December 5, 2022
How ‘monster' Hurricane Ian devastated Florida's once booming real estate market

Florida Trend Real Estate

How ‘monster' Hurricane Ian devastated Florida's once booming real estate market

| 10/10/2022

How ‘monster’ Hurricane Ian devastated Florida’s once booming real estate market

Ian walloped a corner of the state that has, in recent years, been among its most powerful magnets for newcomers, turning onetime swamp land into housing developments and burnishing Florida’s boom-time allure. Fort Myers and neighbouring Cape Coral ranked as the nation’s hottest housing market this year, according to federal data. After a sharp turn before landfall that surprised authorities and hampered evacuations, Ian has, for now, broken that magical spell. More from the Financial Times and Forbes.

Florida's property insurance market was already under stress. Ian could make it worse

Even before Hurricane Ian made landfall in Florida last week, the state's property insurance market was already in its own state of disaster. Homeowners in Florida pay the highest premiums in the country: nearly three times the national average, according to the Insurance Information Institute, an industry group. And Floridians' premiums are rising much faster — about 33% each year — than the typical American's annual increase of 9%. But in Florida, hurricanes aren't the only factor driving up costs. [Source: NPR]

The post-storm affordable housing crisis

Affordable housing in the U.S. typically diminishes after a disaster, and experts expect parts of southwest Florida will see the same following Hurricane Ian. It's a pattern that exacerbates inequities in relief and recovery efforts — and leaves thousands with nowhere to go. A number of factors contribute to the reduction in affordable housing — defined as costing 30% or less of a household’s income — after a disaster. [Source: Axios]

Central Florida homeowners rethink flood insurance

Flooding caused by Hurricane Ian is likely to persist in metro Orlando as rivers continue to rise, and floodwaters can lead to billions of dollars in damage to homes. “The bottom line is a lot of people should’ve had [flood insurance] who didn’t,” says Greenberg Traurig attorney Fred Karlinsky. Flood insurance is not a common coverage among homeowners in inland Orlando. Federal Emergency Management Agency (FEMA) data show 12,055 active flood insurance policies in Orange County, which would cover 2% of the 575,826 housing units the U.S. Census Bureau reports are in the county. [Source: Florida Realtors]

How world travel has shaped one top Florida broker

The city of Miami has made a name for itself. With its world-famous beaches, fine dining hot spots and unique cultural backgrounds, Miami differentiates itself from the rest. Being one of the largest metropolitan cities within the United States has resulted in a booming real estate market. Broker Ivory Cooks has worked within the real estate community for 33 years, with his primary market being mostly in Coconut Grove and Coral Gables. Not only has Cooks been a part of Coldwell Banker Global Luxury® for his entire career, but he’s also on the board of directors for the Master Brokers Forum, an organization of South Florida's elite residential real estate pros. [Source: Vegas Magazine]

STAT OF THE WEEK
$30 million
A multi-use luxury property in search of a buyer for years is back on the market as metro Orlando’s most expensive home listing. [Source: Orlando Business Journal]

ALSO TRENDING:

› Rental market expected to surge as Ian exiles move to Palm Beach, Broward
While local housing sales are hitting headwinds, the rental markets in Palm Beach and Broward Counties are expected to surge as Hurricane Ian exiles look for temporary homes while theirs are rebuilt. And in some price points and locations, those seeking new homes may end up relocating completely to South Florida — preventing the housing market from completely crashing.

› St. Augustine-area home prices fall 3.6% in September, with houses for sale in high demand
A typical St. Johns County home listed for $577,791 in September, down 3.6% from the previous month's $599,575, an analysis of data from Realtor.com shows. The median list home price in September was up about 13.5% from September 2021. St. Johns County's median home was 2,092 square feet for a listed price of $275 per square foot.

› Two Florida realtors win charity recognition
The National Association of Realtors® (NAR) announced its 2022 Good Neighbor Awards winners, and two of the individuals recognized are Realtors® from Florida. MaliVai Washington with Diamond Life Real Estate, Jacksonville Beach, founded the MaliVai Washington Youth Foundation. NAR named him one of its final five Good Neighbor Award winners. In addition, Debbie Miller with Webpro Realty in Lakeland received an honorable mention for her charity, kidsPACK, that feeds 3,000 children on weekends when they don’t get a school lunch.

› Big Dallas-based residential brokerage United adds 400 agents with Florida merger
United® Real Estate (United) announced that a Jacksonville-based brokerage has joined United's national network in a merger. The firm (formerly affiliated with a different national brokerage) will operate as United Real Estate Gallery moving forward and retain all leadership. The partnership brings together the seventh largest national real estate brokerage operation in the U.S. and a prominent brokerage celebrating fifteen years in business. United Real Estate Gallery is currently a top 10 market share leader with 400 agents and eight locations throughout Northeast Florida.

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