Florida Trend Real Estate
More people moving to Florida during the pandemic
More people moving to Florida during the pandemic
Florida is second only to Texas when it comes to the top destinations to relocate. Pew Chartible Trusts reports 241,000 people moved to the sunshine state in the last decade alone, and those numbers are only increasing since the COVID-19 pandemic. Recent buyer Susan Jones who moved from California to get more house for a better bargain. “The open concept, the high ceilings, the sunroom, obviously the view is spectacular with the Marsh here. It’s a forever view.” [Source: WJXT]
Some apartment landlords in line to get federal relief
Congress tweaked a provision in the 2017 tax law as part of the latest COVID-19 relief package last month that will give some apartment owners tax relief. Multifamily rental properties — especially older communities catering to lower- and middle-income residents — have been strained as a result of pandemic-induced layoffs or wage cuts. Under the new law, apartment landlords who either purchased or developed their properties prior to Jan. 1. 2018 will no longer be subject to depreciation of 40 years, as was contained in the 2017 law, which resulted in higher taxes. [Source: Business Observer]
What’s ahead for Florida real estate in 2021?
Real estate drives Florida’s economy, and figuring out what lies ahead in 2021is key for policymakers, residents and Realtors, especially with a continuing global pandemic. This year’s Florida Realtors 2021 Florida Real Estate Trends virtual summit also features a panel discussion on how residential and commercial real estate intersect, along with trends in development and new home-construction. [Source: Palm Coast Observer]
Tiny home community, facing big demand, plans major expansion
There’s nothing tiny about the tiny home market. It’s big business nationwide, including on Florida’s west coast. That’s where Dan Dobrowolski is expanding his tiny home community. Wisconsin-based Escape Homes recently announced it will expand its Escape Tampa Bay Village from about 10 homes to about 40 homes. The community, in Thonotosassa, Hillsborough County, debuted in spring 2020 and has since seen a frenzy of demand. [Source: Business Observer]
Metro Orlando home values increased by a total of $15 billion in the last year according to a new report by Zillow. The real estate website found home values added $2.5 trillion nationally, the biggest yearly increase in 15 years. The report combined U.S. Census data with estimated prices for every purchasable residential property in the U.S., including single-family homes, duplexes and townhomes and condominium units. The total stock of housing nationwide is now worth $36.2 trillion. [Source: Orlando Sentinel]
› What's driving Ponte Vedra's real estate boom
Low interest rates and an influx of residents from the Northeast and California helped several Ponte Vedra real estate agents make 2020 the best year in their careers. Agents who sold the region’s most expensive homes in 2020 said they are seeing more new-to-the-area buyers than ever, many coming from New York, New Jersey, Connecticut, Maryland, Washington, D.C., and California.
› Hurricane Michael-damaged homes in Big Bend could be fixed thanks to Florida program
If your home was damaged during Hurricane Michael, you may now be eligible to receive long-term assistance to repair, rebuild, or replace your home. Friday, the Florida Department of Economic Opportunity (DEO) announced that the application period is open for homeowners in Hurricane Michael impacted areas for the Rebuild Florida Housing Repair and Replacement Program.
› Lambert overcomes stroke, becomes Florida Realtors president
Two years ago, Realtor Cheryl Lambert had a stroke and was flown to Bayonet Point Hospital in Pasco County where she credits a surgeon for saving her life. Her neurologist at the time said she was lucky to be alive. What followed were several months of occupational and physical therapy. Although she couldn’t get around as much, Lambert continued working from home and eventually became first vice president of Florida Realtors. She was tabbed to become the president of the 20,000-member Florida Realtors for 2021.
› Citizens Insurance may cut ties with independent agents
Diane Justo doesn’t want to wade into the intimidating world of home insurance on her own. She knows she could be in over her head with a single wrong step. And yet, the newly appointed chairman of South Florida’s dominant insurance carrier is proposing to stop paying commissions to independent insurance agents, which could soon force Justo and others to sink or swim when it comes time to navigate their insurance choices.
Previous Real Estate Updates:
- South Florida real estate market still booming in 2021
- Florida has a ‘serious mismatch' between housing costs and income
- Insurance costs threaten Florida real-estate boom
- Florida is the source of most property insurance lawsuits in the U.S.
- One of Florida's biggest real estate investors says market is headed for a correction
- Lawmakers look to restrict impact fees
- Florida's feelgood factor lures out-of-state buyers
- The red-hot housing market means you're probably in for a tax increase