Florida Condo Inventory EXPLODES | Naples Area Surges Over 200%!

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The condo crisis appears to be spreading to the entire state of Florida as many counties now face triple digit increases in condos and townhomes listed for sale. Naples Florida in particular has been hit exceptionally hard with truly mind-blowing inventory increases.
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Ben Grieco
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Опубликовано:

14 окт 2024

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Комментарии : 91

@walkingstick6655 3 месяца назад

I wonder what the numbers are like further north on the east coast, Brevard and St. Lucie? I keep looking at their listings and they seem to be moving along nicely.

@martiben1896 2 месяца назад

They want you to buy a condo that was purchased for 150k two years ago for 400k and nothing has been done to it and it was built in the 70s.

@rodman50 3 месяца назад

Ok...inventory is way up in numbers. What I would like more info on is WHY are the homes/condos up for sale. Individuals selling, corporate investors selling but why? I assume there is a variety of reasons, but what are the prevalent reasons? Yes, cost is an obvious factor but there has to be more. Are there reasons to sell beyond the obvious ones?

@MuzicTunes-lk6np 3 месяца назад

You really can't make much money renting your condo. By the time you pay your mortgage, HOA dues, insurance, & property taxes, plus trying to maintenancing it, you really don't have much profit. You have to worry if the renter will pay their rent on time or not at all, plus if they might destroy your property. Trying to evict them will cost you extra money with major court cost. What a complete nightmare!! 😡

@alyross2850 3 месяца назад

And I think that’s why a lot of the pandemic buyers thought they could Air BB them, make 5X the “rent”. I think there are just too many of these properties for people to rent, so they may have to try long term. And as you said, you can’t make much that way.

@GR2024leo 3 месяца назад

Not to mention the high repair costs lately such as plumbers, electrician due inflation

@MuzicTunes-lk6np 3 месяца назад

@@GR2024leo especially older condos t👍

@pointnIaugh 3 месяца назад

You do realize that all of the stuff that you mentioned is a tax write-off, don't you? Please don't open a business, you will fail.

@selecttravelvacations7472 3 месяца назад

So you weren’t doing STR (Short Term Rentals) I guess? If not, I can certainly see how you would have more headaches and less profit. STR’s are different but even they have a hard time turning a profit.

@scottcollins141 3 месяца назад

I've seen the same condo for sale the past couple months. And nothing I'd coming down in price maybe 1,000 to 5,000

@jamesclark7316 3 месяца назад

in 2008 the building boom of 2005-2008 came to a crash it was a building craze that is now almost the same it just has not caught up. You have so many new neighborhoods that are coming on market in the next few months on Collier Blvd alone. Toll Brothers Seven Shores 409 single family homes, Stock Homes Caymas 479 single family homes, Pulte 238 single family homes, Pulte Tamarindo 285 single family homes. Now all of these are within a 2 mile radius on the same road. You can take that and same builders are all over Immokalee Road in North Naples and even Tamiami Trail headed to Miami. Its insane. Intermixed within those areas are an additional 1150 apartment homes due to hit the market in 2024 in the same 2 mile radius. So, do the math its going to be bad. Builders are now offering all kinds of deals just to get you in the door.

@walkingstick6655 3 месяца назад

The fact is, there could be all sorts of inventory, etc., but until prices start to drop and in conjunction with better interest rates (it does seem like the all-cash transactions bubble is over and plummeting), it's still not, yet, a buyers' market. Buyers would be very wise to sit tight for, at least, one more year, likely two, to see where prices and rates go. Buying anything at this point in time, whether condos, townhomes, or single homes in Floriday, is a gamble to be avoided. Practically minded buyers need to also keep an eye on the trends in insurances and taxes. Many are also increasing concerned about things such as traffic congestion, area costs of living, etc. These latter things are much more subjective, to some degree, based on individual cultural and financial tolerances.

@Skyking6976 3 месяца назад

We got our St Lucie condo in the PGA Village under contract with a Russian Oligarch in less than a week being on the market. Closing early August at 315…asked 325, paid 155 in 2018 so….

@jamesclark7316 3 месяца назад

There are new build neighborhoods of town houses and condos in Collier county that DR Horton and Lennar are now making "rental" units. There are 2 entire neighborhoods that I know are all rental. Then there are a few smaller builder such as juniper Flats that they cant even rent. They have dropped the rental ask down to $2,400 and still cant move those awful floor plans. Juniper Point a entire condo build neighborhood has 45 units the ENTIRE place for rent $3,500-$4,500 and they will NEVER get that. So, factor those in the mix, plus the thousands of new luxury apartments that are sitting empty that are either new to market or about to be on market its going to be a blood bath. Collier county is NOT a rental county most people own if they live here. However, if you can rent a luxury apartment will all amenities when prices start to crash, as they are in the rental market why would anyone buy in this market.

@walkingstick6655 3 месяца назад

People have to stop trying to compare now to 2008. What happened in 2008 had a global impact based on criminal home lending and investment practices. What's happening now in Florida is rather localized. It's important and remarkable on that level, but not a global issue.

@JC-cf4rs 3 месяца назад

Sales are down but median/average prices up… this is skewed by much less inventory selling but the high-end homes selling and not the lower end. A bunch of multimillion homes sold will move the average even though mid-tier and low-tier homes are having to drop prices….

@JBoy340a 3 месяца назад

Makes sense. People buying multimillion homes are not worried as much about interest, have cash to cover price increases, etc.

@johnnycastaneda2371 3 месяца назад

Exactly

@cardinal8268 3 месяца назад

I've been looking at the condo / townhouse market in Naples for the past year. In the $500k and lower price range prices have dropped around $50k to $100k depending on how high the HOA spiked. In January hoa was $450/mo now $900k. Those units had significant price drops and longer marketing time.

@crystalwestergard2500 3 месяца назад

Lee county got the sales moving because they dropped their prices. Smart. Dont wait till all the chairs are gone before you sit down!

@anitaitisanita8549 3 месяца назад

Collier county? What? This is the state

@manatee419 3 месяца назад

Wait until 2025 fireworks will be in full works for condos.

@youssefhamidi8152 3 месяца назад

Do u have the numbers for all homes on market in FL currently

@wespotter6985 3 месяца назад

Prices went up 30%. They need to come down 30%.

@bgandjsco1 3 месяца назад

By next year prices will be way down.

@miriamseidel8463 3 месяца назад

Any chance you could send me the stats for Volusia County? Would love to know why prices aren't plummeting as they should here. The sellers are doing decreases at $10K, which is laughable. Hoping they'll go down a lot more soon!

@octurn 3 месяца назад

I must say I am surprised they let you out on bail after you let your noodle out.

@bensellin 3 месяца назад

🤣🤣

@mdenisen 3 месяца назад

I believe Naples is in for some hard times, from 2008-2012 there was NO WORK, I will add 2012 is when prices hit the bottom and folks started buying generating work again. If they are in an uphill climb of inventory this is just the beginning of hard times for Naples working class. With overpriced housing and crazy high rent Naples is doomed. Glad I left and moved to citrus county.

@quartytypo 3 месяца назад

Go from condo to condo giving super low ball offers until you hook one.

@FloydRocco 3 месяца назад

Naples Collier County median sales price still holding though....what's with that? High inventory and high prices being paid...

@thpe8718 3 месяца назад

Don’t walk Run

@danielterry382 3 месяца назад

MORE price cuts needed.

@jorgevelasco3932 3 месяца назад

Travelers insurance not renewing auto policies for costal areas in Naples, Fort Mylar, Sanibel. Some are getting ahead of selling before other insurance follow trend..

@selecttravelvacations7472 3 месяца назад

Fort Mylar! 😂 Some typos are prophetic! I’ve heard of this trend as well. Only 23% of businesses have reopened since Hurricane Ian in 2022 in this area. Many complain that homeowners insurance and other necessary insurances can not even be bought to live there now so it’s just too risky. The real estate prices are still way too high. It will be open for millionaires to build Hurricane proof homes who can afford not to be insured. Or else the govt will take over these barrier islands.

@madeleineaudette1586 3 месяца назад

Always informative!

@bensellin 3 месяца назад

Thank you!

@RedfishGB 3 месяца назад

thanks for the long term inventory graph, looks like its back to “normal” if you take out 2008 crash and pandemic.

@solargod3671 3 месяца назад

10-20% what you see online is true in reality about 2/3 of condos not having issues. Getting people to hear fear is good so they can leave.

@grilledxcheeze 3 месяца назад

Always great to see you and I appreciate your insights and review of the data. Do you think the wild swing in condo inventory will have any impact on the SFH market?

@bensellin 3 месяца назад

If condos return to affordable alternatives, perhaps.

@barberdoug6930 3 месяца назад

Condos Are A Sucker Bet. 😂

@johnspelman8976 3 месяца назад

Fantastic presentation of the data.

@bensellin 3 месяца назад

Many thanks!

@melgray4530 3 месяца назад

HOA cost, insurance, special assessment, and taxes.

@zcvxs 3 месяца назад

New assessment fees are insane Insurance costs are insane I dont get how anyone can afford anything

@davidduty8199 3 месяца назад

@bensellin 3 месяца назад

👍☝️

@wespotter6985 3 месяца назад

It's not a buyer's market. If the thirty percent mark up of the last three years sticks.. It's only a buyer's market if the price is reverted to prepandemic levels.Who cares?How many the condos are on the market if the prices are remaining high. What does a seller care?As long as he gets the lion's share of the money that the condo went up the last three years

@bensellin 3 месяца назад

Buyers or sellers market are only defined by who has the upper hand due to supply. In order for price corrections to occur, a market must first switch to a buyers favor.

@davidmajer3652 3 месяца назад

This is some serious data, but you did not focus on the days on market. Another complication in comparing years is the increase in inventory.

@tomd5178 3 месяца назад

Gotta think that as more and more of these buildings have their structural studies completed and then figure out how much money is needed to fund reserves, you'll see more and more listings and price cuts. And you'll see decrease in sales because who's gonna buy a condo with a 100K special assessment that current owners can't pay. A tough time for owners in the old neglected buildings

@bensellin 3 месяца назад

Very true

@goldenparachute392 3 месяца назад

That’s for condos 30+ years old

@joyh3086 3 месяца назад

Another jam packed video!

@bensellin 3 месяца назад

Hope you enjoyed it!

@andyjax9215 3 месяца назад

I always remember Robert Kiyosaki saying, condos go up in price last in a bubble but fall first and he would never invest in condos.

@marilynh5487 3 месяца назад

Glad you back

@themarkandmelteam 3 месяца назад

Great market analysis update! Should be interesting to see what happens next! AZ inventory is increasing slowly still with no major price dips and even some price increases in a few areas.

@colinbocher8102 3 месяца назад

“This is the kind of stuff I’m going to tell people ten years from now…. Back in my day…” LOL! Buddy, you’re not going to have a job in ten years.

@aprilgentile5438 3 месяца назад

Well, the owners are all getting assessed & HOA’s are rising rapidly so they’re trying to get off before the assessment has to be paid

@shanerogers9386 3 месяца назад

Palm Beach county is driven by flippers and investors just like it has been since 2021.

@wespotter6985 3 месяца назад

From a condo feeding frenzy to A bear market hard to believe return around so fast and so steep. One area you're not seeing.This is west palm beach which seems to be immune from the downturn. Cotton doors are taking longer to sell.But prices aren't being reduced by that much

@marshallj2415 3 месяца назад

Palm Beach County is Democratic. NOT Republican. Union friendly. Great defense department jobs. Excellent beaches. Universal health care for county residents. So much more. Great place to live. Trendy and liberal. Fun people. Wish I could afford to buy there!

@andrewg824 3 месяца назад

In your dreams.

@jeffberger 3 месяца назад

ummmm. I live in PBC since 1996, Marshall you don’t live here so why are you waxing your dreams.? We’re talkin real estate, not your lib BS.

@marshallj2415 3 месяца назад

@@jeffberger Jeff we used to live in WPB. Beautiful place to live for anyone. Describing what was there at the time. Maybe I got out in time. You don’t sound too friendly.

@tabithan2978 3 месяца назад

My Trump voting cousin just moved there. 🤷🏼‍♀️. She has money. She bot a home, not a condo.

@paulstrzykalski2596 3 месяца назад

I guess after peak buying season and the election prices could drop.

@shannondavis5728 3 месяца назад

@ this point God need to send the winds & rain to knock all the real estate down so we all can start over from scratch!!!🤣😂😆😁😁😁

@littlebitmckee8234 3 месяца назад

Love hearing actual data! Thank you!!

@s99614 3 месяца назад

The rent is too damn high!

@georgedoolittle9015 3 месяца назад

We love real estate so much in Florida real estate hates us now!

@happyfool2277 3 месяца назад

Excellent data driven analysis. Really appreciate your efforts!

@chrisdixon8179 3 месяца назад

Never should your roof be someone elses floor. Never own anything youre not willing to self insure and never put your faith in some old person from the north east or midwest to properly maintain anything. Do this and then you will know how much to sink in to a condo unit...

@BacktotheFutures-t3p 3 месяца назад

Underwater

@gypsy1962 3 месяца назад

MAKE AMERIKA AFFORDABLE AGAIN. Prices need to be SLASHED by 90%. ROFLMAO 😂 HAHAHAHA

@snakeplisken9906 3 месяца назад

😮

@PianoMatronNeeNee 3 месяца назад

Great to see you Ben. Thanks for sharing the statistics and your insight. Crazy market right now. Hold on for a bumpy ride. Greetings from West Palm Beach👍

@bensellin 3 месяца назад

Glad to be back!