BUT-BUT-BUT-BUT-BUT-BUT-BUT-BUT-BUT-BUT ...... "Property prices only go UPPPPPP!!!!" "Everybody wants to live here" "The weather ...." "There's a lot of money on the sidelines" "Just wait till interest rates fall" "There are always rich people no matter what happens, and THEY will buy it" These are all the bubble phrases I've heard incessantly in every bubble.
I thought there were two different channels many months ago. I called one channel the cool guy in the ball cap who walks around, and the other one was Rico Suave Realtor in the blue kitchen. I soon realized it was the same guy and channel, he just mixes it up lol.
A Hurricane could possibly be in Florida's future this week ? That could also mean another huge jump in the cost of Florida Property Insurance ? Which could translate into slower Real Estate sales . We shall see .
Naples FL Its crazy. Can you show us how bad the market is cutting prices. I think from what I have seen 41% of all homes had a major reduction in the last 30 days
Same story in the Sarasota area. I’ve been monitoring the single family house market here for the last 2 years. Today almost every listing is the same formula. 2019 house was sold for X. 2023 house listed for double, sometimes more than double X. Every month since, a price drop and house is still not sold. I’ve put off buying a house till at least end of this year, prices are still way too overvalued. Great video as always Ben! Ben, I’m not seeing house rental prices in Venice/Northport going down much, most listings are asking the same price a Sarasota area.
Rentals in North Port are building up steadily. Venice is going to have higher demand and prices due to beach and Sarasota proximity. Rents usually lag housing so we will see. Thanks for the input!
It would be interesting to see your take on the market in Citrus county. Since the Sun Coast Parkway was extended to the Crystal River area, investors have gotten the idea that this area would be good for commuters, to their work in Tampa. Old homes and outdated interiors do not seem to be a negative Reality has to come into the equation at some point.
That's what they do every time the data becomes "unfavorable" or inconvenient. Redfin has their own tricks as well to make it just a but harder to see what things are really selling for.
In Charlotte County SWFL waiting for prices to return to normal.. there is nothing to do here and no jobs. Now that the pandemic buyers are gone, praying for a return to something a little more normal.
Households in Southwest Florida earn a median yearly income of $62,864. Household expenditures average $74,542 per year. So, they are spending more than they earn. Household with income of $62,864 can only afford homes priced at around 4x their income, or $251,000. Your $800K houses are definitely a good foreclosure target. They will get foreclosed as soon as one of them loses his/her job.
I don't know much about Florida real estate. But, I owned property in Arizona in 2006 and was very lucky to get out before everything fell apart. I don't think things will be as bad this time. But, this feels very familiar.
@@terrygilbert6264 Also take into account the condo market, especially here in the southeast area. Gov. D. and his new law plus insurance rates are causing sleepless nights for some.
All of the listing in Florida are HORRIBLY OVER PRICED... the example you gave at 16:26 is very common and I would add.. that the price they close on was STILL TO DAMN HIGH.
Can we count on Zillow or Redfin prices to be reflective of the actual market? How do they determine values? I've seen Zillow adjust down after the sale. I am curious how that happens.
everyone thinks it's just the insurance. It's the traffic, the overcrowding in winter, and the astronomical cost of living including food, fuel , and everything else
You’re supposed to put the frog in the pot while the water is cold and SLOWLY turn up the heat so the frog keeps acclimating to the warmer and warmer temps. And he didn’t jump out because it happened slowly. Y’all in FL turned up that burner WAY too quickly. People remember because it was less than a decade ago that homes like that first one (maybe w/o all that extra land) sold for under 200K. And it had a pool. So even if people can get over that, can they get a job good enough to pay for the tax and insurance issues that seemingly have no limit?
440 Indian Bay Blvd. Merritt Island near Space center on east side. 50% price reduction in about 13 months. Ugly and outdated but in nice neighborhood and great price per sq foot now.
@@bensellin , We live a block away and drive by this home daily. Crazy seller listed too high in a declining market, now he’s chasing it down. First realtor probably convinced him market was great and demand was strong a year ago. If they had priced it aggressively in spring of 2023 they probably would have quickly sold it for $1M and made a decent profit. Other $1M listings in our area were getting asking price at that time. They put $150k into their backyard two years ago and now have lost all their appreciation. (We resurfaced our pool too and spoke to the contractor that did the backyard on that house). They were also dumb imo about how they invested in their house. Rather than dump all that $$ in the backyard, work on the curb appeal and interior of home at it looks like a 70’s special and desperately needs an upgrade.
Off topic please, we added 3 bedrooms to our house. In a surprise, the architect we hired was my friend's son. The job went well and we're very happy. Five years later, he sent me an additional bill for $94. I'm not going to contest such a small amount, but you think this is legit, or did he take up the crack pipe and send all his clients a small bill?
some great deals are developing but be prepared to evict, a rather unpleasant process. State laws, procedure, and enforcement levels vary so get informed and get ready to do battle for bargains....
Hallelujah!!! I’m blessed and favored with $60,000 every week! Now I can afford anything and support the work of God and the church. For Your glory, LORD! HALLELUJAH!
Absolutely! I have heard stories of people who started with little or no knowledge but managed to emerge victorious thanks to Ana Graciela Blackwelder.
Some of these listings are way off to begin with though...if youre asking for 30% above comps in the area..it's no surprise they drop 30-40% before they sell at reasonabale market rates
Very true. The thing is, they use to ask 30% above comps and get it. Some of these asking prices we're the comps previously. Things are very different here now, but reasonalby priced properties still sell.
the Clips ( losses ) you mentions is not eve counting any concessions made and realtors fee and losing fees. :( ouch! get your shovels ! we will be digging some properties soon.
I think it would be interesting to see the houses that are for sale when did the people actually buy them. It seems like a lot of people that moved down the last two or three years are looking to get out already, but they’re so far underwater they can’t. Do you know any software system that gives you that information?
I’m looking at how many people have moved down here within the last four years and already have their houses up for sale. It would take me a long time to go through each house for sale in Florida.
But do you think Punta Gorda is a problem because of the insurance related issues?Because it's on the water.I'm looking at what is causing this incredible priestraw in some of the nicest neighbourhoods
To give you an idea how bad Canada is right now. That 365 k first house would be pushing close to a million CDN especially on that size lot. So for US dollars that is 725 thousand.
That demographic will only continue to rise. 10,000 baby boomers retire everyday,consider their time before requiring assisted living or death and this is going to take a minute to level out.
*"EBITDA"* or "Earnings Before Interest payments, Taxes Depreciation and Amortization" EBITDA again not an expert on real estate but I think the technical term on Wall Street is "carrying cost" which for real estate is crazy high even on abandoned property. Just ask Trump about how important finding quality renters are to property management let alone these "fixed" costs listed above. Crime, riots, lawlessness, people who don't get along, strange lifestyles, traditional ways seen as better, problems with transportation or jobs, envy, bad food really is a crazy World "real estate as money." All starts from the same source as a problem tho namely credit or "have to get a loan to have housing." Having no available credit in the USA actually creates a better real estate matter as there is so much of real estate isn't all this "pressure" to sell sell sell what is ultimately a roof over people's heads...even "your" head if you're the one doing the selling. Grave danger of a Pyramid Scheme as well #pyramid_corporation meaning a financial fraud that can be absolutely massive and ruinous.
Yup RE prices can go down but if you know anything about business and history, you know this is a temporary condition. Buyers in 2009 were told they were suckers.. who's laughing now? Their houses bought in 2009 are worth roughly 40% more - even today.
Greedy sellers and RealTurds who are not realistic in their price recommendations. Agents if your seller sets the price based on making 50k a month on the house they bought last year tell them the truth on value. If you don’t you’re not a good agent. Walk away from over priced houses. You will only work hard to sell something you will never sell.
Stop being such a Crash Bro! EVERYONE knows that 20% price drops are impossible because there were no liar loans this time! Clearly your analysis is preposterous, amateurish and irresponsible! ;-) Great video as always.
Liar loans yes but don’t miss the big picture. Liar loans came out before 30 year fixed were 2.5%. People bought more than they typically could afford. Also there weren’t institutional investors buying properties at retail price, putting lipstick on pigs then remarking them $150k over retail price. The reason for concern is actually similar to 2008 because so many became unaffordable due to insurances and taxes. This will last another 3-5 years IMO and prices will plunge. You don’t want to work for Redfin or Opendoor
Helo , sir I am a subscriber of your channel and I see that your many thumbnail is not proper well optimiseed, so I am a thumbnail editor I edit thumbnails with years of experience and I show you some examples of my thumbnail, if you interested to give me a chance to correct your thumbnail , you will be highly benefited.
@@PianoMatronNeeNee thats IF they get it sold for the $390k its currently at... Tons more like this all over Orlando, Kissimmee, Clermont, Davenport etc.
@@PianoMatronNeeNee Not to mention that this in a "healthy" economy with full employment and record breaking stock prices. Right before a demographic tsunami hits America as well.
@@CaptainCaveman1170 Exactly... great point. I actually believe 5%-6% unemployment will feel like 8%-10% because of the quality of the jobs and all the part time and gig work being counted as employment.
Wait at least two more years. It takes time for the extremely high prices to unwind. You can knock off another 35%.
Only the beginning for price drops as inventory piles up. Great video!
A neighbor listed her house for $550k. In 12 months, the price is now $375k. No showings. House is nice, in North Port.
BUT-BUT-BUT-BUT-BUT-BUT-BUT-BUT-BUT-BUT ......
"Property prices only go UPPPPPP!!!!"
"Everybody wants to live here"
"The weather ...."
"There's a lot of money on the sidelines"
"Just wait till interest rates fall"
"There are always rich people no matter what happens, and THEY will buy it"
These are all the bubble phrases I've heard incessantly in every bubble.
They are still coming, but we are building too so the prices are dropping. There are some MASSIVE apartment complexes about to open.
you forgot the best one.. no income tax XD
It's your last chance for a slice of Paradise. Hurry!
Ill bet the insurance costs, etc is running many of these sellers out !
no, first is the stupidity to pay so much.. now its worth 80 to 200k less. ouch.
Ben makes real estate autopsies fun.
I thought there were two different channels many months ago. I called one channel the cool guy in the ball cap who walks around, and the other one was Rico Suave Realtor in the blue kitchen. I soon realized it was the same guy and channel, he just mixes it up lol.
@@davidmajer3652 you have such a way with words sir lol
@@CaptainCaveman1170 this is one of my all time favorite comments. Thank you.
A Hurricane could possibly be in Florida's future this week ? That could also mean another huge jump in the cost of Florida Property Insurance ? Which could translate into slower Real Estate sales . We shall see .
Naples FL Its crazy. Can you show us how bad the market is cutting prices. I think from what I have seen 41% of all homes had a major reduction in the last 30 days
Same story in the Sarasota area. I’ve been monitoring the single family house market here for the last 2 years. Today almost every listing is the same formula. 2019 house was sold for X. 2023 house listed for double, sometimes more than double X. Every month since, a price drop and house is still not sold. I’ve put off buying a house till at least end of this year, prices are still way too overvalued. Great video as always Ben! Ben, I’m not seeing house rental prices in Venice/Northport going down much, most listings are asking the same price a Sarasota area.
Rentals in North Port are building up steadily. Venice is going to have higher demand and prices due to beach and Sarasota proximity. Rents usually lag housing so we will see. Thanks for the input!
It would be interesting to see your take on the market in Citrus county. Since the Sun Coast Parkway was extended to the Crystal River area, investors have gotten the idea that this area would be good for commuters, to their work in Tampa. Old homes and outdated interiors do not seem to be a negative Reality has to come into the equation at some point.
Am I the only one but I think Zillow has removed their Zestimate History graph from the properties. Either that or its very hidden now.
That's what they do every time the data becomes "unfavorable" or inconvenient. Redfin has their own tricks as well to make it just a but harder to see what things are really selling for.
In Charlotte County SWFL waiting for prices to return to normal.. there is nothing to do here and no jobs. Now that the pandemic buyers are gone, praying for a return to something a little more normal.
Great update Ben, thank you❤. I think things just may get worse because of the human mentality, “Don’t buy on the way down”.
Households in Southwest Florida earn a median yearly income of $62,864.
Household expenditures average $74,542 per year. So, they are spending more than they earn.
Household with income of $62,864 can only afford homes priced at around 4x their income, or $251,000.
Your $800K houses are definitely a good foreclosure target. They will get foreclosed as soon as one of them loses his/her job.
Prices are still way too high!
I don't know much about Florida real estate. But, I owned property in Arizona in 2006 and was very lucky to get out before everything fell apart. I don't think things will be as bad this time. But, this feels very familiar.
Why would they not be significantly worse?
The values are significantly higher with more speculation in the market than at any point in history.
I think it will be worse...Florida is dead right now. Especially SWFL
@@terrygilbert6264 Also take into account the condo market, especially here in the southeast area. Gov. D. and his new law plus insurance rates are causing sleepless nights for some.
Cost of ownership and more new construction for rent at a better cost can make a very dramatic crash , we'll see
Insurance set to go 14% higher next year, not an easy pill to swallow when owners may pay twice more than renting
All of the listing in Florida are HORRIBLY OVER PRICED... the example you gave at 16:26 is very common and I would add.. that the price they close on was STILL TO DAMN HIGH.
Its not just Florida
Can we count on Zillow or Redfin prices to be reflective of the actual market? How do they determine values? I've seen Zillow adjust down after the sale. I am curious how that happens.
everyone thinks it's just the insurance. It's the traffic, the overcrowding in winter, and the astronomical cost of living including food, fuel , and everything else
Rest assured, people are taking notice now. That’s why one of every four homes in FL is for sale.
You’re supposed to put the frog in the pot while the water is cold and SLOWLY turn up the heat so the frog keeps acclimating to the warmer and warmer temps. And he didn’t jump out because it happened slowly.
Y’all in FL turned up that burner WAY too quickly.
People remember because it was less than a decade ago that homes like that first one (maybe w/o all that extra land) sold for under 200K. And it had a pool.
So even if people can get over that, can they get a job good enough to pay for the tax and insurance issues that seemingly have no limit?
Another good one Sir.
In some cases people do not want to chance any more storms, and got scared as Auto and Home owners insurance went up a Lot !
Very informative -keep it coming and thank you for the updates
440 Indian Bay Blvd. Merritt Island near Space center on east side. 50% price reduction in about 13 months. Ugly and outdated but in nice neighborhood and great price per sq foot now.
Awesome I'll check it out!
@@bensellin , We live a block away and drive by this home daily. Crazy seller listed too high in a declining market, now he’s chasing it down. First realtor probably convinced him market was great and demand was strong a year ago. If they had priced it aggressively in spring of 2023 they probably would have quickly sold it for $1M and made a decent profit. Other $1M listings in our area were getting asking price at that time. They put $150k into their backyard two years ago and now have lost all their appreciation. (We resurfaced our pool too and spoke to the contractor that did the backyard on that house). They were also dumb imo about how they invested in their house. Rather than dump all that $$ in the backyard, work on the curb appeal and interior of home at it looks like a 70’s special and desperately needs an upgrade.
2311 Pappas Ter
Port Charlotte, FL.
35% price cut
The only one of the four I would consider would be the Palmer home.
Off topic please, we added 3 bedrooms to our house. In a surprise, the architect we hired was my friend's son. The job went well and we're very happy. Five years later, he sent me an additional bill for $94. I'm not going to contest such a small amount, but you think this is legit, or did he take up the crack pipe and send all his clients a small bill?
I would ignore it, as it is extremely unprofessional if indeed it wasn't a mistake.
Another great video. Thx!
Any time you turnover real estate that soon you're taking lots of risk.
IDEA: At some point when convenient do a video on buying/exploring foreclosures... What you think a good deal is ?
some great deals are developing but be prepared to evict, a rather unpleasant process. State laws, procedure, and enforcement levels vary so get informed and get ready to do battle for bargains....
not only evict but serious clean-up and repair as well
Great Video 💪❤
Thanks!
Hallelujah!!! I’m blessed and favored with $60,000 every week! Now I can afford anything and support the work of God and the church. For Your glory, LORD! HALLELUJAH!
Oh really? Tell me more! Always interested in hearing stories of successes.
This is what Ana Graciela Blackwelder does, she has changed my life.
After raising up to 60k trading with her, I bought a new house and car here in the US and also paid for my son’s (Oscar) surgery. Glory to God.shalom.
I know Ana Graciela Blackwelder, and I have also had success...
Absolutely! I have heard stories of people who started with little or no knowledge but managed to emerge victorious thanks to Ana Graciela Blackwelder.
Some of these listings are way off to begin with though...if youre asking for 30% above comps in the area..it's no surprise they drop 30-40% before they sell at reasonabale market rates
Very true. The thing is, they use to ask 30% above comps and get it. Some of these asking prices we're the comps previously. Things are very different here now, but reasonalby priced properties still sell.
Industrial carpet is probably put in by snowbirds.Part timers you don't want to live full time with industrial carpeting
Is it uncomfortable or hard to clean?
Some nice homes
Septic tanks are deal breakers.
the Clips ( losses ) you mentions is not eve counting any concessions made and realtors fee and losing fees. :( ouch! get your shovels ! we will be digging some properties soon.
What about prices in Miami ?
I think it would be interesting to see the houses that are for sale when did the people actually buy them. It seems like a lot of people that moved down the last two or three years are looking to get out already, but they’re so far underwater they can’t. Do you know any software system that gives you that information?
Zillow lists past pricing.
I’m looking at how many people have moved down here within the last four years and already have their houses up for sale. It would take me a long time to go through each house for sale in Florida.
But do you think Punta Gorda is a problem because of the insurance related issues?Because it's on the water.I'm looking at what is causing this incredible priestraw in some of the nicest neighbourhoods
75% OFF
Love this content
@@kevinike thank you!
Maybe Redfin works for the local tax appraiser in conjunction with the tax assessor, maybe…
So true! The Zestimates crack me up, they are SOOOOOOOO optimistic.
After Hurricane Ian, made insurance cost’s sky rocket.
welcome to florida. BRING MONEY. because you arent leaving with any!
prices where i am are going still going up vacant water front lots 350'0000 and up and rising
That's a different animal they are chasing. Rich people who can afford to build and brag about waterfront property.
i love your videos where i line in marco the condos in my building are going up were 3 years old and 3 stories what do you think of prices going up
Depends on where you live
@@bensellin i live on marco island
lol we have our AC unit from the late 70s still kicking
😅 wild. Oldest ive seen was in a condo from 84.
Ditto.
Take a look at the price history on 435 La Sila BSI How much worse can it get ?
To give you an idea how bad Canada is right now. That 365 k first house would be pushing close to a million CDN especially on that size lot. So for US dollars that is 725 thousand.
That is crazy!
What is the median income for Canadians?
"Get some goats..." 🤣
I wonder how many of the houses are family selling parents' homes after they pass or go into nursing homes.
That demographic will only continue to rise. 10,000 baby boomers retire everyday,consider their time before requiring assisted living or death and this is going to take a minute to level out.
Coincidence . I insured the Tripoli property.
Can I ask: How much? Home + Flood?
@@difigfs that is awesome
*"EBITDA"* or "Earnings Before Interest payments, Taxes Depreciation and Amortization" EBITDA again not an expert on real estate but I think the technical term on Wall Street is "carrying cost" which for real estate is crazy high even on abandoned property. Just ask Trump about how important finding quality renters are to property management let alone these "fixed" costs listed above. Crime, riots, lawlessness, people who don't get along, strange lifestyles, traditional ways seen as better, problems with transportation or jobs, envy, bad food really is a crazy World "real estate as money." All starts from the same source as a problem tho namely credit or "have to get a loan to have housing." Having no available credit in the USA actually creates a better real estate matter as there is so much of real estate isn't all this "pressure" to sell sell sell what is ultimately a roof over people's heads...even "your" head if you're the one doing the selling. Grave danger of a Pyramid Scheme as well #pyramid_corporation meaning a financial fraud that can be absolutely massive and ruinous.
I liked your video. Are you using Zoom to record your video or what software are you using?
Yup RE prices can go down but if you know anything about business and history, you know this is a temporary condition. Buyers in 2009 were told they were suckers.. who's laughing now? Their houses bought in 2009 are worth roughly 40% more - even today.
It’s been 15 years. 40% is about normal appreciation.
@@RickAndell Correct Rick!! In fact you are making my point !! A dip in the market is normal and a few years later it's a nothingburger.
Anyone buying now will lose.
Over priced homes..get reality check...still high..homes with land are golden
Greedy sellers and RealTurds who are not realistic in their price recommendations. Agents if your seller sets the price based on making 50k a month on the house they bought last year tell them the truth on value. If you don’t you’re not a good agent. Walk away from over priced houses. You will only work hard to sell something you will never sell.
Stop being such a Crash Bro! EVERYONE knows that 20% price drops are impossible because there were no liar loans this time! Clearly your analysis is preposterous, amateurish and irresponsible! ;-) Great video as always.
Not gonna lie, you had me in the first half 😅
Liar loans yes but don’t miss the big picture. Liar loans came out before 30 year fixed were 2.5%. People bought more than they typically could afford.
Also there weren’t institutional investors buying properties at retail price, putting lipstick on pigs then remarking them $150k over retail price.
The reason for concern is actually similar to 2008 because so many became unaffordable due to insurances and taxes.
This will last another 3-5 years IMO and prices will plunge.
You don’t want to work for Redfin or Opendoor
@@scottalvarez8870 I agree.
Helo , sir I am a subscriber of your channel and I see that your many thumbnail is not proper well optimiseed, so I am a thumbnail editor I edit thumbnails with years of experience and I show you some examples of my thumbnail, if you interested to give me a chance to correct your thumbnail , you will be highly benefited.
Yep seeing this alot it Orlando and Kissimmee... here is one for you
3172 Caribbean Soul Dr, Kissimmee, FL 34747
Wow -28% in one year! If this isn’t a downturn I don’t know what is!
@@PianoMatronNeeNee thats IF they get it sold for the $390k its currently at... Tons more like this all over Orlando, Kissimmee, Clermont, Davenport etc.
@@PianoMatronNeeNee Not to mention that this in a "healthy" economy with full employment and record breaking stock prices. Right before a demographic tsunami hits America as well.
@@irfaankalamadeen9823 appreciate it sir
@@CaptainCaveman1170 Exactly... great point. I actually believe 5%-6% unemployment will feel like 8%-10% because of the quality of the jobs and all the part time and gig work being counted as employment.