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151
zzyzzx
2025 May 14, 10:46am
zzyzzx
2025 May 14, 10:46am
https://www.dailymail.co.uk/real-estate/article-14708061/southern-state-housing-market-real-estate-crash.html
Southern state residents 'desperate to escape' but homes won't sell as crash looms
Panic selling is setting in, with residents spooked by skyrocketing HOA fees, especially in the wake of the 2021 Surfside condo collapse, as well as soaring insurance premiums.
Southern state residents 'desperate to escape' but homes won't sell as crash looms
Panic selling is setting in, with residents spooked by skyrocketing HOA fees, especially in the wake of the 2021 Surfside condo collapse, as well as soaring insurance premiums.
152
AD
2025 May 14, 10:58am
AD
2025 May 14, 10:58am
zzyzzx says
Yeah this is true for South Florida for the old high rises. Florida passed or is going to pass legislation to try to alleviate this.
This may have a spill over effect to other housing like townhomes and two floor condos.
Not seeing this a factor in Panama City Beach and panhandle for various reasons as those beach front condos do not have same environmental challenges like Surfside Miami; one reason is the panhandle beach front is at least 10 feet above sea level.
For many, they have a lot of equity in those Miami beach front condos so they'll take a reverse mortgage on them to live in them.
Also a major increase in demand for restoration of those condos will result in an increase in qualified contractors to work on them; this may result in lower prices for the HOAs.
.
https://www.dailymail.co.uk/real-estate/article-14708061/southern-state-housing-market-real-estate-crash.html
Southern state residents 'desperate to escape' but homes won't sell as crash looms
Panic selling is setting in, with residents spooked by skyrocketing HOA fees, especially in the wake of the 2021 Surfside condo collapse, as well as soaring insurance premiums.
Yeah this is true for South Florida for the old high rises. Florida passed or is going to pass legislation to try to alleviate this.
This may have a spill over effect to other housing like townhomes and two floor condos.
Not seeing this a factor in Panama City Beach and panhandle for various reasons as those beach front condos do not have same environmental challenges like Surfside Miami; one reason is the panhandle beach front is at least 10 feet above sea level.
For many, they have a lot of equity in those Miami beach front condos so they'll take a reverse mortgage on them to live in them.
Also a major increase in demand for restoration of those condos will result in an increase in qualified contractors to work on them; this may result in lower prices for the HOAs.
.
153
AD
2025 Jun 12, 12:15am
AD
2025 Jun 12, 12:15am
.
look on Zillow at 8111 Annabellas Ct and 8113 Annabellas Ct in Panama City Beach , they are selling below their 2006 and 2007 price levels , and 8113 is selling below its 2022 sales price :-(
https://www.zillow.com/homedetails/8111-Annabellas-Ct-Panama-City-Beach-FL-32407/81779764_zpid/
https://www.zillow.com/homedetails/8113-Annabellas-Ct-Panama-City-Beach-FL-32407/112794721_zpid/
.
look on Zillow at 8111 Annabellas Ct and 8113 Annabellas Ct in Panama City Beach , they are selling below their 2006 and 2007 price levels , and 8113 is selling below its 2022 sales price :-(
https://www.zillow.com/homedetails/8111-Annabellas-Ct-Panama-City-Beach-FL-32407/81779764_zpid/
https://www.zillow.com/homedetails/8113-Annabellas-Ct-Panama-City-Beach-FL-32407/112794721_zpid/
.
154
Glock-n-Load
2025 Jun 12, 5:21am
AD says
Wow, did that first one really sell for $53k back in 2012? The discounts were that extreme? It had sold for $229k in 07.
.
look on Zillow at 8111 Annabellas Ct and 8113 Annabellas Ct in Panama City Beach , they are selling below their 2006 and 2007 price levels , and 8113 is selling below its 2022 sales price :-(
https://www.zillow.com/homedetails/8111-Annabellas-Ct-Panama-City-Beach-FL-32407/81779764_zpid/
https://www.zillow.com/homedetails/8113-Annabellas-Ct-Panama-City-Beach-FL-32407/112794721_zpid/
.
Wow, did that first one really sell for $53k back in 2012? The discounts were that extreme? It had sold for $229k in 07.
155
SharkyP
2025 Jun 12, 6:33am
Living on the beach is becoming perilous when it comes to insurance. I lived on saltwater in Tarpon Springs. 180 ft on the water. Thanks to Maxine Waters’ flood bill the projected flood insurance went from an affordable amount to $45000 a year. I got the hell outta Dodge and moved inland 20 miles from Ocala. Now Ocala has been growing exponentially, highest in the state. Nightmare developing for the townies. But it does seem single family homes sales have slowed…
156
SunnyvaleCA
2025 Jun 12, 8:15am
Glock-n-Load says
Here in Silicon Valley, the land is what appreciates. Structures appreciate somewhat because the ever-increasing government requirements mean construction increases somewhat as well — just nothing compared to the land. Appreciation due to increased costs of new construction means structure at least keeps up with inflation.
A condo in a not-particularly-desireable part of Florida? Land not really appreciating. Structure not appreciating because building costs are not appreciating (thanks at least in part to DeSantis). In fact, the structure is going to depreciate as it gets older and needs repairs. Add to all of that potential massive insurance cost increases as an unexpected expense and you can get the result you see.
AD says
.
look on Zillow at 8111 Annabellas Ct and 8113 Annabellas Ct in Panama City Beach , they are selling below their 2006 and 2007 price levels , and 8113 is selling below its 2022 sales price :-(
https://www.zillow.com/homedetails/8111-Annabellas-Ct-Panama-City-Beach-FL-32407/81779764_zpid/
https://www.zillow.com/homedetails/8113-Annabellas-Ct-Panama-City-Beach-FL-32407/112794721_zpid/
.
Wow, did that first one really sell for $53k back in 2012? The discounts were that extreme? It had sold for $229k in 07.
Here in Silicon Valley, the land is what appreciates. Structures appreciate somewhat because the ever-increasing government requirements mean construction increases somewhat as well — just nothing compared to the land. Appreciation due to increased costs of new construction means structure at least keeps up with inflation.
A condo in a not-particularly-desireable part of Florida? Land not really appreciating. Structure not appreciating because building costs are not appreciating (thanks at least in part to DeSantis). In fact, the structure is going to depreciate as it gets older and needs repairs. Add to all of that potential massive insurance cost increases as an unexpected expense and you can get the result you see.
157
AmericanKulakMaximumTrumper
2025 Jun 12, 9:21am
AmericanKulakMaximumTrumper
2025 Jun 12, 9:21am
I had to rub my eyes. In 2021 I was looking for a 2 bed and they were all $1900. $2100 for the new apartments.
Now, I see homeloaners and ex-BNBers trying to rent their townhouse or 3 Bed (1960s converted, so no garage), 1.5 for $1600 and laughing.
The new multifamilies are offering 2 months free rent at $1400 for 900-1100 sq ft 2-3 bedrooms.
Knock 'em down.
Now, I see homeloaners and ex-BNBers trying to rent their townhouse or 3 Bed (1960s converted, so no garage), 1.5 for $1600 and laughing.
The new multifamilies are offering 2 months free rent at $1400 for 900-1100 sq ft 2-3 bedrooms.
Knock 'em down.
158
AD
2025 Jun 12, 10:52am
AD
2025 Jun 12, 10:52am
Glock-n-Load says
Yes after the Bill Clinton-housing crash of 2007-20010 it was essentially a once in a lifetime jackpot for some landlord investors in Annabellas Townhomes and other townhome HOAs in Panama City Beach
a lot knew this was going to go down when they were giving out mortgages like candy to unqualified or subprime mortgagees
this time there is no subprime mortgage crisis and I'm thinking prices will slowly decrease or hold steady while Panama City Beach household income increases by at least 2.5% over the next 3 to 5 years ; this is the consensus among the county economic development alliance
.
Wow, did that first one really sell for $53k back in 2012? The discounts were that extreme? It had sold for $229k in 07.
Yes after the Bill Clinton-housing crash of 2007-20010 it was essentially a once in a lifetime jackpot for some landlord investors in Annabellas Townhomes and other townhome HOAs in Panama City Beach
a lot knew this was going to go down when they were giving out mortgages like candy to unqualified or subprime mortgagees
this time there is no subprime mortgage crisis and I'm thinking prices will slowly decrease or hold steady while Panama City Beach household income increases by at least 2.5% over the next 3 to 5 years ; this is the consensus among the county economic development alliance
.
159
AD
2025 Jun 12, 10:55am
AD
2025 Jun 12, 10:55am
SharkyP says
yeah, 1 to 5 miles within the Florida shore and you are in the "wind pool"
once you get 15 miles or more away then you see a drop off in insurance premium
.
. I got the hell outta Dodge and moved inland 20 miles from Ocala
yeah, 1 to 5 miles within the Florida shore and you are in the "wind pool"
once you get 15 miles or more away then you see a drop off in insurance premium
.
160
AD
2025 Jun 12, 11:00am
AD
2025 Jun 12, 11:00am
SunnyvaleCA says
I think DeSantis signed into law to make it easier on condos that are more than 3 stories high. And various AI tools show Florida property insurance to remain flat or decrease this year.
I've heard from real estate agents there is an increased demand for townhomes like Annabellas Townhomes from investors and full time condo residents.
A lot of the condos on Panama City Beach like Hathaway Townhomes and Annabellas Townhomes were built well after the Hurricane Andrew legislation, so that is what makes them not as expensive for HO-3 and HO-6 insurance.
We had Citizen Insurance (a Florida state government run insurance) inspect our homes like check the hurricane clips or straps in the attic as far as ensuring due diligence.
.
A condo in a not-particularly-desireable part of Florida? Land not really appreciating. Structure not appreciating because building costs are not appreciating (thanks at least in part to DeSantis). In fact, the structure is going to depreciate as it gets older and needs repairs. Add to all of that potential massive insurance cost increases as an unexpected expense and you can get the result you see.
I think DeSantis signed into law to make it easier on condos that are more than 3 stories high. And various AI tools show Florida property insurance to remain flat or decrease this year.
I've heard from real estate agents there is an increased demand for townhomes like Annabellas Townhomes from investors and full time condo residents.
A lot of the condos on Panama City Beach like Hathaway Townhomes and Annabellas Townhomes were built well after the Hurricane Andrew legislation, so that is what makes them not as expensive for HO-3 and HO-6 insurance.
We had Citizen Insurance (a Florida state government run insurance) inspect our homes like check the hurricane clips or straps in the attic as far as ensuring due diligence.
.
161
AD
2025 Jun 12, 11:01am
AD
2025 Jun 12, 11:01am
AmericanKulak says
Yep, every asset will likely return to the mean
I think that means go back 15 years and examine rent per square foot and it should only increase by about 3% annually in Panama City Beach
.
I had to rub my eyes. In 2021 I was looking for a 2 bed and they were all $1900. $2100 for the new apartments.
Now, I see homeloaners and ex-BNBers trying to rent their townhouse or 3 Bed (1960s converted, so no garage), 1.5 for $1600 and laughing.
The new multifamilies are offering 2 months free rent at $1400 for 900-1100 sq ft 2-3 bedrooms.
Knock 'em down.
Yep, every asset will likely return to the mean
I think that means go back 15 years and examine rent per square foot and it should only increase by about 3% annually in Panama City Beach
.
163
AD
2025 Jun 12, 11:34am
AD
2025 Jun 12, 11:34am
.
I think the fire sale of 8113 Annabellas Ct in Panama City Beach is using the below site to sell
https://www.flatfee.com/
.
I think the fire sale of 8113 Annabellas Ct in Panama City Beach is using the below site to sell
https://www.flatfee.com/
.
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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.