How climate change is causing housing market chaos

| 6/5/2023

How climate change is causing housing market chaos

Insurance companies and state governments across the Sun Belt are trying to prepare for or prevent future disasters caused by climate change, and the housing market is being disrupted as a result. In Florida, some homeowners are reporting that their insurance premiums have doubled in the last year, with some insurance companies threatening to drop them if they don’t make expensive alterations, such as a new roof made of hurricane-resistant materials. Other insurers are exiting the Florida market altogether. [Source: Yahoo News]

No-buy zone: Florida’s ban on some foreign buyers has industry scrambling for response

Gov. Ron DeSantis’ crackdown on foreign investment is having ripple effects on Florida real estate. Senate Bill 264 bans nearly all purchases by Chinese nationals and China-based companies. It also bars buyers from what the state deems “countries of concern,” including Venezuela and Russia, from purchasing agricultural land in the state, as well as any real estate within 10 miles of military and critical infrastructure facilities. [Source: The Real Deal]

Florida property insurance market remains shaky as new hurricane season begins

As Florida recovers from last year's hurricane season, it now readies for another. The Legislature stepped up to help this lawmaking session, but is it enough as property insurance rates continue to climb and the market remains unstable? Last week, Gov. Ron DeSantis signed into law two disaster sales tax holidays worth $144 million. On Wednesday, he signed an expansion of property insurance discount programs for homes shielded against the wind. It comes as property insurance continues to weigh heavy on Floridians' wallets. [Source: WPTV]

This Florida county with 590 miles of shoreline is one of the best places to buy a vacation home, according to real estate experts

With its powdery white-sand beaches, turquoise waters, and year-round sunshine, Southwest Florida is the quintessential vacation home destination. Easily accessible from anywhere in the country and with every urban- and resort-style amenity imaginable, the area is a top choice for second-home buyers. A new report by vacation home management company Vacasa, which analyzed second-home transactions from the start of this year, found that Lee County ranked third overall. Another Southwest Florida region, Collier County, where Naples is located, ranked fifth. [Source: Travel + Leisure]

Governor signs renter fee bill

Gov. Ron DeSantis on Friday signed a heavily debated bill that could lead to landlords collecting monthly fees instead of security deposits from renters. The bill (HB 133), which lawmakers approved in April, was one of 12 measures that DeSantis signed Friday. Under the bill, landlords would be able to offer the option of paying monthly fees instead of security deposits, though landlords would not be required to do so. [Source: News Service of Florida]

STAT OF THE WEEK
44
It took just 44 days for Gwinn Volen and her team at Keller Williams Realty to sell the most expensive house in Northeast Florida. The house in Ponte Vedra Beach sold for $16.25 million. [Source: Jacksonville Daily Record]

ALSO TRENDING:

› Central Florida property values, which offer glimpse of growth over the last year, soar [Orlando Sentinel]
Orange County and its neighbors are still scorching-hot areas for property values, which kept rising in 2022 despite interest-rate hikes aimed at fighting inflation, the region’s elected property appraisers say. Most appraisers this week released 2023 “best estimates” for taxable values, which are used by counties, municipalities and other taxing authorities to help prepare their budgets for the next fiscal year. Reflecting market values, the tabulations also offer a glimpse at growth over the past year.

› Scrappy, innovative real estate entrepreneur reaps rewards of hard work [Business Observer]
Josh Marzucco, president of Marzucco Real Estate in Naples, says Florida’s residential real estate market could correct. But if does, he believes any correction will be minimal. The red-hot Florida market has been overheated before, and it crashed in 2008 and 2009. Some like to say Florida invented the boom-and-bust cycle. So that would seem to make Marzucco's optimistic claim a bold outlier. But Marzucco, 36, believes he has the proof that the market is not in danger of slowing.

› After transitioning ownership, Tampa land dealer rolls on [Business Observer]
Years of working together, and a mutual admiration and respect, have helped Bill Eshenbaugh and Ryan Sampson, make the transition from one generation to the next go so smoothly that most outsiders don’t even notice the ownership changed. Despite the growth of the firm, macro-economic challenges have made it tough for the brokers who are having to work harder to get deals closed and to land listings. But, they say, that’s just part of the game and you learn early to save when times are good for when times are tough.

› Miami Heat guard Victor Oladipo’s $10 million Florida mansion comes with a pro-grade recording studio [Robb Report]
The Miami Heat are currently experiencing a Cinderella run in the NBA playoffs, reaching the finals to face off against Denver Nuggets. One of their shooting guards, however, is still looking for the shoe—er, house—that fits. Victor Oladipo, who’s out for the rest of the season following an injury in April, has listed his Miami Beach home for $10 million.

Tags: Real Estate eNews

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