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rin Sykes, the top broker and founder of SYKES Properties, described Florida’s housing market as a “toxic relationship” during a ResiDay interview with ResiClub’s Meghan Malas. She said the state is pulling back after a period of intense activity, while the Northeast is experiencing a resurgence of bidding wars in commuter suburbs such as Monmouth County, N.J., and mid‑Long Island. In Florida, buyers are “nursing a hangover,” Sykes noted, citing the region’s recent rise as “Wall Street South” and its current flat or declining trend.

    Home prices in Florida have slipped 5.4% year‑over‑year, largely due to a surplus of aging condominiums burdened with six‑figure special assessments and new safety mandates following the Surfside collapse. Single‑family homes, however, remain comparatively sturdy. Sykes characterizes the Sunshine State’s market as a cycle of boom, bust, and burnout, yet she remains hopeful that the next phase will differ.

    “Now we’re being told we’re too expensive and being discarded,” she said, adding that the narrative shifts daily. While Florida has historically been a boom‑or‑bust market, Sykes sees a move toward moderation rather than collapse. “The waves are becoming flatter,” she explained. A 5% price pullback is insignificant when a home has already appreciated 25%, and a flat market can signal stability after years of rapid gains—especially in Palm Beach, where values have surged up to 200% in recent years.

    Sykes highlighted the stark contrast between the two regions. In Florida, agents often negotiate discounts of 5% to 20% off list price, whereas in the Northeast they find themselves in fierce bidding wars. “It’s like having multiple personality disorder,” she joked. This volatility reflects a broader split between pandemic‑heated markets and those returning to normalcy. The influx of high‑earning professionals to Florida spurred its boom but also exposed its fragility. Today, agents and homeowners navigate the Northeast’s cautious recovery and the Southeast’s cooling after years of mania.

    Within Florida, a bifurcation exists between single‑family homes and condos. The growing population—many of whom left cities like Manhattan or Chicago—drives demand for spacious homes, keeping the single‑family market robust. Condos, however, face mounting challenges: special assessments, stricter structural regulations, and the fallout from incidents such as Surfside. New‑construction condo pre‑sales continue, with West Palm Beach hosting several major developments.

    Sykes concluded that Florida’s market requires a grain of salt. The state’s dual personalities—steady single‑family demand versus a struggling condo sector—mean that buyers and sellers must remain cautious and adaptable.