We’re in the middle of trying to sell our home here in southern Miami – Kendall. Just one year ago you couldn’t find a home to buy. Whenever a home went up, it’d sell in days, after bidding wars. Today, there still aren’t that many homes for sale, but the buyers have evaporated. We bought our home 7 years ago for $420K, and today it’s up for $899,950…lowered from $925K only three weeks ago. No bites, only a few “interested” parties. We have a contract on another home we’re moving up to in Orlando contingent on our sale. That house’s seller just contacted us and asked if we wanted to extend our contract a month – absolutely we said. We have a feeling we’ll have to extend it another month while lowering our home to $875K… or less.
Worst of all, I’m an award winning animator/motion designer who hasn’t had a solid project in over a year! My industry has had a terrible drop in productions, and AI is looking to taking a lot of work. I’ve been in the VFX/animation industry for over 40 years – from 3.5” floppies to crazy fast render farms.
So both the sudden falloff in the housing sales and a crashed animation industry, my wife and I are a month from $0 savings after the year of a trickle. I can’t even get Apple to interview me as a “Genius” or just a tech support guy – something I’m incredibly capable of performing.
Our hopes? That the Fed will drop interest rates a while point (fingers crossed), that I’ll get some work in the next month (now that previous clients know I’m headed back to Orlando), and that the new election situation will calm buyers into coming back into the market.
How’s everyone else surviving this downturn, or are you suffering a downturn?
Cheers to all.
1) The surging HOA fees and insurance cost are motivating lots of discounted condo sales in Florida.
Especially from part-time owners who no longer want to pay these exorbitant monthly cots to keep their unit.
The result is a "wall of inventory" hitting the Florida housing and…
— Nick Gerli (@nickgerli1) August 12, 2024
3) Such a sharp increase in inventory in Florida is heavily de-stabilizing the market.
Most owners/sellers did not expect the inventory to rise this much, and this fast.
And we're now breaking records in many parts of the state for how many homes are on the market.
— Nick Gerli (@nickgerli1) August 12, 2024
5) Lakeland is actually mostly single-family homes. Not too many condos there. Indicating that the downturn in Florida is happening across different regions and asset types.
And it's likely just getting started given how overvalued prices are, mixed with the "demand vacuum" that…
— Nick Gerli (@nickgerli1) August 12, 2024
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