivalent of roughly 14.9 percent of all homes that went under contract that month. It's the highest percentage of any June on record.

"We're seeing nightmare scenarios where deals are getting canceled at the last minute for the most minute reasons," Rafael Corrales, a Redfin Premier agent in Miami, said in a press release. In the coastal city, around 2,500 home purchases were canceled in June—about 17.6 percent of all homes that went under contract.

“Buyers often back out during the inspection period because they find something they don't like, but affordability is really the underlying issue," Corrales explained. "I don't want my buyers to be surprised by all of the expenses that come with owning a home in Florida, so I advise them to proactively research the hefty costs of insurance, property taxes and HOA fees, in addition to the cost of their mortgage payment."

https://www.newsweek.com/florida-housing-market-nightmare-scenarios-deals-collapse-1930532

This is going to be a big problem for Florida but no one is talking about it.

Couldn’t happen to a better state! I love this for Ron DeSantis and all the Trumpers! Maybe Ron will stop his culture wars and focus on real problems…

The people this will impact are mostly rich democrats in the big cities. A lot of them are owned by people who split their time between the NE and florida. These buildings are not filled with MAGA.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Florida homebuyers are backed out of deals to purchase properties at a record rate, according to a new report from real estate brokerage Redfin, as prices continue rising and mortgage rates aren't budging.

In June, nearly 56,000 home-purchase agreements were canceled in the Sunshine State, the equivalent of roughly 14.9 percent of all homes that went under contract that month. It's the highest percentage of any June on record.

"We're seeing nightmare scenarios where deals are getting canceled at the last minute for the most minute reasons," Rafael Corrales, a Redfin Premier agent in Miami, said in a press release. In the coastal city, around 2,500 home purchases were canceled in June—about 17.6 percent of all homes that went under contract.

“Buyers often back out during the inspection period because they find something they don't like, but affordability is really the underlying issue," Corrales explained. "I don't want my buyers to be surprised by all of the expenses that come with owning a home in Florida, so I advise them to proactively research the hefty costs of insurance, property taxes and HOA fees, in addition to the cost of their mortgage payment."

https://www.newsweek.com/florida-housing-market-nightmare-scenarios-deals-collapse-1930532

This is going to be a big problem for Florida but no one is talking about it.

Couldn’t happen to a better state! I love this for Ron DeSantis and all the Trumpers! Maybe Ron will stop his culture wars and focus on real problems…

The people this will impact are mostly rich democrats in the big cities. A lot of them are owned by people who split their time between the NE and florida. These buildings are not filled with MAGA.

Sure, but the revenue for the cities, and ultimately the state, takes a hit.

[Anonymous]

This. Honestly I see the same thing happening with the high rise condos in OC that were built in the 70's. I would not feel safe staying in them.

[Anonymous]

Anonymous wrote:This. Honestly I see the same thing happening with the high rise condos in OC that were built in the 70's. I would not feel safe staying in them.

Interesting. Do you think the newer buildings are better? I think there are only two. I've been looking in the area.

[Anonymous]

Anonymous wrote:Exactly, the vast majority of us in Florida do not live in seaside high-rise condos!

Many of the seaside condos are owned by South Americans. They buy the condos to shelter their monies as are banking system is much safer than those in their home counties in South America.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Exactly, the vast majority of us in Florida do not live in seaside high-rise condos!

Many of the seaside condos are owned by South Americans. They buy the condos to shelter their monies as are banking system is much safer than those in their home counties in South America.

In miami. Not in the rest of the state.

[Anonymous]

Anonymous wrote:Well I heard the lack of income tax makes up the difference in cost.

ya why spend their own money when they can rely on federal funds siphoned from lib blue states to repair the annual destruction

[Anonymous]

Anonymous wrote:I was looking at prices in Florida, and equivalent areas to the DMV have houses that are double the price per square foot. For example, comparing McLean and Bethesda to Ponte Vedra, Tallahassee, Tampa, even Daytona Beach and Melbourne, the difference is astonishing. We were planning to move down there after the kids left for college, but everything is so expensive that we’d be trading our 9,000 SF McLean home for something a quarter of the size in neighborhoods with worse school demographics (higher rates of free or reduced meals, crime, etc.). And this doesn’t even take into account the cost of insurance—I'm just talking about the prices of the houses.

There is no way prices in Daytona, Melbourne,
Tallahassee, etc., are "double" those in DMV.

[Anonymous]

Prices have changed a little now due to the hurricanes and flooding. Flood prone areas are cheaper now and areas that don’t flood have increased in value. More people competing for fewer properties.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was looking at prices in Florida, and equivalent areas to the DMV have houses that are double the price per square foot. For example, comparing McLean and Bethesda to Ponte Vedra, Tallahassee, Tampa, even Daytona Beach and Melbourne, the difference is astonishing. We were planning to move down there after the kids left for college, but everything is so expensive that we’d be trading our 9,000 SF McLean home for something a quarter of the size in neighborhoods with worse school demographics (higher rates of free or reduced meals, crime, etc.). And this doesn’t even take into account the cost of insurance—I'm just talking about the prices of the houses.

There is no way prices in Daytona, Melbourne,
Tallahassee, etc., are "double" those in DMV.

this

[Anonymous]

No problems here...nothing to see....

https://www.msn.com/en-us/money/realestate/south-florida-homes-for-sale-quadruple-as-residents-leave-en-masse/ar-AA1EyiN1