October 21, 2019
Hurricane Michael is a new test of Florida's odd property insurance market

Photo: Douglas R. Clifford/Tampa Bay Times

An American flag is displayed using sandbags in Mexico Beach, Florida.

Florida Trend Real Estate

Hurricane Michael is a new test of Florida's odd property insurance market

Hurricane Michael is a new test of Florida’s odd property insurance market

Hurricane Michael’s damage to property in the Florida’s Panhandle region on Wednesday will provide a fresh test of the state’s unusual property insurance market. Florida is odd because such industry leaders as Allstate and State Farm play a much smaller role in protecting home owners than they do in other states. [Source: The Real Deal]

See also:
» Hurricane Michael: Real estate experts anticipate billions in storm damage
» Florida insurers to weather effects of Michael, analysts say
» As part of effort to protect Florida consumers, state freezes property insurance rates for 90 days
» See the emergency order filed by Florida Insurance Commissioner David Altmaier here.

Why Florida's most expensive listing might actually be a screaming bargain

What was once Florida's most expensive listing has recently come back on the market. But this time around, buyers might actually be able to score a bargain on this luxe property. This time, it's being marketed in a whole new way: The property is being offered at auction without reserve, meaning there's no minimum bid. Full story from Realtor.com, here.

Tampa Bay cracks national Top 10 list for real estate investors

It’s taken 40 years but the Tampa Bay area has finally been named one of the nation’s top 10 markets for real estate investors. And we’re not talking just house flippers but also big-time investors prepared to sink millions into warehouses, office buildings, industrial space and shopping centers. [Source: Tampa Bay Times]

Waterside Place in Lakewood Ranch breaks ground

Groundbreaking for the much-anticipated Waterside Place took place Oct. 4. The future lakefront town center, located south of University Parkway and east of I-75, will feature shops, restaurants, office space, The Players Centre for Performing Arts and Waterside Park, an eight-acre peninsular park. Full news release here.

Feds may auction five lighthouses along the Florida Keys

The federal government may auction off five lighthouses that once helped ship captains avoid crashing into the coral reef along the Florida Keys. The U.S. Coast Guard will try to transfer ownership of the lighthouses to another government agency or a non-profit group because it determined they are no longer needed. [Source: Miami Herald]

78 percent
An analysis from Florida Realtors said in 78 percent of the 440 U.S. counties analyzed, the the Q3 2018 home affordability index fell below 100, meaning homes were less affordable than the long-term affordability averages for the county. [Source: St. Augustine Record]


› Court backs sale of Miami property to David Beckham for MLS stadium
Veteran soccer star David Beckham won an appeal Wednesday challenging a real estate purchase for his planned Major League Soccer stadium. It’s just not the latest plot of land in play for the team’s Miami home.

› 2 Sarasota County manufactured-home parks sold for $165 million
Two of the region’s largest manufactured-home communities are under new ownership. An Arizona real estate investment company paid a combined $165 million last month for the Camelot East Village and Camelot Lakes Village communities, according to court records.

› South Florida’s largest office sales in September
South Florida’s five biggest office sales in September occurred outside of Miami, in Broward and Palm Beach counties. September lacked any large trophy office sales, but data suggests that there is still a lot of activity in South Florida’s broader office market.

› Your mortgage-holder may get veto power over contractor you hire to fix your house
Should you be required to get your mortgage lender’s permission to assign your home insurance claim to a repair contractor of your choice? Florida’s insurance industry says “yes” in a dispute that’s landed on the steps of the state Supreme Court.

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Real Estate Video Pick

New FHA mortgage policy benefits first-time home buyers — and developers
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New Federal Housing Administration rules make it easier for first-time home buyers to purchase condos — and for developers to sell them. Since 2010, the FHA has limited condo mortgages to approved developments, with re-certification required every two years. Beginning Oct. 15, certification will be extended to three years.

Watch the video and read more at the Miami Herald.

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