Coastal Florida, seems no longer to be a MCOL / LCOL area.

[ShokWaveRider]

We cannot see any homes within 3-5 miles of the coast (Our preferred location) <$600-$700k in our surrounding areas lately (Anastasia Island North East Florida). There are a few more coming on the market for the new year in our area that has seen very few in the last 3 months, all selling within a couple of weeks or so. It remains to be seen if they will sell quickly.

Makes one want to sell and move to a lower cost area while one can.

Anyone else in coastal Florida seeing the same thing? Please try to indicate your rough location when posting responses, it would be helpful.

Happy New Year.

 

[Aerides]

In my neighborhood, former MCOL, SFH, non-retirement, non gated, low HOA "normal" avg. 1800 sf 3/2, some 4/2, no fancy lake lots or anything: We went from houses selling mostly in the 4's to now easily commanding 7's. I'm seeing overbids win now too.

We have an "odd lot" smaller home in the neighborhood (3/2 on a 1330 sf footprint), sold for $402 per sf.

But this is mostly nationwide, we've all talked about this here many times in the past 2 years. Mortgages are cheap but hard to get lenders super picky and commanding high downs (20%). Sellers take bids and pick cash offers to win. I don't know how a family get into their first house these days.

 

[Time2]

That panhandle seems cheaper.
My kids just paid $230k for a fixer upper just off of the Manatee river in Bradenton. It's just a short boat ride to the Gulf of Mexico.
They are thrilled!
However, I'll bet before they are done the will have $350k into it.
I would have had a livable home for $280k, but they have champagne tastes.

 

[aja8888]

In my neighborhood, former MCOL, SFH, non-retirement, non gated, low HOA "normal" avg. 1800 sf 3/2, some 4/2, no fancy lake lots or anything: We went from houses selling mostly in the 4's to now easily commanding 7's. I'm seeing overbids win now too.

We have an "odd lot" smaller home in the neighborhood (3/2 on a 1330 sf footprint), sold for $402 per sf.

But this is mostly nationwide, we've all talked about this here many times in the past 2 years. Mortgages are cheap but hard to get lenders super picky and commanding high downs (20%). Sellers take bids and pick cash offers to win. I don't know how a family get into their first house these days.

(not meant to hijack this thread, but just a cost comparison of communities)

My highlighting....It's not nearly that expensive where we live in The Woodlands, Texas and that is a very nice upscale community, but not a beach type location. In my hood, a 55+ retirement community of 437 brick and "hardiplank" built 20 year old homes, sales are averaging about $170/sq. ft. and homes only stay on the market a short time. Our HOA fees are $200 month (no golf course here, but very nice pool) and we get quite a bit of services for that fee.

Nearby Dell Webb newer properties go for a bit (15%) more. Non retirement neighborhoods are similar in cost around here. Sales have been brisk around here too.

The exception in Texas maybe Austin due to it being a high tech area and the migrating in California buyers are loaded with cash and spending over the top for a home is no big deal to them. A friend of mine who has a son working for Dell in Austin has said his house is worth $900 K and is about 4,000 sq. ft. in size.

In the Midwest where we have relatives, housing has not gone nuts like Florida and the West coast.

 

[ShokWaveRider]

I don't know how a family gets into their first house these days.

I agree, we are also seeing more realtors' ads indicating "Cash Offers Only" We have 2 realtor neighbors, and they seem to concur that at least for now in our area this is becoming the norm. It just has to break!

I must admit, that if we were going to sell, and there have been discussions, we would too.

 

[FLSUnFIRE]

Pinellas County. It seems that price increases are settling down a little bit. Lots of vertical development under construction/planned in St Pete so that may help too but with people moving into the state from HCOL, I think prices will not go down and long term trend will be higher than average for a while. Rent increases have been crazy 30-40% but a lot of the development will be rental so that should help on the supply side when units come online over the next 2-3 years, especially if the rest of the country opens up and people quit fleeing here for the relative freedom.



I'm glad I bought when I did as the City is seeing explosive growth and I'm located in the hot spot for the next 10-15 years of development. If I move, I can rent this out and likely have free cash flow to cover my living expenses (possibly even including housing if I leave for a LCOL area or find a partner to share expenses with).

 

[Freedom56]

We are at our two bed/two bath condo on the intra-coastal (with views of the intracoastal and ocean) and have been contacted by many agents looking for listings. Inventory is low and they believe we can sell for $700K in 30 days or $575K in about 2-3 days. However absurd this seems, our unit is only up 22% from the original sale back in 2008 whereas our home is Southern California has tripled since 2008. We bought it in 2011 during the Florida real estate crash. When we bought in 2011, 92% of sales in Palm Beach County were all cash. The bank we bought from requested proof of funds with the offer and then again one week before closing. One think to note is that some of the units facing the city have plunged in value after Hilton built a hotel on a lot right in front of their balconies with only 15 feet of separation between buildings. All they see now are hotel rooms (which I guess could be entertaining).

 

[latexman]

We bought a 2BR/2BA condo in Bradenton in October 2021. 3-4 miles to Palma Sola Bay, but we prefer 8-9 miles to Holmes Beach. $170k.

 

[Masquernom]

We were considering buying in a Del Webb community in South Carolina. In 2019, they would have around 50 homes on the market at any one time. Homes selling in the $350,000 to $450,000 range.
Now, there are about 3 - 6 homes for sale at any one time. Prices are $450,000 to $600,000 for the same homes. Nice time to be a seller....

 

[ProspectiveBum]

We cannot see any homes within 3-5 miles of the coast (Our preferred location) <$600-$700k in our surrounding areas lately (Anastasia Island North East Florida). There are a few more coming on the market for the new year in our area that has seen very few in the last 3 months, all selling within a couple of weeks or so. It remains to be seen if they will sell quickly.

Makes one want to sell and move to a lower cost area while one can.

Anyone else in coastal Florida seeing the same thing? Please try to indicate your rough location when posting responses, it would be helpful.

Happy New Year.

Emphasis mine. I don’t understand this point of view, unless other aspects of cost of living are also going up? If you’re already in a home and like it, why would rising real-estate costs be an issue? Is it because your home valuations will go up, increasing property taxes?

Our paid-off home in SoCal has appreciated 350-400% since we bought it, but with property tax increases capped at 2%, and no desire to move, current home valuations don’t phase us much (other than wondering how our school-age kids might ever afford a home of their own).

 

[aja8888]

Emphasis mine. I don’t understand this point of view, unless other aspects of cost of living are also going up? If you’re already in a home and like it, why would rising real-estate costs be an issue? Is it because your home valuations will go up, increasing property taxes?

Our paid-off home in SoCal has appreciated 350-400% since we bought it, but with property tax increases capped at 2%, and no desire to move, current home valuations don’t phase us much (other than wondering how our school-age kids might ever afford a home of their own).

Prop 13 is Cal only as you know I am sure. Property tax increases are a real issue in other areas when prices go into the stratosphere. In areas like Florida and Texas where there is no state income tax, property tax is where the increases come.

 

[ShokWaveRider]

Prop 13 is Cal only as you know I am sure. Property tax increases are a real issue in other areas when prices go into the stratosphere. In areas like Florida and Texas where there is no state income tax, property tax is where the increases come.

Property Tax hikes are capped at 3% for Fla. Residents that are Homesteaded. But my earlier comments quoted by the ProspectiveBum, is a result of us wanting to downsize for a few years now. Fla. also has property tax portability that maintains one's levels as long as one buys again after selling.

 

[ProspectiveBum]

Property Tax hikes are capped at 3% for Fla. Residents that are Homesteaded. But my earlier comments quoted by the ProspectiveBum, is a result of us wanting to downsize for a few years now. Fla. also has property tax portability that maintains one's levels as long as one buys again after selling.

Ah, OK. If you’re in the market for a new place, wanting to relocate to a cheaper locale makes perfect sense.

 

[MarieIG]

Prop 13 is Cal only as you know I am sure. Property tax increases are a real issue in other areas when prices go into the stratosphere. In areas like Florida and Texas where there is no state income tax, property tax is where the increases come.

Long Island here. We hit the trifecta, with income tax, sales tax, and high property tax . . .

 

[aja8888]

Long Island here. We hit the trifecta, with income tax, sales tax, and high property tax . . .

I lived in Connecticut for years which is gaining on NY, taxing wise. CT also has a sneaky capital gains tax as I found out after I sold the house and moved. If I recall, they also taxed me on a gain on a sale I made of silver coins before I left.

 

[dm]

It crazy down in SW Florida also. I don’t see how prices can keep going up. Most houses are selling in days, many for over asking, and for cash.

I have a few friends that have sold. One moved inland and another had hoped to downsized. He may be living in a RV as he can’t find anything he likes. Another is taking a long vacation. Homeless, with money.

Homes that were selling for 600 a few years ago are now over a million.

 

[Dtail]

Property Tax hikes are capped at 3% for Fla. Residents that are Homesteaded. But my earlier comments quoted by the ProspectiveBum, is a result of us wanting to downsize for a few years now. Fla. also has property tax portability that maintains one's levels as long as one buys again after selling.

Didn't know about the property tax portability if one buys another place. Do you have more details?

 

[FLSUnFIRE]

Didn't know about the property tax portability if one buys another place. Do you have more details?

My county (Pinellas) has a handy calculator and it seems many county tax appraisers use the same software package. Basically, if you buy a house with a taxable value equal or higher, the dollar value of your homestead exemption follows you. If you downsize, you get a proportional discount on the new, lower value place (I feel like I got screwed by that a bit as I transferred mine from my first house ($), to the money pit ($$$), and then to my current place ($$) that was proportional to the discount on the money pit). I'd have been better off if I never got married and got the money pit with the ex!


Assume you are Hillsborough.... from their site: https://www.hcpafl.org/Portals/HCPAFL/pdfs/PortabilityFAQ.pdf

 

[Dtail]

My county (Pinellas) has a handy calculator and it seems many county tax appraisers use the same software package. Basically, if you buy a house with a taxable value equal or higher, the dollar value of your homestead exemption follows you. If you downsize, you get a proportional discount on the new, lower value place (I feel like I got screwed by that a bit as I transferred mine from my first house ($), to the money pit ($$$), and then to my current place ($$) that was proportional to the discount on the money pit). I'd have been better off if I never got married and got the money pit with the ex!


Assume you are Hillsborough.... from their site: https://www.hcpafl.org/Portals/HCPAFL/pdfs/PortabilityFAQ.pdf

Perfect thanks.

 

[ShokWaveRider]

Didn't know about the property tax portability if one buys another place. Do you have more details?

D: Here you go, there is a lot more info on the Florida web sites too. Happy New Year.

https://www.cranewoods.com/2009/11/15/florida-property-tax-portability-explained/

 

[chassis]

@ShokWaveRider Martin County has your requirements at lower than your price range in the original post. It seems to be gentrifying/going more upscale so get in now if that's what you want.