Florida Home Sales Plunge As Sunshine State Becomes Less Desirable

[Zincwarrior]

Florida's housing market is cooling down as investors stray away from the Sunshine State because of hurricanes, insurance costs and new safety measures making the state a less desirable place to live. As hurricanes and insurance rates continue to pound Florida I wonder if this will continue, and begin to affect other Gulf Coast states.

Florida home sales plunge as Sunshine State becomes less desirable

A myriad of problems has caused property investors to take a step back from the Sunshine State.

www.newsweek.com

According to a new report by Redfin, investor purchases fell most in Fort Lauderdale with a decline of 23.8 percent year over year in the third quarter of 2024. Miami has experienced a 19.4 percent decline in the same period, whereas West Palm Beach investor purchases have dwindled by 16 percent, and Orlando has been hit by a 13.3 percent drop.

The state has also experienced an overall drop of 10.2 percent in home buying from October 2023 to October 2024. The average number of days a home remains on the market has also increased by more than a third to 67 days, up from 44 days in October last year. Despite this, the median sale price is up 1.3% year on year to $410,000.

Redfin said the drop off in purchases by investors is for the same reasons individual buyers are becoming wary of the state. Florida's housing market has been hit by numerous setbacks of late, including extreme weather, high insurance costs and a myriad of new safety regulations pushing up homeowner association costs.

 

[Moonglow]

DeSantis has ruined Florida with poor MAGAT leadershit.

 

[JohnDB]

The crime rate might also have something to do with it.
Where people are incarcerated for their crimes in Florida (unlike other states like CA). The crime rates have skyrocketed due to drugs, illegal immigration, underemployment and unemployment.

With a huge amount of coastline like the UK...it's impossible to keep the illegals out.

 

[lg325]

You can add uncontrolled sprawl turning rural areas into eyesores. Bad growth managment period.

 

[martybegan]

Florida's housing market is cooling down as investors stray away from the Sunshine State because of hurricanes, insurance costs and new safety measures making the state a less desirable place to live. As hurricanes and insurance rates continue to pound Florida I wonder if this will continue, and begin to affect other Gulf Coast states.

Florida home sales plunge as Sunshine State becomes less desirable

A myriad of problems has caused property investors to take a step back from the Sunshine State.

www.newsweek.com

According to a new report by Redfin, investor purchases fell most in Fort Lauderdale with a decline of 23.8 percent year over year in the third quarter of 2024. Miami has experienced a 19.4 percent decline in the same period, whereas West Palm Beach investor purchases have dwindled by 16 percent, and Orlando has been hit by a 13.3 percent drop.

The state has also experienced an overall drop of 10.2 percent in home buying from October 2023 to October 2024. The average number of days a home remains on the market has also increased by more than a third to 67 days, up from 44 days in October last year. Despite this, the median sale price is up 1.3% year on year to $410,000.

Redfin said the drop off in purchases by investors is for the same reasons individual buyers are becoming wary of the state. Florida's housing market has been hit by numerous setbacks of late, including extreme weather, high insurance costs and a myriad of new safety regulations pushing up homeowner association costs.

Investors, not people actually looking to buy to move there.

 

[1srelluc]

Sadly, they went up in Virginia....My AO saw a 20% increase.....We have to stand on the town/county with both feet to keep them from turning the area into NOtVA.

Va. home sales, inventory rises in October - Virginia Business

Listen to this article Housing sales and inventory in Virginia rose in October, with closed sales up 12.5% from October 2023, according to Virginia Realtors data released Nov. 22. Last month, 8,732 homes sold in Virginia — 968 more than sold in October 2023. The influx of closed sales in October...

virginiabusiness.com

 

[JohnDB]

DeSantis has ruined Florida with poor MAGAT leadershit.

Actually he has managed well in spite of the Federal Government using Florida as a human garbage dump site.

Granted DeSantis isn't the real reason Florida has decent leadership....but it's a contributing factor.

 

[JGalt]

Florida's housing market is cooling down as investors stray away from the Sunshine State because of hurricanes, insurance costs and new safety measures making the state a less desirable place to live. As hurricanes and insurance rates continue to pound Florida I wonder if this will continue, and begin to affect other Gulf Coast states.

Florida home sales plunge as Sunshine State becomes less desirable

A myriad of problems has caused property investors to take a step back from the Sunshine State.

www.newsweek.com

According to a new report by Redfin, investor purchases fell most in Fort Lauderdale with a decline of 23.8 percent year over year in the third quarter of 2024. Miami has experienced a 19.4 percent decline in the same period, whereas West Palm Beach investor purchases have dwindled by 16 percent, and Orlando has been hit by a 13.3 percent drop.

The state has also experienced an overall drop of 10.2 percent in home buying from October 2023 to October 2024. The average number of days a home remains on the market has also increased by more than a third to 67 days, up from 44 days in October last year. Despite this, the median sale price is up 1.3% year on year to $410,000.

Redfin said the drop off in purchases by investors is for the same reasons individual buyers are becoming wary of the state. Florida's housing market has been hit by numerous setbacks of late, including extreme weather, high insurance costs and a myriad of new safety regulations pushing up homeowner association costs.

Good. Then maybe all those snowbirds will go back to their shithole blue states and quit ******* up Florida.

Texas too.

 

[sparky]

the home insurance crunch continues.....~S~

 

[1srelluc]

the home insurance crunch continues.....~S~

As well it should in high-risk states like CA and FL.

 

[Dekster]

I would totally not be into having to get an expensive home inspection sticker every year after my crib was 15 years old just to be able to get access to that over-priced insurance.

 

[Moonglow]

Actually he has managed well in spite of the Federal Government using Florida as a human garbage dump site.

Granted DeSantis isn't the real reason Florida has decent leadership....but it's a contributing factor.

Got anymore excuses for the flounder in chief of Florida?

 

[buckeye]

I've been watching their real estate market for well over a year as I may buy something there one of these days. The fall in prices is related to higher interest rates, which have depressed real estate markets almost everywhere in the US, and the terrible storms that hit the most popular areas of FL, the SW coast in the past few years, IMHO.

 

[JohnDB]

Got anymore excuses for the flounder in chief of Florida?

Ummmm
I am not an apologist for DeSantis. Jeb Bush did more for Florida than DeSantis....and he was actually more competent in Florida than his brother in DC ever thought about (Just saying)
DeSantis is just the monkey at the switch. Riding on the coat tails of someone else's work.

DeSantis is a hack who says anything anywhere at anytime if he thinks it's what you want to hear. Pure and simple. He is no different from a LOT of politicians.

 

[JLW]

You can add uncontrolled sprawl turning rural areas into eyesores. Bad growth managment period.

That is true. Uncontrolled development combined with no growth management has created a double whammy of over burdened infrastructure along with tens of thousands of houses that may remain unsold and deflate property values.

One of the big fallacies is that new Floridians from blue states would make Florida more blue. WRONG. Most blue state transplants tend to be conservative and have turned Florida far redder than it used to be. Florida was actually more attuned to environmental issues 20 years ago than it is today, largely because consecutive Republican Florida state governments took away growth management controls and allowed local governments to permit unrestricted development. Local government in much of Florida is controlled by the Republican Party and their developer patrons.

It is funny now to see these same people who voted for these Republicans to strip environmental laws and allow this unrestricted development ***** about the loss of “old Florida.” Well, you got what you voted for.

 

[theHawk]

Florida's housing market is cooling down as investors stray away from the Sunshine State because of hurricanes, insurance costs and new safety measures making the state a less desirable place to live. As hurricanes and insurance rates continue to pound Florida I wonder if this will continue, and begin to affect other Gulf Coast states.

Florida home sales plunge as Sunshine State becomes less desirable

A myriad of problems has caused property investors to take a step back from the Sunshine State.

www.newsweek.com

According to a new report by Redfin, investor purchases fell most in Fort Lauderdale with a decline of 23.8 percent year over year in the third quarter of 2024. Miami has experienced a 19.4 percent decline in the same period, whereas West Palm Beach investor purchases have dwindled by 16 percent, and Orlando has been hit by a 13.3 percent drop.

The state has also experienced an overall drop of 10.2 percent in home buying from October 2023 to October 2024. The average number of days a home remains on the market has also increased by more than a third to 67 days, up from 44 days in October last year. Despite this, the median sale price is up 1.3% year on year to $410,000.

Redfin said the drop off in purchases by investors is for the same reasons individual buyers are becoming wary of the state. Florida's housing market has been hit by numerous setbacks of late, including extreme weather, high insurance costs and a myriad of new safety regulations pushing up homeowner association costs.

^^ So now lefties will start to complain about housing prices dropping to become affordable as a bad thing.

 

[AzogtheDefiler]

Florida's housing market is cooling down as investors stray away from the Sunshine State because of hurricanes, insurance costs and new safety measures making the state a less desirable place to live. As hurricanes and insurance rates continue to pound Florida I wonder if this will continue, and begin to affect other Gulf Coast states.

Florida home sales plunge as Sunshine State becomes less desirable

A myriad of problems has caused property investors to take a step back from the Sunshine State.

www.newsweek.com

According to a new report by Redfin, investor purchases fell most in Fort Lauderdale with a decline of 23.8 percent year over year in the third quarter of 2024. Miami has experienced a 19.4 percent decline in the same period, whereas West Palm Beach investor purchases have dwindled by 16 percent, and Orlando has been hit by a 13.3 percent drop.

The state has also experienced an overall drop of 10.2 percent in home buying from October 2023 to October 2024. The average number of days a home remains on the market has also increased by more than a third to 67 days, up from 44 days in October last year. Despite this, the median sale price is up 1.3% year on year to $410,000.

Redfin said the drop off in purchases by investors is for the same reasons individual buyers are becoming wary of the state. Florida's housing market has been hit by numerous setbacks of late, including extreme weather, high insurance costs and a myriad of new safety regulations pushing up homeowner association costs.

You post just to post? Been to Fla lately? Home prices are super high because so many moved there from the Northeast and Cali. It’s tough to afford a home a there. It’s called basic supply/demand. Duh

 

[1srelluc]

That is true. Uncontrolled development combined with no growth management has created a double whammy of over burdened infrastructure along with tens of thousands of houses that may remain unsold and deflate property values.

One of the big fallacies is that new Floridians from blue states would make Florida more blue. WRONG. Most blue state transplants tend to be conservative and have turned Florida far redder than it used to be. Florida was actually more attuned to environmental issues 20 years ago than it is today, largely because consecutive Republican Florida state governments took away growth management controls and allowed local governments to permit unrestricted development. Local government in much of Florida is controlled by the Republican Party and their developer patrons.

It is funny now to see these same people who voted for these Republicans to strip environmental laws and allow this unrestricted development ***** about the loss of “old Florida.” Well, you got what you voted for.

As much as it pains me I have to agree in part.....The local gop never saw a piece of land that they did not want to stick a house on....And as many as they can get away with.

The joke in my AO is that you go to the gop HQ around election time, look at their slate of local hopefuls and you know who not to vote for.

I only vote for slow-growth Independant hopefuls.....They are all right leaning as no dems bother to run in my AO.

 

[Zincwarrior]

^^ So now lefties will start to complain about housing prices dropping to become affordable as a bad thing.

Sounds like insurance is a real killer.

 

[Polishprince]

DeSantis has ruined Florida with poor MAGAT leadershit.

Actually, if you knew history, you would know that Florida had a high risk of hurricanes long before DeSantis came to office.