October 3, 2022
Landlords try to stop rent control initiative in Florida

Florida Trend Real Estate

Landlords try to stop rent control initiative in Florida

| 8/22/2022

Landlords try to stop rent control initiative in Florida

Ballots haven’t even been printed yet, but already a group of landlords and real estate agents in Florida want to stop voters from deciding on a measure that would implement rent control for a year in the theme park hub that has been one of the fastest-growing metro areas in the U.S. The Florida Apartment Association and the Florida Association of Realtors last week sued Orange County, Florida, in an attempt to invalidate a ballot initiative aimed at limiting how much landlords can increase rents. If passed by voters in the fall, it would be the first such measure in decades in the Sunshine State. More from the AP, FOX Business, and WINK News.

Fear of a recession, rising rates means a change in how housing market is seen

Christopher Carter is not mincing words. The Naples residential broker and author of The Florida Real Estate Blog has been telling customers for a few months now the market is changing, that the days of escalator clauses and bidding wars are gone. Did they listen? “There was a stretch in April (to) June when it was difficult getting buyers to understand that the market was slowing and they didn’t have to buy the next house or condo they saw. Also difficult was getting sellers to understand that they could no longer ask artificially high prices and expect a bidding war,” says Carter. [Source: Business Observer]

Property insurance a top issue for Florida voters

To illustrate how the property insurance issue in Florida has become a full-on crisis, just look at how Brandon insurance agent Kevin Swanson’s own annual rates have escalated in recent years. From 2013 to 2018, his annual homeowner’s insurance policy cost him about $1,800. But last year his rate increased to $3,823. “A 238% increase? That’s not sustainable, and it’s going to create an unaffordability in the state of Florida for people to move down here and live in Florida,” Swanson said. [Source: Bay News 9]

Online home-selling platform launches in Florida

Realtors have some new competition in Florida. The real estate tech company Redfin has expanded its iBuying program RedfinNow into the state, initially focusing on the Tampa and Orlando metro areas. The program, now in 34 markets across 16 states, allows homeowners to sell their house directly to the company for cash. Redfin then essentially flips it, putting it on the market and selling it itself. [Source: Business Observer]

Commercial real estate deals slowed by rising interest rates

Rising interest rates have slowed South Florida commercial real estate sales in recent months as buyers and sellers haggle over pricing, experts say. The Federal Reserve has raised rates by 0.75 percentage points at two consecutive meetings, the fastest rate increase in four decades, in an attempt to push back against inflation. Most acquisition loans for commercial real estate have adjustable rates, so they are vulnerable to future rate increases. [Source: South Florida Business Journal]

STAT OF THE WEEK
21.2%
A new study from Help Advisor says the rental vacancy rate in the Fort Myers area is 21.2%. That’s the highest percentage of any city in the nation and it’s not a good thing if you’re a landlord. [Source: WINK News]

ALSO TRENDING:

› Miami-Dade housing market finally cooling, as prices dip for first time since 2021
Home prices dipped in July for the first time in Miami-Dade County since fall of 2021, providing a silver lining for priced-out buyers desperately trying to catch a break in an ultra-competitive housing market finally losing steam. Single-family houses last month came with a median price tag of $570,000, down 2% from $579,000 in June, according to a monthly housing report released Thursday by the Miami Association of Realtors.

› Developers must get 'very creative' to succeed in Pinellas County’s real estate market
Pinellas County is — in many places — built out, which has led to a rise in acquisitions and renovations. Michael Kilpatrick, Centennial Bank’s Tampa Bay region market president, said the market is beginning to slow down as lenders get more cautious about the projects they take on. He believes lenders are slowing on the wave of development due to uncertainty in the market and the recession they see on the horizon.

› Median price of Sarasota-Manatee homes remains at record high, other stats indicate slowing
The median home price in July for a house in Sarasota-Manatee matched the record set in June at $525,000, according to statistics maintained by the Realtor Association of Sarasota Manatee. However, several other sales statistics point to slowing of the local housing market. Closed sales, pending sales and cash sales all were down in July compared to 12 months ago.

What can you get for $1 million in West Palm Beach?
A thriving downtown offering nightlife and entertainment, combined with pockets of residential areas, West Palm Beach offers homebuyers close proximity to both worlds. The city, and its housing market, has seen substantial growth over the past two years. Home prices there have skyrocketed over the past year, with the median sale price of a single-family home jumping to $407,500, a 40% increase compared to the year before, according to data from RedFin.

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