South Florida‘s pandemic property boom has officially reversed.
After years of surging demand due to the pandemic real estate boom, the region’s real estate market is now flooded with listings as desperate homeowners rush to sell amid soaring costs and vanishing buyers.
According to a new report from Cotality, the number of homes for sale across Miami-Dade, Broward, and Palm Beach counties has quadrupled since 2022 — hitting the highest level in nearly a decade.
The collapse in demand is much worse than other states due to some unique problems in the area.
Panic selling is setting in, with residents spooked by skyrocketing HOA fees, especially in the wake of the 2021 Surfside condo collapse, as well as soaring insurance premiums fueled by rising climate risks.
‘The last 25 years have seen home prices, homeowners’ insurance, and property taxes surge in Florida,’ explains Cotality chief economist Selma Hepp.
‘When you add in the unflagging migration that is straining the state’s public services and inflated costs across the board, the pressure on the quality of life has become so great that it is beginning to tip the balance. Many households are finding it increasingly difficult to stay in the state.’
Florida’s fragile housing market can also be blamed on aging infrastructure and environmental threats.
Fox had a talking head on about the lack if insurance companies accepting homes in FLA and up the eastern seaboard. He mentioned the worst is over….some companies are accepting customers. He “believes” (no data) another 5 years of companies slowly returning.
Unacceptable IMO. These companies chose to drop households. Here in OC the mobile homes on north and south ends…new owners can’t get insurance….others over 30 hrs got dropped. City Fail talked about, new had ink blots in the paper…but nothing in months. Had a buddy who went thru 6 companies before obtaining success for his condo on the bay.
Sad really. I feel bad for the next generation. Our HS senior graduate next week and like many over the last 20 years….will move away from the DelMarVa. Taxes, lack of affordable housing, taxes, low starting pay for teachers, taxes, maybe HOAs in those new developments and taxes.