Investor home purchases are sinking, and it’s most evident in Florida
Real estate investors are pulling back more quickly in Florida than in the rest of the US, as the state's property crisis worsens. Out of the top five areas where investor purchases have dropped the most, three are located in Florida, according to a report by Redfin. With its warm weather, beautiful beaches, affordable homes and no state income tax, Florida for years drew investors looking to flip homes or generate rental income. More from Housing Wire and the Daily Mail.
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» Some lawmakers hesitant to wipe out property taxes
Florida remains top relocation spot despite migration slowdown
For the 10th consecutive year, Florida has emerged as a top relocation destination, welcoming over 100,000 new residents. The latest moving trends from the U.S. Census show that the majority of Americans are relocating due to necessity rather than lifestyle. In 2023, Texas took the No. 1 spot from Florida as the nation’s top state for net migration, ending Florida’s 10-year reign. [Source: Tampa Bay Business Journal]
DeSantis says he can’t rule out ‘correction in the real estate market’
When it comes to housing prices, the principle of “what goes up must come down” historically applies. And to that end, Gov. Ron DeSantis says that a dip in home values can’t be ruled out. Florida’s inventory of homes for sale as of February was at a record high, up 40% year over year and more than 7% over January’s number. [Source: Florida Politics]
Florida bill could strip insurance from noncompliant condo associations
A proposed Florida bill could strip state-backed Citizens Property Insurance from condo associations that fail to complete mandatory structural integrity reserve studies, potentially leaving thousands of residents without coverage. The bill, introduced by state Rep. Vicki Lopez, would penalize condo associations that have not completed the required studies, which assess a building's structural integrity and mandate financial reserves for necessary repairs. [Source: CBS Miami]
Where you can cash in on Florida's cooling housing market
Economists and other housing-market experts use increases in inventory to identify areas where demand and competition for houses might be waning. There, homebuyers might start to have an edge over home sellers. Increased inventory is also an indicator that home prices could fall. [Source: Business Insider]
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$18,000
If you've ever wondered what life was like in the 1970s, one newly listed Florida property offers an incredibly rare glimpse inside that era—after hitting the market for the very first time since it was first sold for $18,000 back in 1974. [Source: Realtor.com]
› Southwest Florida real estate prices ease, experts advise cautious optimism
Home prices in Southwest Florida are starting to come down, but experts say it doesn’t mean the real estate bubble is about to burst. Jillian Young, president of Premier Plus Realty, said she doesn’t like the term “bubble.” “When we say bubble, we think 2007 and 2008, the great financial crisis, well, the mortgage situation and the inventory situation and the home price situation is not what it was,” explained Young. “Less than 2% of mortgage holders in Florida actually are at risk of foreclosure.”
› Orlando bucks trend with mortgage growth while other Florida metros decline
Mortgage activity in Central Florida has increased slightly from recent lows, with Orlando seeing an 8.5% year-over-year rise in purchase mortgages, outperforming other Florida metros. However, overall mortgage rates remain stagnant, impacting refinancing and home-buying trends despite Federal Reserve interest rate cuts in 2024.
› New Merritt Island condominiums will offer exclusive airplane hangars to residents
After years in development, the River Fly-In condominiums in Merritt Island will officially open with a ribbon cutting this weekend, making it the first condominium in Brevard County with exclusive access to airplane hangars for its residents. Built directly adjacent to the Merritt Island Airport with the intent of drawing flying enthusiasts who can live in the eight-story buildings and even rent hangars next door through a leasing agreement with the condominiums.
› New custom homebuilder wants to bring Miami flair to Pinellas waterfront
A South Florida-based company plans to build a batch of speculative waterfront homes in Pinellas County with a "coastal and modern" design. Bayrock Homes LLC, affiliated with Adler Cos., has closed on two properties to jump-start its strategy to redevelop existing older homes with elevated structures that will be listed for around $4 million to $5 million.