I am working with a real estate agent in Florida and the market has deteriorated considerably in the last three months. Houses are on the market longer and price reductions are common. My agent told me to hold off until next year to make a purchase. She said it is going to get worse before it gets better.
Florida is a rather unique market with a larger percentage of investor owned properties that increase market swings. If there is a major recession, our agent told us prices will come down significantly as investors will need to unload properties. It has happened before in Florida and it will happen again.
I ass/u/med you are looking for a higher end home to live your final days in Florida under the protective web of Gov RDS and the righteous CCDW laws. By that I mean properties approaching closing at with 2 commas in the final figure.
I may tell of my multi-year career as a licensed residential appraiser in NJ. Where I would appraise homes up to $ 5,000,000 closings.....or Mary Anne being a licensed Florida Real Estate Agent, her agency the only office ON Jupiter Island.
I mentioned Jupiter Island because it's Zip code has the HIGHEST closed home sales in Florida and IIRC was once the highest in the US ! So, I know RE and also high end units.
Interest rates have little or no impact for these properties. My home that I purchased, the old time RE Agent I used had been selling on the Island for over 20 years and this home was the FIRST that the buyer had used a mortgage ( seller held the paper !) ((He lived in Houston and an island in the Bahamas that he was developing.))
Lower pricing's in the 250's +/-, I can refer to my crazy Sister, who bought and sold over 6 homes on the Gulf Coast and Central Fla. in about 10 years, before moving back to St. Francisville Parish, La. She claims to NEVER lost money or made big money in those transactions. She in now checking out Bermuda, where they lived for 4 years when "Catfish" was in USAF.
So, like my current RE transaction in Fla, transact in CASH, use MULTIPLE RE Agents. Location, Location, Location is always key. The good properties are few and far between. I bought and sold on the Island in 2 years made 6 figures, and the guy after me made even more.
Read and heed, some people have more knowledge/experience and ARE trying to help Posters .
I forgot ONE thing...RENT a property near you want to live, but NOT in the winter season when it's nice, but IN the SUMMER, when it's not !
