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Florida Trend Real Estate
Florida cities top among the highest in country for vacancy rates
Florida cities top among the highest in country for vacancy rates
According to the US Census Bureau, in America’s 50 largest metro cities, there are currently close to 5.5 million vacant homes. It’s a startling number. But what does it really mean? And is it a sign of more real estate woes to come? Everywhere you look in some of Florida’s big cities, one can see for sale signs or empty houses. [Source: WFTS]
Selling a haunted home? That’s between you and the ghosts
The rules surrounding disclosure in the sale of a supposedly haunted house have a few surprises. Deanne Rymarowicz, associate counsel for the National Association of Realtors, says only four states address the idea of paranormal activity in the context of a home sale. Florida real-estate agent Wes Pearce doesn’t believe in ghosts and thinks the current rules about disclosure are fine. “These claims are impossible to prove,” he says, “and such subjective claims could unfairly tarnish perfectly good properties.” [Source: Mansion Global]
See why area experts say Florida's new Live Local Act is 'like throwing a hand grenade' on state's real estate market
Despite his support of the intentions behind Florida’s Live Local Act, DeBary City Manager Carmen Rosamonda has been taken aback by the extent to which the still-new legislation has been used as a cudgel against his city and others. “A lot of developers right now are using this as a threat — every developer I’ve met within the past three or four months has threatened the city with it — and they’re using it as a weapon.” [Source: Orlando Business Journal]
Some Florida homeowners getting bare minimum insurance coverage due to high premiums
As insurance premiums keep rising, some Florida homeowners are giving cancellation notices to insurers. "Put it in the back self-insured," Dan, a homeowner who lives in West Palm Beach's Sunshine Park neighborhood, said. "Keep the money, put it in the bank, don't use it, that's all, use it exactly what it's there for, disasters," he said. [Source: WPTV]
Self-storage is overlooked nationwide, but especially in Florida
The self-storage sector has been overlooked nationwide, but especially in Florida. While conditions have cooled from peak demand, migration to the state and new apartment construction continue to make self-storage a desirable, and attainable, asset class for investors. Florida was declared the fastest-growing state in the nation in 2022, according to the U.S. Census Bureau. The state’s population surged by 1.9 percent, reaching 22.2 million residents between 2021 and 2022. This influx of newcomers to Florida has been a driving force behind the state’s increased demand for storage solutions. [Source: Commercial Observer]
19.4
From January 2023 to September, Tallahassee residential real estate transactions are down 19.4 percent. [Source: WTXL]
› Pasco discusses ‘nuclear option,’ a moratorium on new apartments
Watching Pasco’s future commercial and industrial sites get proposed for apartments instead under a new law, county commissioners this week discussed what they called the “nuclear option”: a potential moratorium on new multifamily housing. Commissioners hope to get the Florida Legislature to alter the law called Live Local that passed in the last session. While the intent of that bill was to increase affordable housing, it could curb efforts by Pasco County to preserve land for future employers to avoid locking in its reputation as simply a bedroom community to Tampa.
› Brevard's luxury home market remains strong despite industry cooldown
While Brevard's inventory of homes seems to be stacking up, luxury homes on the Space Coast are still zipping off the market. Stephanie Moss Dandridge, a global real estate adviser with ONE Sotheby's International Realty, said the luxury real estate market hasn't been as affected by the Federal Reserve's interest rate hikes or the real estate slowdown.
› Sarasota developers push to demolish historic house while advocates fight to save it
With pressure from developers to tear it down, the clock may be ticking for a historic Sarasota structure. Virginia-based developer Orange Pineapple LLC’s petition to demolish the McAlpin House — where one of Sarasota’s most influential developers lived — will remain in limbo after the City Commission tabled a decision at an Oct. 2 meeting. Now, the developers have to prove the house should go while advocates argue the opposite.
› Orlando ZIP code is among fastest growing in nation for new apartments
A ZIP code in the heart of Orlando is among the fastest growing in the nation for new apartments delivered in recent years, a new study shows. A report released last week by RentCafe, a subsidiary of Santa Barbara, California-based Yardi Systems, ranked downtown Orlando's 32801 ZIP code among the top-50 in the U.S. for number of apartments added between 2017 and 2022.
Previous Real Estate Updates:
- Now might be the time to move to Florida as inventory levels surge and sellers slash prices
- Florida home values have more than doubled in the past decade
- Florida insurance market full of ‘low quality' companies, study finds
- Real estate pros say Florida's future looks bright
- What are squatters' rights? New Florida law targets occupancy fight
- Is trouble brewing in Florida's housing market? Here's what the data says
- Florida is growing. Can affordable housing keep up?
- Florida condo sales plummet despite falling prices and rise in 'motivated' sellers
- Want to get rich quick selling Florida real estate? Think again.
