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| Oh, you travel? | 05/14/25 |
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Date: May 14th, 2025 1:24 PM Author: Oh, you travel? ( ) https://www.dailymail.co.uk/real-estate/article-14708061/southern-state-housing-market-real-estate-crash.html
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.' |