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Florida housing market crumbles: Homeowners struggle to sell amid rising insurance costs and storm fears

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Real Estate News

Florida,Homeowners,Hurricanes

Across Florida, home sales have slowed to a crawl despite its COVID-era boom. Inventory has ballooned by more than 50% in major cities like Tampa and Orlando.

Anthony Holmes thought he had hit the jackpot when he joined the wave of Americans fleeing to Florida during the pandemic.

After listing the house in February, Holmes was sure he’d have a buyer in no time. But despite dropping the price five times, from $620,000 down to $583,900, he still hasn’t had a single offer. Holmes, who was paying $1,700 a year for his insurance, was dropped after Hurricane Idalia swept near the area. Now, he pays double that amount.

In older buildings, these costs are being passed on to owners in the form of massive special assessments — sometimes reaching hundreds of thousands of dollars per unit. For those with condos in need of major repairs, the market has already soured.

 

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