Home prices in South Florida defy the odds and keep rising despite a drop in sales
Home prices in South Florida continue to climb higher despite another drop in transactions. Annual sales keep falling, a trend seen since the start of this year. Many first-time buyers blame the steady rise in prices on their inability to afford a home. Another challenge? South Florida continues to attract wealthy residents, and corporate expansions are drawing workers with deep pockets and bigger salaries, adding more competition for real estate. [Source: Miami Herald]
» Economist predicts 15% increase in home sales next year
As home insurance hikes multiply, calls for reform in Florida are growing
Four years ago, Alan Weger said he was paying less than $1,000 a year for homeowners coverage on his Florida West Coast villa that was built in 1984. His latest bill, which came last month, was $6,800. "I don't know how much longer I can live here," said the retired teacher in a Facebook exchange. He's not the only one seeing his insurance premium spike lately. This year alone, Florida property owners shuddered as the average policy rose 40% to a historic average of about $6,000 a year, almost four times the national average of $1,700. [Source: Islander News]
Florida retirement dream dying for seniors who can't afford cost of living
A new report found more people are moving to Florida than most other states, with nearly 250,000 new residents in 2022. But as more people move to the Sunshine State, especially a younger population, more older residents are moving out. The Florida retirement dream seems to be dying for many seniors who say they can no longer afford to retire in the state. [Source: Fox 13 News]
How the $1.8 billion Realtors lawsuit could reshape Florida’s housing market
A landmark ruling against some of the most powerful players in the real estate industry could lead to major changes in how homes are bought and sold. Last month, a federal jury in Missouri found that the National Association of Realtors and several large brokerages had conspired in a price fixing scheme that inflated the commissions agents earned from each sale. So what does this mean for the Florida housing market? [Source: Tampa Bay Times]
House hunters may not be seeing every place on the market that fits their criteria. According to new research, buyers’ agents tend to turn up their noses at listings that don’t offer the largest commissions. It has long been suspected that some agents engage in “steering” — guiding their buyer-clients away from low-paying listings. And a new study — conducted by Jordan M. Barry from the University of Southern California’s Gould School of Law, John William Hatfield from the University of Texas at Austin and independent researcher Will Fried — indicates that the practice is alive and well in the housing ecosystem. [Source: Miami Herald]
› Florida’s hidden gem cities for property investors [GO Banking Rates]
Florida, known for its sunny beaches, vibrant culture, and thriving tourism industry, is a hot spot for property investors. While cities like Miami and Orlando are often at the forefront of investment conversations, several hidden gems in the Sunshine State offer unique opportunities for those looking to diversify their real estate portfolios.
› Florida seniors face eviction over mobile home community assessment dispute [Tampa Bay Times]
The community website urges potential residents to “elevate their life” by joining The Highlands at Scotland Yard, showing a well-manicured, 55 and above gated community featuring two swimming pools, walking trails, a fire pit and a community center nestled next to a lush public golf course just south of Dade City. But many residents of the mobile home community, who own their homes but pay rent for their lots, aren’t so sure their life has been improved since the community’s new owner, Legacy Communities, arrived.
› Converted hotel brings Orlando residents affordable housing [NSM Today]
One Stop Housing is converting Orlando’s Ambassador Hotel into Palm Gardens Apartments; an affordable housing complex that will feature 150 one-bedroom and studio apartments. “Everything in these apartments are brand new," said Mark Vengroff, managing partner of One Stop Housing. "All plumbing, electric, all the utilities are new. We're building in full kitchens." The fully renovated units will start at $750 a month, with electricity and water included.
› Tampa financial firm adds property, casualty insurance with partnership [Business Observer]
Thomas Financial, a Tampa-based firm specializing in health insurance, life insurance and other wealth management services, is adding personal and commercial property and casualty insurance to its client offerings. The move, according to a statement, comes through a partnership with Johnson, Kendall & Johnson, a suburban Philadelphia independent insurance brokerage and risk management firm.