February 8, 2023
Florida may require disclosure of flooding in homes for sale

Florida Trend Real Estate

Florida may require disclosure of flooding in homes for sale

| 2/6/2023

Florida may require disclosure of flooding in homes for sale

Florida lawmakers are expected to consider proposals that would require people selling real estate to tell buyers about whether the property has suffered damage from flooding. The bills filed for the March session come after two hurricanes struck the state in 2022. Sen. Jennifer Bradley, R-Fleming Island, filed a bill (SB 484) on Thursday that would set a series of disclosure requirements. Rep. Susan Valdes, D-Tampa, filed a similar measure (HB 325) last month. [Source: News Service of Florida]

Experts and their data differ on the future of South Florida’s real estate market

Is Florida headed for a housing crisis, or are home prices ready to rise again? Well, it might depend on which statistical data you prefer. A recent report by GOBankingRates.com, titled "7 Florida cities that could be headed for a housing crisis," includes Miami, but an article by Goldman Sachs researchers last week, titled "Miami to escape the home price correction in 2023," shows that home values in the Magic City could be back on the upswing. [Source: Islander News]

New bill would make it riskier to sue to protect undeveloped lands

Floridians would be on the hook to pay when they lose lawsuits that oppose building new homes on undeveloped lands, under a newly filed bill. Environmental groups fear that if the bill were to pass, it would deter people from filing lawsuits limiting development — and lead to greater sprawl. “The intent of the legislation seems to be to chill people from filing these sorts of challenges,” said Gil Smart, Policy Director for the Friends of the Everglades. “These are often situations that are controversial — development is such a huge issue statewide.” [Source: Orlando Sentinel]

How backlash reversed a Florida city’s reforms to allow denser housing

Just hours after being sworn in, commissioners in the Florida college town of Gainesville voted to reverse a zoning plan that sought to increase housing supply in the city. That plan, passed by a lame duck city commission in August, had made Gainesville the first city in Florida to eliminate single-family only zoning citywide. Now local leaders are poised to repeal the plan before it can be implemented. [Source: Bloomberg]

Here are the states Americans are moving to — and the states they are ditching

The pandemic sparked a restlessness in American life, with many families opting to move in search of more space or a lower cost of living. That trend continued in 2022, with hundreds of thousands of people uprooting their lives and moving to new states. The states that attracted the most new residents in 2022 are Florida, Texas, North Carolina and South Carolina, followed by other states in the South and West. [Source: CBS News]

STAT OF THE WEEK
$22 million
The Walgreen Co.’s real estate staff has been busy. Over the past several weeks the drug store chain has rid itself of four properties in and around Tampa Bay, totaling nearly $22 million in sales. [Source: Business Observer]

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› Delray Beach’s aging golf course could soon be lined with hundreds of residences and a hotel
Major changes could soon be coming to Delray Beach’s 100-year-old golf course along Atlantic Avenue, including a potential new 30-acre community with hundreds of residences, a hotel, retail locations and more. That’s just one of the plans developers have in mind for the aging course, which needs between $10 million to $15 million in upgrades, according to city officials. Because of the hefty price tag, the city is soliciting bids from developers to fund the repairs. In exchange, Delray Beach will sell off a portion of the 148-acre land for future redevelopment.

› As Miami’s booming real estate market spills over, Fort Lauderdale sees luxury listings spike
Few American cities continue to boom during the pandemic quite like Miami. From Golden Beach to South Beach, Indian Creek to Coral Gables, the South Florida metropolis saw a surge of newcomers lured by its open spaces and tax-friendly business environment. How big was Miami’s boom? Total home sales rose by around 50 percent in 2021, according to the Miami Association of Realtors, with median prices up nearly 20 percent from April 2021 to April 2022 alone.

› Winter Haven breaks ground on its first affordable housing complex
According to the most recent report from the U.S. Census Bureau, Polk County was the fastest-growing county in the U.S. in 2021. The report specifically named Lakeland-Winter Haven the seventh fastest-growing metro area in the country. “Today is a culmination of a lot of hard work on behalf of the City of Winter Haven — our planning committee and our planning commission to finally have workforce housing coming to Winter Haven,” the city’s Mayor Bradley Dantzler said.

› Bradenton powerbrokers launch new commercial real estate brokerage
Some of the most prominent names in development and real estate in Manatee County have joined forces, with the launch of a new commercial real estate brokerage under the NDC Cos. umbrella. Longtime Manatee County sales and leasing leader Ben Bakker will oversee the unit, NDC Commercial Real Estate. In leaving Michael Saunders & Co. to join NDC, Bakker will work with peers and friends Ron Allen and Jason Bartz.

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