October 5, 2022
Should big insurers be required to cover homes in Florida along with autos?

Florida Trend Real Estate

Should big insurers be required to cover homes in Florida along with autos?

| 9/19/2022

Should big insurers be required to cover homes in Florida along with autos?

Every so often, a beleaguered Florida consumer proposes a way to fix Florida’s property insurance availability problem: The state legislature should require big national insurance companies that bombard the state with auto insurance ads to also sell homeowners insurance. After all, they ask, why should the big companies be allowed to cherry-pick the easier and most profitable motor vehicle risks while avoiding potentially costlier property risks? [Source: South Florida Sun-Sentinel]

How much has your rent increased? This interactive map shows you what’s up in Florida

We’re all feeling it. Rent continues to increase across South Florida. If you signed a lease and feel you have a deal, brace yourself: You could be getting a big jump in rent when you renew. So how much more are we paying this year over last? This map shows you. [Source: Miami Herald]

Adjustable-rate mortgages are on the rise as interest rates soar

As interest rates shoot up, some buyers are turning to a different, and slightly more risky type of mortgage. Adjustable-rate mortgages, known as ARMs, have seen an uptick in popularity recently as home shoppers, eager to avoid soaring interest rates amid a torrid housing market, are turning to these loans in order to nab a cheaper rate. “People are looking at ways to bring down their housing costs and their mortgage payments and with an adjustable-rate mortgage, it gives you the possibility of having a lower monthly payment initially, ” said J.C. de Ona, southeast division president of Centennial Bank. [Source: South Florida Sun-Sentinel]

Florida Trend Exclusive
Celebrity real estate developer wants to develop land in Martin County

If a developer’s customers include global celebrities, it makes sense to call in the big names when seeking approval in growth-adverse Martin County. Discovery Land Co. wants to develop Atlantic Fields, 317 homes on 420 acres and another 2,300 acres held as recreation, ag and conservation land. CSQ (C-Suite Quarterly) has said of Discovery founder Mike Meldman, “you’re most likely to know him as your favorite celebrity’s favorite real estate developer.” [Source: Florida Trend]

Florida voters to decide property tax breaks

As they elect a governor, a U.S. senator and numerous state and local officials, Florida voters in November will also decide whether to approve two property-tax measures. Lawmakers placed the proposed constitutional amendments on the ballot. One of those measures, which will appear on the ballot as Amendment 1, would prevent properties’ assessed values from going up because of improvements aimed at combating flooding. The other proposed tax break, which will appear as Amendment 3, would expand the homestead property-tax exemption for teachers, first responders and military members. [Source: WINK News]

STAT OF THE WEEK
$3.4 million
A three-story downtown Winter Park property fetched one of the highest townhome sale prices in the city’s history on Sept. 6. [Source: Orlando Business Journal]

ALSO TRENDING:

› Miami-Dade failed to buy flooded homes. Now, high-risk sites open to more development
A few years ago, Miami-Dade — backed by the promise of millions in government grants — launched a program to buy out properties that had repeatedly flooded. It seemed the start of a landmark adaptation to climate change — “retreat” from land most at risk from rising sea levels. Three years later, the county hasn’t bought any of the ten properties originally targeted and the state is withdrawing the money.

› Orlando home prices dip in a ‘refreshing’ turn for market, agent says
Orlando home prices declined for the second month in a row in August and inventory continued rising, signaling a further cooling of the once blistering housing market and giving more leverage to potential buyers. The median home price slightly dropped to $377,750 in August, a 0.8% decrease from July, according to the latest market report from the Orlando Regional Realtor Association, which records sales in Orange, Osceola, Seminole and Lake counties.

› South Tampa office park sells for $16M, clearing way for 87 townhomes
After more than a year and a half of redevelopment proposals, an office park in South Tampa’s Beach Park neighborhood has sold for $16 million, clearing the way for the construction of an 87-townhome community. The Mariner Square office park at 200 S Hoover Blvd. sold to a Tampa real estate investor on Wednesday, according to Hillsborough County records — about six weeks after the city approved rezoning for the proposed project, dubbed Beach Park Townhomes.

› Humble beginnings lead Sweetwater developer to give back to residents with affordable homes
Walking around Sweetwater’s Li’l Abner I apartment complex on a recent sweltering afternoon, Raul Rodriguez didn’t break a sweat. He greeted every person he ran into as if he’d known them for years. From the jovial reactions of the residents to grinning staff members, it’s most likely that he has.

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