Housing market slowdown in Florida

JACKSONVILLE, Fla. –

A growing share of properties sold in Florida sell, only after the seller cuts the asking price. Miami leads the nation in both the size and frequency of such deals. Tampa, Orlando and Jacksonville are in the top 10.

Why list higher than your home needs to be. A huge negative no doubt! The longer it’s on the market the more questions a buyer may have. I learned a long time ago that “homes that upgrade too much are called properties with a diminishing return.” This means the neighborhood does not support the value put on the home.

We have so many attractive features in North East Florida, Especially St. Johns County. A fair market value placed on a home is key to success for the seller, the buyer, and the brokerage. We have more assets than any other county in Florida. Our Sales Tax is only 6.5%. We have the best rated schools in Florida. Florida Power has the lowest Electric fees of any area in Florida. Example, “An average 2700 Sq. Ft. heated home averages $110.00 a month. Can you beat that? Nocatee in Ponte Vedra has two large water parks, and currently building their third. These are just a few elements that are attracting folkes to our area. Yes I’ve heard the phrase, “It’s what the market will bear!” Is this fair to our clients, this is a question as a Realtor you better be prepared top anser.

According to Bloomberg, Miami is hurt by a pullback of South American buyers. A total of 88% of single-family home sales in the first quarter came after a reduction.

Nearly 80% of Jacksonville homes sold at a discount, and on average that price cut was 4.94% below the original asking price. I’ve been preaching this for sometime now.

Florida also has second homes, seasonal rental homes, which tend to suffer in housing slumps. Many real estate experts say the current market favors buyers.

National Association of Realtors report in February 2019 findings indicate at 2.3% job growth. I’ve been sharing these stats for sometime now. See another comment from a Realtor specializing in income properties.

I’ve experienced a boom in investment rentals over the last few years and many of them are asking top dollar for rents. I can identify apartments in the Town Center in Jacksonville, Duval county and Many in St Johns County are experiencing a boom in higher end large apartment complexes. Lots of investors putting together these projects.

My experience also tells me that once these rentals are at 80 to 90% capacity, they will sell to corporte investors. Developing that cap rate conquers the developers goals and builds enourmous returns.

Author: danswingblog

Dan has celebrated over 19 years as a full-time Realtor. Successfully listed and sold homes well through the 8 figure market. Advises and assists clients with challenging Portfolios! Not uncommon to be working with foreign nationals, buyers that leverage the Sterling, Euro, and similar currency. Dan welcomes the Global community, with friends in many Nations. He brings a reputation for Integrity, Expertise, and Focus. Our customers deserve the best. Currently provides Residential and Commercial B.P.O.'s, Broker Price Opinions, B.O.V's, Broker Opinion of Value to many lenders. Manage and Sells R.E.O., Real Estate Owned properties, distressed properties! Evaluate and negotiate solutions for sellers and lenders. Developed, operated and sold a Florida "AWARD WINNING" Ad Agency! 2010 & 11 Commercial Agent of the year. RE/MAX Paramount Properties. Relocated to Tampa in 2012, enjoyed retirement for 6 months. Saw unethical practices by some Realtors and choose to reverberate our profession in the Tampa area. In four years built his business to as many as four (4) transactions monthly. Mortgage brokers were calling Dan a Superstar in Real Estate. Dan and his wife relocated to North East Florida, to the community of Nocatee. Currently focusing on 55 and older communities and Luxury Real Estate. Successfully closed on many extremely challenging foreclosures, and Short Sale. Coached and participated in Commercial and Multi-Income Family REO's in the past six years. Elected to the Auburndale City Commission in 1986-88. Created and served as 1st Redevelopment Chair in 1988 & 89 personally put in place all the elements for the Auburndale CRA. 1990 City Commission refused to give a full vote of confidence. After a 5 year journey to personally raise funding, extensive research and study for the CRA district perimeters, and stunned with the Commissions doubt. Positioned himself to run for office again, was re-elected to Auburndale Commission, to serve 1991-93 to full fill the CRA master plan! Active with the Central Florida Development Council from conception in 1985 and sat on the board periodically for the past 25 years representing municipalities and private investors. The positions Dan held from 1986 through 1993 enabled him to have a complete workable understanding of the State of Florida Comprehensive Plan for Future Land Use, and the benefits of intergovernmental agreements, utility franchise expansions, and public/private partnerships! Specialties: Assets recovery & receivership, Real Estate Portfolio's, REO & Short Sale of Residential and Commercial negotiations, marketing consultant, public relations, and Broker Price Opinions for residential and commercial lenders.

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