The South Florida real estate market is not for you if you’re not ready for a rollercoaster ride.
In particular, there are five things that scare people away from buying here. And rightfully so. What are these things? Homeowners Insurance, HOA’s, Special assessments, realities of Climate Change, and the new high prices of South Florida real estate.
I my video above you can get the full summary of each. I go into detail about these and give you a local’s viewpoint. It’s real. And for some, real scary.
South Florida Real Estate In A Nutshell
- Florida homeowners insurance is riddled with lawsuits, bogus claims, vendors who abuse the system for their own good. Then there’s hurricanes and mother nature. Old roofs, bad materials, mold…
- HOA Fee’s that, as far as I’ve seen in 30 years of doing this, go one way – up. And with the the 2021 Surfside building collapse, fee’s are going up, again… across the state.
- Assessments – this ties into HOA Fee’s, but all at once. Imagine getting a bill to redo rusted balconies, parking lots, pool decking, impact glass windows… all at once. Yes, I’ve see assessments from $1 million to $40 million already. By the end of 2024 every condo must have their reserves fully funded.
- Climate Change – it’s a real thing. Miami flooding is normal, and regular. Cape Coral Hurricane Ian was the most expensive in history costing over $113 billion. The Ft Lauderdale April 2023 storm where it was slammed with 25 inches in 24 hours… I could keep going so no need to challenge me
- South Florida real estate prices are at a peak – or darn near. 2011 was the year to buy ANY real estate at 30 cents on the dollar. Today it’s more like $1.30. South Florida real estate went up the most in all 52 states in the last 24 months. In this essay and video I don’t go into why, but the list is long.
Watch my video about these five things about South Florida real estate that are turning a lot folks away. But, this is a tropical paradise that is the lure to many day dreamers.
Don’t let your dreams be dreams. Understand these and plan for it. White sand beaches are waiting for you…
South Florida Real Estate – 5 Things That Will Scare the CRAP Outta You South Florida real estate is not for everyone. And after you see these 5 thing that scare lots of folks, you may decide not to relocate here. Or, it will help you understand how to navigate the South Florida real estate scene so you arrive and navigate through the top issues we face today…
Grab my FREE Delray Beach (and surrounding areas) Relocation Guide – https://mrdowntowndelray.com/relocation-guide-delray-beach/
Insurance: https://www.floridarealtors.org/news-media/news-articles/2023/04/4-misconceptions-about-flood-insurance https://www.insurancejournal.com/news/southeast/2023/03/31/714518.htm https://www.bankrate.com/insurance/homeowners-insurance/florida-homeowners-insurance-crisis/#why https://www.forbes.com/advisor/homeowners-insurance/florida-best-homeowners-insurance/
HOA: https://southfloridaagentmagazine.com/2023/04/20/45-of-florida-homes-are-part-of-an-hoa-the-highest-percentage-in-the-nation/ https://therealdeal.com/miami/2023/04/13/florida-senate-tweaks-bill-amending-condo-safety-law-heres-what-that-could-mean/
Climate: https://www.cnn.com/2023/04/12/weather/florida-flash-flood-fort-lauderdale/index.html https://www.miamidade.gov/global/economy/resilience/sea-level-rise-flooding.page https://www.npr.org/2022/07/28/1107518744/nyc-miami-dc-climate-change-flooding
Real Estate: https://www.forbes.com/home-improvement/features/states-with-highest-home-prices/ https://www.cnbc.com/2023/02/13/us-cities-where-home-prices-growing-fastest.html
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Ready to start the conversation about moving to Delray Beach Florida? Call/Text me at 561-777-4089. We can do a zoom call if you prefer. I have folks contacting me weekly about living in the Delray Beach Florida area. So if you’re thinking of moving or relocating to Delray Beach or South Florida, I can help you.
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Realtors – Partner with me at EXP Realty! Schedule a call to learn how. Florida license SL3444240.
(Oh yeah, I lived in Costa Rica for over 12 years. Owned & operated 13 real estate franchise offices. If you’ve ever thought about buying a home in Costa Rica, call me. I can help you get from here to there safely and guide you through the entire process. My Costa Rica Rolodex is full of friends, lawyers, tour operator to help ). #delraybeachrealtor #mrdowntowndelray #johnwieland 00:00 Introduction 01:21 Homeowners Insurance 06:29 HOA’s 09:04 Assessments 10:19 Climate Change Sea Level 10:33 Real estate prices 13:07 Real estate prices 16:26 Wrap It Up – Relocation Guide
