December 5, 2022
Home buyers flock to Florida cities devastated by Hurricane Ian

Florida Trend Real Estate

Home buyers flock to Florida cities devastated by Hurricane Ian

| 10/24/2022

Home buyers flock to Florida cities devastated by Hurricane Ian

Less than a month after Hurricane Ian caused widespread devastation to southwestern Florida, investors and other buyers are scouring for housing deals in a region where home prices have soared in recent years. Demand remains strong from both locals and out-of-staters, according to residential real-estate agents in Naples, Fla., and other areas near the path of the Category 4 storm. They say they have received numerous inquiries from people still interested in relocating to the Sunshine State, or hoping to pick up distressed properties. More from the Wall Street Journal, The Real Deal, and MSN.

Homeowners facing harsh realities of FEMA's 50% rule

Scores of Floridians are getting a crash course on the Federal Emergency Management Agency’s 50% rule governing rebuilding homes after a disaster. For many, the rule is an unpleasant, problematic surprise on top of Ian’s damage and traumas. The rule provides that when repairs and improvements on damaged homes in designated flood zones would exceed 50% of their market value, the entire residential structure has to brought up to the most current building codes and flood regulations. [Source: Venice Gondolier]

Florida's first house built with 3-D printer technology takes up residence in Tallahassee

The first-ever house in Florida to be built with 3-D printing technology now sits in Tallahassee's Griffin Heights neighborhood. A ribbon cutting for the unique residence took place on October 14. The outside and inside walls of the just-over-1,400-square-foot structure were built up in layers of concrete, laid down by a computer-controlled extrusion head mounted on a large gantry. It's a construction that Kyndra Light, co-owner of Precision Building and Renovating, explained is incredibly durable. [Source: WUSF]

NYU's 'Dr. Doom' says New Yorkers who moved to Florida, Texas, says states won't 'survive' climate change

The New York University economist who's dubbed "Dr. Doom" for predicting the 2008 financial crisis is criticizing New Yorkers who "stupidly" moved to states like Texas or Florida because of the impact of climate change. Nouriel Roubini, CEO of Roubini Macro Associates and New York University economics professor, made the comments on Bloomberg's "Odd Lots" podcast. "A lot of real estate is going to be stranded because of global climate change," Roubini said. "People have stupidly moved from New York to Miami, and from San Francisco to Austin, but Florida is going to be flooded and Texas is going to be too hot to survive there." [Source: Yahoo! Finance]

Jacksonville seeks solutions to combat housing crisis. What are other Florida areas are doing?

Florida Rising may, at times, be protesting outside City Hall or passionately speaking during public meetings, but one of the last things the group’s Duval County lead organizer wants is to be seen as an adversary. Instead, Christina Kittle hopes City Council will allow the group to inspire them and help combat the state’s ongoing housing affordability crisis. Along with 41 other community members, Kittle volunteered as part of the affordable/workforce housing subgroup in Jacksonville’s new Special Committee on Critical Quality of Life Issues. [Source: Florida Times-Union]

STAT OF THE WEEK
130
Miami-Dade County’s housing market barreled through September with another double-digit annual price jump, marking an astonishing 130 consecutive months — almost 11 years — of year-over-year price increases. [Source: Miami Herald]

ALSO TRENDING:

› “It’s not dead, it’s just different.” South Florida residential slowdown persists
South Florida home sales continued to fall and prices kept rising in the third quarter compared with last year’s record hot market, according to a new report. “Yes, there’s been a slowdown in sales by about a third, but inventory is roughly half the levels of pre-pandemic,” said Jonathan Miller of Miller Samuel, who authors the Douglas Elliman reports. “The excess supply was obliterated during the pandemic.”

› Orange County voters to decide on rent control ordinance
Central Florida has long labored under a shortage of affordable housing, and the area’s most populous county, Orange, has seen some of the worst effects of that shortage. On Nov. 8, voters in Orange County will be able to cast their ballot as to whether the county should institute a rent stabilization ordinance, more commonly known as rent control.

› The Jacobson Company buys Gainesville student housing community
The Jacobson Company has acquired Liv+ Gainesville, a 618-bed student housing community in Gainesville, Fla., adjacent to the University of Florida. The sellers, a joint venture of Stark Enterprises and Campus Advantage, developed the property, after landing a $43.8 million construction loan funded by U.S. Bank back in 2018, according to Yardi Matrix data.

› Ian threw ‘curve ball’ to Bradenton-Sarasota housing market. Here’s what experts say
Hurricane Ian’s path of destruction through Collier, Lee and Charlotte counties will likely take years to heal, and have consequences for the housing market in the Bradenton-Sarasota area. In Lee County alone, more than 4,000 homes were destroyed and more than 44,000 suffered some type of damage, according to PBS station WGCU. Many home owners and renters who lost their homes will be looking north to the Bradenton and Sarasota area, as well as to Tampa and St. Petersburg for replacement housing.

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