Home improvement: Study shows Florida among highest in U.S. for property revamping
No wonder there are so many Home Depots and Lowes stores in Florida. New research has revealed the states most eager to fix up their homes, with Florida ranked fourth for biggest desire to revamp their properties. The study analyzed 50 different search terms related to remodels, such as ‘bathroom remodel’ and ‘kitchen remodel’ over the last 12 months. [Source: Fort Myers News-Press]
A condo crisis is brewing in Florida. Lawmakers won’t take action soon.
Florida lawmakers likely won’t take action soon to relieve a brewing condominium crisis that could see thousands of owners priced out of their homes. In a letter to state senators on Friday, Senate President Kathleen Passidomo, R-Naples, rejected calls to reconvene the Legislature before March to amend new condo safety laws passed in the wake of the Champlain Towers collapse that killed 98 people. [Source: Tampa Bay Times]
Florida homeowners find out the hard way that low flood risk can still be a gamble
Flooding in Florida doesn't occur just near the coastline. Many homeowners are finding out the hard way that even low-risk areas can turn into high-risk gambles if they decline flood insurance. Zone X is a designation from FEMA that says the property has less than a 0.2% annual probability of flooding. Without flood insurance, these homeowners are left footing the bill for flood damage. [Source: WPTV]
Apartment construction surges nationwide and in South Florida
U.S. apartment construction is expected to hit a historic high of more than 500,000 new units this year, a new study from RentCafe found, and South Florida is helping lead the surge. The influx represents a 9% increase compared to last year and a 30% jump from 2022. The Miami area ranked No. 9 among major metro areas, with more than 14,100 apartments expected to be completed in 2024. The study projects that nationwide, more than 2 million new apartments will hit the market by 2028. [Source: South Florida Agent Magazine]
Florida residents spent over $315 million buying property in NYC
Not very long ago, real estate analyses showed New York residents flocking to Florida. Now, like baggy jeans, vinyl turntables and the Dodge Challenger, that trend apparently is being reversed. According to a study by PropertyShark, a real estate database and research tool used by investors, brokers and appraisers, those from Florida have taken a big bite out of the Big Apple this year, accounting for 12.04% of the out-of-state home buyers in New York City during the first half of 2024. [Source: Islander News]
$60 million
Worried by the lack of affordable housing for its workers, Tampa General Hospital is moving ahead with plans for a $60 million apartment complex that will be offered to employees at rents below market rate. [Source: Tampa Bay Times]
› Northeast Florida sees inventory of homes for sale surge in July
The inventory of single-family homes available for sale in Northeast Florida in July is nearly doubled from a year ago amid a surge of new listings. Meanwhile, the median sales price fell 0.4% to $398,970 after setting a record of $400,500 in June, according to a report from the Northeast Florida Association of Realtors.
› 'It was a rough year': Most of Orlando's top commercial real estate firms saw transaction declines in 2023
It took just five words for Nikky Schmidt, director of operations at 100Units.com — one of Orlando's top commercial real estate brokerages — to sum up the mood of late for so many in the industry: "It was a rough year." Schmidt was commenting on her firm's $100 million-plus year-over-year drop in dollar volume for 2022-2023.
› Pasco County’s torrid growth reaches once peaceful Shady Hills hamlet
Residents of a small rural town in Pasco County are concerned about a shift in their lifestyle as developers target the area. This kind of growth has been familiar to longtime southern Pasco County locals for decades as the Tampa Bay area, bursting at the seams, overflows north.
› Tampa-based insurance firm expands out of state
Tampa-based residential property insurance firm American Integrity Insurance, which debuted in South Carolina in 2022, is now poised to increase its offerings to homeowners throughout the state. It will now offer coverage to homes up to 75 years old, according to a statement. Homes valued up to $1.5 million are eligible for premiums.