Florida Builders are CRUSHING Existing Home Prices

[@heimbone1]

Still building houses made out of sticks ( with shingled roofs) in a hurricane prone state and then wondering why your premiums are unaffordable…..priceless!

[@wyganter]

Visited to Puerto Rico this year and noticed the default home construction was concrete with rebar.

[@WhisperingWillows-o8s]

Concrete with rebar still floods. Floods real good trust me I have first hand experience.

[@AG-xt6ei]

@@wyganterthat is every island

[@wyganter]

@@WhisperingWillows-o8s Sure, but the structure has a better chance of surviving a hurricane. As for the flooding, keep your interior furnishings simple.

[@WhisperingWillows-o8s]

@@wyganter Tell that to FEMA and their 50% rule.

[@susanscavelli732]

Ppl overpaid for houses during covid. Not too smart but those who relocated during covid from more expensive states saw houses as a deal and didn't care if they overpaid w cash!

[@fjm1235]

Agreed. The influx of refugees fleeing Draconian Covid restrictions and poor Blue state governance drove prices for sales and rentals through the roof. All types of housing, especially in South Florida are unaffordable.

[@paulmurray8731]

Thank you. I have about 6 vacant brand new homes in my neighborhood just sitting completely done, and they are still building. People wanting to sell to relocate are stuck here.

[@mccluskey7070]

Hey, Paul, just curious what area you are in? I live in Canada but I'm always curious about what's going on in Florida.

[@RR98guy]

Housing prices, property taxes and insurance are killing working class peoples ability to afford houses. Most working class families do not qualify for mortgages due to their income. Florida is way overpriced. I say let the prices drop by half or more and property might almost e affordable.

[@chaitramramrattan2065]

Don't worry uncle Donnie will take CARE ON JAN 20, HE IS A GOD SENT

[@elmerhuyard3565]

I'm pretty certain this is all by Design. Developers are doing just fine and the banks are the ones in the finances give them the money so we will be forced to rent the properties from the 1% Elite

[@LevityBrevity]

😂​@@chaitramramrattan2065

[@allen2zulu]

external wood frame homes (on slab, new construction) are not permitted under FL hurricane codes, hence the stop work order

[@mccluskey7070]

I believe, people grossly overpaid for homes in Florida because they were desperate to move to a great state that had a far more balanced approach to handling covid. I really can't blame them because, had I been in a position to leave Canada, I would have done the exact same thing.

[@Fishflorida59]

These prices for a house with an HOA and no yard? No thanks

[@winstonsmith6204]

😂 Right!?

[@towgod3096]

You got that right!

[@ryanglaser5336]

Those are individual sub-divided lots with no HOA

[@gregh7457]

which ones were in a hoa? i had a hoa in hawaii that was only 88 a month and they never bothered me. Are you the kind that pulls car engines on the front lawn?

[@Fishflorida59]

@@gregh7457 Could if I wanted to, that’s why I’m not in an HOA

[@allreadynotinuse4169]

Also in theory the newer homes should be better built due to new housing codes. I say theory because I’ve seen some scary homes when I was a pest inspector . Forgot what subdivision I was in up in a New Port Richie but the kids were playing ball and it went through the kitchen wall , was made with zero insulation and the out side was like a hard coating on drywall.

[@fit4ya1975]

As a pest inspector. Does every home in Florida have roaches?

[@allreadynotinuse4169]

@ that would be nice but not in my experience.

[@PDGula-lk6dq]

There are no housing codes in Florida. It's Ron's developer cronies that manipulate it all, so that does not exist. Why do you think so many insurance companies left Florida? UGH DAH. When are you MAGAs ever going to get it?

[@davidmajer3652]

When you said septic tanks and well water, what is not to like. Those houses under $300K look awfully tempting provided they are not awfully built. You really need to hire a good home inspector. Your show is always an eye opener.

[@bensellin]

Thank you. I just put it out there as many people from up north moving here are not usually use to well water as much as septic, but yes I agree. No water bill is a big plus for some but you will pay to have it treated.

[@johnlibonati7807]

House near me in Rotonda West is pending. 3/2/1 1,750SF. No pool. Dated inside, but solid. Selling price? $169,900. House was on Zillow for 2 days before it went pending. The price might seem crazy, but all the houses without pools around here were selling for that in 2015.

[@bensellin]

I would love to dig under the hood and see if there is any additional info. Sounds like a great price currently.

[@DDGisme]

I live in Englewood and watched a KZbin video put out by a couple female realtors, speaking specifically of the most numbers in Englewood, and they were surprisingly good! We are considering selling our brand new large home on elevated lot, and it seems as though price action would support what we are looking to get out of it. I think some of the houses which had flood events, maybe time to get a new roof to be insurable, will sell for peanuts, because who is going to want them? I have neighbors here who live in houses 1/3 the size as ours, but are older homes, sit low, have flooded several times, so they pay like $10K for homeowners, and another $5-7K for flood insurance every year. For a tiny house that is in constant repair due to flooding or roof damage.

[@danman1287]

@@bensellin fake sales...even if no one wants to live rotunda west

[@danman1287]

@@johnlibonati7807 show another listing... "All the homes without pool..."

[@danman1287]

@@DDGisme Englewood...a ton of bad restaurants rated 4-5 stars on google.. would not live there again. Listing prices is not the mkt

[@endofsociety]

Prices are still too high

[@Valenzuela_Moses]

If the insurance issues dont get resolved, new construction is going to lead the market now. You can get insurance for a fraction of the cost of resale. It makes no sense to purchase resale at this point. Price is cheaper, rate is lower, insurance is cheaper, 1-2-10 warranty, up to code, some get hurricane impact windows, new everything with manufacturer warranty. We just signed on a new build because I have a hunch that resale money will follow new builds, tarrifs will also raise prices.

[@bensellin]

Preach!

[@nitroneonicman]

You're not wrong

[@yanceymcdonald6017]

Find by me! Let them build away and keep crushing the existing home prices. The same thing is happening in central Florida as well. You don’t even need to be an economist or in the real estate business to realize that prices are going to adjust before wages adjust. The continual march upward in real estate is normally 3 to 4% a year because that’s around or just above inflation. To think that something‘s going to jump up over 100% in value in some places and then never come back down is asinine. Everyone needs to understand, though that it isn’t gonna go back as low as it was. But it is going to come down quite a bit.

[@bldostal1085]

Hi Ben, I love your videos, keep them coming! I was wondering if you could comment or maybe do a video on the huge apartment complex that they are building at the corner of Cranbury and Rt. 41, just a few miles west of West Port. Talking about a rental market in distress, these are 4-story monsters. They are right across the Coco Plum canal from my house, and they are compromising our view in the back yard. This is another "luxury" apartment complex. Where are all of the people going to come from to rent these things? Especially with the price ranges they are asking.

[@bensellin]

Thank you! I just noticed them recently. Will have to do more digging. It was surprising to me as they have not even completed the apartment complexes at West Port yet.

[@jeremyjedynak]

I didn't see any elevated homes in this video. Any structure in PG with living space on the ground level seems likely to be a future casualty of storm surge.

[@bensellin]

The land is built up. It depends on the flood zone. These are mostly X.

[@jeremyjedynak]

​@@bensellinMy response got eaten/hidden by YT. If you can see it, perhaps you can restore it.

[@ryanglaser5336]

Homes built up to current codes mostly aren't the ones that flooded in any recent events, including Ian.

[@dwhite6213]

I don't know why people would want to live in a hot Florida pine flatwoods

[@nitroneonicman]

Me neither Florida is horrible definitely don't come here. And tell all your friends how bad it is too please

[@dwhite6213]

@ I suspect you are in a high income bracket and live in a nice area. My comment referred to the pictures in the post.

[@JustMike2]

Funny, being from Toledo, the Toledo blade is the newspaper there

[@rolandthethompsongunner64]

I’m in Sebring and there are half completed or sites cleared for homes all over yet none are being built. There are even streets with infrastructure but no homes going up.

[@bensellin]

Interesting.

[@LJ-jq8og]

BEN💪❤ Great video ! Thank you ! 🙏

[@bensellin]

Thank you 🙌

[@jamesoleary1844]

I agree existing resale needs a repricing. There are several nice pool homes 1600 sq ft + in North Port in the $350K-$375K range. People are pricing their 1400 sq ft no pool homes at the same price. Good luck with that! Prediction: The $750K home will not sell for more than $600K.

[@amandabrau-v6w]

Check out 2197 nita terr. They are crazy asking that price and delusional!

[@sponge4930]

Those prices are too ex[pensive still, the sq footage is too small for the price

[@Allium_369]

I’m surprised people are not collecting building supplies yet I seen this in the 08 crash, they were all over the place.

[@jeffpruden3234]

Count me out ....gators are gonna be the main residents in flarida!!!!😅😅😅

[@bensellin]

Flahrida!

[@JetJ321]

That starter home is so cute for anyone.n first home or downsizeing.

[@jonathantaylor6926]

People forget that investors buying homes en masse is only half the problem.. what happens if they sell en masse? Normal home owners don't sell their house because the price went down by 3, 5 or 10%. Since about 2020 investors essentially cornered the market by accident. This created shortages, which drove prices (and rents) higher, which encouraged even more investor buying. Housing is actually a great market to "corner" because it takes so long to add supply. My concern is that price stability in real estate is now gone and the entire market is now subject to either a positive or negative feedback loop and the pendulum appears to be swinging. This sucks because people just want a place to live.

[@LotsaThingsNstuff]

Love how realtors still use Zillow and the NAR, who were both found to have over inflated housing prices for like 10 years.

[@johnr2273]

Wow $275k for new tough to beat with existing home Also I was looking in Parrish Fla and Pulte/Centex offer credit to buy mortgage rate down to 4.5%…. Tough to beat

[@allen2zulu]

maybe, but well and septic

[@AlleneThomas8]

Thanks for the update, keep up the good work. Learned a lot from my market journey, especially the importance of living within one's means. With Miss Elizabeth's guidance, my nest egg has grown to a 7-figure sum. My advice - get an analyst for better financial trade decisions and peace of mind

[@KerstinHerz-x4e]

Wow that's huge, how do you make that much ? I'm 37 and have been looking for ways to be successful, please how??

[@AlleneThomas8]

As a beginner it's essential for you to have a mentor to keep to keep you accountable. I'm guided by a widely known crypto consultant

[@AlleneThomas8]

She is Expert Elizabeth Grayson

[@FordDavis-p6g]

YES!! That's actually her name (Elizabeth Grayson ) so many people have recommended highly about her and I'm just starting with her😊from Brisbane Australia 🇦🇺

[@Oyakhire_victory]

Isn't she the same Mrs Elizabeth Grayson that my neighbors are talking about, she has to be a perfect expect for people to talk about her so well.

[@mikem4432]

lots of listig, but nobody is buying.. hmm.. I wonder why??? Even the corporate investors are putting the brakes on.. because.. what will they do with homes they cannot rent?? or lease.. ???

[@KevinDaUnicorn]

Bro, looking to purchase a 2nd homestead In Venice, Nokomis, Osprey area. Is there potential videos from that point towards Siesta Key. Just wondering bud, thanks

[@jamesoleary1844]

YT Life in Venice FL has good videos on the area. Bad RE advice though. It's always time to buy with them.

[@bowgibbly1]

Corporate has doomed the housing for half the country. People are living in sheds, eating spotted owl eggs, and snail darter stew.

[@JohnH1370]

Those homes look like 80k homes

[@stayready4fun]

Yep, they look like section 8 homes. The foam exteriors are rampant in Florida.

[@LevityBrevity]

Very quickly cheaply made

[@7SideWays]

Slabs on grade are just scary. Sounds like a glut of sale inventory about to hit? Buyers, wait!

[@ottomonotto9969]

I hold 17 lots in that neighborhood .

[@robertburdette2365]

North Port does flood, not in your house but your not leaving for 4 days.

[@BusinessandFinance-ym5bk]

Port Charlotte floods too.

[@GardenerEarthGuy]

That sweet brick paneling really pulls in the buyers..... ❤😂❤

[@petabread91]

Hi Ben. How much more of a price reduction do you think Florida builders will go? That house at 408k with 1900 sqft still seems quite high in price / overvalued. I could be incorrect though.

[@bensellin]

That one does seem bit steep to me as well. All I can say is they will go to what the market is willing to pay.

[@danman1287]

look at how few saves there are North Port is the armpit of SW FL that or Port Charlotte

[@jamesoleary1844]

Cape Coral & Lehigh Acres way worse

[@danman1287]

@jamesoleary1844 I bet but at the prices in north port. People r stupid

[@MikkiMikki11]

Cape Coral too

[@danman1287]

@MikkiMikki11 just tells u how insanely expensive FL is right now. Owners who can't afford to pay for their own home at the price they want for it

[@MikkiMikki11]

@danman1287 I agree.

[@susanscavelli732]

When taxes insurance and hoa are expensive home prices must fall to account for it all.

[@markmcfarren1854]

i loved the video ben

[@bensellin]

Thank you! Glad to have you here!

[@mr.stonerUDX714]

the problem in FLA isnt the houseing availability its HOA no one wants to be apart of it!!!!!

[@Bronx_Yankee]

$1300/year home insurance? Even 100 miles inland it’s 3 times that

[@bensellin]

Depends on a variety of factors. Age, flood zone, wind protection, age of roof, elevation, ect.

[@MikkiMikki11]

This video guy is on drugs. 😅

[@MichaelMoy-xl5we]

New construction will drive down existing home prices with that amount of inventory on the market. It was the exact same in 2008. Your best deal could very well be the new construction. As rates continue to fall so will the prices.

[@jonathantaylor6926]

But rates are not falling. They are flat or slightly up.

[@BusinessandFinance-ym5bk]

Falling interest rates drive prices up.

[@GordonFreeman307]

Rates are fixed not falling. Add more construction everywhere and you have lumber and building supplies skyrocketing. That does not equal cheaper home prices nice try.

[@Heather-db6wq]

I bought in 2008. I was looking at brand new houses with plastic still on the appliances in foreclosure. Bought a house that was built in 04 for 189,00 sold in 05 for 230,00 I bought it in foreclosure in 08 for 84,00. 8 houses built on my street between 04-07 all 8 were in foreclosure by 09.

[@prettygirlus9008]

That street must be pitch dark at night w/o street lights.

[@TheJustinBurton]

Is that concrete / cinder block exterior?

[@luvslogistics1725]

Well and septic is just as bad for rental income type investors on top of the house made of cheap materials

[@dmimcg]

Bi-Dens America in action.

[@kenvalenti5414]

Prices need to tank. Higher prices just mean higher property taxes and higher insurance. Hoping for a great depression.

[@jamesoleary1844]

IDK even if prices tank like in 2008 insurance rates will stay high because the INS people will say replacement value (lumber, masonry, electric, labor) is still high. At least that what they said in 2008.

[@johnlibonati7807]

They will. I’ve seen three houses in my neighborhood go for $175, $195, $169.9 in the last couple months. All 3/2/1 around 1,700SF no pool. Houses are about 50 years old, but sturdy block homes that are move in ready.

[@jamesoleary1844]

@@johnlibonati7807 Sounds like a good deal so long as it's not in a flood zone. Plus you don't want to pay $175K now for what you can get for $140K next year.

[@donnag4554]

Flood ZONES!!!! Good luck on insurance.

[@UnionAdvocate]

These homes are built up on elevation.

[@AmillionRays]

Prices way too high they need to cut it!

[@greghobbs1728]

But, what if the older/existing house was well built and maintained and the new house is part of the now rampant contractor fraud problem ? Florida is a cesspool now 😢

[@BrisLS1]

Some good deals in this video!

[@bensellin]

I think so!

[@danman1287]

LMAO are u kidding me he should be doing ownership cost vs rental

[@davidduty8199]

Ty

[@gregh7457]

all that red on zillow looks like a 5 alarm fire and they're running for the exits

[@garthhughey7063]

Wait eight months it’ll be 50% less

[@blown93lx]

North Port is the armpit of Sarasota county. The houses have always been dirt cheap until the blue state refugees started flooding down here over paying. Guess things are getting back to normal.

[@mindbender50]

they can keep emm

[@s99614]

All those houses should have a crawlspace.

[@swampcabbage3239]

cant, not far north enough in Florida to do such

[@wadeinn463]

Snakes love crawl spaces.

[@ryanglaser5336]

Why?

[@BusinessandFinance-ym5bk]

These are concrete houses: super heavy. You can't have crawl space.

[@jimsmith8324]

IMO, if you can't afford to buy on the ocean or gulf where you can have a private dock and boat, don't buy in Florida. There's just no benefit to it. And there's a lot of downside.

[@williamwatson689]

Who in their right mind would benefit by buying in this remote area?

[@amandabrau-v6w]

Remote area?

[@Bronx_Yankee]

Stay away from anything on the east or west coast

[@MikkiMikki11]

Stay away from Florida altogether.

[@Bronx_Yankee]

Heartland is still good, small towns, even outside Ocala or Gainesville maybe but getting pricey

[@paul-k4q8w]

We moving out of Florida cost to much to live

[@L46C3]

How can they build for less than old in Fla when Ma. a stick built 1200 sq one bed, 1 and 1/2 bath, no garage is $390k without the lot, , paved driveway, sewer. water electrical connection.?

[@lawrencefeldman462]

Junk junk . . no money amount of discount would make me but that crap.

[@tty3146]

Can these new CBS houses survive cat 5 storm at the beginning of the video?

[@jamesoleary1844]

Yes there were a few in my neighborhood when Ian came through. Their only damage was missing roof shingles. The older homes (pre 1994) were flooded and had extensive damage.

[@ryanglaser5336]

The builder shingles will get damaged or just degrade over the course of the next 15 years anyways. Just opt for a better roof material when it is time, but it won't be considered standard construction until you get to South Lee County, such as Estero, all the way down to Naples. Neighborhoods with all shingle roofs won't age as well over long haul, as for example, it's a different economic demographic that buys new housing stock with tile roofs.

[@jamesoleary1844]

@@ryanglaser5336 Plus these were new homes. The roof shingles take awhile to adhere properly. I had no damage just some caps blow off the roof. A roofing inspector later told me never take the old roof off (max 2 roofs) and put the new one over it. In FL it will harden like a turtles shell. I had two roofs.

[@LJ-jq8og]

😊 HIT THE LIKE BUTTON 😊

[@RenataDedalus]

hi gorgeous, nice video

[@KevinDaUnicorn]

Prices need to keep dropping

[@cooliipie]

Prices are okay, but looks like the middle of nowhere

[@rickho69a]

👍

[@MikkiMikki11]

Things are not happening for builders, existing homes, condos, nor vacant land in Florida. I owned/operated R company for many years. You, kind sir, are wishfully thinking. Get out while you can. You can fool some of the people.......😮

[@TascamTascam]

It looks like overpriced junk. Needs to drop 30-40 percent

[@stayready4fun]

For $275,000 that's sad. Kitchen countertops are heinous, lame landscaping, no shade or pool. My god.

[@Mytriumph650pre-unit]

Living in a fishbowl, no thanks.

[@jorgebravo4544]

Climate change is making Florida unlivable 😂😂😂😂😂😂😂

[@igorllll]

maybe Desanto$ will save it........ or orange Don ?

[@Howardlifts]

Old people did this.....

[@walkerb1734]

Ugly, cooker-cutter sh!t boxes for highly inflated prices. No thank you!

[@truenorth3740]

Ha ha what a dump

[@Howardlifts]

Garbage construction