Housing...It's more than inflation...

[Zee09]

Talked to a couple of realtors and from the facts I gathered while I was in Florida..
Yes inflation is a killer and all the shortages...but even if you own your own lot you may have to wait two years to get a custom house built and then you will get price contingencies in your contract.

In certain areas people are starting to bail...I have....and a few realtors have noticed a gradual flat lining..

Of course housing starts are everywhere but they were in the system prior.... Of course it differs depending on where you are.

 

[53' Stude]

Kinda cheap where I am. Complain all ya want, house prices are kinda like car prices: HIGH. What ya gonna do

 

[Cujet]

Here in Jupiter Farms, FL, the housing is still in short supply and homes are still selling in days. I have a feeling the "big city" nature of the Miami-Ft Laud-West Palm Beach area has resulted in a serious shortage of good housing.

My place on 2 acres. I paid $157k for the house and $45K for the lot in 2002. Zillow shows absurd value. It is very tempting. However, I can't replace it. I back up to the natural area, which has huge value to me.

 

[Zee09]

Here in Jupiter Farms, FL, the housing is still in short supply and homes are still selling in days. I have a feeling the "big city" nature of the Miami-Ft Laud-West Palm Beach area has resulted in a serious shortage of good housing.

My place on 2 acres. I paid $157k for the house and $45K for the lot in 2002. Zillow shows absurd value. It is very tempting. However, I can't replace it. I back up to the natural area, which has huge value to me.

Yes the demand is up but people are bailing on the builders. I have actually seen many starts for sale.
The builders keep the deposits and many buyers were happy to get out of it.
Delays and increasing expenses

 

[HankHill]

So I thought at one point during the Covid that FL was gaining population from NYC? Has the increase in population leveled out?

 

[Zee09]

So I thought at one point during the Covid that FL was gaining population from NYC? Has the increase in population leveled out?

Yes NJ and NY ran in like gangbusters and had the $$$$
I think that has about played out.

Of course they made housing unaffordable to the native Floridians

 

[Quattro Pete]

Here is west Michigan, things are still crazy. There is just not enough supply. And many folks pay cash, so interest rate hikes don't matter. We were hoping to buy something this Summer, but at the rate things are going, I don't think it's going to happen.

Our friends just sold their home in just a couple of days for about twice what they paid for it 10 years earlier. Good location, but the house itself is nothing special.

 

[Dave Hess]

So I thought at one point during the Covid that FL was gaining population from NYC? Has the increase in population leveled out?

No.

Lots of people moving here because of the low taxes, business friendly attitudes and no winter.

 

[JustinH]

half my friends and family from buffalo has migrated to Florida as well.

Its a family reunion every time i go down there.

 

[bullwinkle]

A lot of it is FOMO-stories of houses getting multiple offers the FIRST HOUR on the market has caused almost a mania, although the recent doubling of mortgage rates, along with some speculative purchases drying up, has slowed it down a little here. I’ve talked to realtors that have actually said that they wish it would slow down a little, they can’t keep up!

 

[JeffKeryk]

Beautiful property. We lived in Melbourne about 1964 to 1966.

 

[Dave Hess]

Beautiful property. We lived in Melbourne about 1964 to 1966.

Were you working in the aerospace industry ?

 

[Cujet]

So I thought at one point during the Covid that FL was gaining population from NYC? Has the increase in population leveled out?

Well, if raw numbers matter, FL's population has grown by 2 million people in recent years, and depending on what you read, NY's population has only grown by a nil amount, or has declined.

FL is picking up a representative due to growth and NY is losing one.

Making FL roughly as densely populated as NY.

 

[walterjay]

Houses still going crazy in my area. Houses have multiple offers first day on the market. One recently sold for 75K over asking price. Just nuts. My son moved to a rural area in Virginia. Properties there gone up about 40% in two years.

 

[JeffKeryk]

Were you working in the aerospace industry ?

My father was an Aerospace Engineer at Radiation, which is now part of Lockheed-Martin.

 

[MotorFan]

The 'middle' of the USA is known for having much more affordable housing prices than either 'coast', nevertheless, even in the DFW, TX metroplex housing prices are up 20% year-over-year!

 

[JohnnyG]

So I thought at one point during the Covid that FL was gaining population from NYC? Has the increase in population leveled out?

No

 

[Passport1]

Bought my summer beach house in 2015. Checked Zillow today and it has doubled in value. Neighbor who follows real estate on NC coast says you can't touch anything on the beach for
Yes, crazy times.

 

[JohnnyG]

Florida has a new problem now. Homeowners insurance is either expensive or not available. Many companies have decided to leave the state.
For the last several years, roofing companies have had this thing going on where they could prove storm damage and get significant payouts from homeowners ins.
That's now come back to bite them. We are also getting into hurricane season, so there's not a better time to cut and run.

 

[eljefino]

NYC and other HCOL areas have a lot of unoccupied real estate. Chinese and others parking their money here because the corrupt officials back home would have a harder time seizing US RE assets.

So it trickles down. New Yorkers move to the boonies, and the boonie-dwellers wonder where all that money came from. Equity in the cities.