April 23, 2021
Florida property insurers may continue facing instability through 2021

Photo: Tampa Bay Times

Florida Trend Real Estate

Florida property insurers may continue facing instability through 2021

| 12/28/2020

Florida property insurers may continue facing instability through 2021

Florida’s property insurance market was rattled this year as insurers faced financial pressure on a number of fronts. Rates spiked by double digits to help pay for rising reinsurance costs. Storm claims lingering from two years-old hurricanes continue to put a drag on insurers’ finances. And that’s compounded by a continued high volume of litigation over claims that aren’t related to storms. And while the tumultuous year is coming to a close, sustainable relief likely is far off. [Source: Tampa Bay Times]

Expert warns of ‘tsunami’ of hotel foreclosures and sales in Orlando, nationwide

Two hotels in Kissimmee went up for auction this month, and an Orlando hotel is facing the block early next year, as one expert warns that a “tsunami” of sales and foreclosures could be on the horizon. “There’s a lot of pain out there,” said Carlos Rodriguez, CEO of Driftwood Hospitality Management, adding that only cash infusions from the government or lenders would stop the wave. But with news of the vaccine rollout and approval of the second stimulus package, Rodriguez and other market professionals see reasons to be optimistic. [Source: Orlando Sentinel]

Coastal affordable homes are most vulnerable to sea level rise

New research by the organization Climate Central shows that by mid-century, affordable homes in Florida will see eight times the amount of flooding compared to 2000, meaning some of the most vulnerable people across the state will be affected by sea level rise. Scientists with Climate Central say that in 2000, there were about 110 affordable homes in Florida that were expected to flood every year, but the study concludes that figure will go up to nearly 1,000 by 2050. [Source: South Florida SunSentinel]

Hillsborough plan would reduce home-building tied to wetlands

A Hillsborough County commissioner says an ongoing public policy debate calls to mind an old adage poking fun at individual gullibility. “I’ve got some swamp land in Florida to sell you,” says Commissioner Mariella Smith. “You know, because swamp land is supposed to be undevelopable.” Undevelopable, but not unprofitable. Under county rules, developers gain credits to construct extra houses elsewhere on their property if some of their land is too wet to build upon. [Source: Tampa Bay Times]

Dream Finders Homes planning an IPO

Dream Finders Homes Inc., the fast-growing Jacksonville-based homebuilding company formed 12 years ago, is planning an initial public offering. Dream Finders filed a registration statement Dec. 22 with the Securities and Exchange Commission to sell an unspecified amount of stock in its IPO. The company will divide its stock into Class A and Class B shares, with founder and CEO Patrick Zalupski retaining voting control by owning all of the Class B shares. [Source: Jacksonville Daily Record]

STAT OF THE WEEK
$86 million
North Miami city leaders hope the private $86 million project — a mix of income-restricted and market-rate rentals — will help turn around perceptions of an underutilized downtown whose long-sought revival has never materialized. [Source: Miami Herald]

ALSO TRENDING:

› Miami home sale prices surge again in November, setting new all-time record
According to the Miami Association of Realtors, median sales prices grew 23% year-over-year from November 2019

› Shuttered Florida golf course sold for $33M, could become new for-rent housing
The Mizner Trail Golf Club in suburban Boca Raton, Florida, has sold for $33.3 million to a West Palm Beach-based real estate company

› Miami’s commercial real estate boom picks up steam as pandemic pushes companies to seek new digs
Move over, Texas. Miami is becoming a magnet for companies trying to escape from high taxes and over-crowding.

› HOME FRONT: Real estate has adapted to COVID-19
Record low interest rates coupled with shifting demographic trends spurred by the pandemic have fueled increasing demand in the local residential real estate market.

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