Part 6/10:
The aftermath of hurricane recovery has further complicated Fort Myers' market, where property values have plummeted by 25%. Many homes are now deemed uninsurable, with foreclosure rates reflecting the severe financial constraints on property owners.
7. Miami's Downtown and Brickell Area
Once a hallmark of luxury living, Miami's condo market is undergoing a significant shakeup. Prices have dropped by 20%, and the inventory of luxury condos has swelled to 42 months of supply, up from just eight months a year ago.
8. Palm Beach County
Palm Beach’s luxury market has seen similar declines with average price reductions of 24%. Insurers have withdrawn en masse, leaving many homes effectively unsellable due to skyrocketing insurance costs.