September 21, 2023
Is Florida's insurance industry beyond repair?

Florida Trend Real Estate

Is Florida's insurance industry beyond repair?

| 8/21/2023

Is Florida’s insurance industry beyond repair?

Florida lawmakers’ recent legislative overhaul put the state’s property insurance market on a path toward recovery, but the industry is still far from a comeback. While new market entries are expected to reap the benefits of the new legal framework, the reforms won’t retroactively apply to the more than 680,000 claims filed in the aftermath of Hurricane Ian. For carriers that are paying out billions of dollars for that storm, the equation hasn’t changed, and the outlook for the market isn’t looking great. [Source: Tampa Bay Business Journal]

See also:
» Protest broke out at a 55+ Florida community over skyrocketing home insurance premiums

Judge keeps Florida’s ban on Chinese real estate investment, for now

A Tallahassee judge ruled Tuesday that a Florida law barring Chinese internationals from buying property in the state can remain in place while it’s being challenged in federal court. The law, passed by Florida Gov. Ron DeSantis in May, restricts people from seven countries, including China, Russia and Cuba, from buying or owning certain properties in Florida, particularly near military sites and critical infrastructure, with the strictest rules reserved for Chinese individuals. More from Politico and the Commercial Observer.

Has Central Florida's housing market peaked? These Orlando Realtors say so.

Has Central Florida's residential real estate market peaked? Is a cooldown in the offing? These were two of the questions Orlando Regional Realtor Association (ORRA) recently put to its membership in the form of a survey, the results of which were released this week. Right at two-thirds of the 278 respondents — 66% — believe the local market has already peaked, and just under half — 48% — see signs of cooling. [Source: Orlando Business Journal]

The truth about heirs' property issues in Florida

As this housing crisis continues, heirs’ property issues are becoming more and more common in Florida. We're talking about property that gets passed down to family members by inheritance without a written will or paperwork that specifies it goes to them. In some cases, there is a will that leaves the land to heirs', but it doesn’t specify who gets what. [Source: WFTS]

A new law is supposed to boost affordable housing. South Florida cities are furious

The Florida Legislature was widely praised this year when it passed sweeping legislation designed to supercharge construction of affordable housing by directing hundreds of millions of dollars in low-interest loans and big tax breaks to developers. But in the early days of implementation in South Florida, the Live Local Act is running into significant roadblocks because of another, less-publicized feature of the law that went into effect July 1: Provisions that override local zoning controls on building height and density. [Source: Miami Herald]

$42.5 million
A Florida mansion once owned by the “Goddess of Pop,” Cher, is hitting the market for a whopping $42.5 million. [Source: WFLA]


› Clearwater developer plans twin condo towers, among tallest in Tampa Bay
Developer Moises Agami is proposing luxury waterfront condos on the southern edge of downtown that, if built, would become the tallest buildings in Clearwater and some of the largest in Tampa Bay. At 470 feet, the two 35-story towers would soar over the city’s highest building today — Water’s Edge, built on Cleveland Street in 2008 at 264 feet and 26 stories.

› South Florida new office projects pre-leasing
South Florida’s office market earned a reputation in recent years of being immune to the slowdown in demand found in other parts of the country. The influx of out-of-state businesses pushed up asking rents at prime buildings to well-above $100 per square foot, a new high for the tri-county region.

› Chipping away at the mountain of affordable housing need. Daytona donates 20 properties
Mid-Florida Housing is the latest recipient of city-owned land earmarked for affordable housing. In June, city commissioners donated seven lots to Homes Bring Hope and three properties to the Red River nonprofit to be used for affordable housing. The city has also recently given three Midtown neighborhood properties to Habitat for Humanity of Greater Volusia County.

› Developers, Mosaic win big as Manatee County set to strip its own wetland protections
Manatee County commissioners are stripping local wetland protections, and the biggest beneficiaries are developers and The Mosaic Co. The decision was based on the word of a private sector land use consultant, Daniel DeLisi, who served as an expert witness on behalf of a Carlos Beruff company in a court case resolved just months ago challenging the county's wetlands protection policies. More than three dozen concerned residents turned out to defend the wetland protections from developers. Beruff and representatives for Moasiac did not respond to requests for comment.

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