A recent article in the Wall Street Journal (reposted in Realtor.com) suggests that the “Great Florida Migration” might be coming undone. They say a surplus of housing inventory and dwindling buyer interest are slowing sales and recent hurricanes & extreme weather events are making it worse. In addition, surging insurance costs, high mortgage rates and high home prices have more people reassessing their Florida dream. Those who must sell their homes right now because of lifestyle changes, upgrades, etc., are facing headwinds.
I can’t unload the thing,” Holmes said. “In eight months, I’ve had zero offers. No one even showed up to the open houses. Nobody.”
Florida’s population soared between 2021 and 2023, making it the fastest-growing state during much of that period. Remote work and other lifestyle changes that were spurred by the pandemic accelerated a migration trend to the Southeast, and the Sunshine State in particular.
A law to fortify the condo stock after a Miami condo building partially collapsed and killed 98 people has upended the condo market, adding huge assessments sometimes in the hundreds-of-thousands of dollars for each unit…For condo owners who haven’t maintained their buildings, the bill is coming due. Prices are plummeting at many older buildings.
Click here to read the full article at Realtor.com.
Click here to read the full article at the Wall Street Journal.
