Sarasota is the 6th most overvalued housing market in FL

[beach43ofus]

Originally Posted by gotoptions

I'm exploring purchasing a single family home in the area and selling my condo in Tampa Bay.
I feel like your analysis still holds true today, a little over a year later.
Talking with real estate agents, the condo MIRS regulations are becoming a real issue and making people think twice before buying a condo rather than a SFH.

I agree on your condo thoughts. I think you meant SIRS not MIRS though.

https://www.fsresidential.com/florid...tudies%20(SIRS).

Condo HOA fees & insurance are exploding, since the Miami condo collapse. A friend in Boca's paying through the nose.

If I went multi-family, I'd get a 2-story to avoid all that. Preferably w/ parking below on the 1st floor w/ some storge, then the living space above.

[MOforthewin]

Originally Posted by beach43ofus

I agree on your condo thoughts. I think you meant SIRS not MIRS though.

https://www.fsresidential.com/florid...tudies%20(SIRS).

Condo HOA fees & insurance are exploding, since the Miami condo collapse. A friend in Boca's paying through the nose.

If I went multi-family, I'd get a 2-story to avoid all that. Preferably w/ parking below on the 1st floor w/ some storge, then the living space above.

Hoa fees around me are exploding now because of costs from Ian repairs! Hearing alot of horror stories about that too.

I say avoid any house or condo in Florida that has an hoa! They're dictators.

Cape coral not a lot of hoa to deal with.

I want to get out of here because of having to deal with hoa.

[beach43ofus]

If Sarasota has the 6th most overvalued housing, then how are so many sales still taking place? You'd think it would have shut down by now.

The only thing slowing it down is low inventory, & high interest rates.

Why are builders building homes as fast as they can?

Because so many affluent people are still moving to our area and buying homes that are not highy price sensitive.

This trend will continue for the forseeable future.

The sky is not falling Chicken Little, its just a darned Acorn.

Prices have moderated, but no collapse, as forecasted by the OP's source.

[MOforthewin]

Originally Posted by beach43ofus

If Sarasota has the 6th most overvalued housing, then how are so many sales still taking place? You'd think it would have shut down by now.

The only thing slowing it down is low inventory, & high interest rates.

Why are builders building homes as fast as they can?

Because so many affluent people are still moving to our area and buying homes that are not highy price sensitive.

This trend will continue for the forseeable future.

The sky is not falling Chicken Little, its just a darned Acorn.

Prices have moderated, but no collapse, as forecasted by the OP's source.

Why is it here in Southwest FL most of the houses I'm seeing being built are cookie cutters in the 400 to 600k range? It seems a lot of these homes are being bought by snowbirds as second homes. My sub division is cookie cutter and has a number of seasonal residents.

I think they cookie cut them because they're cheaper for the builders to build quick and they know they will sell easily with all the second home buyers.

Further down the coast from you around me and in Lee County the houses are not moving very quickly. We have more houses going up but they end up having price cuts.

I'm thinking around me people are still listing them sky high like they were in 2021 trying to get top dollar. usually I see 15k slashed off the price once its been on the market for 30 days or more.

[stephenMM]

It's nice and all, but there are a lot better places in Florida. The last time I was there I felt like an immigrant w/ my Southern accent. Nearly everyone I encountered apparently came from Nu Yawk.

[beach43ofus]

Originally Posted by stephenMM

It's nice and all, but there are a lot better places in Florida. The last time I was there I felt like an immigrant w/ my Southern accent. Nearly everyone I encountered apparently came from Nu Yawk.

This side of FL isn't a bad as the other side. This side has mostly upstate New Yorkers w/o the accent. Most of the time, when I hear that accent around here, its Northern NJ people...they ones I know anyways.

[Ladywithafan]

Originally Posted by beach43ofus

I agree on your condo thoughts. I think you meant SIRS not MIRS though.

https://www.fsresidential.com/florid...tudies%20(SIRS).

Condo HOA fees & insurance are exploding, since the Miami condo collapse. A friend in Boca's paying through the nose.

If I went multi-family, I'd get a 2-story to avoid all that. Preferably w/ parking below on the 1st floor w/ some storge, then the living space above.

Right now, all three story and higher buildings over 32 years old must undergo a "structural integrity reserve study" or SIRS by December 24, 2024. Many condominiums have deferred maintenance just like Surfside did and it's time to pay the piper. Along with continued insurance increases, I'd bet on seeing a glut of old condos on the market due to special assessments for deferred maintenance. Don't worry, two story buildings will be added to SIRS sooner or later, most likely office buildings as well...