In which Florida city was a mansion recently sold for a whopping $170 million, making it the most expensive listing in the state's history?

Southwest Florida's #1 Appraisal Service

2 of the 5 Cities recently named "Suddenly Affordable" 

are in SW Florida

As we all know, builders have poured into Florida, cranking out new houses like they’re going out of style. But here’s the kicker: the homebuying frenzy that had everyone grabbing a slice of sunshine is slowing down to something closer to a drizzle.

Turns out, not everyone can work from their beach chair anymore—they're heading back to the office. Now toss in sky-high home prices, interest rates that’ll make you wince, and the nightmare of trying to get home insurance in this state, and you've got a housing market that’s finally hitting the brakes.

Recently, GoBanking Rates released a study that identified "Five Florida Cites that are "Suddenly Affordable", with 3 of them on the West Coast and two of them are located right here in Southwest Florida. 

Click HERE to learn them

Local vs National

While prices rose 0.19 percent nationally in July, they fell across each of Florida’s nine largest markets by 0.25 percent or more. Cape Coral, Fla., is off 7 percent from its recent peak, while North Port, Fla., has dropped 6 percent. Those numbers certainly show a housing market that is slowly drifting back to earth.

Source- Bankrate

More Interesting Facts

Q....How many New Houses does Florida need each year to keep up with demand?

A....Ken H. Johnson, is an Associate Dean at Florida Atlantic University’s College of Business. According to Johnson, Florida needs at least 200,000 new homes each year to keep up with demand.

According to statistics, In 2023, Florida saw significant residential construction activity, with more than 106,000 new residential construction permits issued across the state. However, this represented about a 15% decrease compared to the previous year, due to various factors such as economic fluctuations and higher construction costs. Despite the decline, Florida remained one of the leading states in terms of new homes built per capita, ranking third in the U.S. with approximately 9.8 new homes built per 1,000 residents​.

For 2024, while exact figures for the total number of new homes in Florida are not yet finalized, the forecast suggests that home builders are optimistic about the future, with more than 80% planning to increase production in 2024.  The single-family housing starts will increase by around 4.7% nationwide, and with Florida expected to equal that percentage, it is estimated that there will be 110,000 plus new homes in 2024, still below Dr. Johnson's "keep up" figure!

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32,836 homes were sold in June 2024, down from 38,387 in 2023

Is your Seller growing impatient?  Can this graphic help?

An old man was on his deathbed. He wanted badly to take some of his money with him. He called his priest, his doctor, and his real estate agent to his bedside.

“Here’s $30,000 cash to be held by each of you. I trust you to put this in my coffin when I die so I can take all my money with me,” he said. At the funeral, each man put an envelope in the coffin. Riding away in a limousine, the priest suddenly broke into tears and confessed,

“I only put $20,000 into the envelope because I needed $10,000 for a new baptistery.” “Well, since we’re confiding in each other,” said the doctor,

“I only put $10,000 in the envelope because we needed a new machine at the hospital which cost $20,000.”

The real estate agent was aghast and said, “I’m ashamed of both of you, I want it known that when I put my envelope in that coffin, it held my personal check for the full $30,000.”

Palm Beach.  The record was set last year, when car dealership owner Michael Cantanucci and his wife, Kimberly Cantanucci, paid $170 million for a nearly 1.6-acre estate on North County Road.