November 29, 2022
Lawmakers unable to find common ground on reforms after deadly Surfside condo collapse

Florida Trend Real Estate

Lawmakers unable to find common ground on reforms after deadly Surfside condo collapse

| 3/14/2022

Lawmakers unable to find common ground on reforms after deadly Surfside condo collapse

Lawmakers could not reach an agreement Friday on a plan to address problems in Florida’s troubled property-insurance market, while also halting efforts to put additional requirements on condominium buildings after a deadly collapse last year in Surfside. The insurance debate came as homeowners face soaring premiums and lost coverage while insurers grapple with financial troubles. The Florida Department of Financial Services during the past two weeks went to court to be appointed a receiver for St. Johns Insurance Co. and Avatar Property & Casualty Insurance Co., describing the insurers as “insolvent.” [Source: WFOR]

Seminole’s growth, lack of vacant land, mean rising housing costs

“We’re running out of land very quickly to build on, so we definitely have a supply and demand problem,” Seminole Property Appraiser David Johnson said during a presentation before county commissioners. “We’re not going to have people saying: ‘We’re not moving to Seminole County.’ And that’s because of the quality of life. So, we’re going to have to figure out a place where to put these folks at some point. ... We are critically underhoused in this county.” [Source: Orlando Sentinel]

Florida Trend Exclusive
Eye-catching architectural designs from around Florida

Winter Park unveiled its $42-million library and event center complex in December. David Adjaye — the Ghanian-British architect who designed the Smithsonian’s National Museum of African American History and Culture — led the design team in creating what he calls a “21st century prototype of a multi-purpose knowledge campus.” The 23-acre complex includes the two-story library, an events center with an auditorium and roof terrace and a portico to welcome visitors. All three structures are made of rose-tinted concrete and sit at elevations that provide views of Lake Mendsen, while sweeping windows draw natural light into the interior. [Source: Florida Trend]

Fee increases of 300 to 400% stun residents of Florida’s largest homeowners association

Residents of the Hammocks community in Kendall outraged by 300 to 400 percent increases in their homeowners association fees have asked the state to investigate what they claim was a sham election that put into office the board members who implemented the new fees. In an escalating feud, residents dissatisfied with the board’s governance have filed 15 complaints with the Florida Department of Business and Professional Regulation disputing the results of a chaotic election held in January. The Hammocks association is the largest in the state with 6,500 homeowners. [Source: Miami Herald, WPLG and WTVJ]

South Florida housing prices are astronomical. But are cities upstate really a better deal?

The median sale price for a home in South Florida is $454,000, while the median rent for a two-bedroom apartment is $2,055, according to numbers from Apartment List. The South Florida Sun Sentinel analyzed the five largest cities outside of the tri-county region, based on population projections for the current year to see how they compared to South Florida in terms of median home price, rents and how many square feet you get for the money. [Source: South Florida SunSentinel]

STAT OF THE WEEK
$83 million
The Postcard Inn on the Beach, which became a trendy St. Pete Beach tourist destination and locals’ hangout after an extensive 2009 renovation, has sold for $83 million. [Source: Tampa Bay TImes]

ALSO TRENDING:

› Tampa Bay's commercial real estate industry recognized
Industry group NAIOP Tampa Bay held its annual Best of the Best awards ceremony March 10.

› More than $2 million in housing assistance available for Southwest Florida tornado victims
The announcement comes after Florida offered aid through its Individual Assistance program and requested assistance from the Federal Emergency Management Agency, which was denied.

› The impact of Russia-Ukraine tensions on the U.S. housing market
Any decline in international real estate transactions will have little direct impact on the U.S. housing market. Russian foreign buyers account for less than 1% of foreign buyer purchases, and overall, foreign buyers account for about 2% of existing-home sales, according to NAR's 2021 International Transactions in U.S. Residential Real Estate Report.

› Property appraisers struggle to keep up among fast and furious Orlando home sales
With 20 years experience in the field, Fred Collins, owner of Orlando Appraisers, is keeping his workload to five appraisals a week, even if he could make more money getting more houses. “I’m turning down a dozen requests a week, because I just can’t physically do them all,” he said.

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