They Came to Florida for a Slice of Paradise. Now They Are Packing Their Bags.
The succession of destructive storms, coupled with climbing insurance and other costs, is prompting Cin-dee to seriously consider selling her coastal home south of Sarasota. For decades, Florida has beckoned as something of a magical destination — a sunny escape for those seeking affordable waterfront living. But the parade of climate disasters, soaring home costs, skyrocketing property insurance premiums and some of the highest inflation rates in the nation, is undermining that appeal. Some Floridians are reaching a breaking point. [Source: realtor.com]
Is Southwest Florida the Next Destination for Luxury Living?
London Bay Development Group CEO Mark Wilson on how this area is challenging the state's established condo hotspots. London Bay Development Group is leading the charge — recently notching $400 million in sales for the North tower of its The Ritz-Carlton Residences, Estero Bay project. The two waterfront tower condominium will feature 224 units priced from $3 million, and with two- to four-bedroom layouts. [Source: MultiHousing News]
The U.S. already has millions of climate refugees. Helene and Milton could make it worse.
Americans appear more aware of the risks of a volatile climate than it might seem; migrating in response to its effects for many years. The catch: the vast majority of those moves have been local, to higher ground across town, say, or to the city next door, where better infrastructure may mean it doesn’t flood as often. More recently, however, it’s safer to assume that many parts of Florida have reached a “tipping point.” The point at which moving a few blocks uphill isn’t enough... With so many residents are leaving the area permanently, the population could decline. [Source: USA Today]
Florida condo owners fight back after facing $3,000 hike in fees each month amid real estate crisis
Florida is requiring condo owners to undergo surveys for repairs to comply with new state laws that were passed after the collapse of the Champlain Tower South in Miami-Dade county. Darlene VanRiper said an engineer recommended nearly $6.5 million worth of repairs to Harborage Condos buildings to meet SIRS needs — an extra $3,000 per home each month. "When you consider everything that people have on their plate right now, inflation, insurance and now this? It's unsustainable," she said. [Source: Daily Mail]
Biden surveys Milton damage in Florida and announces funding for electric grid
Biden landed in Tampa on Sunday, joined by federal and local officials; later taking a helicopter to St. Pete Beach — on a barrier island especially hard hit by the storm. Milton did less overall damage than forecasters predicted, but some communities — like St. Pete and further inland communities — are dealing with the wreckage first brought on by Helene and made worse by Milton. [Source: WGCU]
$11,750,000
One of three luxurious homes in South Florida — the Boca Raton residence features stunning interior design, 4 bedrooms, 6 bathrooms, and measures 6,241 square feet. [Source: Real estate in USA]
› Florida housing market crumbles: Homeowners struggle to sell amid rising insurance costs and storm fears
A lethal mix of sky-high mortgage rates, surging insurance premiums and, increasingly, hurricanes are the ultimate culprits.
› O'Leary: Concerns over Florida hurricanes' impact on booming real estate overblown
Entrepreneur and investor Kevin O'Leary says Florida's taxes and business regulatory environment — not hurricane worry — 'drives' the state.
› Average 30-Year Mortgage Rate Increases
Rates on 30-year mortgages ticked up to 6.32% on Thursday from 6.12% the previous week. Borrowing costs on 15-year mortgages rose to 5.41%.
› Miami among 10 Housing Markets predicted to Plummet in Value Before year's end
Miami’s average home price is $579,125, up 8.7% since last year. However, real estate agent Ben Johnson said environmental factors could cause prices to drop 3%-5% by the end of this year.