Housing inventory on rise as prices stabilize, says Florida Realtors report

Housing inventory on rise as prices stabilize, says Florida Realtors report

Florida's housing market in June and second-quarter 2024 reflected promising signs for would-be buyers. A Florida Realtors report shows there are more new and acting home listings compared to a year ago, as well as a leveling out of median sales prices. More from the Orlando Business Journal, WFTV, and South Florida Agent Magazine.

Study: Florida ranks third in nation in office space demand

When it comes to demand for office space, Florida is No. 3 in the county, according to a new study. Highland Cabinetry, headquartered in Phoenix, conducted the research and compiled the report. Topping the list for office space demand are California and Texas. [Source: Business Observer]

Commentary: Affordable housing crisis is solvable if we think differently

Never before have so many people — across the political aisle — agreed that the housing affordability problem needs to be solved now, not later. It is perhaps the most unifying issue of our time, especially in Florida. Nearly 60% of Floridians personally know someone suffering because of the affordable housing crisis, with almost 80% of South Florida residents urging local officials to take action on the issue. [Source: Orlando Sentinel]

Florida's Citizens Insurance seeking double-digit rate increases for customers

Florida regulators Thursday dug into a proposal that would lead to double-digit rate increases for customers of Citizens Property Insurance Corp., as the state insurer of last resort continues trying to push policies into the private market. The Florida Office of Insurance Regulation, which would have to sign off on increases, held a three-hour hearing on the proposal, which in part would lead to an average 13.5 percent rate increase for the most-common type of Citizens policy, known as homeowners’ multi-peril coverage. [Source: News Service of Florida]

Real estate experts warn about surge of South Florida condo listings

Since the Surfside tragedy, lawmakers in Tallahassee have passed a series of reforms aimed at making buildings safer. Those reforms include requiring that condo associations have enough reserves on hand by the end of this year. That requirement may lead some associations to impose special assessments. [Source: NBC Miami]

See also:
» Florida condo owners feeling 2 insurance hikes at once

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› A lawsuit against the city of Tampa stirs ‘chaos’ in real estate circles [Tampa Bay Times]
A deep-pocketed developer wanted to build a hotel in one of the city’s most affluent neighborhoods, drawing staunch opposition from residents who said the project would harm the quality of life in their gated community. Last week, the dispute took a surprising turn, with possible ramifications reaching far beyond the pristine lawns and gates of Harbour Island.

› Alger family sells more farmland near Homestead for $56 million [Commercial Observer]
The Alger family is once again offloading farmland near Homestead, Fla., selling 797 acres for $56 million, property records show. The buyer is an entity called Miami-Dade Land Company, whose address is listed as a post office box in Carlsbad, Calif. It’s unclear what the buyer plans to do with the site, given that it’s outside the urban development border, where construction is prohibited to protect the environment.

› Orlando luxury home inventory balloons year-over-year as sales slow [Orlando Business Journal]
Orlando's luxury home market has seen a spike in inventory and a slowdown in sales — all while prices continue to ascend, according to a new report from Redfin. The real estate powerhouse's July 25 report noted that, nationwide, the typical sale price for luxury homes ($1.18 million, a record) was up 8.8% year-over-year in second-quarter 2024 — but sales growth slowed, and homes stayed on the market longer during the same period.

› HGTV Dream Home in Florida, ‘stunning’ house next door listed for sale [Florida Times-Union]
Not one, not two, but three listings on real estate sites in one neighborhood are tied to the HGTV Dream Home in Florida. Two months after HGTV announced Marie Fratta of Westchester County, New York, won the 2024 HGTV Dream Home on Anastasia Island, Florida, the house was listed for sale. Zillow and Realtor.com show an asking price of $1.9 million. Though one site labels the house as "active under contract," that means an offer was accepted but not final.