Which Florida real estate companies are most overvalued?
Florida real-estate companies that have been hit with big price increases in recent years are now facing an increasingly grim prospect: falling revenues.
In the last three years, the median value of Florida’s largest real-property firms, ranging from the state’s largest to the smallest, fell $25 million, according to data from data analytics firm Zillow.
That is more than triple the losses recorded during the same time last year.
Zillows analysts say that has more to do with the downturn in the broader economy and less to do so with a recent downturn in Florida’s real estate market.
“The recession is having a bigger impact on the Florida market,” said Chris Kostecki, a senior analyst at Zillower.
“I think it’s more a lack of awareness among people in the real estate business that the market is in a downturn, rather than anything else.”
Kosteckisz estimated that real-market losses for Florida’s larger real-tourist companies dropped an average of 5 percent each year between 2012 and 2016.
The state’s smallest real-title companies, such as Katella & Dillard, saw a decline of 1.5 percent.
The downturn in sales at Katellas, the state�s largest title broker, is the latest sign that the real-world economy is slowing and sales of Florida�s biggest title brokers are slowing as well.
Sales at Kaelin Real Estate, which operates Katelli in West Palm Beach, fell 6.4 percent in the past year, down from 10 percent in 2016.
Sales of the smallest title-broker firms fell 5.9 percent.
For the largest companies, the decline is more subtle, and it�s a reflection of the fact that many are operating in tough financial situations.
Katella, which has a sales force of about 40,000, lost $2.5 million last year, according a person familiar with the company�s financials.
That leaves the company with a $4.9 million loss, and the person said the company has no plans to cut staff.
The company is also dealing with the loss of one of its largest franchisees, the person added.
Kaelin, which manages about 1,200 properties and operates a network of about 3,000 real-ty sales agents, has about $5 million in cash and has $2 million in short-term loans, the people familiar with its finances said.
Kildale, which handles about 1.3 million properties and has more than 2,000 agents, is in similar shape.
The numbers are unclear, and Kildale�s finances have not been fully disclosed.
Kaldeen, which is also part of Katellahouse, lost about $4 million last summer, the company said.
It did not disclose its losses.
Kelton, which handled about 1 million properties, also lost money last year but did not share its numbers, a person with knowledge of the company who spoke on condition of anonymity said.
The losses reflect a decline in sales and revenue, the same person added, but the company did not say whether the company is planning to cut its staff.
Kalytera, which runs the largest franchisee, Kelton Realty, lost money, as did Katellia, which was also part the franchisee.
Katellina also did not provide its financials but did provide a statement that said the business�s “unprecedented year” is “now in full swing.”
The company�d also shed some employees, including one who took on a new role.
The person said Katelline�s restructuring is in the works and that the company expects to have an operating profit for 2017.
The financials for the other companies that operate in Florida were not immediately available.
The decline in real-sale sales has caused concerns among real-traffic agents, who worry that some of their agents are losing out on income from sales.
Agents say the industry is in crisis and they have no choice but to do more to increase their revenues.
The real-time market has shifted to the real world, which means that agents have to learn how to navigate the complex and confusing system.
The agency also has to learn about real-tor prices, which often fluctuate significantly, making it difficult for agents to know how much a property is worth before bidding on it.
“I feel like I am the realtor that is selling the house, not the agent that is putting it on the market,” one agent said.
“In my mind, I am buying the house,” added another agent, who said agents are doing their best to learn the process of real-sales bidding and make sure they are selling the best possible deal for their clients.
The agents said they have been told to keep a low profile in the industry because they fear losing their jobs.
Some agents have even stopped attending the auctions they participate in. And some