Florida is beginning to lose homeowners over high insurance premiums

Florida is beginning to lose homeowners over high insurance premiums

The allure of sunshine, low taxes and low housing prices have been attracting people to Florida for decades, but high insurance premiums are beginning to reverse the trend. The U.S. Census Bureau shows that nearly 276,000 people left Florida in 2022, and it's believed that skyrocketing insurance premiums motivated many of the departures. The study showed most of the former Florida residents remained in the sun belt, moving to states like North Carolina, Georgia, Tennessee and Texas. Those states offer similar benefits as Florida in terms of low housing costs and tax rates. What they also have in common is that they are not currently experiencing the insurance rate crisis that has gripped Florida for the last several years. [Source: Yahoo]

What the $2 million realtor lawsuit means for homebuyers and sellers

An October jury ruling against the nation's largest trade organization could have sweeping consequences for anyone looking to buy or sell a home. The class-action lawsuit – Sitzer v. the National Association of Realtors – alleged that NAR, Keller Williams Realty, Anywhere Real Estate (formerly known as Realogy), RE/MAX and HomeServices of America (all major real estate brokerages), colluded to artificially inflate agent commissions. [Source: U.S. News]

Construction starts on $220 million Sarasota cancer center

Sarasota Memorial Hospital broke ground last week on a new cancer pavilion. The seven-story, $220 million building is being constructed on Waldemere Street, across the street from the hospital’s oncology tower, which opened in 2021. According to SMH, the 200,000-square-foot facility “will support an entire continuum of cancer care — from prevention, screening and diagnosis to treatment, clinical trials, survivorship care and lifetime support" — in the community. Among the offerings will be diagnostic imaging suites with CT and MRI technology; medical, surgical and radiation oncology physician practices; integrative care clinics; and an expanded breast health center with mammography, ultrasound, stereotactic and nuclear medicine technology. [Source: Business Observer]

Florida retirees: Could new property law make it impossible to buy your dream home?

Florida has consistently ranked as a top destination for retirees because of its sunny climate, tax-free retirement benefits, easy access to healthcare, and lack of inheritance and estate taxes. These advantages not only attract U.S. seniors, but also retirees from across the world — many of whom are lured by Florida’s cultural and ethnic diversity. But for seniors from some countries, retiring in Florida could be a problem moving forward because of a new property law that bans certain foreign nationals from buying homes and other real estate in the state. Seven countries fall under the law’s umbrella, according to CoStar: China, Cuba, Iran, North Korea, Russia, Syria and Venezuela. [Source: Yahoo]

Amazon delays opening of biggest distribution center in South Florida

Amazon is pushing back the opening of a 1M SF distribution center in Homestead, citing macroeconomic issues that it says have affected its entire warehouse network. The Miami-Dade County Commission unanimously approved a resolution that grants the e-commerce giant a 12-month extension to open the distribution center at 13200 Southwest 272nd Ave. South of Miami. [Source: Bisnow]

ALSO TRENDING:

› Across Tampa Bay, families cram into motels to avoid life on the street [Tampa Bay Times]
Not quite homeless but stuck in transition, working families like Jennifer Spencer’s are trapped in housing purgatory. From the second-story porch of the Palm Harbor Inn, Jennifer Spencer leaned back in a folding chair and watched as her 5-year-old granddaughter plunged a wood chip into a sun-dried cockroach. “Ellie!” Jennifer gasped. “Really?” Crouched low on two bare, dirt-covered feet, Ellie dipped her nose toward the concrete. Her brown curls hung loose in her face, but the kindergartner kept the focus of a surgeon. Here on the walkway outside Room 218, there were plenty of pesty patients to practice on.

› Codina Scores $115M From Goldman Sachs for Luxury Rental in Coral Gables [Commercial Observer]
Codina Partners has landed $115 million from Goldman Sachs (GS) to build a luxury rental project in Coral Gables, Fla., the developer announced Wednesday. The 18-story development, called Regency Parc, is set to feature 124 units at 2601 Salzedo Street on the corner with Valencia Avenue, about three blocks south of Coral Way. The Coral Gables-based developer acquired the 1.75-acre site for $16.7 million in 2021, according to property records

› 5 Harsh Realities of Homeownership in Florida [U.S. News]
Florida has become one of the hottest states in the country for its sleepy beach towns and retirement communities. In a pandemic-fueled migration frenzy, people flocked to Florida in search of lower housing costs and favorable year-round weather. In 2022, Florida was named the fastest-growing state in the country – a title it hasn't received since 1957.

› Axiom Arranges $2.1M Acquisition Financing for Industrial Property on Florida’s Space Coast [RE Business Online]
Axiom Capital has arranged a $2.1 million loan for the acquisition of an industrial property located 1.5 miles from I-95 in Melbourne, a city on Florida’s Space Coast. Constructed on a 4.2-acre site in 1998, the 30,000-square-foot property features 18- to 20-foot ceiling heights, two dock doors, three drive-in doors and 101 car parking spaces. The borrower was not disclosed.

Tags: Real Estate eNews

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.