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Florida Real Estate Collapse


               
2023 Mar 29, 10:07pm   11,673 views  213 comments

by DemoralizerOfPanicans   follow (9)  

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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213   AD   2025 Dec 6, 3:35am  

DemoralizerOfPanicans says

Speaking of collapse, a Cold Snap coming around December 9th.

Might get into the 40s and 50s at night in parts of the Panhandle and Central FL!

It'll be interesting whether rock bottom FL wages ($7,000 below national average of $60k) will rise to average US levels, or whether FL housing costs will move closer to the US average (with 7-10% drop needed).


Its beach weather in Florida panhandle from first week of March to Thanksgiving weekend, or about 9 months.

Whereas in Miami I suspect its beach weather at least 11 months out of year.

The local economic development alliance said similarly that housing costs will stay flat while household income increases 3 to 4% a year.

I'm hearing more locally in Panama City Florida about property and car insurance decreasing, and also property taxes are remaining flat as well.

Gas is around $2.60 a gallon and a dozen eggs are around $2.50 at Publix, all a lot less than during the Birdbrain Biden regime.

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