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Florida Real Estate Collapse


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2023 Mar 29, 10:07pm   4,250 views  87 comments

by AmericanKulak   ➕follow (9)   💰tip   ignore  

https://www.zillow.com/homedetails/640-Pelican-Dr-Satellite-Beach-FL-32937/43447731_zpid/

2015 - Sold For $155k

2/8/2019 Sold $209,000

Now? Asking $400,000
So we're to believe in 4 years, that this house legit went up almost double. Or in a decade went up almost triple.

Another one:
https://www.zillow.com/homedetails/3802-Sunbeam-Ct-Merritt-Island-FL-32953/43404282_zpid/?mmlb=g%2C13

11/25/2013 Sold
$193,500
-3.2%
$98/sqft

2/14/2023 Listed for sale
$514,900
+166.1%
$261/sqft
Source: DBAMLS #1105834 Report a problem

Both of these houses were minimally updated. The first one was built in the 1960s.

I got half dozen more examples. Here's another, it was just under $250k in what looks like a Steelolanogranite Realtor Flip Special in 2019, before COVID. It was purchased late 2018 for under $172k. Now they want almost $500k for it just 5 years later.
https://www.zillow.com/homedetails/356-W-Dover-St-Satellite-Beach-FL-32937/43448773_zpid/

If you're curious, check out Palm Bay and Melbourne on the mainland. 1950s/1960s Space Program small cinderblock specials, some with no Central Air, are going for almost the same as brand new construction much larger and more modern.

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85   Tenpoundbass   2025 Jan 14, 3:08pm  

Zillow
Zestimate®

$505,900

Also Zillow
Estimated sales range

$460,000 - $551,000

But finally Zillow
Estimated net proceeds

$370,505

Meanwhile I tell every picklehead Rent seeking baller that calls me, the house is not for sale, but it would take a million dollars to get me to think about moving. To which one moron asked, "Well has the house been recently updated?" To which I informed her, "You don't get the homework assignment" then hung up.
86   AmericanKulak   2025 Jan 29, 11:02am  

AmericanKulak says

The housing collapse is going to happen a couple of months or so after the rate first cut.

That's when the sellers won't see a sudden onslaught of buyers they're expecting, and realize they need to cut prices deeper.

Ahem.
87   AD   2025 Feb 13, 11:02pm  

.

Florida ranks very high for K-12 public education, and higher than California.

Yes Florida is more of a roller coaster economy for residential real estate compared to California, but its still a great state. This makes it an attractive state for those looking to wanting to move from their current state.

https://www.usnews.com/news/best-states/rankings/education/prek-12

https://www.usnews.com/news/best-states/rankings-index

.

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