February 28, 2024
Boomers are still obsessed with retiring in Florida, even though many of their peers have been priced out of the state

Florida Trend Real Estate

Boomers are still obsessed with retiring in Florida, even though many of their peers have been priced out of the state

| 12/4/2023

Boomers are still obsessed with retiring in Florida, even though many of their peers have been priced out of the state

Retirees just can’t quit Florida. Whether it’s the endless appeal of roasting under the sun or screaming out Jeopardy answers in an overly drafty apartment decorated in pastels from the 1980s, boomers are still moving to the Sunshine State for their post-workforce lives. That’s all despite the fact that some of their peers have been increasingly priced out of their (cheeseburger in) paradise. More from Yahoo Finance and Fortune.

Poll: Housing costs are top concern for Florida voters

A new poll from the University of North Florida’s Public Opinion Research Lab (PORL) asked registered voters across Florida their opinions about state and national policy issues, as well as favorability of several public officials. Respondents were asked what they think is the most important problem facing Florida today, to which the top response was housing costs with 26%. [Source: WQCS]

Map: Florida’s housing market may be at a peak. See how your neighborhood has changed

The situation for hopeful homebuyers in South Florida has long been bleak — and it’s not projected to improve any time soon. Although the region is likely at the peak of its housing cycle as sales slow and prices flatten out, Ken H. Johnson, a real estate economist who also works at Florida Atlantic University’s College of Business, said that doesn’t necessarily indicate the a crash is coming. [Source: South Florida Sun-Sentinel]

Skyrocketing HOA dues causing worry among Florida condo owners

The tough housing market has been especially hard for condo owners. Many are pressed with soaring HOA dues and assessment fees, and the perils of living in paradise are taking a toll. A new state law is making sure condominiums across the state are more resilient after the Surfside condominium collapse, but complying with the legislation is pricing many condo owners out of their homes. [Source: WFLA]

Senate committee investigating Florida’s state-backed home insurance company as private insurers flee

The U.S. Senate Budget Committee is launching an investigation into whether Florida’s state-backed home and property insurance company has enough money in the bank to withstand future disasters, as scientists warn warming oceans and sea level rise are making storms more destructive. Citizens Property Insurance Corporation exists as a so-called insurer of last resort - if owners cannot convince a private insurance company to cover their property, Citizens will step in. It insures about 1.3 million policyholders in the state, who typically pay more money for a policy that covers less. [Source: CNN]

STAT OF THE WEEK
55.4%
An over 50% rise in mansions costing more than $5 million is helping drive the Southwest Florida housing market. [Source: Fort Myers News Press]

ALSO TRENDING:

› Housing in Miami keeps rising and wages can’t keep up. Now, more people feel the squeeze
Rising housing costs burden half of all homeowners and renters in Miami-Dade County. And the situation is getting worse. Half of all of the county’s 936,351 households spent more than 30% of their income on paying for their mortgage or rent between 2019 and 2021, based on the new 2023 Housing Needs Assessment report by the University of Florida and Miami Homes for All. Real estate experts recommend that renters and homeowners spend 30% or below on their housing.

› Orlando-area homeowners faced down their developer over hefty membership fees — and won
A community of residents 55 years old and up, displaying endurance and spunk, is emerging from a marathon legal battle with a big win over a leading home builder who charged them hefty “membership fees” to use pools, clubhouses and other amenities in their own neighborhood. More than 5,000 households of Solivita, at the edge of metro Orlando, are in line for estimated average rebates of $10,000 from Solivita’s developer, Taylor Morrison Home Corp. The anticipated payouts are the resolution of a grueling lawsuit the Florida Supreme Court recently declined to reconsider.

› South Florida, Palm Beach home sales outperform rest of nation
Palm Beach County total home sales rose year-over-year as South Florida real estate continues to outperform the nation, according to October 2023 statistics released by the MIAMI Association of Realtors and the Multiple Listing Service system. Palm Beach County home sales rose 3.8% year-over-year, from 1,927 to 2,001. The statistics don’t include South Florida’s robust developer new construction market and volume.

› Realtors seeing people move out of St. Johns County and into Putnam
St. Johns County may be one of the fastest growing counties in Florida, but some people are choosing to leave it because homes and rent are high-priced. Some of them are moving right next door to Putnam County. Chris Fields works and lives in Putnam County. He is a broker assistant for Watson Realty in East Palatka. In the last few years, he along with many realtors, have noticed more people are moving out of St. Johns County and into Putnam.

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