April 17, 2024
Home sweet home? In South Florida, people stay longer in their homes. Here's why

Florida Trend Real Estate

Home sweet home? In South Florida, people stay longer in their homes. Here's why

| 4/10/2023

Home sweet home? In South Florida, people stay longer in their homes. Here’s why  

New research indicates that South Florida homeowners are staying longer in their houses, townhouses and condominiums. Before the pandemic began in March 2020, foreign buyers took the lead in influencing the sales and rental inventory in the region. Longtime residents and natives often got priced out of the residential market due to international interest and competition. The coronavirus changed the playing field, with foreign buyers limited by travel restrictions and, later, a strong dollar. [Source: Miami Herald]

Report: Florida has five of the top 10 most overvalued metro real estate markets

Florida has some of the most overpriced real estate in the U.S. and new research shows that out of the top 10 most overvalued metropolitan areas, five of them are in the Sunshine State. The Real Estate Initiative at Florida Atlantic University was created to measure the impacts across a range of issues in the real estate market like sale and rent prices and is a collaboration between FAU, Florida International University, Florida Gulf Coast University and the University of Alabama. [Source: The Center Square]

Florida lawmakers may replace local rental ordinances with state ones

A bill moving in the Legislature, Senate Bill 1586, would override most aspects of the relationship between Florida landlords and tenants. It would eliminate local ordinances such as the tenant bill of rights in Miami-Dade and Hillsborough counties. And it would replace local requirements for landlord-tenant relationships with state ones. It would re-open all manner of issues: fees and security deposits; the terms and conditions of rental agreements; the screening process used by landlords to approve renters; the rights and responsibilities of landlords and tenants; and disclosures concerning the premises. [Source: WFSU]

Florida’s affordable housing law could “change the look of coastal cities”

Like the rest of the country, Florida has a critical shortage of affordable housing, and the situation is even more dire in Orlando’s service-based economy. In fact, Orlando ranks second-worst in the country when it comes to affordable housing availability, according to a new report from the National Low-Income Housing Coalition. Ryan Von Weller with Wendover Housing Partners sat down with anchor Justin Warmoth on “The Weekly” to discuss how the newly signed “Live Local Act” will be crucial in increasing the state’s supply of affordable housing. More from Click Orlando and The Real Deal.

Lawmakers warn 'heavier hammer,' oversight coming for property insurers acting in bad faith

Lawmakers advanced a bill they think will bring more transparency and harsher penalties to companies not acting in good faith. That comes as Floridians continue to struggle with increasing rates. It was last December, just before lawmakers approved reforms to bolster Florida's collapsing property insurance market, that Sen. President Kathleen Passidomo, R-Naples, gave a stark warning. "I don't want it to be a scenario where all the reforms that are in place are working, and the rates don't come down," she said. "If that happens, there will be hell to pay." [Source: WPTV]

STAT OF THE WEEK
$104 million
Pebb Enterprises and BH Group have made a massive investment in the South Florida real estate market. The joint venture has acquired the national retailer Office Depot’s headquarters for $104 million, marking the first office deal to exceed $100 million in South Florida this year. [Source: Boca Raton Tribune]

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› Florida developers to build luxury high-rise where ancient artifacts were found
The city of Miami has decided to move forward Wednesday with constructing a luxury high-rise after ancient artifacts were discovered at the Brickell site. The site at the center of the discussion is 444 Brickell Avenue, on the south bank of the Miami River next to the Brickell Bridge. It's set to be the site of the new luxury high-rise Baccarat residential building, but after breaking ground, ancient artifacts were found, dating back thousands of years. The findings at the site include bone artifacts (points, pins, drilled shark teeth), pumice, lithic weight and pottery shards.

› Six months after Hurricane Ian, three Floridians who lost their homes find their footing
It’s been six months since Hurricane Ian mowed down Southwest Florida, forcing residents and families to confront agonizing questions about their future. Among the most pressing, as the storm’s destruction launched the area’s tenuous housing market into an all-out crisis: Stay or go?

› Homebuyer migration making Polk County one of the fastest growing in Florida
Dominique Hernandez has been in the Real Estate industry for 11 years. Hernandez is currently closing out sales for the last lots of a newer subdivision built two years ago in Winter Haven called Pinnacle Point. The Tampa and Orlando housing markets are among the fastest growing in the country. Hernandez, who is the Area Sales Manager for Casa Fresca Homes, says halfway between these two Metropolitan Cities; another housing boom is happening in Polk County.

› Homebuyers who fled to Miami hoping to escape high taxes are in for a rude awakening
Almost paradise! Miami may not be the complete tax haven that New Yorkers thought it was. For the past three years, New Yorkers have accelerated their moves from the Big Apple for the Sunshine State for year-round warmth, comparably lower costs of living, and smaller tax bills. But while the Magic City's sunshine seems everlasting and its median home price is still below New York's, the benefits to new snowbirds and other movers aren't what they used to be.

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