SW Florida Price Cuts are INSANE

Southwest Florida is seeing some truly mind blowing price cuts. Were these homes listed too high or is this a sign of a new shift in the area's housing market heading through 2024?
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Ben Grieco
Broker Associate
Call/Text: 845-674-5290
Email: [e-mail]
SL# 3330499
Coldwell Banker Sunstar Realty
14972 Tamiami Trl, North Port, FL 34287
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🔴DISCLAIMER: Ben Grieco is not a Lender, CPA, Attorney, or Financial Advisor. This KZbin channel is intended for entertainment purposes only and my opinions are my own. The owner of this channel, Ben Grieco, makes no representations as to the accuracy of any information on this site, contained within the video, or available in comments. None of the opinions or information presented are, nor should they be taken as, financial, legal, tax, or investment advice. Please consult a financial or legal professional before investing. The information on this channel does not substitute consultations with local real estate agents, mortgage brokers, insurance brokers, financial advisors, or lawyers. The information provided is subject to change. All content written, spoken or implied is for entertainment purposes and deemed to be accurate, but not guaranteed. It is your sole responsibility to verify any and all information for accuracy and correctness.
The use of the internet and digital methods for communications with Ben Grieco such as e-mails does not establish a formal business nor agency relationship. Neither Ben Grieco nor his company is representing you unless you have a written representation agreement. This is not an advertisement for a property for sale, and if you're currently represented by another Real Estate Brokerage, this is not an attempt to solicit your representation.

[@FrankFernandez-l8t]

Even at those selling prices, they are way overpriced. Those first two homes should not have been sold a penny over $350,000 each. There’s a sucker born every day.

[@Alwaysbeclosing1774]

I’m in South Fort Myers guy in my neighborhood same house we have 2600 sq ft no pool listed 14 months ago at 685k. Through the last 14 months drops down to 535k. Just closed last week for 470K! Let it burn! This is just the beginning.

[@andyO4you]

Question is if it was worth $250k 4 or 5 years ago, it still appreciated. Just means that 600k price was nuts and not a true price

[@Alwaysbeclosing1774]

Answer is about 350k and this is just the start of the correction. We have 15 more active listings in my gated neighborhood of about 250 homes. Lee County is close to record High inventory of active listings

[@thomasreynolds1530]

@@andyO4you Go ahead and catch that knife then LMAO

[@corinagata9136]

Not in my area as of yet.

[@chrisweidner4768]

The cuts aren’t insane. They are still inflated. Our country needs to make life actually livable for the majority of its citizens.

[@keithtauber4153]

Way over priced still

[@oscarm.1417]

This is just getting started. Real estate corrections take five years from top to bottom.

[@amandabrau-v6w]

2857 Maximo rd. North port, started at $379 just sold for $310!

[@themarkandmelteam]

Great update! We really liked visiting Punta Gorda last Jan. We will keep watching your updates 👍

[@gingerjones111]

A $162K villa, bought in 2017, sold for $192K in 2024. That is perfectly reasonable. The year in between, including covid, involved a lot os noise and extreme price gauging. I'm not convinced that there is a market crash. I just think that the market is correcting itself, thus elimination of the nonsense of the years in between.

[@KingFergus]

It's so hilarious that realtors in Florida are able to convince people that an open sewer in their back yard is "water front".. it's a drainage ditch and a breeding ground for mosquitoes lol

[@eddierodriguez8004]

Open sewer where did you get that. They are ponds for reclaim curve side water. Wow. Yes ponds by your property are not water front but saying sewer is mis information or ignorance.

[@KingFergus]

@eddierodriguez8004 do you know what a drainage ditch is called? It's called an open sewer. There are a few types of sewer my friend. One is a sanitary sewer and another is a drainage sewer. All the trash, oil, fertilizer and whatever else gets washed into that "waterfront" canal and sits there in stagnant water... would you swim in it? Bet you wouldn't. Ignorance is paying extra for "waterfront property" when you have a drainage ditch in your yard lol

[@kellykell9620]

They are building one behind my house right now. It’s crazy how they are selling it, stocked pond, fishing park, beautiful scenic park etc. I would rather have woods all day long.

[@KingFergus]

@@kellykell9620 "mosquito sanctuary" hahaha

[@RedtideFla]

Realtors are bigger liars than lawyers and politicians.

[@Ireland-bc2gx]

Been in the area 27 years have seen it all ,people buy homes with pools never use them its a status symbol, without the pool these are run of the mill Sw homes and would be 65,70 thousand less with out the pool

[@Chew5219]

I'm curious how accurate the Zestimates were before they sold. 🤔🧐

[@niuniaNJ]

I wish prices were like that in Venice.

[@eddierodriguez8004]

Many owners took advantage of the people relocating from North. Any property worth what the buyer willing to pay. Interest rate also killing all market any how go any other state and compare equal homes.

[@1969bones69]

I gotta say that first house was nice. I really liked that place. That's what I am currently looking for. Literally. I am in the Largo area and looking slightly north , like Port Richey etc. Wife has to be able to commute in a reasonable time. Everything up here is flips (not good ones either) BnB's or 1000sf dumpsters that aren't fit for the homeless. Lot of places here in Largo sitting on the market for months at roughly the 550k price point standard 1960's 1500 sf 3/2's 1 car/no pool/no yard = no sale.

[@bensellin]

It was priced well at the end.

[@matthewsmith2362]

I’m looking for the same I’m in Dunedin but work often in largo and pasco county also. It is crazy how proud these home sellers are this side of the bridge. Once you get into Tampa area things are priced more logical. I don’t know what it is about Pinellas county but it is super expensive here.

[@johnlibonati7807]

The $190K condo probably sold to a family member.

[@dsj9831]

That's what I was thinking.

[@maddierosemusic]

"Barn Door - we gotta stop that" - too funny!!!!

[@nicolafazio674]

A lot of good information, still love Florida, still very desirable especially for snowbirds.

[@t4nk3d402]

every sale drops the comps and brings the whole area back down - keep it coming

[@danielivanov8617]

Absolutely love your videos Ben. Great job, keep it up. Amazing!

[@DanielLehan]

The greed and selfishness of the real estate people reminds me of 2008. Nobody learned anything from the FRAUDULENT real estate market of 1992-2008. Oh well,WE WON"T BAIL ANYONE OUT THIS TIME!!!!

[@themarkandmelteam]

Hahaha "are you gonna show me the inside of the house?" I know, right?!😂

[@tflnorthamerica4585]

Beachfront is only worth it until the clouds roll in.

[@billdillon3886]

Why do people like countertops that look like someone vomited on them?......To hide the vomit?

[@richardjohnson8114]

A few observations. First, list price is meaningless. Sales price is all that maters. The market is littered with overpriced properties, so there will be a lot of price drops if people really want to sell. Second, in my area the actual median sales price is only down 1.2% year over year and units sold is up 12%, so that is not a "price cut" at all really. Even compared to the absolute peak of April '22 median price is only down 9%, and has run basically flat since the fall of '22. Third, Florida is still number 2 for total net inbound migration, right behind Texas, which ensures continued demand, so it's not likely that there will be a 'crash'.

[@deldude568]

It's time ENOUGH Florida is out of reach since the pandemic

[@PianoMatronNeeNee]

Great insight Ben❤. Things are dropping here in West Palm Beach. The buyers have disappeared and inventory is accumulating. In my community alone, there are 44 homes for sale, the prices continue to be cut. Only 2 have gone under contract ( in the past 2 weeks), yet 11 were newly listed. I never recall having that many homes for sale (in the 11 years I’ve been here). Prices are still overvalued. Appreciate your honesty and integrity 👍

[@bensellin]

Thank you, always appreciate the input! Inventory is wild right now. Its cooled down a bit by me from the winter months. We will see how summer progresses.

[@Funtimes900]

Prices still too high I live in little Havana and a 2/1 town home is currently $260k!! Crazy

[@madeleineaudette1586]

I hope you can do as well for us Ben, on a much smaller scale of course. Can’t wait to come down at th end of July!

[@unlisted8042]

459 W Retta Esplanade, Punta Gorda, FL 33950 599,000 now. 91k dollar drop since you posted this.

[@bensellin]

😬😬

[@MichaelDavidLee]

Anyone know the Destin/Miramar Beach market? I have a beautiful cottage just 3 minutes walk from a private beach, which still rents enough to cover tge astronomically high insurance and taxes, but something tells me to be ready to part ways with it in the next couple of years. I feel like there will be something pretty major by way of economic crash in 2026 and later around 2028. Thanks for the video.

[@MicheleDullack]

Another good video. Keep up the good work.

[@danielagrozevarealtor3268]

Why didn't you call the listing agents and asked them what happened? If I see something that has sold for way less, I always call to find out what caused the huge price reduction

[@bradleyvanzile1111]

House prices are still insane way too high. You’re gonna be in debt the rest of your life!!

[@dmimcg]

So glad I never bought real estate in FL. F that.

[@DiscipleofHim]

You guys always say " welcome back" I never been here.

[@bensellin]

But next time....

[@DiscipleofHim]

@@bensellin " Greetings and welcome to another exciting show."

[@dburns8381]

I would not buy a home in Florida in any circumstance. I live in SW Alabama and I am 90 minutes from Destin/Ft. Walton. I have 18 acres of land, 2200 SF 3 br, 3 bath home with a 40 by 60 out building with a 1 br 1 bath apartment and my taxes are $460 a year, assessed at $370,000. FLORIDA? No way in HELL.

[@thomasryan2679]

Could the price drops involve owners selling to their kids for a reduced rate?

[@waylonhowell5799]

Can you do Lee County?

[@johncpa9196]

Reading those Zillow’s like a sports announcer! Add the NY to it, priceless…. “BOOM, how much money, is this guy NUTZ?” Great video.

[@tdhoang]

Good luck with getting house insurance!

[@marknewton6984]

Snowbirds😮

[@AnonymousU13]

Sellers got to get out before they’re red carpet pulled. Panic sell: you’re losing your equity. Crash Crash Crash

[@Addis-d3z]

Seller listing houses with 2022 property tax hiding the 2023 property tax which is at least 1000k more than 2022 tax!!! Be careful buying. The property tax will be the assessed by the amount of purchase price 🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️

[@kevinmorris3649]

IF SOMEONE PAYS CASH , WHO CARES - IF A BANK OR FANNIE OR FREDDY BACKS IT, ITS A CRIME. AS A BUILDER I KNOW WHAT GOES INTO THESE PROPERTY'S AND SINCE 2005 ITS BEEN THE DUMMIST SHIT SHOW ASIDE FROM THE GOV. BUDGET I CAN THINK OF.

[@matthewjames1172]

2012 adjusted prices incoming :)

[@LJ-jq8og]

"Bodies in the attic" 🤣

[@LJ-jq8og]

The listing-realtors LIE to get the listing contract from the NAIVE sellers..

[@terrygolden7726]

No better deals i. Bi.

[@SeeCopsLie]

Wait until they pay for air conditioning.

[@aliengreen2364]

250-300 to keep it at 78 usually in summer

[@ralphjessee2688]

I watched the "Big Short" again last night. Same scenario as then, but the modifiers on the sudden or rapid monthly expenditures has changed. Then it was a reset from the teaser rate, was the killer variable. Here, we have a combination of new tax assessments, outsized insurance premiums (many current mortgage holders will have these increases added to their escroll premiums) and HOA assessments (especially relevant for the condo dwellers.) Now, the wild card element (depicted as strippers during the show - (I wonder if that was an intentional housing hore reference)), today represented by the VRBOers, Flippers, and other investor types. As in, the show, not being able to constantly roll the debt, was fatal.

[@SuperMachead1]

Having properties sell for what they are actually worth….isnt news ….we certainly don’t reminisce about the prices of housing in 2007 😂😂😂😂

[@michaelcushing3526]

Now is a great time to buy after all, provided one can get one of these huge price cuts.

[@johndonovan7018]

i see price drops of 2.5MILLION on some places in florida.. no takers. problem is when you are overpriced by 7 million, 2.5 surely isnt much.

[@davidduty8199]

Ty

[@simi72100]

These prices are like California. Not sure how this can be sustained

[@jayelder9725]

Re: 4800 Turnberry Circle Northport condo Sold $190k recently: $410 monthly hoa. $3300 property tax 2023 My guess insurance $4k/yr. $12,500 per year even if you had this paid off in cash. The holding costs are the price of a mortgage in itself. Who wants those holding costs ? Especially if the hoa and insurance goes up. Maybe the price discount down to $190k is the right price to reflect this. Last year there were some starter new build homes at $280k in Lakewood Ranch near Sarasota. I’ve seen foreclosures in 2012 in ATL for $250k for 5500 sqft which were selling for $680k before the 2008 debacle. GA similar to FL markets they are like roller coasters.

[@bensellin]

Great breakdown on the numbers!

[@LeotheCatPlus]

find me a house around northport for around 250k 1500 sq sf i might buy it

[@maddierosemusic]

Good point about the lowball offer for the $1.1 mil property - it cannot hurt to put in a low offer.

[@lrobie123]

likely the $190k house owner died and their kids sold it cheap just to get the cash and get rid of the house

[@michaelbovee2477]

A dead dog isn't worth anything no matter its pedigree. After taxes mortgage and maintenance even a mansion is worthless. I sleep just fine at night in my little shack.

[@thomasreynolds1530]

It looks like investor money pulled out of the area.

[@ThePete2432]

I’m sitting on cash waiting to score a deal in the Cape Coral area.. need dock and access to ocean

[@danielagrozevarealtor3268]

I am an agent in Cape Coral :) Let's go shopping

[@gregs8685]

They still seem to be about 2x what they were pre-COVID so I would expect another 40% over the next couple of years.

[@ryanvlasic1849]

Awesome video. Wouldn't it be nice if sellers would get the memo that interest rates aren't at 3% anymore?

[@bensellin]

Thanks brother. Its starting to sink in. Really got dragged out with all the rate cut talk nonsense of the past 6 months.

[@alyross2850]

First house is nice but I’m guessing the insurance would be extra high considering that water ditch so close to the home. I might be wrong, because ironically, the ditch is there to prevent flooding. 😬

[@maddierosemusic]

1st house - $421 is cheap - that's a lot of house for the money.

[@juniorcrandall8933]

Built in 1976 on the Gulf. What's the cost of Insurance on that bad boy.

[@bensellin]

Gonna be steeeeep

[@psfraser9471]

People who bought at the peak are going to start walking away in mass, they will never get back what they paid, then add in all the sellers who bought cheap but can no longer survive on low florida income, it's going to get ugly.

[@jasonm.8749]

Considering living in this area but I'm concerned about the hurricanes. If I'm out of the flood zone and a tad bit more inland, how bad do the hurricane winds over the last few decades damage homes?

[@davidburkholder7360]

Nice video. The short of the long is prices peaked in 2022 and are pulling back about 10 percent. I don't expect a "crash." But a pullback has definitely already happened. I am seeing "days on market" of 150 days to over a year from not educated sellers. So be it.

[@manatee419]

Talk to me when the house is like two hundred thousand dollars.

[@joyh3086]

Hope you get the long weekend off!

[@burnedoutproductions5915]

hello are any of you financial gurus going to disclose to buyers to first find out the home insurance pricing because in south Florida there's folks already paying 12 to 15 k a YEAR FOR HOME INSURANCE

[@StLbfdup]

Priced out insurance for a home at 3012 diplomate road in cape. $2422 a year. No flood insurance required is what KIN insurance stated. 2500 standard deduct/ 6200 hurricane deduct. 313k structure. Maybe this will help . Prolly a bait and switch price idk tho. I called some other but they wanted me to be in escrow before i got a quote. I laught and hung up

[@JohnDoe-np3zk]

So these higher prices that include seller concessions get ignored. Yeah 11k over asking with 25k concession. Florida maff

[@PelicanIslandLabs]

@5:40 Yep................ they followed the foul smell and found the body in the attic.

[@willamfrench5058]

For beachfront, you generally don’t own beyond your mean high water line, meaning you don’t own the land on the beach down to the gulf. Usually from the dunes to the gulf. That means a family can set up right in front of your “beachfront.” That applies to most of the Florida coastline. There probably are some exceptions. We always look forward to your videos!

[@georgedoolittle7574]

Going into a predicted uniquely hot hurricane season so a lot of sellers might want out until that passes this November. 🤔 🤔🤔🤔🤔

[@breadnaut3087]

Its not abnormal when people are up to their eyeballs in debt.

[@patriciamay6396]

You were having way too much fun going through these houses 😆

[@bensellin]

😂😂

[@marilynh5487]

How much did they pay for the house 🏠 originally.

[@davidburkholder7360]

The second home, same. No way of knowing because only shows sale price of land, not what the buyer paid. It was new construction.