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Florida Trend Real Estate
Florida is losing its affordability edge after drawing a flood of new arrivals
Florida is losing its affordability edge after drawing a flood of new arrivals
A stampede of north-easterners in search of sunshine and cheaper living sent Florida’s housing market into a frenzy through the pandemic. The manic demand is finally starting to wane. Single-family home prices in Florida have flattened for the first time since 2011, after climbing almost 50 per cent in the past three years. Inbound moves are slowing. And soaring mortgage rates and insurance premiums have eroded one of the Sunshine State’s most alluring attributes: affordability. More from Business Times and Bloomberg.
Are Florida’s insurance regulators stretched too thin?
As insurers project how a pile of new laws will affect profits and losses, regulators in Tallahassee are falling behind in their efforts to review and approve rate hike requests. Though the shortcomings are not immediately affecting consumers, if not repaired, policyholders could find themselves paying more than they should for insurance coverage or, if they move or buy insurance from another company, difficult to be tracked down if regulators determine they are owed refunds. More from the Orlando Sentineland Yahoo News.
A Florida mobile home park closed. What happened to its residents?
When land for development is scarce and a housing market is hot, mobile home parks are particularly vulnerable to closures, housing experts say. Over the last decade, dozens have shuttered in Tampa Bay and across Florida — displacing hundreds of people as affordable housing has become harder and harder to find, a Tampa Bay Times analysis of state records shows. [Source: Tampa Bay Times]
See where 4 Florida cities rank among the pet-friendliest to find an apartment in the U.S.
A study conducted by Roommates.com found that four Florida cities were among the pet-friendliest in the U.S. The researchers analyzed which cities have the highest percentages of people willing to live with a roommate that has a pet St. Petersburg came out on top, with 52% of people willing to share a living space with a pet owner. [Source: NBC Miami]
Homeowners in states hobbled by extreme weather are running out of options to protect their homes
Droughts and wildfires. Floods and hurricanes. As the losses from these natural disasters skyrocket, a growing number of insurance companies are declining to offer or renew coverage in California and Florida, leaving 60 million Americans with dwindling options to comprehensively and affordably protect their livelihoods. [Source: NBC News]
$3.499 million
Rolling Stones frontman Mick Jagger and his dancer girlfriend Melanie Hamrick have put their Florida home up for sale. A listing on Realtor.com says the lakefront home with four bedrooms and 5.5 baths is listed at $3.499 million — and it looks like the Jagger connection is a key selling point. [Source: AP]
› A Miami Beach landlord is threatening to evict everyone from this 102-unit building
On Thursday evening, members of the Gardens on the Bay owners association gathered for an emergency meeting to discuss a harrowing reality: Everyone at the three-story, waterfront property at 6484 Indian Creek Dr. in Miami Beach is facing possible eviction. Days earlier, owners at the 102-unit building had been served with a lawsuit that names more than 140 defendants, ordering them to respond within five days or potentially be removed from their homes.
› These cities have the lowest cost of living in the Orlando area
Rent has skyrocketed in Florida, home prices have doubled, and many are considering leaving the state they grew up in to find more affordable living options for their families elsewhere. Uprooting your family can be expensive, especially out-of-state. Although the cost of living in the Sunshine State has risen drastically since the start of the pandemic, there are still some areas to consider moving to that won't leave your pockets too empty.
› Sarasota, Tampa become hot beds for built-to-rent homes
For those who don’t want to commit to the price tag of buying a home but want the space a house offers, build-to-rent homes can be a good option. Developers are starting to take note, according to a recent study by RentCafe, with 44,700 build-to-rent houses under construction nationwide — triple of how many were built last year. One of the markets where the trend is especially big is Sarasota.
› Did 'Million Dollar Listing' star Ryan Serhant poach another Palm Beach County firm's secrets?
Things are getting real for Ryan Serhant, a reality-TV star on the Emmy-nominated “Million Dollar Listing New York” who entered Palm Beach County's hot housing market in May. The TV star's new Florida real estate arm was just sued by a rival Palm Beach County brokerage only weeks after Serhant's brokerage opened a Delray Beach office.
Previous Real Estate Updates:
- 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
- Florida is growing. Can affordable housing keep up?
- Florida condo sales plummet despite falling prices and rise in 'motivated' sellers
