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My fervent hope is that companies will realize that all jobs are not as efficient to be worked from home. Then the urbanites will move back to cities and our exurbs will again be pleasant places to live. And hopefully a little cheaper to buy.
I'm not seeing general price reductions in my white hot nook of SoCal, but within my little nook of a neighborhood I am seeing a slight easing off of "initial list price exuberance." And also now a few token price reductions meant to pop some new attention on the listing. Like $25,000 on a $1.2m listing.
As mortgage rates increase, house prices will settle down.
We've been seeing crazy price increases but we're an island with limited housing and it doesn't take much to drive up the prices. The work from home folks have been moving over here using mainland money (most work in Hawaii is related to tourism so low pay for the workers) and keeping their mainland job. Which will be good for the Hawaii economy eventually, but kinda hard on house prices for the folks who live here.
1. It's highly debatable if this will happen at all.
2. No one can predict with any degree of confidence when it would happen, or if it will happen at all. It might be 30 years, 50 years, 100 years, or quite possibly never.
3. Even if it did happen some time at some decade or century in the future, it would happen to only a very small percentage of the homes in Florida. And since these homes are the ones on or very near the coast at very low elevation, they are probably at much greater risk of flood or wind damage from hurricanes than they are from the ocean level rising 6 feet or some such number.
4. You can always find someone willing to predict some sort of tragedy or calamity that MIGHT happen at some indefinite time in the future, and very few of these type predictions come true.
Miami is flooding to some extent every time there is a full moon
And a high tide, full moon, and rainy days make the problem very visible...
Other areas not so bad maybe but the sea is rising
In my local area, Just east of Ft Worth TX, high demand and at this point fewer homes on market make RE market very seller driven
Looked at Realtor.com and any home listed can go under contract within 1-2 wks...
Our area has avg price in high 200s but there are a few neighborhoods w 400k homes and they are selling as well
What is interesting is to see homes listed at close to 500k that 2 yrs ago would have lingered at 400
I remember as kid the huge old houses from first Gilded Age. nobody could afford to maintain so they either got chopped up into apartments, made into private schools, or abandoned decay as white elephants. Well we are in the second Gilded Age. Whole dang economy is chasing wealthy consumers. Well it too will fail. There arent enough wealthy to support the whole economy and their menial servants have to have shelter too. So this era too will end. Enough people hurt and you will get a new popular Progressive movement.
I read an article recently stating the opposite, that real estate prices in Florida may possibly continue to decline. Well, coastal cities at least, due to rising sea levels and water encroachment. Interesting to consider.
I've been watching prices in Martin County closely for at least three years; that area must not have been included in the very vaguely described study as prices have risen drastically during that period, most dramatically in the last twelve months.
According to your second link "thenation", we have this quote: "The sea at the southern end of the Florida Peninsula has risen a foot since the 1900s, and almost 5 inches since 1993." So, that's a rate of 5" per 28 years. If it continues at that rate, then it would take 403 years to rise 6 feet. Somehow, I doubt that the low income housing that is most likely to get flooded will even be around in 403 years.
According to your second link "thenation", we have this quote: "The sea at the southern end of the Florida Peninsula has risen a foot since the 1900s, and almost 5 inches since 1993." So, that's a rate of 5" per 28 years. If it continues at that rate, then it would take 403 years to rise 6 feet. Somehow, I doubt that the low income housing that is most likely to get flooded will even be around in 403 years.
The southern end of FL is not Miami with its acres of concrete built over marsh land
Infrastructure creates problems that more rural/natural might not have
"Home for sale in Citrus Heights receives 122 offers in one weekend"
"One offer was $100,000 over the asking price"
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