FLORIDA'S CONDO MARKET IS IMPLODING

[@MichigantoFlorida]

Good evening Ben, your data driven content is spot on and appreciated. Most of the folks in my circle are retired and all share the same views on prior relocation to FL considerations.. Sadly, FL is no longer a consideration. We are not buying, we simply find it more convenient to visit. The Florida value proposition is gone. I can see a significant drop in Florida real estate values that will serve the residents since they have suffered too long. As for us Northern Folks, we simply visit. Keep up the great work.

[@bensellin]

Thank you! Yes many have taken a wait and see approach. Just visiting for now (or forever) and watching things progress. This is keeping our seasonal rental market fairly strong on desirable properties.

[@odessajackson4551]

Northerners moving here with their pensions, 401ks and social security to retire..to live by the water and warmer weather... old ass getting raped by these money pit condos without the KY jelly

[@tomd5178]

That 330K condo now at 199 will probably sell at 150 which is probably what it would yave sold for 3 or 4 years ago. Owners who can afford to stay in these buildings and pay higher HOA fees, assessments etc won't care about price drop too much because they aren't selling. The so called investors who bought a couple of years ago are doomed and like me in CA in 2008 will lose their ass

[@siliconvalleyJT]

I am in California. I was raised here, and my mom is in Port Charlotte. I wish people ppl le would stop flocking to these places and go to other states. They also romanize California too much. B

[@A4152-p8l]

Ben, prices came down but those HOA fees are Crazy!! I keep looking around lee county, punta rassa area for condos. But even though the prices are coming down there is No Way we are going to pay those Ridiculous HOA fees.....not to mention assessment numbers.

[@rubyannr6898]

That's another difference from 2008. It will be interesting to see how that affects things this time.

[@bensellin]

The fees are really crushing in some places and even the idea of another increase like the ones we have seen is a hard pill to swallow.

[@MissDemeanorOG]

And not to mention flood insurance, property taxes , and car insurance. Impossible to afford Fla. Talk about all the other costs please

[@frankrusso2093]

They HOA'd and taxed themselves out of existence. This just started.

[@sokaiya1]

Yep. That’s why I sold mine in 2023 and I made a total of $100 on it. But I’m free now.

[@frankrusso2093]

@@sokaiya1 Nothing better than freeing yourself from those costly fees. It's going to get worse too.

[@TraciBinIT]

Paying a mortgage and HOA fees and skyrocketing insurance and gotta fix the building too? No thank you!

[@pb4339]

Great Vid Ben - always look forward to your measured perspective.

[@bensellin]

Thank you!

[@Gufenaugh]

Ben, another good report on condo market. Beautiful scenery, very tempting. Hope storm is kind to your area.

[@bensellin]

Thank you. It is a great little location. Fingers crossed here on the storm. Appreciate the well wishes.

[@PianoMatronNeeNee]

Great video Ben❤. Love the wheelies 🚴😂. Holy cow, Incredible data. Unbelievable condo declines. Where will this mess land up! I can’t help but feel sorry for those who overpaid back during the pandemic☹️

[@RickAndell]

I don’t feel sorry for them. They YOLOed/FOMOed themselves into bad financial decisions. They are the ones who kept and continue to keep housing prices up. Sellers wouldn’t list their property at these ridiculous prices if there wasn’t someone crazy enough to pay these prices. I remember in July 2022, we were sitting in a restaurant in Marco Island when a house around $500K came on the market. We did a drive-by about 1/2 hours later. There were people circling the block. Someone was up banging on the door. Within 12 hours, it was in Pending. It went for $55K over asking. BTW: I believe it took on water during Ian. It’s back on the market for nearly $1M. It’s in Pending. Only the uber-rich or financially irresponsible people would overpay for a property. If people quit buying at these prices, they would crash. Until that happens, the prices will remain high.

[@bensellin]

Thanks as always! Nic e to see kids being kids. Rough for purchasers from the pandemic days for sure!

[@littlebitmckee8234]

Thank you

[@NorseMan633]

Ben, great content and analysis as always. Condo prices are indeed crashing due the high inventory levels in that market due to tons of people getting out of them. The prices will probably be low for the foreseeable future until the supply goes down. But, HOA and assessment fees are another animal altogether. They will not be coming down anytime soon due to the new reserve requirements and maintenance issues and building code updates that all these older condos now are required to fix. Complete nightmare for any current condo owner in Florida. Oh, I forgot to add in higher insurance rates as well. Total nightmare. Peace.

[@Valmontst]

And I can only imagine things will become even worse if this current hurricane does a lot of damage throughout several parts of Florida! I mean, I’m sure that insurance companies will either have to raise prices or stop selling in many of those areas.

[@matthewmartineau9190]

Old Condo i agree, single family home and new condo project there is not price cut at all ,it actually selling fast

[@lostvlog6857]

I pray Helene goes easy on you guys...best of luck!

[@bensellin]

Thank you! 🤞🤞🤞

[@cindyonyoutube]

A 40% price drop is definitely a crash in my opinion.

[@MissDemeanorOG]

The bias have increased though so the end COST of the condo - w flood insurance and property taxes- means condos are still unaffordable. Drop it 80 percent and you will find a buyer. Maybe.

[@homesgulfcoast]

Such a hard blow for owners who paid top dollar. Not to mention everyone has been hit with the high insurance premiums.

[@geckster109]

Sorry, but not sorry. It was those "exuberant" buyers who have caused this mess to begin with. You reap what you sow has never been more applicable then right here!

[@jonathantaylor6926]

Who buys a unit in a 35 year old condo building and doesn't look at the condo HOA financials? That isn't a smart thing to do.

[@bensellin]

@@homesgulfcoast it is a tough scenario for sure

[@bensellin]

@@jonathantaylor6926 sadly a large percentage of people.

[@ejduffy]

It probably won't get you as many clicks but could you look at single family homes and condos in Okaloosa and Walton counties? The northwest region may not be your wheelhouse, but I value your insights.

[@bensellin]

Thank you. Ill have to check into it.

[@mike-e4e4e]

For many years condo owners have been neglecting the properties to save a buck. It appears the bill has finally come due. People are avoiding the FLA condo market until the repairs all shake out due to the new laws in place. Going forward, condo pricing will reflect the high cost of the fees and condos will no longer be priced as high as stand alone properties.

[@Anon_nymous]

Whats up Ben

[@bensellin]

What is going on Sir

[@iwentforawalktoday]

next year they should drop even more because of the law requiring condos to price in future maintenance costs. And if condos go lower then older homes should also. Then new homes to follow.

[@mitcheisenman7872]

Because quite a few units in our Port St. Lucie community remain unsold, owners are trying to rent them. But the rent prices are dropping because there is also a glut of new rental communities.

[@bensellin]

Seems to be the trend in a lot of places. We have 4x the rental units here in Charlotte County than we did 2 years ago.

[@LJ-jq8og]

If I ever BUY a condo in Florida I will buy it with an LLC so if anything goes "south" I have limited liability.... Seems like a total crapshoot down there now ....

[@MissDemeanorOG]

Great recommendation. How do I do that???

[@Newlinjim]

Smart guy.

[@matthewswingle391]

Yeah….. that isn’t quite how it works.

[@eliot5220]

Crapshoot is too much credit. A better term is stupid.

[@jsd354]

Don’t think you can homestead with an LLC ownership. The government taxes not insurance and fees are the monster in the closet.

[@Andy_puglife]

Anything greater than 20% drop is a crash. 40% is insane.

[@luissuarez4540]

Hey Ben, I haven't seen that much of a drop in the Ft. Lauderdale, Hallandale beach, Hollywood Beach and Sunny Isles area and Sunny Isles is part of Miami Dade County. Where are you getting that data from?

[@mike-e4e4e]

Don't mean to answer for Ben (sorry!) but I've noticed - like you - that beach area pricing has been less affected. It will be interesting to see if it stays that way or if they will eventually follow suit.

[@bensellin]

No worries. I pull these stats from the Florida Realtors. It was -5% yoy for Miami Dade on average so different areas will vary. Some may even be up.

[@towgod3096]

Really informative video, thank you. With residential real estate prices and sales down to this extent, are commercial buildings and undeveloped land in the same economic situation?

[@bensellin]

Not currently from what I am seeing. Prices on land have pulled back a bit and purchases have slowed but both markets generally lag residential in my area at least.

[@davidduty8199]

Ty

[@micmdaaussie]

Price drops 40% from "ludicrously overpriced" to merely "hopelessly overpriced". So, someone buys that "bargain" condo and the supersized special assessment to fix the corroding foundation blows up in their face. It's not a buyer's market, more like a spectator's market. From a safe distance.

[@joyh3086]

When shall we say that the condo market has officially crashed? How about 12 months of inventory?

[@gregs8685]

Ouch!

[@eliot5220]

Basically they should just be sold to developers and converted back to rentals. The expenses are too high for condos there and it will be the case for waterfront properties.

[@RobOlgatree]

. . . . and the slow season is upon us.

[@HodgeChris]

Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

[@KaurKhangura]

Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.

[@brucemichelle5689.]

You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.

[@NoorJari406]

Would you mind providing details on the advisor who helped you?

[@brucemichelle5689.]

Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@NoorJari406]

This reference seems valid.. Just looked up her full name on my browser and found her webpage without sweat, over 15 years of experience is certainly striking! very much appreciate this.

[@wespotter6985]

We're all the sellers going? Also, Why does one low priced sale make the market if everyone else holds there price.

[@tomd5178]

Comps..

[@bensellin]

Comps indeed

[@Dee-w5y]

Above my zestimate it says -$50,000. This literally happened overnight. How is this possible? Can the government step in and stop price declines?

[@MissDemeanorOG]

What about the south east coast of Florida

[@paul2081ok]

The folks free and clear are now paying huge monthly Condo fees with no end in sight WTF..

[@KellyScaglione-c3e]

I need a cheap water front condo or town home finally Floridians will be able to live on the Beach FINALLY !

[@craftsmanctfl3493]

If they’re willing to pay sky-high HOA fees for condos three stories or higher near the beach.

[@DEG1985]

It is very sad to become old and lose everything! Only God can save us from this!😢

[@bettyb1581]

luckily I was able to sell my condo before the shit hits the fan

[@dmimcg]

YES, the invisible God in the sky will save us. Delusion is the reason people are up a creek today,. rofl.

[@wespotter6985]

This is the com before the storm

[@bettyb1581]

Calm

[@notme8438]

Literally

[@Dptl]

8:30 nothing personal but I would believe it is a buyer market when I see real estate agents are begging on the street to sell the property 😂😂😅

[@PelicanIslandLabs]

The ship as sailed but it sank before it got out to open water.

[@arthurroizman4091]

perhaps you should compare apples with apples rather than apples with oranges. for example, what has happened to sale prices of newer condos compared to sales prices a year ago of other newer condos rather than just say that old buildings saw huge price declines which makes it look like the entire condo market is getting beat up?

[@bensellin]

New condos are included in the stats. Prices also falling.

[@frankkasper5726]

Oh just wait. Those prices will continue to drop and some condos will not be able to pay their bills on a monthly basis. Those owners will be screwed and forced to move out. It will be too late for them to try to sell.

[@donnavalliere8722]

After seeing all the people loosing their homes because condo associations didn't keep up with maintenance and now the buildings are unlivable and associations foreclosures on owners for fees and fines, plus the cost going up for fees. Add that to what they are asking for them and it's just not feasible to be a condo owner.

[@mikeflair6800]

I like following Ben, IMO Florida leading the country and we will see more of this soon. No where will be as bad as Florida, as legislation and climate has upended normal economics, and it is hard to see how long this lasts, how much it falls. But for sure Ben gives us the most current data in our most volatile area, and that is good foresight.

[@bensellin]

Appreciate you being here!

[@gmil2573]

We need a new round of PPP loans to go out to dental practices, lawyer groups and car dealerships so they can again funnel into FL real estate / second homes.

[@erikhedrick2346]

LOL

[@jsd354]

Are the local counties reducing the property taxes? HOA fees and insurance are breaking the market but the government property taxes are the third leg on the stool.

[@bensellin]

Im hearing some people have seen slight decreases in their tax bills

[@cdavis25232]

Why no one talks about Lakeland, Florida??

[@bensellin]

Polk County Condo & Townhomes August 2024 From Florida Realtors: Closed Sales up 6% Average Sales Price Down -8.2% YOY Median Sales Price Down - 2.9% YOY Listings Up 90% YOY Months Supply 5.5

[@Ireland-bc2gx]

💥💥

[@keithcolegrove2924]

YOU AIN'T SEEN NOTHING YET!!!!!

[@matthewswingle391]

This guy gets it.

[@Aikynbreusov]

2008??? Or 1930????

[@RootBeerGMT]

Oh, it’s BTO time, you can bet your ass 🎵 bbbb baby bbbb baby…you ain’t ….

[@notme8438]

Hurricane coming. Prices will hit the floor

[@siliconvalleyJT]

​@@notme8438GOOD

[@thomasreynolds1530]

This could be temporary as the assessment deadline will come and pass

[@juniorcrandall8933]

In real estate, a 20% price drop is generally considered a crash.

[@mikemoab]

I expect the people having a Florida condo as a 2nd home will sell since insurance and HOA fees are outrageous.

[@jumbojet8]

HOAs, Insurance, Taxes are insane. Prices have to collapse to be reasonable.

[@MM-kf3gq]

Hurricane this week going to lower prices even more

[@JohnDuch-k1e]

Good to hear! Let's hope 30 percent leave the state!!

[@billfunk3168]

Ben I would enjoy a video on the condos by the Salt Shack restaurant in Tampa Bay that are being built. Love your channel.

[@bensellin]

Thanks man but thats like an hour and a half north of me haha

[@LJ-jq8og]

Ben👋: Can you (or anyone else who reads this !) advise best place to find apartment rentals on the web in your area.... I presume one can get some pretty good deals with all this mayhem occurring... Thx

[@thomasryan2679]

Please don't be solely money oriented. You can't live in your investment portfolio. Although the government provides a tax deduction, a home is where you invest time and love. It's where you respect a spouse, have children, and live the American dream. It's where you belong to school groups, entertain fiends, watch Little League, find a good church, live, and grow. There's more in life than how much you paid for a home or get for it when you sell.

[@joyh3086]

Regardless, you still have to meet the monthly outlay of HOA fees, insurance, utilities, etc.

[@Newlinjim]

Everything in America has become monetized,you have no choice but to be aware.

[@SRsizz]

Horrific?? You mean it’s fantastic? 🤦‍♂️ It was just a matter of time.

[@eliot5220]

Confirming it is a crash. The problem is the fees don’t crash. So unless the reduction comes to HOA, insurance, assessments it’s a wrap. The units will be empty and the banks will own them. Then developers will buy them and tear them down.

[@CryptoVin]

Wazzzzzz uuuup?!

[@steven4315]

I'm wondering if Citizens will survive Hellene.

[@bensellin]

Life finds a way

[@steven4315]

@@bensellin That's a noble sentiment but what's that got to do with Citizens meeting it's obligations? For what it's worth, I think Citizens will be fine as long as this is Florida's last hurricane of the season.

[@bensellin]

@@steven4315 Its the Gov. They will find the money one way or another. Hoping this is a dud and all stay safe.

[@mainewoods5409]

Will you eventually start showing bargains amongst the wreckage? Once all inspections, repairs and assessments are done, there ought to be some real values.

[@bensellin]

Bargain is in the eye of the beholder

[@MissDemeanorOG]

No deals with very high HOAfees, 35 year assessment fees, flood insurances, property taxes - still OVERPRICED by thousands.

[@Valmontst]

I recently retired, and badly want to move out of Louisiana (for a number of reasons). My dream was always to move to Florida and be able to retire somewhere with a nice waterfront view. Being a single guy, who just turned 62, I had originally figured that I could move somewhere and buy a beachfront condo, as I don’t need a ton of space, and would welcome the low upkeep . But having watched a number of these videos, over the past 18 months, I have become really disillusioned and saddened by all of the problems, with real estate, throughout southern Florida. Does anyone have a few suggestions as to the best current cities/towns that I should look at, or which ones I should especially avoid? I don’t necessarily have to be in a coastal community, but would like to at least be on a canal that would feed into a larger body of water. Any suggestions would be appreciated.

[@davidmajer3652]

The condo owners who have this as a second or third home will exit stage left. Some owners will just get grumpier and leave their heirs less cash. Some are going to have to sell and try to find new accommodations. The Florida bust is on the way, it is just a matter of how bad will it get.

[@bensellin]

@@davidmajer3652 extremely hard to justify that extra vacation spot when the cost tripled and you cant rent it.

[@dmimcg]

Tiny bubbles, rofl.

[@robertbenefiel2781]

Now days everyone needs to be an expert in everything! Real estate, investments, medical care, tax code, internet, etc. !

[@sc147]

price needs to come down 50-60%.

[@robertbenefiel2781]

I just rent and don’t want to own anything !

[@craftsmanctfl3493]

Ben, remember to explain that the new laws requiring regular engineering/structural reports, maintenance requirements for the reports and full funding for reserves for such reports and maintenance don’t apply to condos two stories or less. There’s where buyers should be looking.

[@Newlinjim]

Florida better pray the equity markets don’t take a big hit. Wealthy folks may not need to work but they definitely rely on capital appreciation to fund their lifestyles.

[@marcusdisalvio1804]

What people don't understand about the condom market that's over in Sarasota mostly is that the downtown section on main Street these condos are going for over a million dollars per unit or more, the locals that I have spoken to do not want them there but the city council always goes to the builder since they understand that they'll get a nice cut back with also a lot of free gifts which include donations or condo units that they'll never be used they're just there for money to be used to launder whatever they want. Also since the ones on main Street have been built right now the area has been artificially inflated which is going to cause everything to be rezoned again which is going to cause more problems with the insurance and the ever-growing need for utilities. I don't know who can buy these things also a lot of them are just empty if you walk near the O'Leary's tiki bar that's downtown as well the ones that are right on the bay are empty as well and those things have nobody in them at all at all. I think by end of a year if Trump doesn't get in everything is going to come down to the point where it's going to be a 1929 depression or worse a hybrid of the 2008 crash but on steroids

[@sheneedsme]

Yea keep voting republican 😂😂😂 🤡

[@JohnDuch-k1e]

Who wants to live in Miami? 😅😅

[@lostvlog6857]

Detroit or Gary, IN is a better option.

[@adfreeviewer9005]

Check & mate to condo market. Single family home to follow.

[@marilynh5487]

❤Gotta ❤ Love ❤️ Hurricane 🌀

[@geckster109]

Ben, how do buyers stay ahead of the curve and out of trouble without just sitting on their hands? Is now the time where offering 75-80% of ask is a good opening strategy? At what point would you no longer represent a buyer because of their consistently low offers? I am genuinely curious.

[@chuckharper4730]

Don't just talk about the depressing side we already know that. Find a ray of hope or folks need we are old with little time left find us hope, not lies but hope there are ways to do that but it takes more work first from you with to find the side that is less bad not all doom and gloom. You are not Jesus or expected to be but find a relatively good mrssage we are tough or you should consider a new job.

[@RonaldChristian-sl1uq]

Could your talk about Manatee Co -Bradenton -LWR areas. Thanks

[@Fredsta4christ]

GOOD. Wood and concrete doesn't appreciate 100%+ YoY. Not now. Not ever. Substantial correction is absolutely needed.

[@patriciac3151]

Can you talk about the condo market in Fort Myers please?

[@DrHughWegwerth]

Crash….

[@jaybarr8098]

Nothing much for price drops in Broward County .

[@marilynh5487]

❤I HATE ❤️ MIAMI ❤BORN&RAISED ❤IN ❤MIAMI GENTRIFICATION 😢😢IS 👀 👀 AWFUL 😖. NOW I'M THE PERSON THAT EVERYONE LOOKS AT 👀 👀 STRANGE. ❤GOTTA ❤️ LOVE THE❤COFFEE ☕️ AND SPANISH 👍 FOOD

[@Cooper127]

If any condo survives the hurricane, all restrictions should be lifted.

[@aprilgentile5438]

If you’re comparing prices today with the height of the market, you should also be comparing it to 2019 before the covid mania.

[@Aikynbreusov]

Ooohhhh... he has bad teeth... Does anyone know why this guy always wears the same clothes, same cap...same pilot sunglass ??? He reminds me of the homeless guys Miami Beach...

[@bensellin]

This guy lol Where have you been sir?

[@ameganrod]

Get a life loser….this guy has great content!

[@bradcoleman4933]

Seriously, you are showing your age. Look back at Florida through the years. This is actually normal.

[@bensellin]

We are both showing our age sir lol

[@YourOnlineOpinionsArentValid]

Punta gorda is cooked

[@duxburyrealestate]

Stop your crying. Prices need to go down alot

[@smoochdawg4547]

Who is going to buy that junk when they'll never know how much the HOAs will try to steal. 😅🤣😅

[@frankdattilo1836]

Hurricanes, Stupid Buyers & Sellers = Collapse Matrix

[@SRsizz]

Saying you are surprised this is happening just shows how clueless you are.

[@MissDemeanorOG]

He sells real estate - the whole purpose of his channel is to get buyers to jump back into the mess RE agents helped create.

[@SRsizz]

@@MissDemeanorOG I guess you missed the point entirely.

[@frankkeel8410]

Ct real estate has doubled in cost. A non home bldg because of Democrat policy's

[@Dee-w5y]

Condos -80%. This will be worse than 2008.

[@soniabayer578]

Housing catastrophe .. many causes .. greed being one, poor management and real estate prices! Insanity from A to Z!!

[@VanceThomas-ms9hb]

ANY KID IN GENERAL IS AWESOME!! KIDS ROCK!!! 👍 2:58