Storms be damned, Florida keeps building in high-risk areas
Driving through the mess left behind by the twin hurricanes that slammed Florida, it doesn’t take long to pass a construction site for another batch of new homes. Among them is La Linda Estates, which is being built in a high-risk flood zone on a barrier island near where Milton made landfall. Florida built 77,000 new properties in high-risk flood areas since 2019, the most in the nation. More from the Wall Street Journal and Realtor.com.
Slowed but steady, South Florida’s luxury-home market is still a magnet for wealthy buyers
Hurricanes and tornadoes notwithstanding, South Florida continues to attract luxury buyers to its sunny shores—though perhaps not with the same vigor as before. Most of the region’s priciest enclaves saw home sales and prices rise in the third quarter compared to the same period last year, according to data released by Douglas Elliman Thursday. [Source: Mansion Global]
Florida homeowners fear soaring insurance cost after hurricanes
Florida has been hit with four major hurricanes in the past four years, which has sent insurance premiums rocketing and caused some insurers to pull back on coverage. For residents cleaning up after storms or living nearby water, they have another worry: Will they still have insurance? [Source: Reuters]
How Airbnb can help people whose Florida homes were wrecked by Hurricane Milton
A nonprofit arm of Airbnb is stepping up efforts to help people who need free temporary shelter after the devastating one-two punch of two hurricanes. Airbnb.org is matching people offering their homes with people who had to leave theirs. As of Oct. 17, the nonprofit says it has found free housing for over 1,500 people from Florida. [Source: Miami Herald]
In hurricanes’ wake, expect more homeowners to rebuild rather than move, industry analysts say
Now that Hurricanes Helene and Milton have savaged countless homes on the Gulf Coast and across Central and South Florida, perennial post-storm questions are again being raised among beleaguered homeowners: Is now the time to get out for good? And for those who do decide to move, what will the real estate picture look like for people in search of new dwellings? [Source: South Florida Sun-Sentinel]
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Condo sales in Fort Lauderdale have plummeted due to the state's ongoing real estate crisis with the number of apartments sold having dropped to 14 percent in the year's third quarter. The city recorded just 386 sales in that time. [Source: Daily Mail]
› One mortgage lender abandons the Florida condo market
California-based Provident Funding Associates LLC is getting out of the Florida condo lending business, it told broker partners on Friday. In an email sent Friday morning, Provident said that it would “no longer be accepting new applications for condominiums” effective that day. Provident told broker partners that all loans in the pipeline must be locked by 11:59 p.m. PST on Oct. 31 or they’ll be declined.
› Sunrise could award over $19 million in incentives to developer
The city of Sunrise could award an incentive package worth over $19 million to Affiliated Development for an apartment project with some workforce housing. The City Commission will consider the incentive agreement with Sunrise Sunset Apts LLC, part of Fort Lauderdale-based Affiliated Development, plus an assignment of purchase agreement to the same developer on Oct. 22.
› A rare geodesic dome home is now for sale in St. Augustine
Often referred to as a "bubble house" or a "moon home," geodesic dwellings are arguably perfect for Florida. Though painstakingly annoying to decorate with normal right-angled furniture, the homes are incredibly energy efficient, they can withstand extreme temperatures and even earthquakes. But best of all, they're designed to deflect hurricane-force winds. They're also pretty rare, and right now a well-preserved geodesic dome home in St. Augustine, Florida is currently on the market.
› Benderson Development continues to grow with three recent purchases in Florida
Benderson Development purchased three properties in September for about $140 million as the Manatee County headquartered company continues to grow its real estate portfolio with another 650,000 square feet of commercial space. The most recent real estate transactions saw Benderson Development acquire a 347,700-square-foot retail center in Miami, a 280,000-square-foot shopping center in Fort Myers and a 25,000-square-foot mixed-use property in Winter Park.