The once-hot Florida housing market has turned cold, leaving many
homeowners stranded. Across the state, home sales have slowed to a crawl. Inventory has ballooned by more than 50% in major cities like Tampa, Orlando and along the Space Coast, while demand has dropped by at least 10%, according to real estate data firm Parcl Labs.
More than half of Tampa’s homes on the market have seen price reductions, making it one of the hardest-hit metropolitan areas in the country. The New York Post has a really good article about this today - it's a good, short read. It's here.
Florida has some real advantages, and some -serious- downsides. The past 15 years or so, those downsides got totally ignored. And the condo problem (minimal or worse maintenance, bad governance, aging stock) was right there IF one looked a little bit. We did, and with all the negatives gave it a pass. I'm sympathetic and saddened by current troubles, which seem to be piling on, but....this is a normal correction for a stack of unresolved, ignored problems. Exacerbated by weather. It'll swing back. Maybe some of the efforts to curtail the bad condo management will succeed. Tough to be caught in it.
ReplyDeleteNo need to buy a home in Florida. One or more will be blowing or floating by you shortly.
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