[LK1119 2004]

All throughout 2023, there were growing concerns about a potential housing bubble in Florida, with many experts predicting that these issues could come to a head in 2024. However, please remember that these were forecasts made in 2023, and the actual situation in 2024 may differ based on unforeseen events or changes in the economy.

1. Rapid Price Growth: Florida saw one of the nation’s fastest home price appreciations during the pandemic, particularly in areas like Miami, Tampa, and Orlando. Many experts worried this growth was unsustainable and could lead to a correction.
2. Interest Rate Impact: The Federal Reserve’s interest rate hikes to combat inflation were making mortgages more expensive. Higher rates were expected to cool demand, potentially causing prices to stagnate or drop in overheated markets like Florida.
3. Affordability Crisis: By 2023, many Florida cities were among the least affordable in the U.S. relative to local incomes. This disparity was seen as unsustainable, possibly leading to a market correction.
4. Investment Property Saturation: A large portion of Florida’s price growth was driven by investors and second-home buyers. If rental income or resale profits don’t meet expectations, they might sell, flooding the market.
5. Remote Work Slowdown: Florida benefited from the remote work trend as people moved from high-cost areas. But as more companies require office returns, this trend could slow, reducing demand.
6. Climate Risk: Florida faces significant climate risks like sea-level rise and stronger hurricanes. Increased insurance costs and natural disaster concerns could dampen long-term demand.
7. Population Growth: On the flip side, Florida’s population was growing faster than most states, which could sustain demand. However, if job growth doesn’t keep pace, it might not prevent a bubble.
8. Lack of New Supply: While some predicted a bubble, others argued that Florida’s strict land-use regulations limit new construction, which could keep prices high due to lack of supply.

In 2023, many analysts were predicting a Florida housing market correction in 2024, but not necessarily a catastrophic crash like in 2008. They expected prices to level off or decline moderately. However, real estate is local, and outcomes could vary greatly between cities or even neighborhoods. It’s crucial to check the most current data and local market conditions for an accurate picture of Florida’s housing market in 2024.

https://www.youtube.com/watch?v=_OSv-TDb56E

[LK1119 2004]

Puerto Rico is beautiful. At least near the beach or waterfront properties. There are many tourist who vacation for the first time and the next thing they know is they want to buy a second home or move there permanently due to no federal taxes. The commonwealth of Puerto Rico does not have federal income taxes and is agreat desination spot for high earners from mainland United States.

[LK1119 2004]

The borrower is in Alaska. Does the borrower need apartment building ownership and property management experience? He has experience as a property contractor and owns couple of investment properties.

[LK1119 2004]

Nice to meet you Willie Germino. I am Lisa and am working with Felix at Gustan Cho Associates. Looking forward to meeting you. Felix said Gustan Cho will be meeting you late next week in Oakbrook Terrace office of GCA Mortgage Group. Felix and Gustan is helping my homebuyers get financed and they highly recommend you as Gustan Cho Associates’ preferred lender. I will check out your website but from what I heard, it was quite impressive. Felix Nicolas told me that you were Gustan’s Section 8 Inspector for HUD Section 8 Housing Chicago. Would love to hear your story about Mr. Cho’s buildings. Talk to you soon.

[LK1119 2004]

Julio, this is Lisa Marie Smith. Felix Nicolas of Gustan Cho Associates referred me to you about getting reference concerning home inspector Willie Germino. I private messaged you. If you have a few moments, please contact me. Thank you.

[LK1119 2004]

I am a residential real estate broker with five different branches in Illinois and Southern Wisconsin. I spoke to Felix Nicolas from Gustan Cho Associates and he referred me to Mr. Willie Germino and WZG Home Inspection and the phenomenal job he does. Can you please get me his number because the number Felix gave me just goes busy after five rings. Thank you,

LMJ