Florida's real estate market faces a severe crisis, with unsold homes rising by 25% and prices plunging by up to 40%. This turmoil, driven by an oversupply of new condos built during the pandemic and an influx of New Yorkers seeking the state’s benefits, is causing former residents to reconsider their relocation. Reports indicate that many New Yorkers, who once cherished Florida for its climate and tax advantages, are now returning home due to escalating living costs and dissatisfaction with various local issues.
Florida is experiencing a real estate crisis, leading to a surge in unsold homes and dramatic price drops, as many former New Yorkers seek to return home.
A "perfect storm" of oversupply, falling prices, and high homeowner association fees is driving down demand in Florida's once-thriving real estate market.
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