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Florida Trend Real Estate
Climate change's higher tides could threaten $34B of coastal real estate
Climate change’s higher tides could threaten $34B of coastal real estate
Communities along the Gulf Coast face some of the biggest risks from rising sea levels. Among the 48,000 properties that could be completely below high tide lines by 2050, a majority are in Texas, Louisiana and Florida. An estimated $108 billion of real estate could be below those lines by 2100, excluding nearly 100 counties where tax assessor data wasn’t available. [Source: The Real Deal]
Lawmakers back insurer ratings proposal
With one lawmaker likening Florida’s troubled property-insurance market to a “mountain tumbling,” a legislative panel Friday approved a proposal to spend $1.5 million to look at alternatives for insurers to get adequate financial ratings. The move came after state officials in July publicly questioned the ratings agency Demotech, Inc., over the possibility that it would downgrade insurers. Adequate financial ratings are important, in part, because mortgage-industry giants Fannie Mae and Freddie Mac require homes to be insured by sound companies. If insurers lose satisfactory financial ratings, homeowners could be forced to find other coverage. [Source: News Service of Florida]
Population surge leads to developers shifting approach to mixed-use projects
By whatever name you call them, strip malls are every bit as much of the landscape of Florida as palm trees and sand. Drive down any major thoroughfare in any small to large city statewide and you’ll see block after block after block of shopping centers packed with fast food joints, grocery stores, chain restaurants, dry cleaners, national retailers and local ones. Wherever you stand on retail developments, the reality is these types of shopping centers have reached a saturation point in Florida and the state’s reign as the shopping center king may soon be over. [Source: Business Observer]
Slowing real estate market sees rise in luxury real estate auctions in Southwest Florida
Luxury real estate routinely received multiple offers throughout 2021 in the Southwest Florida region as demand exploded. But that deluge of interest has apparently faded some. Luxury properties throughout the region are sitting longer and receiving fewer offers than last year, according to some real estate experts. "We are seeing a normalization of the market," said Peter G. Laughlin, founder of the Peter G. Laughlin Group with Premier Sotheby's International Realty. "Properties are staying on the market longer than they had been." [Source: Sarasota Herald-Tribune]
The rising cost of rent is forcing many to get second and third jobs. Some people are finding roommates or new apartments due to the spike, but there are some signs of improvement for Central Florida renters. It's not a huge drop in rates or slashed costs, but apartment hunting now may go better for some than it did six months ago. "We are seeing signs that rents are coming down," Ken H. Johnson, a real-estate economist, said. Florida Atlantic University researchers, like Johnson, are seeing fewer spikes in rates. [Source: WESH]
› Inside Griffin’s billion-dollar South Florida property play
Ken Griffin epitomizes the South Florida more-is-more real estate philosophy. The billionaire founder of Citadel just raised the bar on his record-setting portfolio. Griffin, who is worth about $31 billion, now owns at least $1.3 billion of residential and commercial real estate in South Florida, on top of luxury homes in New York, Chicago, London and elsewhere. His Florida property alone is equal to about 4 percent of his net worth.
› Here’s why some Tampa Bay homeowners pay far more in taxes than their neighbors
The two homes in the Starkey Ranch development in Odessa share many attributes. They have the same square footage, same masonry construction, same number of bedrooms and bathrooms. They have nearly the same market value, too, according to the Pasco Property Appraiser’s Office. What they don’t have are the same property tax bills.
› Gainesville single-family zoning elimination faces pushback from Florida Department of Economic Opportunity
Gainesville’s unprecedented single-family zoning elimination ordinance faces its largest detractor yet: the state’s Department of Economic Opportunity. The department sent a letter Thursday to the city that recommends Gainesville commissioners reconsider the amendment, joining Alachua County Commission’s recent letter to the city expressing similar concerns.
› Got $52 million? State building, land near Fort Lauderdale Brightline station up for auction
Developers eager to grab a piece of the burgeoning real estate action on Fort Lauderdale’s West Broward Boulevard will soon get a crack at an office building and nearby acreage when the state of Florida auctions off the five-story Robert H. Gore Building, The minimum acceptable bid: $52 million, according to the state.
Previous Real Estate Updates:
- Ian inflicts staggering losses on Florida's growth machine
- To sell or not to sell? How home sellers are adjusting to a softening market
- Should big insurers be required to cover homes in Florida along with autos?
- Florida housing prices remain high, while other regions decline
- Landlords try to stop rent control initiative in Florida
- Florida's latest insurance crisis was decades in the making
- Buyers' income rises along with home prices