Florida Trend Real Estate
Florida real estate agents lean into AI
Florida real estate agents lean into AI
Florida’s real estate agents do not fear the robot revolution. Nearly a year after ChatGPT forced generative AI to go mainstream, brokers have figured out how to work the tech tools into their day-to-day operations. In addition to ChatGPT, agents are learning how to use platforms like Midjourney and Synthesia to do their jobs better, pick up the pace and save some cash, they said. [Source: The Real Deal]
Florida rents aren’t rising as fast, but affordable places are still hard to find
Price-sensitive renters seeking places to stay in South Florida can take solace in this: The pace of increases in those monthly payments is easing slightly. But a lot of wage earners still aren’t able to find places that are affordable. Eight of nine Florida cities surveyed by researchers at Florida Atlantic University, Florida Gulf Coast University and the University of Alabama “saw yearly rent increases at or below the national average, though renters across the state are still struggling with an affordability crisis." [Source: South Florida Sun-Sentinel]
Rural land program draws applicants
More than 180 landowners have applied to a state-funded program — a target of Gov. Ron DeSantis’ veto pen — designed to keep swaths of rural property from commercial and residential development. The state Department of Agriculture and Consumer Services announced Friday it will quickly start to rank the proposals that collectively seek to cover more than 200,000 acres through the Rural and Family Lands Protection Program. The deadline to apply for the program was Thursday. [Source: News Service of Florida]
The cost of homeowners insurance just keeps rising in Florida
For years, homeowner's insurance rates have been increasing across the US. In Florida, this is especially obvious due to inflation and severe weather that makes construction costs and the cost of rebuilding and replacing a home incredibly high. The Insurance Information Institute projected that property insurance rates in Florida could increase by at least 40% in 2023. [Source: Business Insider]
Tampa is the third-most popular city among homebuyers who are relocating nationwide, according to a new report by real estate listing company Redfin. Florida cities dominate the top ten, with five cities from the Sunshine State making the cut. Redfin tracked more than 2 million people searching for new homes between April 2023 and June 2023. Those who looked at more than 10 homes, including one outside their city, were considered homebuyers who could relocate. The cities they searched in counted proportionally to the number of times they searched. [Source: USA Today]
› Northeast Florida home prices: What you get for the median
When searching for real estate information within the region, a resource is nefar.com/market-stats. It lists a six-county breakdown of sales, pending sales, new listings, active inventory and median sales price, among other information. The data is gathered in Duval, Clay, St. Johns, Nassau, Baker and Putnam counties as well as the region as a whole.
› These South Florida’s mayors have close ties to real estate
Miami Mayor and presidential hopeful Francis Suarez’s connection to troubled developer Rishi Kapoor brought attention to other elected officials across South Florida who are either employed or have connections to the real estate industry. The positions are often considered part-time and many — with the exception of county mayors like Miami-Dade Mayor Daniella Levine Cava — don’t earn enough off from salaries or stipends.
› Orlando's commercial real estate market will see billions in debt come due soon
As the commercial real estate world navigates a landscape with rising interest rates and a more circumspect lending environment, many industry professionals are turning their attention toward the sector's escalating debt — and, more specifically, debt that is coming due soon. Concerns about exposure to looming debt are growing both in a national and market-specific sense, with metro Orlando serving as no exception.
› Tampa first-time home buyers need to make 13% more to afford high-priced starter homes
Hopeful first-time home buyers in Tampa are feeling the strain on their budgets as the ongoing housing shortage has pushed the cost of starter homes to an all-time high, according to a report. The typical starter home sold for a record $243,000 in June, up 2.1% year-over-year and up more than 45% from before the pandemic, real estate brokerage Redfin reported. Compared to the national average, the same starter home in Tampa would set you back $250,000. That figure is up a whopping 12.9% since 2022.
Previous Real Estate Updates:
- New law would give new homebuyers better idea what their property taxes will be
- 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