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Yahoo
19-06-2025
- Business
- Yahoo
'It's Been On The Market 157 Days...Only Four People Have Looked At It'— Florida Sellers Struggle In Once-Booming Destination: 'An Effing Mess'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. If you thought Florida's housing market was still a seller's paradise, talk to someone in Cape Coral or Fort Myers. They'll tell you it's more like a waiting game—one with high insurance premiums, slow foot traffic, and a not-so-sunny forecast. "It makes me wonder, is it ever gonna happen?" said Darleen Strange, whose mother's Fort Myers home has been sitting on the market since November. "It's been on the market right at about 157 days. We've only had four people come look at it." Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – That wasn't in a random Facebook group—Strange shared her frustration with WINK-TV. And she's far from alone. Realtor Angie Ramos echoed the slowdown: "We're seeing a lot of price reductions. Things are selling, but not as quickly as one would want." Southwest Florida, once a post-pandemic boomtown, is cooling fast. According to Construction Coverage, which analyzed Redfin data across midsize cities, Cape Coral ranked 123rd out of 123 in its list of the hottest real estate markets of 2025 — dead last. According to Redfin, there are over 238,000 homes currently on the market statewide. Florida has been building more housing than most other states, and with inventory piling up, buyers are starting to regain some bargaining power. "I thought that it would go pretty quickly, because it's a beautiful home, beautiful location, beautiful view," Bonita Springs seller Tom Pomanti told WINK in April. He originally listed it for $850,000, but after cutting the price to $729,000, he's still had no bites. Trending: Invest Where It Hurts — And Help Millions Heal: On Reddit, longtime locals are getting blunt. "There's roughly 4,000 houses for sale in Cape Coral right now. The market is definitely flat," one user wrote. "It's an effing mess." They point to insurance hikes, high mortgage rates, and hurricane damage as dealbreakers. One Redditor said their homeowner's insurance jumped from $6,100 to $7,300—and flood insurance tacked on another $8,400. "Just paid the home off so I'm considering dropping flood," they wrote. The home only had two inches of water during Ian, but the stress is stacking. Another local posted a timeline breaking down the chaos: inventory doubled since 2022, demand plunged after Hurricane Ian, and now sellers are listing storm-repaired homes just to get out. "Prices are down 10–20% from 2023 depending on the property... but many are holding out for further $ drops and/or rate decreases," the user wrote. One Redditor living in Fort Myers summed it up: "We have no city water or sewerage (2029 now with a $30K connection charge)... Canadians are selling up and leaving their US winter houses apparently... people who were born and raised here can't afford to live here anymore." , While other parts of the country—like the Midwest and Northeast—are still seeing bidding wars and price hikes, Florida's sunshine state of real estate has turned stormy. For homeowners like Strange, the urgency is personal. She needs to sell to help fund her mother's assisted living. "If something doesn't happen within the next year, it would be a scary situation," she said. Scary's one word for it. For now, sellers are watching their listings sit, hoping someone still believes in the Florida dream. Read Next: With Point, you can 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can Image: Shutterstock This article 'It's Been On The Market 157 Days…Only Four People Have Looked At It'— Florida Sellers Struggle In Once-Booming Destination: 'An Effing Mess' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
20-05-2025
- Business
- Bloomberg
Florida's Real Estate Strength Is Turning Into a Weakness
The biggest risk to Florida's housing market may be falling immigration rather than the widely discussed slowdown in domestic migration or even the condo regulatory crisis and mini supply shock that's followed. Consider recent developments. From about 2020 through 2022, American retirees and increasingly mobile knowledge workers drove Florida real estate prices higher, a trend that coincided with booms in places such as Phoenix, Arizona; Austin, Texas; and Boise, Idaho. In the following years, other pandemic superstar cities saw their gains begin to fade, but immigrants and other international buyers helped keep Florida's transaction volumes and housing values buoyant. Immigrants took the baton from retirees, hedge fund workers and tech bros, and it's still in their hands.
Yahoo
18-05-2025
- Business
- Yahoo
Florida Home Prices Are Dropping Rapidly: Should You Buy While Prices Are Low?
According to a recent Bloomberg report, Florida housing prices are struggling as the post-pandemic boom fades away. The report cited that inventory is at a record high, as increased insurance costs and higher mortgage rates have hurt affordability. Learn More: Read Next: Bloomberg also shared data from Redfin that pointed out that the median price for all homes in Florida dropped 1.7% annually in March. Notably, the median price for a condo or co-op in the Sunshine State dropped around 7% in March to $307,500. Is now a good time to buy a home in Florida? We asked real estate experts for their input since the state has seen the most significant housing price decline since 2021. These are the main reasons why you may want to take advantage of the lower prices right now. 'Price corrections are not inherently negative because they often signal a healthier rebalancing of an overheated market,' said Austin Hair, a real estate developer and the managing partner at Leaders Real Estate. 'Florida has long been a magnet for population growth, especially among retirees and remote workers, thanks to its favorable tax environment and climate.' Since these demand drivers remain strong, the lower prices may be temporary, so you could use this opportunity to finally make an investment in that property you've been considering for retirement. Hair also pointed out that, from a passive investing standpoint, declining home prices can present a chance to enter a previously prohibitively expensive market. Check Out: 'This market downturn comes after years of pandemic-induced, post-pandemic out-of-state buyer-driven growth, as many such buyers were ready to pay cash or offer high bids,' said Drake Shadwell, a real estate expert and manager at Clever Real Estate. 'That wave has slowed sharply now, and with mortgage rates still at 7% or higher, affordability has been badly harmed.' The increased inventory means you have more choices as a buyer and additional bargaining power, so you can find something on your terms to build up a real estate portfolio. Shadwell noted that in places like Tampa, Orlando and most of South Florida, homes are selling more slowly, giving the buyer room to negotiate. The main advantage these days is avoiding bidding wars that were driving prices up. 'Sideline buyers who are waiting for the market to drop might just discover that this is their moment, particularly if they're buying for household use and can ride today's elevated interest rates for a couple of years until they qualify to refinance,' he added. Before you purchase a home in Florida, there are two key considerations that you can't ignore. The Bloomberg piece noted that the condo market has been struggling with the introduction of much stricter building inspection laws and reserve funding requirements on aging buildings after the 2021 Surfside collapse. 'This has dramatically increased the cost of owning a condo, with many buildings now implementing special assessments to cover maintenance and compliance costs,' Shadwell elaborated on the matter. 'I've seen examples where monthly condo fees have doubled or tripled, and some buildings now require six-figure reserves to meet new structural standards.' Since the changes have made it harder to sell units, there are steeper price drops in the market. However, Shadwell stressed that you'll have to conduct your own due diligence by reviewing the building's reserve studies, inspection history and association finances prior to making an offer. 'Florida's ongoing population growth and development interest, coupled with this decrease in prices, presents a unique opportunity to buy land below peak pricing but still benefit from long-term appreciation,' remarked Paul Herskovitz, the founder and CEO of Discount Lots. Since land is low-maintenance, the owner can build or hold onto it until it is suitable. Herskovitz has seen young families and investors use land as a strategic foot in the door, owning now and building later. Hair noted that you'll want to focus on the real estate fundamentals by buying in areas with sustained job growth, a strong rental demand and limited new inventory. 'For example, suburban markets near major metros like Orlando or Tampa often offer solid cash flow potential and long-term appreciation upside,' he elaborated. Jessica Robinson, the co-owner and founder of Family Nest North Central Florida, shared that right now is one of the best windows in a long time for buyers in Florida. 'Prices are finally, finally coming down, and that's not something we've been able to say for years,' she added. 'Some areas, like Jacksonville, have dropped considerably, and inventory is also up.' This means that some markets in Florida have less competition, fewer bidding wars and more space for negotiating. Robinson has even seen sellers get flexible with prices and offer concessions to close deals. If you're looking to invest in Florida, this might be the right time for you to explore your options. More From GOBankingRates What $1 Million in Retirement Savings Looks Like in Monthly Spending How Far $750K Plus Social Security Goes in Retirement in Every US Region 5 Little-Known Ways to Make Summer Travel More Affordable 7 Things You'll Be Happy You Downsized in Retirement Sources Bloomberg, 'Florida Home Prices Post Biggest Decline in at Least 13 Years.' Lenders Real Estate, 'Lenders Real Estate – Your Real Estate Support Team.' Clever Real Estate, 'Find A Top Real Estate Agent & Save Thousands | Clever Real Estate.' Discount Lots, 'Land for Sale in USA.' Family Nest North Central Florida, 'Estate Planning Services | Family Nest North Central Florida.' This article originally appeared on Florida Home Prices Are Dropping Rapidly: Should You Buy While Prices Are Low? Sign in to access your portfolio
