"Now, Skykes, whose firm showcases multimillion-dollar deals in both Florida and the Northeast, said she's watching two Americas diverge in real time. In the Northeast, she's seeing bidding wars have returned in commuter suburbs like Monmouth County, N.J., and mid-Long Island, where buyers still fight for an acre and an elite school district. In Florida, by contrast, she described a market in withdrawal, nursing a hangover after a flurry of activity. "Just a couple years ago, we were being love-bombed and told how great we were," she said, citing Florida's burgeoning status as "Wall Street South," a new finance hub. Now, things are "flat" or even heading downward."
"Home prices in Florida have fallen 5.4% year-over-year, dragged down by a glut of aging condos facing six-figure special assessments and post-Surfside safety mandates. Single-family homes, meanwhile, remain relatively resilient, she noted. She characterized the Sunshine State's housing scene as a cycle of boom, bust, and burnout. She's always fueled by the belief that somehow, the next round will be different. "Now we're being told, 'Oh, you're too expensive,' and kind of being discarded," Sykes said. "You know, the conversation changes by the day, really.""
Two distinct regional patterns have emerged: Northeast commuter suburbs are experiencing renewed bidding wars for acreage and elite school districts, while Florida is retreating from a recent boom and showing signs of moderation. Florida home prices fell 5.4% year-over-year, largely because of an oversupply of aging condos facing six-figure special assessments and mandated safety upgrades. Single-family homes are holding value more effectively. The statewide housing cycle moves through boom, bust, and burnout phases, with current price pullbacks appearing modest relative to earlier, larger appreciation gains.
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