Push is on to cut Florida property taxes. Who’s helped and who’s hurt?
Florida lawmakers are navigating a political minefield: whether to radically reshape or even eliminate property taxes that cities and counties use to pay for critical services, including police and fire-rescue. “This is a shift in the paradigm,” state Rep. Griff Griffitts, a Panama City Beach Republican, said as lawmakers wrapped up two days of in-depth hearings on the issue. “We have to figure it out, doing (so) in a very conscientious way.” What, if anything, to do around property taxes involves a thicket of complicated policy questions. More from the South Florida Sun-Sentinel and Jax Today.
Major red-hot Florida metros are now buyer’s markets
The housing market in Florida, once known for its red-hot seller's market, is now experiencing a shift towards a buyer's market, with major metros such as Miami, Orlando, Jacksonville, and Tampa moving into buyer-friendly territory. This change reflects a slowdown in population growth and an increase in housing inventory, according to new Realtor.com data. As a result, homes are staying on the market longer, sellers are more open to price reductions, and Florida leads the nation in terms of active listings. [Source: Realtor.com]
Profit margin on flipping a home is at a 17-year low due to high prices
It pays less and less to buy and flip a home these days. From April through June, the typical home flipped by an investor resulted in a 25.1% return on investment, before expenses. That’s the lowest profit margin for such transactions since 2008, according to an analysis by Attom, a real estate data company. Gross profits – the difference between what an investor paid for a property and what it sold for – fell 13.6% in the second quarter from a year earlier to $65,300, the firm said. [Source: AP]
Seminole Tribe sues Lennar over 552 ‘defective’ new houses across Florida
Hundreds of homes built by the Miami-based Lennar Corporation on tribal land over the last five years are in such shoddy condition that no one can safely live in them, according to a lawsuit against the construction company filed by the Seminole Tribe of Florida. The lawsuit was filed in March, but efforts to resolve the dispute between the Tribe and the builder through mediation have fallen apart, and the tribe filed an amended complaint last week spelling out defects in every one of the 552 homes, from roofs that need replacing to health-threatening mold accumulation. [Source: South Florida Sun-Sentinel]
New Florida law will require landlords to disclose flood history starting October 1st
A new Florida law taking effect on October 1st will require landlords to disclose any known flood damage to tenants before signing leases that last a year or more. The goal of the law is to give renters the information they need to make informed housing decisions—especially in flood-prone areas like Jacksonville’s San Marco neighborhood—and to hold landlords accountable for transparency. “I think this is a game changer,” said Jacksonville realtor Daly Braxton, who regularly uses social media to educate renters and homebuyers. [Source: Action News Jax]
58%
Greater Miami has one of the lowest homeownership rates among the U.S.’s major metropolitan areas. Roughly 58% of Miami metro area residents own the home they live in, down from 63% this time last year, data from the Census Bureau shows. [Source: Miami Herald]
› Tampa nonprofit will use 3D-printed homes in new affordable community
An affordable housing community in Tampa is embracing innovation as its developer plans to incorporate 3D-printed homes into the project. The community is being built by The Corporation to Develop Communities in Tampa, and the groundbreaking was held on Sept. 25. In total, the project will feature 18 affordable homes, four of which will have their exterior walls built using 3D printers. These are among the first 3D-printed homes built by the nonprofit.
› Christie’s International Real Estate adds $1B luxury brokerage in Northeast Florida
Christie’s International Real Estate, which has one of many offices in East Hampton and an affiliate in Palm Beach, is continuing to build out its presence throughout the country. The luxury real estate network has added one of Northeast Florida’s highest-performing brokerages, First Coast Realty. Last year, First Coast achieved nearly $1 billion in sales volume and was ranked No. 314 by RealTrends out of over 88,000 real estate brokerages around the country.
› Florida wants to buy 4 acres in the Panhandle. The price tag? $83M
Florida is poised to spend $83.3 million to buy 4 acres in the Panhandle from a real estate investor and campaign donor, prompting concerns among conservationists who argue the state should prioritize precious land-buying dollars elsewhere. The landowners looking to sell the property are Pointe Mezzanine LLC and Pointe Resort LLC, both of which are registered in state corporate filings to Robert Guidry, a Louisiana business owner. Guidry is a prominent donor to state politicians and local officials in the Panhandle county where his property is located.
› ‘Game-changer’ project promises affordable rent for Miami’s cops, teachers and firefighters
Two years ago, Spanish developer Pablo Castro settled with his family in Miami after selling off his Barcelona company, which specialized in building housing for the middle class, and he quickly recognized a singular opportunity. It wasn’t a chance to build the latest waterfront billionaires’ lair. Pretty much the opposite, in fact. Castro saw that few local developers are building homes for middle-income families, focusing instead mainly on luxury condos and upscale apartments that promise fatter profits but serve only the relative few.