Home sales plummet in South Florida. Why do prices keep rising as housing market deflates?
Many prospective homebuyers sent a strong message at the start of 2023: they are done trying to buy homes in South Florida, as annual sales nosedived in January in Miami-Dade and Broward counties. For residents patiently waiting to buy a bigger house here or move to a different neighborhood for better quality of life, the regional housing slowdown after two years of rapid growth is expected to bring price relief later this year, real estate experts said. More from the Miami Herald and the South Florida Sun-Sentinel.
New Florida property insurance company picks up nearly 200,000 homeowners from insolvent companies
United Property & Casualty Insurance (UPC) is the 10th property insurance company in Florida to enter receivership in the last three years, meaning they don’t have enough funding to pay out claims. As a result, the Florida Office of Insurance Regulation (OIR) declared the company insolvent last week. In such a volatile market, it’s hard to imagine anyone would want to start a property insurance company in Florida, but a new company in Tampa has already become one of the bigger providers, taking on nearly 200,000 policies from companies going under. [Source: WFTS]
Why boats and helicopters are driving some of Florida’s real estate market
Keeping your home above water is important in more ways than one. Whether it’s a private dock, bijoux slip or membership to a nearby marina and fancy sailing club, properties that bring boating directly to your front door are now at a premium (up to 20% say some analysts). And nowhere more so than in South Florida, where private boat facilities are appearing at choice condo towers, boutique developments and grand estates citywide. [Source: New York Post]
‘It’s really hard:’ Affordable housing crisis across Central Florida weighs on residents’ mental health
The housing crisis across Central Florida appears to only be getting worse and residents tell us in many ways it’s impacting their mental health. Mena Alexis, 30, said she’s reminded of her current eviction notice and the reality that she and her five, soon to be six, children may be left homeless. “I’m just like, ‘Can I get some kind of relief from everything because everything has been so hard,’” Alexis said. “I’ve just been so stressed out, it’s really hard.” [Source: Click Orlando]
Miami’s hidden high ground: What sea rise risk means for some prime real estate
The highest points in Miami-Dade County are unmarked and largely unnoticed. But high ground has played an outsized role in the history of South Florida’s development — and, more importantly, offers clues about how climate change could shape the region’s future. Starting with its real estate market. The scientists who study South Florida’s limestone ridges say there’s a warning hidden in the rock beneath our feet. [Source: Miami Herald]
48.5% of Floridians are spending less on home improvements due to the economic climate compared to about 49.8% of homeowners nationally. [Source: Jacksonville Business Journal]
› This Florida company was accused of scamming homeowners. New legislation could help.
New statewide legislation could help crack down on a Florida real estate company accused of using deceptive business practices to swindle thousands of homeowners. Florida state Sen. Jennifer Bradley, R-Fleming Island, and Florida state Rep. Will Robinson, R-Bradenton, introduced two identical bills last week aimed at protecting Floridians against predatory real estate listing agreements.
› South Florida’s surge in office demand skirts Broward
South Florida’s office market is still riding a wave of Covid-era corporate migration to the Sunshine State. But it’s clear that most of the benefits are accruing to Miami-Dade and Palm Beach counties, with Broward County largely missing out. In Miami-Dade, net office absorption jumped more than 30 percent, year-over-year, in the fourth quarter of 2022, finishing the year with nearly 200,000 square feet absorbed, according to data from Cushman & Wakefield. Palm Beach County — home to “Wall Street South” — saw its net absorption rise by 18 percent, reaching nearly 111,000 square feet.
› In Ian’s wake, growth path is back on track for Southwest Florida
As Southwest Florida recovers from Hurricane Ian and moves back onto its growth path, a panel of area experts from a commercial real estate forum discussed the variety of factors affecting that path. Alexis Crespo with RV I planning believes that pathway is heading East. “Obviously, our coastlines are mostly built out. But with Ian, the phone is ringing off the hook with re-development and things like that. So, we’re going to see a resurgence of projects along the coastline but for the most part, the bigger, challenging entitlements are going to be in our eastern land areas,” said Crespo.
› Updated affordable housing taking shape on Tallahassee’s Southside
Thousands of new rental units are already in need in the Capital City. Data from the Florida Apartment Association showed we need 12,000 more apartments by 2030 just to keep up with the population growth. One project will help to fill that need on the south side of town.
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Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.