Not Just Selling Homes, Selling a Lifestyle

The catastrophic Surfside condo collapse in Miami had a domino effect on condo ownership across the state, with mandatory milestone and reserve inspections posing new challenges for associations to keep monthly fees low. As a result, many have had to dramatically increase their fees in the hope of avoiding hefty assessments. Escalating insurance costs compounded this situation, with storms and increasing premiums adding to the financial burden of home owners with those on fixed incomes being hit the hardest. Vulnerable low lying areas of town experienced significant flooding, still nothing like the Ft Myers area, but even without a hurricane, we have seen the perfect storm of heavy rain and high tides that has recently flooded areas that were still recuperating from the last storm.

Yet, despite these challenges, Pinellas County remains a magnet for out-of-state individuals seeking the coveted Sunshine State lifestyle, leveraging their equity-rich properties for cash purchases despite higher interest rates. These individuals have no qualms about purchasing properties here as our prices continue to catch up to the rest of the country’s market values.

Income-generating properties and residences with an ADU are still highly desirable, with multiple offers and bidding wars still occurring from time to time on such sought-after properties.

While living costs rise, and I have to laugh about how much we spend on food these days (so I don’t cry), the appeal of our quality lifestyle continues to draw newcomers. Despite nationwide trends, our housing market remains resilient, offering a balance of demand and supply.

As we navigate these real estate trends, let's not forget the vibrant local events that enrich our lives, like the awe-inspiring annual Treasure Island Sanding Ovations which never fails to impress us, and the festive holiday golf cart parades in Pass a Grille and Vina del Mar that we have started participating in. Top rated beaches, diverse cuisine and cultural experiences in Gulfport and downtown St Petersburg with the Pier and Doc Fords are also among our favorites.

As we continue to explore Florida's allure that never fades with our travel trailer in tow, we are constantly amazed by the abundance, cleanliness, and distinctiveness of the state parks - from the panhandle to the everglades and keys. One of our go-to activities is shark tooth hunting, and while we have found countless fossils, we are still waiting for that elusive megalodon. Rainbow River, with its crystalline waters, is still a top spot for us to cool off during the hot summer months. And our fishing trips have been particularly fruitful, with all of us enjoying the spoils of our catches. It seems that the pickle ball bug has finally bitten us, as everyone has improved and is truly enjoying the game, when we can find an empty court.

Looking ahead, the start of 2024 is poised for increased activity post-holidays, and the out of state license plates have already begun to migrate here. It will be interesting to observe the effects of global events on the market, with the hope that there are no occurrences of further wars. Election years are always accompanied by a certain level of uncertainty, and it will be interesting to witness how this will unfold.

With the continued market uncertainty, many have found it beneficial to have us set up customized searches for their preferred communities and areas. This allows them to monitor the most accurate data on active, pending, and sold homes, as they wait for interest rates to stabilize and (hopefully) drop in 2024, and for more inventory to hit the market.