Florida Home Sales Fall | Condos Crushed | SWFL Leads Losses | Miami Still Hot

[@johnspelman8976]

Great video!!! I felt bad when I didn't snag a condo in 22 with the low rates, but looks like I dodged a bullet

[@PianoMatronNeeNee]

Great work Ben thank you👍. I’m currently renting now that I have sold my home back in July and I have no desire to purchase anytime soon. Homes are way overvalued. Hopefully things will change sometime soon. Here in Florida, the American Dream has become the American Nightmare. Appreciate all you do for this channel.

[@bensellin]

Thanks for all the support!

[@michaelmccarthy8372]

This is the best video you have ever posted!!! You should do this every month. Great work :)

[@bensellin]

Thanks. I do! Lol

[@jeffhaney2827]

Thank you for all your hard work keeping us all informed, much appreciated.

[@bensellin]

You bet

[@Heather-db6wq]

Lee county has a lot of people moving into the area from Miami. Almost all my new coworkers are from Miami.

[@bensellin]

Very Interesting

[@ryanvlasic1849]

Awesome video Ben! Looks like the ballers are still ballin' in Miami! Those crazy expensive houses are comprising a big percentage of the sales.

[@bensellin]

Thanks Ryan! They are running wild over there brother!

[@endofsociety]

Right now in babcock ranch, they are selling multifamily 2br 2 bath homes for 450k with future HOA fees of $750 a month😂😂😂😂 they try to justify it by saying "Oh but they're 1700 sq ft." I told the lady there, it doesnt matter. The HOA fees are way too high, and you're attached to 3 other families in one building. I wouldnt pay more than 150k for that thing. Low and behold, they're having a real tough time selling them. They're depending on wealthy snow birds buying them, and hardly no one is biting. Even those snowbirds arent really interested. You're not in the keys, or miami beach, or any desirable vacation spot along the big bend. Reality is gonna hit these people hard soon enough.

[@winstonsmith6204]

Awesome!!! Keep the feet to the fire

[@endofsociety]

@winstonsmith6204 they've changed personell 3 times over there like that is the problem. 😂 They don't want to face the reality that the prices are way too high.

[@mikedrones537]

The Pay Is Too Damn Low down here ! Lowest in the nation for teacher and lowest for most trades. I’m considering moving. Can’t afford a home if I can’t pay the loan. Florida is burning the candle at both ends.

[@bensellin]

Yes, we need reasonable housing for locals who work here. It can all just be seasonal residents and vacationers.

[@RBAILEY57]

FL real estate is looking like it did in 2007, only worse.

[@thomasreynolds1530]

No this is entirely different. There's no point in 2007 where sales dropped to a fraction but prices kept rising.

[@dbanka471]

No surprise- what goes up must come down…during pandemic & the few years after, prices went up 60-100% in a few years…not sustainable- prices will be cracking especially when carrying costs have skyrocketed

[@RobOlgatree]

Thanks Ben, interesting and hope the needle moves more favorable for everyone.

[@towgod3096]

Excellent EXCELLENT video! No marketing, just an explanation of whats going on in the market.

[@jimthain8777]

My thoughts on Miami-dade is that the city of Miami warps their numbers and that's the reason they seem a little skewed. I also think that the average sale price and Dollar Volume in Sarasota jumped up ridiculously in the last two months because an unusual amount of very expensive properties fell onto the market in those two months. Why that happened might be interesting to investigate further (Why they ALL sold so fast). Also are there going to be more very expensive units like that coming to market there soon?

[@patriciamay6396]

I appreciate your videos, although I have no intention of buying in Florida. I can’t look away!

[@bensellin]

Thank you!

[@katmcpheestlfan]

Trying to sell my home in Punta Gorda and downsize. Brutal! Homes all over my sub division for sale around me, no bites! Listed mine 3 weeks ago and no lookers and I'm pretty good priced compared to other houses around me. That's brutal for Charlotte County the number of single family homes listed.

[@endofsociety]

Many are gonna have to either break even, or take a loss if they really have to sell out of desperation. After 3 back to back storms, and high cost of owning a home, high cost a living, its going to be a tough sell.

[@randylahey7343]

Wait until the tariffs raise the prices of everything and the workforce is deported, tourism will decrease significantly. Florida is in for a very rough few years

[@endofsociety]

@randylahey7343 lol the workforce you speak of isn't as cheap as you think they are. I know business owners who were complaning that even they want a minimum of $20 an hr now. Also Ron DeSantis has made it illegal for companies to hire undocumented illegals in the state of Florida, and will face harsh penalties. As for the tariffs, good! We've been getting ripped off in unfair trade deals for a long time. This will entice overseas companies to come back and do business here because it will be cheaper to do so. We cannot continue to be a nation of consumers, while producing barely anything. Them coming back will have even more incentives with lower tax rates to do business within the United States. Its a win win.

[@alterfloyd1]

@@randylahey7343how’s the TDS ?

[@randylahey7343]

@@alterfloyd1 it’s funny that you see provable facts as TDS, says more about you than it does about me

[@susanheath7849]

I love these videos. I look forward to them. So informative

[@bensellin]

Glad you like them!

[@tassoflamburis8220]

Dollars to donuts, Sarasota was just that one building. However, during presales, these closings were most likely contracted 2-3 years ago. I don't have the data to discount these sales and calculate the actual base numbers with normal sales. Good work digging deep into the numbers.

[@bensellin]

Thanks. It really appears that way. They had so many closings all at once. Really goes to show how a few can skew the numbers.

[@AnonymousU13]

We’re down about 20% across the board we’ve got another 20% to go to get back to fair home prices for first time buyers before the pandemic. 👍

[@murphstahoe]

what's a fair price for a house that is in the target zone of the next hurricane, and has 15k/year in insurance?

[@MM-wi5dn]

You need to dive deeper into Miami. Super high end new condos under contract for 2-3 years are hitting sold column now. The true trend in price is not up.

[@Music.lover3539]

Please examine Broward County next time.

[@todddejong4817]

Thx. so much information in one video.

[@bensellin]

You're welcome!

[@s99614]

The rent is too damn high!

[@bensellin]

If still is

[@endofsociety]

I agree. If you really take a look at the average income earner, (everywhere you shop and eat. Those people outnumber professional jobs), the rent is way over priced, and doesn't come close to what the average wages are. And they should.

[@bonitabeach3127]

Thanks

[@MrDCMiami]

Miami's market isn't really reflective of the general economics dictating property markets. SF homes aren't affected because the supply overall is limited and there are plenty of Wall Street crooks with money to burn. This is a money-is-no-object crowd. As for condos, my ex-building has listings piling up and going unsold month in and month out. Sellers are unwilling to accept reality-based price offers, so the market is in a standoff. Some people are still moving there (mostly the FOMO crowd), partly due to the area being spared by storms. But I'm hearing many stories of people moving there and becoming disillusioned within a few years by overcrowding, high cost of living, nightmarish traffic, and obnoxious people with superiority complexes. Reality will eventually have its impact on Miami.

[@bensellin]

Excellent imput and viewpoint. It is for sure it own anomoly not only in the state but most likely the country on a whole with these market defying numbers. Will be interesting to see how the condo market shakes out there going forward.

[@joaquincortada1483]

obnoxious ppl in Miami? no way 🤣

[@MM-wi5dn]

Miami has enormous supply unlike SF. There is a new building on MB starting at $10M. Insanity. South Pointe is $5-6 million for a 2/2. These super high end buildings are distorting the market stats.

[@joaquincortada1483]

@MM-wi5dn yeah but that's condos. not SF homes

[@MrDCMiami]

@@MM-wi5dn I meant single family homes when saying SF homes. I'm saying Miami is almost entirely condos compared to single family homes, which explains supply demand imbalance keeping prices elevated.

[@davidmajer3652]

All i can say about this is, gobble gobble. Happy Thanksgiving to all in the Ben Grieco Community.

[@bensellin]

Happy thanksgiving to you as well sir!

[@stuartsteinfeld4553]

Lake Worth seems to be desirable. Prices down but not enough for me yet.

[@tomrizzo1554]

Thanks Ben

[@DianeMarcus]

How about West Palm Beach?

[@markdavis6875]

I’m in Naples , look at the prices . If you can’t afford millions , you can’t afford Naples . Ft Lauderdale and Miami are the same . You must be looking at places inland

[@Dee-w5y]

Home values are declining rapidly in the greater Orlando area.

[@LibertyAidAcademy]

Lee County Condos example why the months supply is at least double the months it says on all the counties. 3476/261=13 months supply of condos not 8.9. Okay not double but way way way more.

[@bensellin]

There are two ways to calculate it. The Florida Realtors uses the average amount of sales from the previous 12 months now instead of just that monts sales. So you are not wrong. I would prefer it calulated the other way but thats how they role.

[@bballah9969]

Miami is still hot you say? Well if it was hot you would see people buying properties and going to open houses. Don't believe me look at the time on the market and the $10-50k price reductions so what does that tell you?

[@PianoMatronNeeNee]

No buyers here in WPB either. Market is definitely changing. Prices need to fall regardless of the interest rates.

[@bballah9969]

@PianoMatronNeeNee You got that right brudda 💯

[@Heather-db6wq]

A lot of rich foreigners buy in Miami. Russians, Middle Easterners. There isn’t enough wealthy Americans to keep the housing market going. Pretty soon more foreigners will own property in the US than actual Americans.

[@davidduty8199]

Ty

[@judyfabion8849]

Just looking for now. Waiting for the big drop to consider buying. Also waiting for insurance reform in your state. Too volatile for now.

[@CraigC-h6b]

😂😂😂 insurance reform in Florida? 😂😂😂😂

[@gregh7457]

one common theme in most are cash buyers are fewer and fewer

[@bensellin]

Excellent observation

[@LibertyAidAcademy]

Good information thank you!

[@bensellin]

Glad it was helpful!

[@lawrencefeldman462]

Citrus county property sells fast . Building new homes in Oak Village South lots clearing on every block. Boom in new homes for its hot 🔥.

[@thomasreynolds1530]

None of these factors matter until the actual prices fall. The resilience of the market is far beyond what any natural system should have.

[@bensellin]

Very resilient indeed

[@fuzzy-one-z7205]

Ben ; what would you say about a 75% loss of value in 2009 on an Orlando condo that has put us at a 50% loss of value to todays market 15 years later ?!

[@bensellin]

I would be shocked

[@georgedoolittle9015]

Definitely a warning about craziness in bitcoin for those that forgot #ftx_scandal and Miami actually. I don't see what has changed since the collapse in 2022 other than Ben is simply wandering around the empty streets of Florida anymore looking for signs of life #to_infinity_and_beyond 😊😊

[@PatienceiskeyETHSOL]

All new luxury condo purchases in Miami since pandemic should all be investigated… that’s all …

[@joaquincortada1483]

why?

[@gregh7457]

@@joaquincortada1483 potential money laundry

[@capnkirk5528]

18:57 sure LOOKS like money laundering?

[@joaquincortada1483]

glad I never invested in condos

[@ralphholiman7401]

I don't understand anyone buying a condo in Florida right now.

[@theRetainer]

FL Association of Realtors numbers are not trustworthy.

[@endofsociety]

All these people still buying, if they arent wealthy, they'll be trying to sell and looking to get out as soon as those new bills come in the following year. After they figured out they over paid for their home and insurance premiums start to kill their bank accounts. On top of taxes and hoa fees. 😂

[@KirksCountDownsM]

And many people Trump is gonna fix this. LOL, there is really nothing he can do.

[@randylahey7343]

He’ll make it worse, the tariffs and deporting the workforce will increase the price of everything, and that political climate will keep the tourists away. I’m Canadian and I personally know dozens of people who are giving Florida a miss this winter and for the future, not just snowbirds but young families as well.

[@KirksCountDownsM]

@@randylahey7343 That is true, I am sure some of those tariffs includes building material. Back to back hurricanes and the political climate I am sure doesnt help.

[@randylahey7343]

@ google Canadian softwood, this will increase prices of all construction whether it’s new, repair or Reno

[@dontaskmenomore]

There is a new state now viewers, its called FLARda.

[@bensellin]

Flahrada!