How frozen flood insurance could delay home purchases in Florida
The government shutdown that went into effect Oct. 1 caused the National Flood Insurance Program to lapse, threatening thousands of pending home sales, particularly in flood-prone states like Florida. As a result of the lapse, FEMA can no longer write new or renew existing policies under NFIP, leaving lenders to decide whether to make loans in Florida’s many flood zones to homeowners without access to NFIP insurance. Existing NFIP policies will remain in effect until they expire, and claims will continue to be paid as long as FEMA has sufficient funding. More from South Florida Agent Magazine, WESH, and the Miami Herald.
Can 'granny flats' fix Florida's affordable housing crisis?
Encouraging homeowners to build "granny flats" in their backyards could be a key to boosting affordable housing supply in Florida. Also known as accessory dwelling units, or ADUs, the state defines them as additional living quarters on single-family lots that are separate from the primary residence and have a standalone kitchen, bathroom and sleeping area. Building more of them was one of several policy recommendations made by housing experts during a panel hosted by the University of Florida last week. [Source: WUSF]
Column: What does the Federal Reserve's rate cut mean for mortgages in Florida?
Most consumers know little about the federal funds rate beyond headlines. It’s the rate at which banks lend to one another, but its ripple effects are broad, influencing everything from credit cards and auto loans to mortgages. Yet mortgage rates more closely follow the 10-year U.S. Treasury yield, which doesn’t always align with the direction of Fed fund rates and is dependent on the sentiment of investors purchasing notes. [Source: Sarasota Herald-Tribune]
A home builder in rural Florida is suing residents for ‘defamatory’ social posts
A Florida equestrian center that wants to build a housing community in a rural slice of Florida is suing two Myakka City residents, accusing them of defaming the development plans in social media posts. Lindsey Leigh and her husband, Edward Engquist, are being sued by TerraNova’s owner, Steve Herrig, based on social media posts he says are false and defamatory. The legal action escalates a showdown on whether rural Myakka land should be developed. [Source: Miami Herald]
Amid Florida’s property tax debate, cities and counties hike fees to cover rising costs
Amid increased scrutiny of their property tax collections, some cities and counties are emphasizing a different method to fund core services. They’re turning to service fees to augment their budgets, using them to pay for spiking public safety salaries, construction costs for new fire stations, equipment and digging up aging pipes below busy streets. Tacked onto property tax bills, these fees can’t be spent as freely as general tax revenues, but they often don’t draw the same complaints either. [Source: Orlando Sentinel]
497.7%
The latest “Elliman Report” showed stunning increases in single-family home sales in Palm Beach County. There was a 497.7% jump in the year-over-year comparison for new signed home contracts in September. [Source: Florida Politics]
› How Robert Rivani’s bold moves are shaking up Miami-Dade real estate
When real estate investment firm Rivani announced in August it would bring Playboy’s global corporate headquarters to Miami Beach, the team knew the news would make a splash. But no one was quite ready for how much attention it would bring. “[The reaction] was crazy. It was insane,” said Robert Rivani, the namesake founder and president of the company formerly known as Black Lion.
› Six largest Florida metro areas post highest vacancy rates among U.S. housing markets
A new study of American real estate markets reveals that Florida has the top six residential real estate areas with the highest vacancy rates. Lance Surety Bonds examined both housing and commercial real estate vacancy rates nationwide and found that Florida is leading the trend of empty residential properties. The half dozen Florida markets with the most vacancies in the U.S. constitute nearly every major metropolitan area in the state, according to the study.
› How much house does $500,000 buy you in Orlando?
Back in 2014, spending $500,000 on a house was generally reserved for high earners. The typical U.S. home sold for $159,000, while starter homes averaged just $101,000. Fast-forward to today, and prices have more than doubled: A standard home now sells for $440,000, with starter homes approaching $300,000. These current prices have put homeownership out of reach for many – and things don't look to be improving.
› Pasco planners move forward with Land O’ Lakes townhome development
The Pasco County Planning Commission has paved the way for Stanley Martin Homes to move forward with building the Enclave at Livingston, a 178-townhome community that will be situated behind Our Lady of the Rosary Catholic Church off Collier Parkway on 43.6 acres it purchased from the Academy at the Lakes school.