WEBVTT

1
00:00:00.200 --> 00:00:02.439
<v Speaker 1>It is time for your true real estate nine to

2
00:00:02.439 --> 00:00:05.480
<v Speaker 1>one one MIDWEK update with your local real estate pro

3
00:00:05.639 --> 00:00:07.719
<v Speaker 1>Lisa True. One of the biggest questions a lot of

4
00:00:07.719 --> 00:00:10.759
<v Speaker 1>people have right now what is going on with their

5
00:00:10.800 --> 00:00:13.800
<v Speaker 1>local real estate market? And the answer, well, a little

6
00:00:13.800 --> 00:00:15.759
<v Speaker 1>bit of everything. Lisa's got it for us. Tell us

7
00:00:15.759 --> 00:00:16.120
<v Speaker 1>about it.

8
00:00:16.239 --> 00:00:18.839
<v Speaker 2>Yes, the answer is really it depends. It depends on

9
00:00:18.920 --> 00:00:21.719
<v Speaker 2>the type of property and the location of the property.

10
00:00:21.800 --> 00:00:25.320
<v Speaker 2>Right now, overall, single family homes have seen a five

11
00:00:25.359 --> 00:00:29.960
<v Speaker 2>point seven percent appreciation year over year. Many are surprised

12
00:00:30.079 --> 00:00:33.920
<v Speaker 2>with that, but we are seeing inventory continue to increase.

13
00:00:33.960 --> 00:00:38.359
<v Speaker 2>We're at five point five months now. Town homes and

14
00:00:38.439 --> 00:00:42.320
<v Speaker 2>condos a little bit different story. Their prices are still holding,

15
00:00:42.560 --> 00:00:46.000
<v Speaker 2>they're actually up a little one point five percent, but

16
00:00:46.159 --> 00:00:50.079
<v Speaker 2>their inventory is way up. Nine point seven months of

17
00:00:50.240 --> 00:00:55.039
<v Speaker 2>inventory for condos and town homes overall in Palm Beach County,

18
00:00:55.520 --> 00:00:58.520
<v Speaker 2>which is a huge challenge if you own one of

19
00:00:58.560 --> 00:00:59.960
<v Speaker 2>those types of properties.

20
00:01:00.280 --> 00:01:03.159
<v Speaker 1>Lisa, we know the state legislature is looking to address

21
00:01:03.399 --> 00:01:06.120
<v Speaker 1>condo affordability on back of the reforms passed after the

22
00:01:06.120 --> 00:01:08.799
<v Speaker 1>collapse of Champlain Tower South. How much of what you're

23
00:01:08.840 --> 00:01:12.200
<v Speaker 1>seeing in the condo market in particular are people that

24
00:01:12.239 --> 00:01:14.599
<v Speaker 1>are needing to sell due to affordability issues.

25
00:01:14.879 --> 00:01:19.560
<v Speaker 2>Insurance is a big issue right now for condos for sure,

26
00:01:19.719 --> 00:01:23.040
<v Speaker 2>but for all of us, and that insurance is really

27
00:01:23.120 --> 00:01:25.480
<v Speaker 2>a big part of it. And then condos have been

28
00:01:25.560 --> 00:01:30.519
<v Speaker 2>hit with repair and as well as bringing up their reserves.

29
00:01:30.599 --> 00:01:33.400
<v Speaker 2>All of those things really needed to happen, but they're

30
00:01:33.439 --> 00:01:38.439
<v Speaker 2>just being really bombarded in all kind of areas in condos.

31
00:01:38.480 --> 00:01:41.319
<v Speaker 2>It is a huge challenge, Brian. We also have some

32
00:01:41.519 --> 00:01:44.519
<v Speaker 2>cities that are doing really well right now. West Palm Beach,

33
00:01:44.719 --> 00:01:49.200
<v Speaker 2>remember I said five percent overall West Palm Beach last

34
00:01:49.239 --> 00:01:53.040
<v Speaker 2>month their prices were at thirteen percent in Delray Beach.

35
00:01:53.000 --> 00:01:55.640
<v Speaker 1>Ten percent buying selling. Just trying to figure this thing

36
00:01:55.640 --> 00:01:58.840
<v Speaker 1>out called five six one, nine, seven, two eighty three

37
00:01:58.959 --> 00:02:01.840
<v Speaker 1>twenty six. Visit True real Estate nine one one dot

38
00:02:01.879 --> 00:02:05.159
<v Speaker 1>com or just google True group that's t r EU group.