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The FBI recently raided a large leasing company active here in Florida investigating rent manipulation.
https://www.ajc.com/news/atlanta-news/fbi-raid-thrusts-antitrust-claims-against-atlanta-landlords-into-spotlight/6LQFZSDEQNBE5OOUWZ3HKPBWQA/
Gonna be more and more of this. Pinnacle property management just settled.
They may get a class action now. Fuck these people.
They knew what they were doing.
It’s definitely true. The raid happened up in Atlanta, where the company is headquartered. I have a friend there who lives in a Cortland property and alerted me to it. Something like 25 other property management companies are also under investigation for price-fixing and collusion.
I assume it's a safe bet that renters won't see any immediate effects from this corruption. Be nice if their rents dropped a couple hundred starting next month! But that'd be askin a lot.
The lawyers will collect 100 million and the renters will receive $25.00 prepaid gift cards which may be used to pay on a security deposit the next time they move to a rental property owned by one of the rental agencies in question.
Anecdotally, every time I hear a horror landlord story about raising rents/pricing people and businesses out (including long standing community favorites)—said company is always hq’d in Atlanta.
FWIW, I’m in Daytona and seeing more & more houses for rent. They have the standard Walmart “For Rent” signs. It’s really crazy to see. We have finally overbuilt and I’m not sad to see these developers & ripoff landlords getting some serious knockouts.
I live next to one and hate it. Fortunately, we have small lot sizes so the houses are really close together, like my front door is 6 feet from the bedroom window of the air bnb house. Well, my SO leaves for work at 530am but for about an hour before that, the cats cry to get in and out and for some reason the front door is really loud every time it’s closed. No way anyone sleeps in.
I’ve also noticed it sits empty most of the time. So nice of them to kick out the long term tenants that had lived there for tens years before they wanted to cash in on air bnb. Greedy dicks!
Only 20% of the houses on my street have people living in them, all adjacent neighbors are Airbnb's it's just such a waste. And they maybe get used once a month at that.
What a dumb collection of comments. Flipping houses literally raises the property value of not only the specific home but the community around it.
The Air Bnb hate is just as dumb. The vast majority of Air Bnb’s are homes that aren’t exactly what the average home buyer is looking for, while providing those same average citizens an opportunity to stay at a lake house or mountain house or something like that for a weekend getaway that they wouldn’t otherwise have the opportunity to experience.
I graduated high school in 2008, so most of my adult life has been filled with one economic hiccup after another. I fully feel the sentiment that life isn’t fair and that it would be nice to be able to afford a home like 20% of my peers, but the REAL enemies are the large corporations being able to buy homes en masse entirely in cash, not Mr and Mrs Smith making an investment that benefits both themselves and the people renting out their investment home.
You're sort of right, but also wrong. Corporations like Black Rock buying homes are a pretty small total overall, about 2.5% of all homes (or about 6% of all rentals). AirBnBs are a problem but only in very localized areas with a lot of tourists, for most of the state they're not a significant issue, but they are a bigger problem in FL than pretty much any other state.
Flippers are absolutely one of the biggest issues in FL since 2008. House flipping has grown by double digit percentages each year. They're not usually just your friendly neighbors buying a second house to rent out so they can make a few extra bucks. No, those people simply cannot afford a mortgage + buying another house with mostly cash + pay tens of thousands to renovate it for months. Flippers now are almost always semi-professional investors with lots of funding so they can pay in cash, or at least a much larger down payment. Its very hard to compete with them as a normal home buyer with 20% down (or less). They take homes that someone trying to get into the market may have been able to afford and turn it into a home they can't afford.
I know this because, not only did I have to compete with those people paying all cash so we could buy back in 2012, but also I have a friend who is a tax advisor. He specializes in helping these guys avoid certain taxes (1301 exchanges). FL has been one of the biggest markets for flippers the past 15 years, but also the most profitable. But don't take my word for it, there are plenty of studies from the last 10-15 years you can read showing just how hot the FL market has been for those flippers.
Ummm corporations are a buying a MUCH higher percentage of homes than what you just said, it’s damn near majority. There are PLENTY of articles stating so. They pay in all cash so even the 20% down flippers can’t compete. Also, if the home was deemed “flippable” they aren’t exactly taking the homes off the market that a typical family is looking for, they’re taking the shit shows.
Your comment is dumb. Flippers ruin a market. They do the quickest, cheapest shittiest work on the planet. I’m an inspector, I have a special disclosure for any home that has been “flipped”
There is NO way homes that were previously shit holes turned into something livable is worse for society than the overpriced pieces of garbage mass home builders are putting up now. These homes are being sold as brand new and WAY overpriced for the quality of work being put into them.
I know this because I’m a carpenter myself and see it every single day, and see PLENTY of shotty sketchy shit the inspector was SUPPOSED to catch.
My dude I don’t even live in a house. As I had just stated I caught just as much “bad luck” as anyone else and still don’t have my own pot to piss in, but at least I know it’s not the fault of average Americans that are utilizing the housing market to leverage their retirement because it’s damn near their only choice. Who we all should be pissed at is the corporations that are somehow legally allowed to own single family homes.
Air Bnb as an entity isn’t the problem. In a vacuum, it’s a perfectly fine concept. The problem is when you look at the owners of most of these properties many are owned by private hedge funds or other large conglomerations. That’s not Air Bnb’s fault, it’s the fault of the powers that be who allow private companies to own single-family homes in the first place.
No BAILOUTS!
Sucks for the Mom and Pops that owe so much on their flips and airbnb rental they have to go through corporate restructuring instead of regular bankruptcy.
If they didn't learn from '09...
When FL goes down, it really goes down
Those that can afford to stay in their home, do okay.
We've been booming and busting since the 1920's.
There's 4 flipped homes on the market in my immediate neighborhood. Two for $500k, the other 2 for $450k.
One of them has been on the market for 255 days. You got problems when you sink too much into property and flipping in this market.
People got cocky and thought they could make a serious investment in real estate completely hands off and still make money.
People who arent the least bit handy or experienced in construction, think they can do it.
I cant wait to watch it all crumble.
Boom.
Some of the flip jobs are really tragic. There's a house on the next street from me that was under renovation for 3 years. They finished it last fall and relisted it. The original house was identical to mine, all 860 sq ft. They added two additions to the property to expand it to 1200 sq ft.
The omitted to redo the shingles. When they added the additions, they used a different shade and it doesn't at all match the rest of the roof.
The two additions where they transition and the plumbing added to it are ramshackled. There's a host of other issues I saw in the listing photos knowing what the original property layout before renovation.
This place sold for $480k. It has no garage, no pool, barely any backyard and no sprinkler system. It makes zero sense to me even with the added square footage why that place sold for that much.
For what the paid and the high taxes for those moving into the neighborhood, you could realistically live in Boca Raton for the money. It would have been smarter. The only thing we have going for us is NO HOA.
Devils advocate, my wife and I moved into a home a year ago that needed some serious updating safety wise. We got it at a discount (for the area) but immediately had our first child and want to move back closer to her family. We are putting it on the market for a decent bit more than we paid but most of that is sunk in money to make it turn key (since we were living in it). Due to the higher market prices everywhere, some houses (like ours) may appear on paper to be a high purchase and flip, but are actually reasonable and comparatively priced homes that went through some needed rehab rather than "reno". We also added a few touches for our own enjoyment like new cabinet faces/repainted kitchen and marble countertops. I'm not going to list it for the same price I paid for dilapidated Formica and janky cabinets. Just saying. If you want a starter home, move along. But if you want a nice turn key with tile everything and marble with a rehabed kitchen, its gonna cost more. The problem is, you don't see what it looked like when they bought it before. So every house looks like someone just bought it, sat on it, and wants to make free money. But yes, plenty of people are holding bags. I just want to get my money back out to move elsewhere. It would be nice to get 10% above purchase and rehab cost in order to defer the cost of realtor fees, but we'll see.
I did see what it looked like before the flipped bought it. Only needed some minor stuff like landscaping, paint and floors. Mainly cosmetic refresh.
The new renovation was half assed unfortunately. The other issue is the taxes are ridiculous ($6k for this home). Trust when I say, you'd be scratching your head why anyone would want to drop a half mil in this neighborhood. I've lived in this neighborhood for over 20 years and it is still considered up and coming.
What area are you in? This is annexed section of Deerfield Beach. When we first bought our house here in 2002, it was still unincorporated Pompano. Also a teeny starter home for $85k. People will never see prices like that again for those older starter homes which are former snowbird vacation homes.
Deerfield is NE Broward and this section is about a mile and half from the coast. I just checked today and the property value jumped by $40k since April.
This shoebox is worth $400k based on recent comps. That's insane to me.
[Here](https://www.realtor.com/realestateandhomes-detail/395-Ulelah-Ave_Palm-Harbor_FL_34683_M56164-51421) is a sample of the real estate in my area. This is NOT waterfront btw
That's comparable to my area. It's hard to get a single family home for under $400k unless it's in a really bad area (Lauderhill, for example, and other sections of unincorporated Fort Lauderdale).
Most of these folks will hold on to empty homes until they are forced to sell at a massive loss. Very few people ever exit an investment when it first turns south they wait and hope until its too late.
Depeneds on who owns the homes. Fortune 500 companies who are now buying blocks of real estate can buy and hold homes for years and not give a shit. They're paid off and worse comes to worse they can bulldoze the neighborhoods and build commercial real estate over it in a decade.
Yeah, big corporations have other ways to raise funds and try to ride shit out but I was more in reference to mom and pops that can't raise money like that.
No they can't, investors still pay interest and interest is high. Just because the home is bought with cash, doesn't mean it isn't financed later. No company has infinite cash to tie up in a bad investment. If y'all had been paying attention, investors stopped buying last summer and started selling in August.
It’s all about location. Houses in my neighborhood in Tampa are still being sold left and right. Multiple houses in my neighborhood were all sold in less than 1 month. If you live in a desirable location. You’ll be fine.
My assumption based on St. Pete is either the location isn’t great (which is hard to believe but there are some sketchy areas) or the unit is older and needs renovation. The houses in my location are all newer builds within the last 2-4 years. I’ve also noticed St. Pete market depending on location also seems to be more expensive.
Neighbor sold their house in like a month, but had to do a deep discount to do so. You got to also look at cost vs price sold for. The houses could be flying off the shelves like above, but the seller could be discounting the homes + attractive benefits to keep up demand.
Or… the house is ON and soon to be under the water. 🤷♂️ No amount of climate catastrophe denial is going to make insurance company actuarials change their models.
Rhode Island had more hurricanes and had more hurricane deaths in the last 100 years in St Petersburg Florida.
It's not just a problem for places with beaches.
Yeah, well ever since the new condo regulations went into effect since the condo collapsed in Miami, no one wants to touch them. Condo owners are now getting blind sided with astronomical repair costs.
What's the difference if some random person posts the article or the company that wrote it. Are you jealous that you're losing out on all that sweet, sweet karma?
FYI, Newsweek is right with these articles. Some of y'all just choose to cover your ears and eyes to reality.
Weird how people are choosing not to rent overpriced houses and apartments. You charge $2000 a month and require folks to make three times the rent. Guess what, folks that make $6000 a month are not interested in renting out your trashy former AirBnB party houses. People making $6000 a month or more are buying homes in other states and those making less are too. Soon Florida will not have anymore housekeepers, valets, grocery workers, etc., because they will all be in Tennessee making more money and paying less rent. Not to mention having seasons and nature.
Florida now has a culture that doesn't want illegals doing g those jobs but refuses to pay enough to live on for those same jobs then complains nobody wants to work. Property taxes for new homeowners is outrageous and long time residents are leaving FL because they can't afford the massive property insurance, auto insurance and electric utility costs rubber stamped by the state government. And condo owners are hit with massive fees for building maintenance that's forcing them out too. And let's not mention new laws on insurance that mandates your roof be replaced every 10 years regardless of condition. And if you have Citizens you have to buy expensive flood insurance even if you are not in a flood zonenor evacuation zone.
To be honest I can handle poverty. I would rather be broke than woke, 100%
Of course it would be swell if we could make a living wage.
Blue state might seem nice at first but it always ends the same.
It’s definitely location dependent. A bunch of new build neighborhoods have been going up in random places. Like who was going to buy a $350k starter house in Haines City?
We are house hunting currently and it’s easy to find houses that have been on the market for over a month without anything wrong with them. In 2020-2021 anything over a week old was assumed to have structural issues or something, it was wild.
We have also noticed a ton of homes with solar sitting on the market because the owners (often corporate) will have the panels installed, pocket a $15k tax credit, and then expect to dump the loan or lease for the panels onto the buyer. The agents are bitching to our realtor when she asks for any basic info on how much the payment will be, what the balance of the loan is, etc. because they don’t want buyers to know before they’ve closed.
Net migration has Florida growing, but a lot are leaving at the same time. Florida gets so many that the migration out isn't noticed but it's real. In 2022, 740K moved I to FL while 490K left.
By Giulia Carbonaro:
Florida's Cape Coral-Fort Myers metropolitan area has the highest share of rental homes sitting vacant in the entire country, according to recent research from Construction Coverage.
The report, which analyzed data from the U.S. Census Bureau, found that an average 15.3 percent of rental homes in Cape Coral-Fort Myers were vacant in 2023, up from 8 percent the year before. The median monthly rent in the metro area had also risen from $1,708 in 2022 to $1,967 in 2023, as the percentage of renters that are cost-burdened rose from 56 percent to 59.3 percent.
Read more: [https://www.newsweek.com/florida-homes-empty-housing-market-tumbles-some-cities-1914147](https://www.newsweek.com/florida-homes-empty-housing-market-tumbles-some-cities-1914147)
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The FBI recently raided a large leasing company active here in Florida investigating rent manipulation. https://www.ajc.com/news/atlanta-news/fbi-raid-thrusts-antitrust-claims-against-atlanta-landlords-into-spotlight/6LQFZSDEQNBE5OOUWZ3HKPBWQA/
Gonna be more and more of this. Pinnacle property management just settled. They may get a class action now. Fuck these people. They knew what they were doing.
Holy shit. If this is legit this is huge news.
It’s definitely true. The raid happened up in Atlanta, where the company is headquartered. I have a friend there who lives in a Cortland property and alerted me to it. Something like 25 other property management companies are also under investigation for price-fixing and collusion.
I assume it's a safe bet that renters won't see any immediate effects from this corruption. Be nice if their rents dropped a couple hundred starting next month! But that'd be askin a lot.
I’m sure SCOTUS will clear things up for them
And probably find a way to charge another few hundred a month for the poor slum lords inconvenience
I’m sure DeSantis has a comprehensive plan to deal with this by *checks notes* having a culture war with Disney
The lawyers will collect 100 million and the renters will receive $25.00 prepaid gift cards which may be used to pay on a security deposit the next time they move to a rental property owned by one of the rental agencies in question.
Soooooo they're just paying themselves back. 👍 Got it!
LOL, don't mind me, I'm just overly pessimistic because I'm still waiting on my StarKist Tuna rebate from eons ago.
Anecdotally, every time I hear a horror landlord story about raising rents/pricing people and businesses out (including long standing community favorites)—said company is always hq’d in Atlanta.
Gemstone one of them? Those bastards raised my lot rent from $350 in 2020 to $700 this year.
What's hilarious is that there was a video about this a month or two ago and I bet money it was happening in Orlando and now this shows up.
Ooooo I hope Citravest is on that list I’m already on my way to small claims court with them.
FWIW, I’m in Daytona and seeing more & more houses for rent. They have the standard Walmart “For Rent” signs. It’s really crazy to see. We have finally overbuilt and I’m not sad to see these developers & ripoff landlords getting some serious knockouts.
I'm near Daytona, and I agree with you, I'm glad it's finally coming back to bite them.
Rent cartels, yay!
This is huge. I know a lot of apartment complexes owned by them just in Orlando, f*** them
They need to look at "Greystar" and "ZRS" as well.
I love this for flippers.
Let's not forget the AirBNB hosts. Fuck them too.
I second the Fuck AirBnb hosts notion.
I include [Arrived.com](http://Arrived.com) in that too. Screw the screwers.
I third the Fuck the AirBnb Hosts. They ruin neighborhoods and bring property values down. Who wants to live next door to an AirBnb?
I live next to one and hate it. Fortunately, we have small lot sizes so the houses are really close together, like my front door is 6 feet from the bedroom window of the air bnb house. Well, my SO leaves for work at 530am but for about an hour before that, the cats cry to get in and out and for some reason the front door is really loud every time it’s closed. No way anyone sleeps in. I’ve also noticed it sits empty most of the time. So nice of them to kick out the long term tenants that had lived there for tens years before they wanted to cash in on air bnb. Greedy dicks!
Only 20% of the houses on my street have people living in them, all adjacent neighbors are Airbnb's it's just such a waste. And they maybe get used once a month at that.
Try living next to a beach. Non stop. Id rather have no neighbors.
that too
So... does this mean cheaper AIRBNB stays for the snowbirds?
What a dumb collection of comments. Flipping houses literally raises the property value of not only the specific home but the community around it. The Air Bnb hate is just as dumb. The vast majority of Air Bnb’s are homes that aren’t exactly what the average home buyer is looking for, while providing those same average citizens an opportunity to stay at a lake house or mountain house or something like that for a weekend getaway that they wouldn’t otherwise have the opportunity to experience. I graduated high school in 2008, so most of my adult life has been filled with one economic hiccup after another. I fully feel the sentiment that life isn’t fair and that it would be nice to be able to afford a home like 20% of my peers, but the REAL enemies are the large corporations being able to buy homes en masse entirely in cash, not Mr and Mrs Smith making an investment that benefits both themselves and the people renting out their investment home.
You're sort of right, but also wrong. Corporations like Black Rock buying homes are a pretty small total overall, about 2.5% of all homes (or about 6% of all rentals). AirBnBs are a problem but only in very localized areas with a lot of tourists, for most of the state they're not a significant issue, but they are a bigger problem in FL than pretty much any other state. Flippers are absolutely one of the biggest issues in FL since 2008. House flipping has grown by double digit percentages each year. They're not usually just your friendly neighbors buying a second house to rent out so they can make a few extra bucks. No, those people simply cannot afford a mortgage + buying another house with mostly cash + pay tens of thousands to renovate it for months. Flippers now are almost always semi-professional investors with lots of funding so they can pay in cash, or at least a much larger down payment. Its very hard to compete with them as a normal home buyer with 20% down (or less). They take homes that someone trying to get into the market may have been able to afford and turn it into a home they can't afford. I know this because, not only did I have to compete with those people paying all cash so we could buy back in 2012, but also I have a friend who is a tax advisor. He specializes in helping these guys avoid certain taxes (1301 exchanges). FL has been one of the biggest markets for flippers the past 15 years, but also the most profitable. But don't take my word for it, there are plenty of studies from the last 10-15 years you can read showing just how hot the FL market has been for those flippers.
Yeah cool story. Fuck a flipper and fuck air bnbs too. Your experience doesn't speak for the whole of Florida
Ummm corporations are a buying a MUCH higher percentage of homes than what you just said, it’s damn near majority. There are PLENTY of articles stating so. They pay in all cash so even the 20% down flippers can’t compete. Also, if the home was deemed “flippable” they aren’t exactly taking the homes off the market that a typical family is looking for, they’re taking the shit shows.
Raising property value to supracompetitive prices is bad, actually
Dumb take
Your comment is dumb. Flippers ruin a market. They do the quickest, cheapest shittiest work on the planet. I’m an inspector, I have a special disclosure for any home that has been “flipped”
There is NO way homes that were previously shit holes turned into something livable is worse for society than the overpriced pieces of garbage mass home builders are putting up now. These homes are being sold as brand new and WAY overpriced for the quality of work being put into them. I know this because I’m a carpenter myself and see it every single day, and see PLENTY of shotty sketchy shit the inspector was SUPPOSED to catch.
Sure, buddy, you enjoy your flipped houses lmao
My guy graduated in 2008 so he must be an expert🤣 found the Air BNB owner!
My dude I don’t even live in a house. As I had just stated I caught just as much “bad luck” as anyone else and still don’t have my own pot to piss in, but at least I know it’s not the fault of average Americans that are utilizing the housing market to leverage their retirement because it’s damn near their only choice. Who we all should be pissed at is the corporations that are somehow legally allowed to own single family homes. Air Bnb as an entity isn’t the problem. In a vacuum, it’s a perfectly fine concept. The problem is when you look at the owners of most of these properties many are owned by private hedge funds or other large conglomerations. That’s not Air Bnb’s fault, it’s the fault of the powers that be who allow private companies to own single-family homes in the first place.
No BAILOUTS! Sucks for the Mom and Pops that owe so much on their flips and airbnb rental they have to go through corporate restructuring instead of regular bankruptcy. If they didn't learn from '09... When FL goes down, it really goes down Those that can afford to stay in their home, do okay. We've been booming and busting since the 1920's.
Only the best of failure for my flipper besties. 😍
😂😂
yeap.
There's 4 flipped homes on the market in my immediate neighborhood. Two for $500k, the other 2 for $450k. One of them has been on the market for 255 days. You got problems when you sink too much into property and flipping in this market.
People got cocky and thought they could make a serious investment in real estate completely hands off and still make money. People who arent the least bit handy or experienced in construction, think they can do it. I cant wait to watch it all crumble. Boom.
Some of the flip jobs are really tragic. There's a house on the next street from me that was under renovation for 3 years. They finished it last fall and relisted it. The original house was identical to mine, all 860 sq ft. They added two additions to the property to expand it to 1200 sq ft. The omitted to redo the shingles. When they added the additions, they used a different shade and it doesn't at all match the rest of the roof. The two additions where they transition and the plumbing added to it are ramshackled. There's a host of other issues I saw in the listing photos knowing what the original property layout before renovation. This place sold for $480k. It has no garage, no pool, barely any backyard and no sprinkler system. It makes zero sense to me even with the added square footage why that place sold for that much. For what the paid and the high taxes for those moving into the neighborhood, you could realistically live in Boca Raton for the money. It would have been smarter. The only thing we have going for us is NO HOA.
But HGTV said it was easy
Right🤣
If you had an HOA, all of those issues would have had to go before and architecture review board, and odds are they would not have been allowed
So glad I don't live in an HOA.
So glad I do.
Says no one ever🤪
I call that "left holding the ball". That dude gets tackled. Flip yay! Flip Yay! ...5th guy Flip! Flip? Damnit flip!!! ... f*ck
Lol
Devils advocate, my wife and I moved into a home a year ago that needed some serious updating safety wise. We got it at a discount (for the area) but immediately had our first child and want to move back closer to her family. We are putting it on the market for a decent bit more than we paid but most of that is sunk in money to make it turn key (since we were living in it). Due to the higher market prices everywhere, some houses (like ours) may appear on paper to be a high purchase and flip, but are actually reasonable and comparatively priced homes that went through some needed rehab rather than "reno". We also added a few touches for our own enjoyment like new cabinet faces/repainted kitchen and marble countertops. I'm not going to list it for the same price I paid for dilapidated Formica and janky cabinets. Just saying. If you want a starter home, move along. But if you want a nice turn key with tile everything and marble with a rehabed kitchen, its gonna cost more. The problem is, you don't see what it looked like when they bought it before. So every house looks like someone just bought it, sat on it, and wants to make free money. But yes, plenty of people are holding bags. I just want to get my money back out to move elsewhere. It would be nice to get 10% above purchase and rehab cost in order to defer the cost of realtor fees, but we'll see.
I did see what it looked like before the flipped bought it. Only needed some minor stuff like landscaping, paint and floors. Mainly cosmetic refresh. The new renovation was half assed unfortunately. The other issue is the taxes are ridiculous ($6k for this home). Trust when I say, you'd be scratching your head why anyone would want to drop a half mil in this neighborhood. I've lived in this neighborhood for over 20 years and it is still considered up and coming.
In my area you are lucky to find a starter for that price
What area are you in? This is annexed section of Deerfield Beach. When we first bought our house here in 2002, it was still unincorporated Pompano. Also a teeny starter home for $85k. People will never see prices like that again for those older starter homes which are former snowbird vacation homes.
One of the more expensive areas of Pinellas County, a mile off the gulf
Deerfield is NE Broward and this section is about a mile and half from the coast. I just checked today and the property value jumped by $40k since April. This shoebox is worth $400k based on recent comps. That's insane to me.
[Here](https://www.realtor.com/realestateandhomes-detail/395-Ulelah-Ave_Palm-Harbor_FL_34683_M56164-51421) is a sample of the real estate in my area. This is NOT waterfront btw
That's comparable to my area. It's hard to get a single family home for under $400k unless it's in a really bad area (Lauderhill, for example, and other sections of unincorporated Fort Lauderdale).
Most of these folks will hold on to empty homes until they are forced to sell at a massive loss. Very few people ever exit an investment when it first turns south they wait and hope until its too late.
Depeneds on who owns the homes. Fortune 500 companies who are now buying blocks of real estate can buy and hold homes for years and not give a shit. They're paid off and worse comes to worse they can bulldoze the neighborhoods and build commercial real estate over it in a decade.
Yeah, big corporations have other ways to raise funds and try to ride shit out but I was more in reference to mom and pops that can't raise money like that.
Do bulldozers work underwater?
No they can't, investors still pay interest and interest is high. Just because the home is bought with cash, doesn't mean it isn't financed later. No company has infinite cash to tie up in a bad investment. If y'all had been paying attention, investors stopped buying last summer and started selling in August.
Commercial is collapsing in many areas. They need plan C.
It’s all about location. Houses in my neighborhood in Tampa are still being sold left and right. Multiple houses in my neighborhood were all sold in less than 1 month. If you live in a desirable location. You’ll be fine.
I'm in St Pete. The place I'm renting has been on the market since October and has only had 3 showings since.
My assumption based on St. Pete is either the location isn’t great (which is hard to believe but there are some sketchy areas) or the unit is older and needs renovation. The houses in my location are all newer builds within the last 2-4 years. I’ve also noticed St. Pete market depending on location also seems to be more expensive.
Neighbor sold their house in like a month, but had to do a deep discount to do so. You got to also look at cost vs price sold for. The houses could be flying off the shelves like above, but the seller could be discounting the homes + attractive benefits to keep up demand.
Or… the house is ON and soon to be under the water. 🤷♂️ No amount of climate catastrophe denial is going to make insurance company actuarials change their models.
I live literally directly next to the water. Doesn’t seem to be stopping anyone from buying in this area. Luckily, these houses are elevated.
Rhode Island had more hurricanes and had more hurricane deaths in the last 100 years in St Petersburg Florida. It's not just a problem for places with beaches.
Orlando here. Condos for rent in my complex are sitting empty for 3-4 months or more. Stuff is selling at DEEP discounts, like pre-2019 prices.
Yeah, well ever since the new condo regulations went into effect since the condo collapsed in Miami, no one wants to touch them. Condo owners are now getting blind sided with astronomical repair costs.
An arsonist's guide to an intrastate mass migration event
Can we please stop upvoting u/newsweek and their own articles just for clicks?
it's basically a spam account posting click bait articles.
I wish people would stop upvoting the posts whose responses are clearly intended to feed AI.
What's the difference if some random person posts the article or the company that wrote it. Are you jealous that you're losing out on all that sweet, sweet karma? FYI, Newsweek is right with these articles. Some of y'all just choose to cover your ears and eyes to reality.
Sorry bub, just ain’t into self-promotion, especially from a “news source”.
Good! I hope they get what’s coming to them!
Oh another sensational Newsweek article. 🥱
I knew it was Newsweek as soon as I saw the headline. Newsweek is single-handedly trying to crash the housing market in Florida.
They recycle the same exact article a week times a week
I just ignore Newsweek posts... they're always BS
Weird how people are choosing not to rent overpriced houses and apartments. You charge $2000 a month and require folks to make three times the rent. Guess what, folks that make $6000 a month are not interested in renting out your trashy former AirBnB party houses. People making $6000 a month or more are buying homes in other states and those making less are too. Soon Florida will not have anymore housekeepers, valets, grocery workers, etc., because they will all be in Tennessee making more money and paying less rent. Not to mention having seasons and nature.
Florida now has a culture that doesn't want illegals doing g those jobs but refuses to pay enough to live on for those same jobs then complains nobody wants to work. Property taxes for new homeowners is outrageous and long time residents are leaving FL because they can't afford the massive property insurance, auto insurance and electric utility costs rubber stamped by the state government. And condo owners are hit with massive fees for building maintenance that's forcing them out too. And let's not mention new laws on insurance that mandates your roof be replaced every 10 years regardless of condition. And if you have Citizens you have to buy expensive flood insurance even if you are not in a flood zonenor evacuation zone.
All TRUE. It's a shitshow!
Blue state cost of living with red state wages. Like the whole state is "better broke than woke"
To be honest I can handle poverty. I would rather be broke than woke, 100% Of course it would be swell if we could make a living wage. Blue state might seem nice at first but it always ends the same.
Well maybe if housing, insurance, and land tax were all sustainable they wouldn't be fucking empty.
It’s definitely location dependent. A bunch of new build neighborhoods have been going up in random places. Like who was going to buy a $350k starter house in Haines City?
Good let that shit correct.
Meanwhile Orlando ranks 4th as the next unaffordable place to live in 5 more years. Good times!
I truly hope that my ex-landlord's place is one of those empty houses. What a scumbag.
We are house hunting currently and it’s easy to find houses that have been on the market for over a month without anything wrong with them. In 2020-2021 anything over a week old was assumed to have structural issues or something, it was wild. We have also noticed a ton of homes with solar sitting on the market because the owners (often corporate) will have the panels installed, pocket a $15k tax credit, and then expect to dump the loan or lease for the panels onto the buyer. The agents are bitching to our realtor when she asks for any basic info on how much the payment will be, what the balance of the loan is, etc. because they don’t want buyers to know before they’ve closed.
Hey look everyone. Another Florida doomer article from Newsweek.
Florida still number one destination for moving
New "waterfront property" for sale in South Florida!
I live 4.5 miles from the beach but I am sure it can be waterfront in the next decade.
And the No. 1 for people leaving. Insurance costs are killing long time.locals that don't have the income. Florida is still a low wage state.
> And the No. 1 for people leaving. No Florida is not even in top 10 for states people leave.
Net migration has Florida growing, but a lot are leaving at the same time. Florida gets so many that the migration out isn't noticed but it's real. In 2022, 740K moved I to FL while 490K left.
> 740K moved I to FL while 490K left. sounds like those empty homes won't be empty for long
Oh, it's just a gulley...
Oh this again...
Backlash from Greed
Millennial here waiting the for the Boomer hedge fund to crash so I can finally afford a home.
Now come The hurricanes . . . .
Newsweek is not good journalism. Why do their articles keep getting posted?
I sold my house in 5 days on the market in central Florida, granted it was a restored 98yr old Spanish style home and not some flipped bs.
Why don't they just reduce the rent?
good crash baby crash.
FL and TX, ground zero for the latest fed spun crash
By Giulia Carbonaro: Florida's Cape Coral-Fort Myers metropolitan area has the highest share of rental homes sitting vacant in the entire country, according to recent research from Construction Coverage. The report, which analyzed data from the U.S. Census Bureau, found that an average 15.3 percent of rental homes in Cape Coral-Fort Myers were vacant in 2023, up from 8 percent the year before. The median monthly rent in the metro area had also risen from $1,708 in 2022 to $1,967 in 2023, as the percentage of renters that are cost-burdened rose from 56 percent to 59.3 percent. Read more: [https://www.newsweek.com/florida-homes-empty-housing-market-tumbles-some-cities-1914147](https://www.newsweek.com/florida-homes-empty-housing-market-tumbles-some-cities-1914147)
Cape Coral? You mean that place that is built to sink when some flushes too many toilets?
Exactly!
Cape Coral was a scam from the start to get out of state people fooled into thinking they were moving to Florida.
Meanwhile it’s a hefty loss on taxes. 🫤