Investing in Florida

[Sergio P Ramos]

I've been hearing alot about the market in Florida. Mostly about the collapse in Florida's market. Am I just hearing rumors or is something going on? Is anyone investing in Florida right now?

[Ryan Cleary]

Quote from @Jason Rash:

I'm an agent in South Florida, and an investor - here's what I see and what I know.

I just sold an Airbnb for 1.3 million in West Palm. This airbnb had everything, totally perfect. So desirable in fact that an agent fro Ryan Serhant's office personally flew down to check it out and make an offer. We got under contract within 14 days of listing and closed 2 weeks later. I marketed this property as a business - as it brought in 155K in gross revenues , could go to 180K with some extra work.

I see many people who got into the airbnb game 3 years ago trying to unload now, almost at cost. When I comped out the property there were 7 others trying to unload. I held open houses - people flooded in. I shot IG reels and Youtube Content - people DM'd me about the property. 

Prices are softening by 10%-20% - not because the demand isn't there - people want to buy. Most don't have the capability to buy with IR so high. 

It should be noted that many investors came through my property, loved how I was marketing it, but this wasn't the perfect investment for them.

What's happening is that there is ZERO competition - so buyers/ investors/ are subconsciously waiting on the sideline for someone to give them the all clear. 

I honestly see them raising IR by end of year - prices are still increasing, especially for insurance premiums. 

I also see demand surging at the first rate cut. We are in a reverse frog boil environment  - Instead of boiling to death slowly they raised IR so fast that people are unsure/unclear when it's a good time to come back in - they will more than likely lower rates 1/8 to 1/4 point at a time, incredibly slow to allow the market drip back to normal preventing a surge

I'm also seeing people drop $5,600,000 in cash to $13,000,000 in cash like it's nothing

Cash rules down in florida even on 889K deals 

 Couldn’t agree anymore! Well said