Is Florida real estate bubble about to burst?

[CuriousByNature]

11 minutes ago, pubic_assistance said:

Well...its NYC, not Topeka Kansas.

As far as Florida is concerned, its not so much the taxes as the insurance companies that are scaring people away.

SO much of Florida real estate was built on-the-cheap by developers and hurricane season rips them apart due to shabby construction. So the insurance companies have decided that high risk means high prices.

I hadn't realized there was such a difference between NYC and some of the Canadian cities.  My uncle in Vancouver pays about $10K per year in property tax on a house worth around $3.5 million.  It works out to about 0.29%.  For someone out there in Vancouver to pay $7500 per month, they would need to own a property worth about $33 million.

Edited yesterday at 11:03 PM by CuriousByNature

[+ Vegas_Millennial]

On 7/19/2025 at 12:05 AM, TonyDown said:

Still, who is buying Florida in this market?

Apparently wealthy New York City residents are.  NY Post reported a surge in wealthy people inquiring about Florida real estate at the end of June: 

Luxury real estate brokers say wealthy New Yorkers are already...

NYPOST.COM

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"My number one job will be moving people from New York to Florida. Again,” celebrity broker Ryan Serhant...

 

 

Edited 23 hours ago by Vegas_Millennial

[pubic_assistance]

1 hour ago, CuriousByNature said:

I hadn't realized there was such a difference between NYC and some of the Canadian cities. 

Yeah..its pretty absurd here. My house is worth far more than $3.5M but no where near $33M.

This is one of the reasons New Yorkers eventually leave and head to Florida when they retire. 

[Luv2play]

11 hours ago, marylander1940 said:

They're not even coming to visit... they just don't feel welcome and would rather buy property in the Bahamas. 

 

Our dollar hasn’t really “collapsed”. At around 72.5cents US to our dollar, it is 10 cents higher than when I lived in Miami at the turn of the century. And in the last 6 months it has strengthened against the US dollar as have most other currencies since the new president took over. 
Canadians fleeing the Florida market are doing so more because of rising insurance and other costs, and the unfriendly attitude of the current administration to Canada which is causing problems at the border.

[pubic_assistance]

15 minutes ago, Luv2play said:

Our dollar hasn’t really “collapsed”. At around 72.5cents US to our dollar, it is 10 cents higher than when I lived in Miami at the turn of the century.

I seem to remember when I was younger that US and Canadian coins were somewhat interchangeable because the Canadian dollar was nearly one-to-one with the US dollar. A 28% difference DOES sound pretty depressed if that were true.

Edited 23 hours ago by pubic_assistance

[Luv2play]

7 minutes ago, pubic_assistance said:

I seem to remember when I was younger that US and Canadian coins were somewhat interchangeable because the Canadian dollar was nearly one-to-one with the US dollar. 

That was in the 1970’s. In 1976 I remember our dollar was higher than the US. Oil  and OPEC had a lot to do with it.

[pubic_assistance]

1 minute ago, Luv2play said:

That was in the 1970’s. In 1976 I remember our dollar was higher than the US.

That tracks. I was a kid in the 70s. I remember people in the US would accept Canadian coins and even commented they were worth slightly MORE than US currency. 

[CuriousByNature]

13 minutes ago, Luv2play said:

Our dollar hasn’t really “collapsed”. At around 72.5cents US to our dollar, it is 10 cents higher than when I lived in Miami at the turn of the century. 

But back in 1900 wasn't our dollar still on the gold standard?  

[Luv2play]

14 minutes ago, CuriousByNature said:

But back in 1900 wasn't our dollar still on the gold standard?  

Everyone was.  Britain went off the gold standard during the First World War and Churchill restored it in 1925. But that failed and they went off it during the depression in the 1930’s. And Nixon in 1971. 

Edited 22 hours ago by Luv2play

[CuriousByNature]

3 hours ago, Luv2play said:

Everyone was.  Britain went off the gold standard during the First World War and Churchill restored it in 1925. But that failed and they went off it during the depression in the 1930’s. And Nixon in 1971. 

I was just kidding - I know you meant the most recent turn of the century...