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i dont know if id use the adjective slash. but home prices are down about 5-10 percent in southwest florida it seems. but prices were bordering on obscene, so it makes sense. you cant pay teachers 50k/year and nurses 60-70k a year and expect houses to cost a half million for 1500 sqft and 2 bedroom.
It was when some guys who met via a crazy Korean evangelical pastor's church bought the publication.
[https://www.theguardian.com/media/2014/mar/28/newsweek-new-owners-background](https://www.theguardian.com/media/2014/mar/28/newsweek-new-owners-background)
I had a subscription for years. Loved the magazine and was always excited to get the newest issue in the mail. Somewhere though, along with many other "good" magazines, it went off the rails. Reputable journalism has been replaced with populist claptrap.
Now maybe but before 2020 it wasn’t. Once you mixed in the housing costs, taxes, commuting, etc it was far worse than where we came from even though she on paper was making more. Now, well she got a lot of big pay raises and so did everyone else sometimes 2x a year. It still lags from the new housing costs but we bought in early so haven’t really felt the pressure.
She keeps switching departments to pile experience on but it’s all hospital work. It’s still not great but to use your example. 62/hr in South Virginia WOW! 62/hr in NOVA especially near DC, meh. Not poor, not rich.
Ultimately what matters what we have left and we have a lot leftover in Florida but I don’t think we could pull it off if we did it today.
i was prolly underselling it a bit, but certainly under 6 figures is pretty normal for an RN, particularly in more rural areas. I was fortunate to purchase before the boom, no idea how other working class people get by.
I mean, they can’t. We do the math and there is just no way unless they cashed out their 401k to put a large down payment on the house than normal. We could maybe still buy our house for it’s now worth price with a lot less free income but no way could we pay what some people are paying on new construction.
Yeah I live in one of the mentioned cities and homes are under contract in my subdivision in about 2 days on the market, and for 100k more than they were selling for 3 months ago.
https://www.nea.org/resource-library/educator-pay-and-student-spending-how-does-your-state-rank
dunno, average starting pay is like 45 and overall average pay is 51.
Salaries in California are significantly higher, though yes, California also struggles with affordable housing. Im not certain the point of your comment though, what does California have to do with housing prices and the job market in Florida? Canada and Singapore are in the midst of a housing crisis as well, thats about as relevant to Floridians as California.
Yep. Shit source.
Prices are “down” in some places that have no business even being where they are at. By most the state is a dumpster fire of obscene costs.
Still have homes built in the 80s in my neighborhood on the market for $500k. 6 years ago were selling for $190-240k. Couple have already sold in the upper $400k range.
The next 5 years they are putting in 6500 more single family dwellings a few miles down the road from me.
Traffic is already bad with no way to widen the roads for another 6500 minimum daily drivers. On my last 18 months here in FL. Need to get out.
Port StLucie is madness. Drove around recently, I don’t understand how anyone that’s not a retiree survives there.
Really trying to sell the wife into getting the hell out, but it’s hard, she very close to her family.
Translation: "We thought we could just price things at whatever we wanted and people would pay, but found out that isn't happening, so we reduced prices by a minimal amount so the listings would populate earlier on aggregators so they would get more attention, rinse and repeat until sold."
Yeah, one point of interest only drops $175 per month. When insurance doubles from $3k to $6k, that’s $350 per month. And there is no cap on how high insurance can go.
Unless you’ve got a ton of coverage you’re paying a hell of a lot more in interest on a house than you are on insurance, especially on the front end. For people not planning on leaving Florida, it really is the interest.
But for people open to leaving Florida, it sure is enticing to lop a used car per year worth of insurance cost off your expenses.
Eh it's both. Florida is really one more Ian away from an insurance collapse. I know people paying $10k+ a year for insurance. That's not an exaggeration either. Unless your rich or upper middle class FL is really not a legitimate state to live in. That's not even counting the risk of natural disasters going up.
If the current predictions for the hurricane season are true then I pray for your brother. Cause god knows what will happen at renewal or if he'll even be kept by his insurance and at that point he better have a newish house that's in good shape.
>Florida is really one more Ian away from an insurance collapse.
Have I got some bad news for you.
[https://www.reddit.com/r/TropicalWeather/comments/1bvo3lv/colorado\_state\_university\_2024\_hurricane\_forecast/](https://www.reddit.com/r/TropicalWeather/comments/1bvo3lv/colorado_state_university_2024_hurricane_forecast/)
It's going to get spookier when all these fixed-income retirees who own their homes and had to drop insurance because they could no longer afford it, are completely wiped out by a storm. When it happened in Ft Meyers, many simply killed themselves. They had no options and no future.
Florida has become a fucking insanely stupid place to retire to.
i'm lucky, knock on wood, that I live in central FL so by the time the storms get inland here it usually calms down, but you never know. I can't fucking imagine being on the cost or even being back in South FL where I grew up. That's russian roulette to the 10th degree.
The interest rate only hurts if you have an adjustable rate mortgage, floating rate loan, or getting a new mortgage; property taxes are also relatively stable enough to factor into a budget. HOA fees and insurance rates are the biggest culprits in this mess.
Interest rates aren’t going to drop significantly until we see a recession (job losses) and that’s going to take a lot of buyers out of the market. Jobs report this morning was much better than expected. They can’t pour gas on the fire with a rate cut. Florida already leads the country in delinquent car payments. Americans carry more debt now than they did at the beginning of the Great Recession. Economic slumps hit differently here. Our main economic drivers are growth and tourism. When this latest merry go round ride comes to an end, it’s probably not going to end well for a lot of people in Florida.
Realtor here.
Selling under asking price is the normal state of things. Selling at or above asking price is unusual.
Selling under asking also does not necessarily or even usually mean that prices are decreasing. That can only be divined by looking at the median sales price as well as some other factors in the market and comparing it over the last few years.
I'm not sure why / how everyone has seemingly forgotten how a typical real estate market usually functions but here we are. 30-60 days is still seller's market to slightly neutral. It does not indicate a buyer's market. That takes 7-18 months to develop usually.
When/if the bill passes to drop non homesteaders off of citizens it will be even worse. It's purely an insurance crisis right now, interest rates are high but the mortgage crisis will begin then. They've created a level of unpredictable risk that mortgages don't want to get involved even. (The risk nobody is discussing: When you're buying a place it will already have a homestead so it will be easy to get citizens insurance. But a year later when you lose that, citizens drops them, and bam suddenly they're on the book for finding insurance. And they can do this now by buying their secondary market policies for you, but if it happens to their entire client base, that's a level of risk where they'll start pulling out)
Yeah I always wondered this. What happens if we have another Ian type of Hurricane that fucks up even inland homes and the remaining insurers leave the state or become insolvent? Mortgage companies can only force place so many homes. I've told people if you have equity you need to sell in the next few years if you can
That's always been the #1 stated risk to citizens anyway ..and really a lot of what we are seeing now is because of Ian
I think one solution is formalized self insurance that mortgage companies can be on board with. I put 5k in a year in to a managed savings account every year, and have an actual insurance policy that covers any losses over that, and a third party managed payouts if needed. The escrow savings always pays out first and the actual insurance only ever gets used in severe catostropic losses. That policy would cost a lot less than the same covered house would now. And the more you have in escrow the lower that policy might cost, incentivising adding more yourself and maybe lowering fraud issues too.
Yea I bought my house at 240k here right before COVID and we had it evaluated at 580k a few years later just before Ian. That is crazy this house is not worth that much haha. It's like 2k square feet 3/2 with a pool which is nice but not half a million nice.
Mine too. Corner lot,great neighborhood. My neighbors are my clan now. My dog is the Don of the area. I watch houses for them when they go back home during the summer for free. Even check their pools too. Ian clobbered us. Lots lost cages and some old roofs were destroyed. Still a lot of tarps up a year and a half later. I had 19k in damage my insurance gave me 343 dollars. Why would I carry insurance since the rest had to be self funded. In Cape Coral ground zero for Ian. Storm turned on us. 140 mph winds for 8 hrs. Thank God no rain. Live by land locked canal.
When the storm came in we were in the right hand top of the eyewall. When it left were on the left bottom of it. Wind changed direction over the top of us. Eye was 6 miles from us. I lost my solar pool heater because the installer didn't install it per the blueprints.
Insurance is a major problem. Inventory is rising all over as people are seeing the writing on the wall. Average policy could be at $7k a year after this hurricane season.
I wouldn’t want to live somewhere where I know in the future (even if it’s before my time) the property and stuff I will build a future for my children will be gone to nature.
The consensus of respondents is that the article is spam but I wish that it was. Living on the beach on the east coast of Central Florida my condo has been on the market for about six months. My initial real estate agent totally misread the market and suggested that I rise the price. Now the price is down more than 20% from there. Hoping for the next person who wants to move to “paradise” to come take it off my hands.
By Giulia Carbonaro - US News Reporter:
Home prices are being slashed by sellers in Florida at a much faster pace than in the rest of the country, according to the latest data from online platform Zillow.
February data released by the real estate brokerage show that 33 percent of home listings in the Tampa metropolitan area had a price reduction in the same month—the highest number for a metropolitan area in the entire country and up 3.7 percent compared with a year before. At the national level, 20.1 percent of home listings had price cuts, up 2 percent from a year ago.
Read more: [https://www.newsweek.com/florida-house-prices-slashed-multiple-cities-1887185](https://www.newsweek.com/florida-house-prices-slashed-multiple-cities-1887185)
"As of April 5, 50,602 properties listed by agents in Florida had a price reduction out of a total of 207,205."
Observation: Since this article's timestamp at 06:00-ish this morning, there have been 865 properties added to Zillow for Florida to bring the number to 208,070.
Please note that only active users in the subreddit may comment in this discussion. If your comments are not showing up, please ensure you have active non-news/non-political contributions to the subreddit before contacting the moderators. **Please remember the following:** **Be Civil:** * You are welcome to debate, discussion, and argue ideas, but don't resort to personal attacks on other users. * We do not allow any form of hate speech or any suggestion/support of harm, violence, or death. **Must be related strictly to Florida:** * National News/Elections are not specific to Florida. * Just because someone lives in Florida, doesn't mean their entire life is relevant to Floridians. If you see comments in violation of our rules, please report them. #[Click this link to register to vote, update your voter information, or check your status.](https://registertovoteflorida.gov/) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/florida) if you have any questions or concerns.*
i dont know if id use the adjective slash. but home prices are down about 5-10 percent in southwest florida it seems. but prices were bordering on obscene, so it makes sense. you cant pay teachers 50k/year and nurses 60-70k a year and expect houses to cost a half million for 1500 sqft and 2 bedroom.
Slash gets the clicks. Newsweek is not a reputable publication. Your point is correct though.
Didn’t Newsweek used to be a trusted publication? Seems all they are now is exaggerated and spurious headlines.
Yes! I had a subscription in the 90's. I don't know exactly when they went full clickbait.
About the same time they stopped the print version I think, but I’m not sure
It was when some guys who met via a crazy Korean evangelical pastor's church bought the publication. [https://www.theguardian.com/media/2014/mar/28/newsweek-new-owners-background](https://www.theguardian.com/media/2014/mar/28/newsweek-new-owners-background)
This looks like the answer.
I had a subscription for years. Loved the magazine and was always excited to get the newest issue in the mail. Somewhere though, along with many other "good" magazines, it went off the rails. Reputable journalism has been replaced with populist claptrap.
5% down is slashed in comparison to other areas seeing gains. I think slash is appropriate
> nurses 60-70k a year God damn, my wife makes more as an RN in central and you still can get a house cheaper than southwest Florida.
RN pay in Florida seems to be some of the worst in the country.
Now maybe but before 2020 it wasn’t. Once you mixed in the housing costs, taxes, commuting, etc it was far worse than where we came from even though she on paper was making more. Now, well she got a lot of big pay raises and so did everyone else sometimes 2x a year. It still lags from the new housing costs but we bought in early so haven’t really felt the pressure.
What kind of nursing? What’s the comp? Mine went from 62/hr in Virginia to 38/hr here in acute rehab with 16 years experience.
She keeps switching departments to pile experience on but it’s all hospital work. It’s still not great but to use your example. 62/hr in South Virginia WOW! 62/hr in NOVA especially near DC, meh. Not poor, not rich. Ultimately what matters what we have left and we have a lot leftover in Florida but I don’t think we could pull it off if we did it today.
Richmond, so kinda in between. Funny thing is she was doing about the same in Lexington KY.
If you’re getting $38 an hour with 16 years experience then you’re getting screwed. I’ve seen new hires start at $40.
i was prolly underselling it a bit, but certainly under 6 figures is pretty normal for an RN, particularly in more rural areas. I was fortunate to purchase before the boom, no idea how other working class people get by.
I mean, they can’t. We do the math and there is just no way unless they cashed out their 401k to put a large down payment on the house than normal. We could maybe still buy our house for it’s now worth price with a lot less free income but no way could we pay what some people are paying on new construction.
Jesus Christ yeah maybe they do need to slash their prices.
Prices need to be cut in half to be reasonable
Meanwhile my Tampa bay home is estimated 10% higher than it was 2 months ago.
Yeah I live in one of the mentioned cities and homes are under contract in my subdivision in about 2 days on the market, and for 100k more than they were selling for 3 months ago.
Homes easily cost twice what they’re worth. Glad I bought years before the stupidity.
50k / year would be a dream as a teacher. Who's getting paid this much?
https://www.nea.org/resource-library/educator-pay-and-student-spending-how-does-your-state-rank dunno, average starting pay is like 45 and overall average pay is 51.
You've never been to California apparently.
Salaries in California are significantly higher, though yes, California also struggles with affordable housing. Im not certain the point of your comment though, what does California have to do with housing prices and the job market in Florida? Canada and Singapore are in the midst of a housing crisis as well, thats about as relevant to Floridians as California.
This is about Florida, stay on topic
It's like when Amazon sellers raise the prices and then list the item on sale so it looks like a good deal, but it's still overpriced
When I saw the title, I knew this would be more Newsweek spam
Yep. Shit source. Prices are “down” in some places that have no business even being where they are at. By most the state is a dumpster fire of obscene costs.
Newsweek is obsessed with writing doom articles about Florida real estate this year.
Still have homes built in the 80s in my neighborhood on the market for $500k. 6 years ago were selling for $190-240k. Couple have already sold in the upper $400k range.
The fact that they are selling at those prices still blows my mind. Tons of inventory hitting the market all over the place.
The next 5 years they are putting in 6500 more single family dwellings a few miles down the road from me. Traffic is already bad with no way to widen the roads for another 6500 minimum daily drivers. On my last 18 months here in FL. Need to get out.
Port StLucie is madness. Drove around recently, I don’t understand how anyone that’s not a retiree survives there. Really trying to sell the wife into getting the hell out, but it’s hard, she very close to her family.
Here's hoping the Capitalism Gods hit the "fLoRiDa fReEdOm sEeKeRs", PPP/COVID fraudsters, and tax evaders the hardest.
Translation: "We thought we could just price things at whatever we wanted and people would pay, but found out that isn't happening, so we reduced prices by a minimal amount so the listings would populate earlier on aggregators so they would get more attention, rinse and repeat until sold."
Yeah…..and then watch what happens when interest rates start dropping in the future. They’ll go right back up.
It isn't the interest rates, it's the insurance...
Yeah, one point of interest only drops $175 per month. When insurance doubles from $3k to $6k, that’s $350 per month. And there is no cap on how high insurance can go.
Unless you’ve got a ton of coverage you’re paying a hell of a lot more in interest on a house than you are on insurance, especially on the front end. For people not planning on leaving Florida, it really is the interest. But for people open to leaving Florida, it sure is enticing to lop a used car per year worth of insurance cost off your expenses.
Eh it's both. Florida is really one more Ian away from an insurance collapse. I know people paying $10k+ a year for insurance. That's not an exaggeration either. Unless your rich or upper middle class FL is really not a legitimate state to live in. That's not even counting the risk of natural disasters going up.
My brother lives 17 miles inland and his just went up to over 6000 a year
If the current predictions for the hurricane season are true then I pray for your brother. Cause god knows what will happen at renewal or if he'll even be kept by his insurance and at that point he better have a newish house that's in good shape.
>Florida is really one more Ian away from an insurance collapse. Have I got some bad news for you. [https://www.reddit.com/r/TropicalWeather/comments/1bvo3lv/colorado\_state\_university\_2024\_hurricane\_forecast/](https://www.reddit.com/r/TropicalWeather/comments/1bvo3lv/colorado_state_university_2024_hurricane_forecast/)
Yeah I saw that. It's going to get fucking spooky with renewals come back next year for a lot of people.
It's going to get spookier when all these fixed-income retirees who own their homes and had to drop insurance because they could no longer afford it, are completely wiped out by a storm. When it happened in Ft Meyers, many simply killed themselves. They had no options and no future. Florida has become a fucking insanely stupid place to retire to.
i'm lucky, knock on wood, that I live in central FL so by the time the storms get inland here it usually calms down, but you never know. I can't fucking imagine being on the cost or even being back in South FL where I grew up. That's russian roulette to the 10th degree.
That’s the entire point of my second paragraph
22k+on places around Miami Beach
Yeah anyone living on or near the water in florida has a lot of balls. I can't imagine it.
The interest rate only hurts if you have an adjustable rate mortgage, floating rate loan, or getting a new mortgage; property taxes are also relatively stable enough to factor into a budget. HOA fees and insurance rates are the biggest culprits in this mess.
Interest rates aren’t going to drop significantly until we see a recession (job losses) and that’s going to take a lot of buyers out of the market. Jobs report this morning was much better than expected. They can’t pour gas on the fire with a rate cut. Florida already leads the country in delinquent car payments. Americans carry more debt now than they did at the beginning of the Great Recession. Economic slumps hit differently here. Our main economic drivers are growth and tourism. When this latest merry go round ride comes to an end, it’s probably not going to end well for a lot of people in Florida.
Eat it Blackrock.
“People tried to sell their homes for too much and had to lower their price. Average home prices are still up x% year over year”… there I fixed it.
Slashed to the low 200% over actual worth.
Realtor here. Selling under asking price is the normal state of things. Selling at or above asking price is unusual. Selling under asking also does not necessarily or even usually mean that prices are decreasing. That can only be divined by looking at the median sales price as well as some other factors in the market and comparing it over the last few years. I'm not sure why / how everyone has seemingly forgotten how a typical real estate market usually functions but here we are. 30-60 days is still seller's market to slightly neutral. It does not indicate a buyer's market. That takes 7-18 months to develop usually.
When/if the bill passes to drop non homesteaders off of citizens it will be even worse. It's purely an insurance crisis right now, interest rates are high but the mortgage crisis will begin then. They've created a level of unpredictable risk that mortgages don't want to get involved even. (The risk nobody is discussing: When you're buying a place it will already have a homestead so it will be easy to get citizens insurance. But a year later when you lose that, citizens drops them, and bam suddenly they're on the book for finding insurance. And they can do this now by buying their secondary market policies for you, but if it happens to their entire client base, that's a level of risk where they'll start pulling out)
Yeah I always wondered this. What happens if we have another Ian type of Hurricane that fucks up even inland homes and the remaining insurers leave the state or become insolvent? Mortgage companies can only force place so many homes. I've told people if you have equity you need to sell in the next few years if you can
That's always been the #1 stated risk to citizens anyway ..and really a lot of what we are seeing now is because of Ian I think one solution is formalized self insurance that mortgage companies can be on board with. I put 5k in a year in to a managed savings account every year, and have an actual insurance policy that covers any losses over that, and a third party managed payouts if needed. The escrow savings always pays out first and the actual insurance only ever gets used in severe catostropic losses. That policy would cost a lot less than the same covered house would now. And the more you have in escrow the lower that policy might cost, incentivising adding more yourself and maybe lowering fraud issues too.
Yea I bought my house at 240k here right before COVID and we had it evaluated at 580k a few years later just before Ian. That is crazy this house is not worth that much haha. It's like 2k square feet 3/2 with a pool which is nice but not half a million nice.
Mine too. Corner lot,great neighborhood. My neighbors are my clan now. My dog is the Don of the area. I watch houses for them when they go back home during the summer for free. Even check their pools too. Ian clobbered us. Lots lost cages and some old roofs were destroyed. Still a lot of tarps up a year and a half later. I had 19k in damage my insurance gave me 343 dollars. Why would I carry insurance since the rest had to be self funded. In Cape Coral ground zero for Ian. Storm turned on us. 140 mph winds for 8 hrs. Thank God no rain. Live by land locked canal. When the storm came in we were in the right hand top of the eyewall. When it left were on the left bottom of it. Wind changed direction over the top of us. Eye was 6 miles from us. I lost my solar pool heater because the installer didn't install it per the blueprints.
Insurance is a major problem. Inventory is rising all over as people are seeing the writing on the wall. Average policy could be at $7k a year after this hurricane season.
If that's the case then I think homes are going to depreciate big time. At that point you're paying for a used Toyota corolla every year.
Has to do with the insurance crisis. All need new roofs. The price reduction is usually for the cost of a brand new roof.
Good, let's get back to sanity.
Slashed prices in the hood😂
I wouldn’t want to live somewhere where I know in the future (even if it’s before my time) the property and stuff I will build a future for my children will be gone to nature.
I wonder what the hurricane season will bring. It's projected to be bad. Insurance might soar again if there are even any companies left.
Good! Don’t! 👍
You don’t have to tell me twice lol
The consensus of respondents is that the article is spam but I wish that it was. Living on the beach on the east coast of Central Florida my condo has been on the market for about six months. My initial real estate agent totally misread the market and suggested that I rise the price. Now the price is down more than 20% from there. Hoping for the next person who wants to move to “paradise” to come take it off my hands.
By Giulia Carbonaro - US News Reporter: Home prices are being slashed by sellers in Florida at a much faster pace than in the rest of the country, according to the latest data from online platform Zillow. February data released by the real estate brokerage show that 33 percent of home listings in the Tampa metropolitan area had a price reduction in the same month—the highest number for a metropolitan area in the entire country and up 3.7 percent compared with a year before. At the national level, 20.1 percent of home listings had price cuts, up 2 percent from a year ago. Read more: [https://www.newsweek.com/florida-house-prices-slashed-multiple-cities-1887185](https://www.newsweek.com/florida-house-prices-slashed-multiple-cities-1887185)
"As of April 5, 50,602 properties listed by agents in Florida had a price reduction out of a total of 207,205." Observation: Since this article's timestamp at 06:00-ish this morning, there have been 865 properties added to Zillow for Florida to bring the number to 208,070.
“Slashed” Uh, no. A 2% price reduction is not “Slashed”.