Florida Trend Real Estate
Florida foreclosures increased 71% from 2021
Florida foreclosures increased 71% from 2021
Foreclosure data from real estate company ATTOM showed Florida’s foreclosure rates for over the past year rose 71.26% according to their latest data. In just the past month, ATTOM reported a nearly 3% increase of foreclosures across the country in September 2022, while in Florida, the number of foreclosures shrank by nearly 4% instead from August to September. In Florida, ATTOM reported there were 9,284 foreclosure filings in the past quarter, with 6,671 foreclosure starts during that period. Of the top five states ranked by foreclosure starts, Florida was No. 2, with just California ahead. [Source: WFLA]
Why Ian may push Florida real estate out of reach for all but the super rich
The scale of the destruction from Hurricane Ian threatens to destabilize Florida’s insurance and real estate markets, as devastated residents file a record number of claims for damaged or destroyed homes. Privately insured losses from Ian are expected to reach $67 billion, not including flood insurance, according to an estimate by RMS, a catastrophe modeling firm. That is in line with other forecasts and puts Ian, which slammed into Florida two weeks ago, close to 2005’s Hurricane Katrina, the most expensive disaster in United States history. [Source: NY Times]
Sellers are growing reluctant to sell as mortgage rates rise
A growing number of sellers are wrestling with this decision as they now face the same pressure from rising interest rates that buyers have been struggling with. For potential sellers, the question is: Do they sell now, despite rising interest rates that will force them to likely pay more than double what they are paying now with their current rates, or wait to put their homes on the market? [Source: South Florida Sun-Sentinel]
Thanks to Ian, we’re all going to pay more for insurance next year
Insurance experts predict that the state legislature will need to take more action to shore up the industry before the 2023 hurricane season, possibly by pledging more public funding to ensure companies can maintain required funding levels. Ian is still expected to be one of the nation’s costliest storms ever and will increase costs of reinsurance — that is insurance that insurers buy — before the next two rounds of reinsurance renewals on Jan. 1 and June 1. [Source: South Florida Sun-Sentinel]
Floridians may soon have access to a $150 million program aimed at helping them harden their homes. In May, Florida lawmakers passed a sweeping property insurance reform package. Among other things, the bill resurrected the My Safe Florida Home program, which provides homeowners with free home inspections and grants up to $10,000 to make storm safety related improvements. Nearly five months later residents are still unable to apply. But that could change in the coming weeks, according to the office of Chief Financial Officer Jim Patronis, who oversees the program. [Source: Tampa Bay Times]
› How renting in Tampa Bay went from cheap to expensive, in 11 charts
Florida symbolized the dream of an affordable America, a place where you could retire comfortably on a teacher’s pension. Or if you were still working, you might not get rich in one of the abundant service jobs, but you could still afford that cute little apartment with a balcony. Not anymore. Across America, the price of everything has shot up over the past few years. And in Florida, rent, the biggest bill for most, has shot up even more.
› ‘Spooky chic’: Historic LaVilla funeral home will be converted into rentable units
Eric Adler aims to lean into the macabre nature of his new development – complete with dimly-lit sconces lighting the walls, high-end furniture nodding to the 20th century, all pieces adding to the “spooky chic ambience.” The Hillman-Pratt & Walton Funeral Home building in LaVilla was built in 1916 and operated until 2019. Under Adler, the building will convert into a 13-unit short and long-term residential building, complete with a pool and adjoining wine bar.
› Construction begins on Miami’s first supertall tower. Who won the race to the sky?
For years, many a developer has vowed to give Miami its first supertall tower — a class of cloud-piercing skyscraper that rises to a dizzying pinnacle of 1,000 feet or more. But no one has managed to deliver it. Until now. Miami’s race to the sky at long last appears to have a winner: It’s the Waldorf Astoria Hotel & Residences, which has broken ground. For real.
› Skyrocketing rent threatens viability of Northeast Florida restaurants and small businesses
Just like residential spaces, commercial real estate values have been increasing over the last few years — making some of Jacksonville’s most beloved small businesses feel the economic pressure. For restaurants like Southern Roots Filling Station, a potential rent hike led to an increase in community support.
Previous Real Estate Updates:
- When will housing affordability improve? Spoiler alert: It will take some time
- Florida lawmakers consider future without property taxes
- Court blocks Florida law barring Chinese citizens from owning property
- Florida seniors worry they'll lose homes over skyrocketing insurance
- Major legal fights over longstanding commission practices may upend Florida's real estate business
- After the Surfside collapse, Florida is seeing a new condo boom