Florida’s top property insurers refuse to pay claims at outsized rate, report shows
Few geographies endure severe weather events as frequently as Florida, but a recent report shows homeowners insurance claims are denied at a staggering rate. The state’s second, third and fifth-largest insurance carriers closed between 37% and 51% of the homeowners' claims they received in 2023 without payment, according to the report by Weiss Ratings. [Source: Tampa Bay Business Journal]
Florida is investing the 15th least in manufactured housing
After over two years of elevated real estate prices, mortgage rates, and rents, the housing affordability crisis in the U.S. is more apparent than ever. Policymakers, economic experts, and regular U.S. households have been searching for tools to alleviate the pressure of housing costs. Expanding manufactured housing is one possible solution. [Source: Coastal Breeze News]
Florida cities fly high in property investment rankings, with rent hikes exceeding income increases
Hurricanes notwithstanding, the Sunshine State is the place to be for property investors. That’s the take from Agent Advice, a site with tips for the real estate industry. The claim: four of the top ten cities for savvy investors are right here in Florida. Miami leads the list. [Source: Florida Politics]
Florida's Hurricane Helene victims can get free temporary housing with Airbnb. What to know
If you’re looking for assistance navigating the devastating aftermath of Hurricane Helene, your first thought probably goes to FEMA. But Airbnb also has a program to help. According to a press release from the company on Sept. 30, “Airbnb.org is providing free, temporary housing for people who have been displaced by Hurricane Helene in several US states.” [Source: Sarasota Herald-Tribune]
Is your condo ripe for a buyout? Seven signs that developers might target your building
Condo buyouts were on the rise this year — and they can represent an escape to some burdened owners, but a threat to those who could be forced to leave their homes. Condo buyouts or terminations happen when 80% of condominium owners agree to sell to a developer. A deal can move forward unless 5% of owners vote against the deal. [Source: Miami Herald]
194
The ZIP code that includes Lake Nona and Orlando International Airport, 32827, had the highest average days on the market at 194. The ZIP also is home to many luxury homes, with an average sale price of $809,023 in the same quarter. [Source: Orlando Business Journal]
› How will hurricane Helene reshape Tampa Bay’s housing market?
In what’s shaped up to be Tampa Bay’s most devastating hurricane in a century, Helene decimated entire neighborhoods from Crystal River to Clearwater. Storied local haunts and family homes passed down through generations were wiped out in one fell swoop, leaving a blank canvas for possible redevelopment. But even once a community rebuilds, it may never return to what it was before.
› Osceola County to launch down payment program for local homebuyers. Here’s what you need to do
The latest data in Central Florida shows the housing market is starting to stabilize. “We’re seeing inventory, which is great news for buyers because it provides them with more options and more buying opportunities to secure home,” said Rose Kemp with the Orlando Regional Realtor Association. ORRA’s most recent housing market report shows houses are spending a longer time on the market and the inventory of homes for sale is rising. Interest rates for mortgages are also falling.
› Miami-Dade developer proposes condo with workforce housing
Miami Gardens-based EcoTech Visions is seeking a deal with Miami-Dade County to build condos priced as workforce housing in Opa-Locka. The EcoTech Visions Foundation, led by Executive Director Pandwe Gibson, hopes to build the 48-unit condo on the 15,625-square-foot site at 2090 Ali Baba Ave. The county granted the vacant site to the developer for $100 in 2018, with the deed stating that the developer would build affordable housing there under the Infill Housing Initiative Program.
› Disney affordable housing project in Horizon West heads to county for final vote
Disney's affordable housing project in Horizon West is headed to the Orange County commissioners for what is planned to be the final vote. The project faced stiff opposition from residents of Horizon West's Village H, who are nearest to the 114 acres Disney donated for the new village, when it last came before the county commission in March.