Once a retirement haven, Florida’s condo crisis is pricing seniors out
For decades, seniors seeking a slice of the Sunshine State on a budget have flocked to condos. But skyrocketing insurance rates and regulations passed after 2021′s deadly Surfside building collapse that dictate how much condo associations must save and spend on repairs have spiked costs and upended the real estate market. [Source: Tampa Bay Times]
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» Will struggling condo associations and owners get relief from Florida lawmakers?
Lawsuits against insurers declined again this year. Will this year’s hurricanes reverse the trend?
Lawsuits against insurers in Florida have continued to decline in 2024 following reforms enacted two years ago. Insurers say the declines have reduced costs and helped them to reduce or stabilize rates charged to policyholders. Attorneys who represent insurance customers counter that the reforms made it more costly for policyholders to challenge insurers and left many with no recourse when their insurer denies or underpays claims. [Source: South Florida Sun-Sentinel]
Florida now has 4 of the top 10 American cities where home prices are plummeting the most
Out of ten metros where home prices dropped most year over year, four are in Florida. Miami took first place with a 12.4% decrease; Jacksonville finished sixth, off 6.1%; Orlando and Tampa took the eighth and ninth spots with 5.6% and 5.5% drops, respectively. [Source: Yahoo Finance]
Florida voters pass Amendment 5, changing homestead tax exemptions
On Tuesday night, Florida voters decided they wanted more breaks on their property taxes. Across the state, people who primarily live in the homes they own can qualify for what are called homestead tax exemptions. Most homeowners qualify for at least two $25,000 exemptions that add up to a fixed $50,000 that gets deducted from a home’s assessed value each year. Starting in 2025, one of the two homestead exemptions will be adjusted for annual inflation. Meaning that if inflation goes up, so will the exemption. [Source: Central Florida Public Media]
What international buyers are looking for in the Florida market
International buyer purchases of Florida residential properties between August 2023 and July 2024 declined 44% compared to the prior 12-month period, in terms of sales counts. High prices and interest rates continue to strain the housing market. International buyers in Florida also face an unusually high level of competition from domestic out-of-state buyers in a high price, high interest rate environment. [Source: Florida Realtors]
68
In the fastest selling market in the Jacksonville core-based statistical area, homes averaged 68 days on the market in the third quarter of this year, a 10-day difference from the fastest selling market in the third quarter last year. [Source: Jacksonville Business Journal]
› Florida's largest insurance company sheds nearly 200K policies
The state's largest insurance company has just shed 200,000 policies, meaning hundreds of thousands of people will be left looking for a new company. The move comes as thousands were hit hard by Hurricanes Helene and Milton. Typically, the letters have meant most people will pay more for an insurance policy, but for many people, the news isn’t all that bad.
› Central Florida's hottest housing markets include Windermere, fast-growing Lake suburbs
With interest rates cooling and the region's housing market beginning to find balance, seven Central Florida markets stand out as having some of the most in-demand housing. According to an analysis from The Business Journals using data from Georgia-based financial services company Intercontinental Exchange, several Central Florida housing markets were hot in the third quarter of 2024.
› JEA executive: Old headquarters campus expected to be put on the market in early 2025
Look for JEA’s former Downtown headquarters campus to hit the market early next year, an executive for the city-owned utility told Jacksonville commercial real estate agents and developers Nov. 7. “We intend to go out with an RFP (request for proposal) for these buildings in probably early to mid-January,” said Jordan Pope, JEA’s director of administrative services.
› Proposed mixed-use complex in downtown Largo again in limbo
In August, Largo’s Planning Board unanimously approved an amendment to a development agreement that would see a mixed-use complex built on a vacant parcel on the 500-600 block of West Bay Drive, increasing its residential units to 284 and reducing parking to one garage. The moves followed the acquisition of additional land by the developer, Property Markets Group.