Alternative home insurance becoming popular in Florida. Agents say ‘be careful.’
Some insurers and agents are offering a way for clients to save substantial amounts of money off their insurance premiums, and data shows more homeowners are taking them up on it. But experts warn that the strategy can be risky. Sales of a form of insurance known as “dwelling/fire” is happening more and more in Florida. The increase is outpacing growth of the more traditional “all-perils” policies that most homeowners choose, the data shows. [Source: South Florida Sun-Sentinel]
Florida’s migration boom loses steam, putting pressure on home prices
The population influx that Florida experienced after the COVID-19 pandemic has started to slow dramatically, with big implications for the state’s housing market. While more people are still moving to the Sunshine State than moving out each year, the net increase has shrunk precipitously. Last year, Florida gained just 64,017 new residents from net domestic migration, or the total number moving from another state in minus the total moving out. [Source: Realtor.com]
Industrial deals lead the way in Southwest Florida's commercial real estate sector
A trio of big dollar industrial deals last year helped boost the sector in Southwest Florida to new highs — though one industry analyst says the overall industrial market is a bit softer than previous years. The softening is clear in the numbers, where sales volume is down for the second year in the retail and office sectors, and where industrial sales are skewered by three big deals. [Source: Business Observer]
‘Perfect storm.’ Hundreds of South Florida condos now on secret mortgage blacklist
A secretive quasi-governmental condo blacklist is growing exponentially, making it difficult for owners in scores of troubled buildings in Miami and South Florida to sell or get loans for repairs even as their associations face a fiscal and time crunch to meet stringent new state safety regulations. The number of local condos on the list, which is maintained by federally chartered mortgage finance corporation Fannie Mae, has more than doubled in the past two years, according to new data released by a law firm that has been tracking it. [Source: Miami Herald]
See also:
» How to find if your Florida condo is on secret blacklist blocking mortgage loans
Did Florida’s chance at $1,000 in property tax rebates vanish?
Florida homeowners' much-needed property tax relief will have to wait. The Florida House Ways and Means Committee unanimously approved a measure to permanently reduce the state sales tax from 6% to 5.25%. Other sales taxes for commercial rent, new mobile homes, coin-operated amusement machines, and electricity would also be cut by a 0.75% rate. [Source: Kiplinger]
$2.85 million
A historic St. Augustine home, originally built for the F.W. Bodley family, has been restored to its former glory and is on the market for $2.85 million. [Source: Florida Times-Union]
› 7 trends and updates shaping the South Florida real estate market in 2025
The South Florida real estate market is undergoing transformation in 2025 due to shifting policies, economic forces and housing needs. The condo sector faces rising costs and regulatory challenges, with new laws requiring financial reserves and mandatory inspections intensifying financial strain on owners. High assessments and foreclosure risks tied to unpaid dues reveal the burdens on residents.
› Renters competing for each housing unit in "unaffordable" Port St. Lucie rental market
Renters are jockeying just to live here. There are nine renters competing for each available housing unit, according to an analysis by RentCafe, a nationwide apartment-search website. The city's rental market is the sixth-most competitive in Florida, RentCafe found, despite the rental market last year experiencing the largest percent increase in new apartments in the U.S.
› Pinellas County to begin enforcing new vacation rental rules
Pinellas County this month will be ramping up its strengthened vacation rental ordinance, designed to have owners of rental properties register and face stiff code enforcement fines for infractions. Will loud music blaring into the night and raucous pool parties come to an end in residential neighborhoods? County commissioners hope so, now that code enforcement has been given marching orders to strictly regulate those who don’t play by a new set of rules.
› More than 200 new apartments planned off Federal Highway in Deerfield Beach
Developers are planning to break ground later this year on a 237-unit apartment building in Deerfield Beach, bringing activity to a mostly vacant lot whose southern tip is home to a two-story office building on the northwest corner of Federal Highway and Northwest Second Street. The new housing, at 201 N. Federal Highway, would rise near a prominent stretch of the city, just north of East Hillsboro Boulevard and Federal Highway, also known as U.S. 1.