As the Northeast housing market heats up, Florida's is cooling down

As the Northeast housing market heats up, Florida’s is cooling down

Home prices are falling in parts of Florida and Texas as buyers tap out and supply catches up with demand. The median sale price for existing single-family homes rose in 93% of 221 metro areas in the year through March, the National Association of Realtors reported this week. There were falls in just 15 markets, and five of those were in Florida and Texas. More from Business Insider and Fast Company.

What you need to know about Florida’s Amendment 5, the property-tax ballot question

Florida voters have the opportunity this November to hand homeowners more savings on their tax bills. Should they? Amendment 5, placed on the ballot by Florida lawmakers, would in most years increase the value of a tax break known as the homestead property tax exemption by adjusting its value to match inflation. [Source: Miami Herald]

Florida insurer hit with $1 million fine for actions after Hurricane Ian

Florida regulators issued a $1 million fine against one of the state’s largest homeowners insurance companies on Thursday over how it treated policyholders after Hurricane Ian. Tampa-based Heritage Insurance was slow to respond to claims, slow to pay claims, used improperly licensed adjusters and kept poor records, the Florida Office of Insurance Regulation found. More from the Tampa Bay Times and WPTV.

Do we have any volunteers? South Florida condo associations struggle to find directors

The recent changes to Florida’s Condominium Act aimed at bolstering the structural elements of aging buildings are leading to increases in monthly dues for many communities, which in turn is causing a ripple effect on the willingness of owners to volunteer to serve on their association’s board of directors. [Source: Miami Herald]

A St. Petersburg housing experiment is 2 months old. Here’s how it’s going.

The Innovare apartments in downtown St. Petersburg include 50 units. Half are for formerly homeless people, who pay rent as low as $100 a month. The rest are for low-income residents. The $18 million housing experiment was paid for with government and charitable funds. Local leaders hope it could become a model for other cities. [Source: Tampa Bay Times]

ALSO TRENDING:

› Most Northeast Florida counties see sharp drop in home sales in April [Florida Politics]
April was brutal for closed and pending home sales among most of the six-county area of the First Coast region, according to the most recent figures released by the Northeast Florida Realtors Association (NEFAR). The largest and fastest growing counties along the First Coast all saw sharp declines in the number of homes sold in April compared to March.

› Redfin hypes Sarasota-Bradenton real estate as overvalued, but local agents don't see that [Sarasota Herald-Tribune]
A recent report from national real estate website Redfin spotlighted Sarasota for its surging number of homes for sale at the same time as sellers slash prices faster than anywhere else in the country. "Sarasota, in particular, has been overvalued for decades, and the chickens have finally come to roost," Redfin sales manager Eric Auciello said in the Redfin report.

› Boca Raton waterfront mansion sells for an ‘extraordinary’ $40 million, setting a record [South Florida Sun-Sentinel]
A waterfront mansion in Boca Raton sold for $40 million, setting a new record in the city’s growing ultra-luxury market. The property currently houses a nearly 10,000-square-foot home with four bedrooms, eight bathrooms and two pools, according to Zillow. It is situated on the Intracoastal Waterway in the Royal Palm Yacht & Country Club.

› Mortgage investor moves HQ to Tampa from New Jersey [Business Observer]
Roemanu, a holding company focused on originating and investing in mortgage loans in the U.S. and U.K., has opened a new office in Tampa. The company and its subsidiary Toorak Capital Partners have taken space on the sixth floor of the Thousand & One tower in the Water Street Tampa development.

Tags: Real Estate eNews

Previous Real Estate Updates:

• Florida officials brainstorm to find ways to increase housing stock and decrease costs
• Now might be the time to move to Florida as inventory levels surge and sellers slash prices
• Florida home values have more than doubled in the past decade
• Florida insurance market full of ‘low quality' companies, study finds
• Real estate pros say Florida's future looks bright
• What are squatters' rights? New Florida law targets occupancy fight
• Is trouble brewing in Florida's housing market? Here's what the data says