DeSantis promises relief for Florida condo owners by year’s end. But how?
Gov. Ron DeSantis said the Legislature would step in before the end of the year to help condominium owners facing financial turmoil as a result of new building safety regulations that go into effect Jan. 1. Still, the governor would not commit to calling a special session himself. And last month, Republican leaders rejected calls to reconvene the Legislature early to tackle the condo issue. [Source: Tampa Bay Times]
See also:
» Looking to buy a condo in Miami-Dade County? You now have the upper hand. Here’s why
» Four affordable states where desperate Florida condo owners are fleeing to amid real estate crisis
» Federal report on Surfside collapse won’t be released until 2026. Why?
Florida real estate market awaits impact of Fed’s gradual rate cut
The Federal Reserve’s recent half-point rate cut is sending ripples through Florida’s housing market, but experts caution that the effects will be gradual. While the reduction aims to curb inflation and keep unemployment low, the local real estate market may not see an immediate shift. More from WPLGand the Daily Business Review.
Commentary: New flood disclosure law will help Florida homebuyers
Buying a home is often the biggest financial decision of a lifetime. It shouldn’t be the riskiest. Up until recently, no laws required home sellers in Florida to disclose flood risk to potential buyers. Buyers had few ways of knowing if a property had been flooded or previously had flood damage. That left buyers on the hook, often unknowingly, for a risky purchase. [Source: Orlando Sentinel]
Foreign real estate investments decline in Florida
One of the factors hobbling the international market on the southwest coast, perhaps, is only indirectly related to supply and demand or sunshine and beachfront: transportation. It’s true of any Florida market. Once, there were several direct flights from Southwest Florida International Airport or RSW, which serves both Naples and Fort Myers, to Germany and elsewhere in Europe. Then they disappeared. [Source: Florida Weekly]
Why universities are fighting for these 7 acres in southern Florida
In the booming South Florida city of West Palm Beach, downtown real estate represents an asset of increasingly rising value. But one stretch of unused land—a seven-acre plot set to be the future home of a satellite campus of Vanderbilt University—might just be one of the most valuable of all. [Source: Fast Company]
21 percent
In the Sunshine State, the development of floodplains into nearly 400,000 residential properties represented 21 percent of all new housing built in Florida, and the highest percentage of any state. [Source: The Real Deal]
› Condo sales drop in South Florida but inventory rises sharply
Condominium sales across South Florida continue falling. The number of condos sold in August fell by double digits compared to a year ago as thousands more condos hit the market looking for buyers, according to data compiled by the Miami Association of Realtors. The number of condos sold each month has fallen compared to a year earlier in 11 of the past 12 months in Miami-Dade and Broward counties, and in 10 of the past 10 months in Palm Beach County.
› JTA approves leases for two transit-oriented Downtown apartment developments ]
The Jacksonville Transportation Authority announced agreements Sept. 19 to build two multifamily developments with workforce housing in Downtown Jacksonville. JTA said its board authorized long-term ground leases with Corner Lot and Gateway Jax for the transit-oriented projects near Skyway stations.
› More people putting their homes on the market in Palm Beach County as interest rates drop
A spike in the number of existing single-family homes for sale in Palm Beach County should dull price increases triggered by the Federal Reserve’s first interest rate cut since the pandemic, a leading Realtor said. The lower rate approved Wednesday may lure homebuyers sidelined by high mortgage costs back into the market, which would increase competition and potentially drive up prices.
› Tampa Bay ranked as one of Florida's hottest rental markets
For the third year in a row, Tampa Bay’s rental market has been ranked as one of the most competitive in the Sunshine State. The rankings were compiled by RentCafe.com’s research team analyzing Yardi Systems’ apartment data across 137 U.S. rental markets, considering key metrics such as occupancy rates, lease renewals and new apartment supply.