Florida's housing crisis leaves residents suffering

Florida's housing crisis leaves residents suffering

Low mortgage rates during the pandemic led to the state's housing market boom, as demand was high and aspiring homebuyers faced each other in extremely competitive bidding wars. While the Sunshine State still has one of the most expensive housing markets in the country, there are fears that the trend that has brought up home prices in the past few years might soon reverse as an insurance crisis is unfolding in the Sunshine State. [Source: Newsweek]

Opinion: Special session needed in Florida to address further insurance reform

According to the Insurance Information Institute, the average annual property insurance premium in Florida is more than triple the national average. If homeowners haven’t lost their insurance, they’re likely to face rate increases. If they lose their insurance and can’t find a replacement, then they face foreclosure because most banks require proof of insurance to write loans on mortgages. [Source: Tallahassee Democrat]

Repurposed buildings trend catching on in Central Florida

The Central Florida population boom has further accelerated a declining housing market, leaving the real estate industry looking for solutions — one of which is the repurposing of old buildings into new homes. According to the U.S. Census Bureau, several Florida counties showed some of the highest population growth in the country for 2022, with Osceola and Lake counties being the highest. Yet the Florida Apartment Association reported that housing development has not kept pace. [Source: WMFE]

This Tampa Bay-area city is the most 'overvalued' housing market in Florida

Florida continues to see more than its fair share of "overvalued" housing markets, and the Tampa Bay area is home to the most overvalued housing market in the state, according to data from Florida Atlantic University. Currently, the Sunshine State has nine out of the Top 15 "most overvalued and steadily rising metro areas" for homebuyers in the United States. [Source: WTSP]

How Florida Housing's first-time buyer programs can save you money

The Florida Housing First Time Buyer Program helps first-time homebuyers navigate the buying process by providing advice, financial counseling and offering them 30-year, fixed rate mortgages through participating lenders and lending institutions in the state. First-time homebuyers who are eligible for the program can also use one of Florida Housing's second mortgage programs to help them with down payment assistance and closing costs. [Source: Pensacola News Journal]

ALSO TRENDING:

› Fort Myers Beach's future questioned as another hotel property sells [Business Observer]
London Bay Development has bought the Outrigger Beach Resort and Charley’s Boathouse Grill on Fort Myers Beach. The Naples developer, which began construction on the Ritz-Carlton Residences, Estero Bay last month, paid $38.2 million for the property according to Lee County court records. Both the Outrigger and Charley’s were destroyed during Hurricane Ian.

› 2 apartment complexes coming into fruition at Oviedo Mall [Orlando Sentinel]
A long-held goal to redevelop the Oviedo Mall into a live, work, and play mixed-use site is showing signs of progress as two developers are planning to bring separate apartment projects totaling nearly 700 units to the property. Picerne Real Estate Group is proposing to build 350 units where the now-closed Macy’s department store currently stands on the eastern edge of the mall, according to a report in GrowthSpotter.

› Soccer star Lionel Messi checks out more mansions, most recently in Boca Raton [South Florida Sun-Sentinel]
Soccer superstar Lionel Messi has been hunting for a new home in South Florida, most recently spotted checking out a mansion in Palm Beach County. Messi was photographed with his family looking at a home in Boca Raton, according to The Mirror, a British daily tabloid newspaper. The home reportedly includes a golf putting green, and “someone could be seen with a club in hand giving the 36-year-old a quick demonstration.”

› New affordable housing complex coming to Bradenton. Here are all the projects so far [Bradenton Herald]
Developers have heard about the affordable and workforce housing crisis in the Bradenton area, and some are answering the call for more. Most recently, Bradenton Project LLC of Summerville, S.C., filed paperwork with Manatee County Government for rezoning a 6.5 acre parcel to build a 96 unit apartment complex.

Tags: Real Estate eNews

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