Florida homeowners market: back from the abyss?

Florida homeowners market: back from the abyss?

There are signs that capital is beginning to return to the sector with a number of domestic admitted start-up carriers and E&S players either already live or in the works, in contrast to the backdrop of broader retrenchment by larger insurance companies from cat-exposed homeowners business in the US. [Source: The Insurer]

Some Florida residents departing state in search of affordability

You've likely heard about the migration to Florida from places like New York and California. But what about the Florida residents leaving and moving to places like Georgia and the Carolinas? According to a new Redfin report, more than a quarter of homebuyers are looking to move to different parts of the country in search of lifestyle and affordability. Real estate agent Holly Meyer Lucas said Floridians are also on the move. [Source: WPTV]

Real estate group concerned about Florida land law

A national group of real estate executives last week expressed concern about a new law that restricts people from China from owning property in Florida, urging steps to make sure it “does not deter investment into real estate in the state or undermine the economic benefits of this important industry.” [Source: News Service of Florida]

Florida officials remain hopeful that new legislation will counter insurance crisis

The biggest storm over insurance in Florida has been swirling in court. "There are games that are being played that allowed people to game the system," Florida Chief Financial Officer Jimmy Patronis said. "We don’t need an environment where people are suing and settling." The suing and settling have been going on for years. [Source: WPTV]

Florida remains major destination for national retailers looking to expand

From fast casual restaurant chains to gym franchisees, merchants continue to show a strong interest in Florida with dozens actively looking to expand footprints in the state or to debut concepts here. This interest is due in large part to the number of people moving here since the pandemic began in 2020. And it continues despite economic realities of rising interest rates, high labor costs and the state’s property insurance crisis. [Source: Business Observer]

ALSO TRENDING:

› A million to none: The Northeast Florida warehouse market [Jacksonville Daily Record]
Drive by one of Jacksonville’s biggest Amazon.com centers or the Wayfair warehouse and the size stands out. The facilities are at least 1 million square feet in size. By comparison, that’s more space than in the Bank of America Tower, Downtown’s tallest building. Perhaps more visually, they are closer to the square footage of The Avenues and Regency Square malls. They’re big.

› Who is the Canadian real estate firm converting Miami Beach’s Clevelander into a high-rise? [Miami Herald]
Canadian developer Jesta Group announced plans Thursday to turn Miami Beach’s landmark Clevelander Hotel and Bar on Ocean Drive into a 30-story apartment tower intended for people who need affordable housing. The 85-year-old Clevelander property Jesta bought in 2018 is one of a handful of hospitality properties it owns in South Florida.

› South Florida tenants pay much more for rent — and it’ll likely stay that way for some time [South Florida Sun-Sentinel]
Tenants are still paying hundreds of dollars more than the average rent across South Florida — a region with one of the highest rent premiums in the country, according to a recent rent analysis. The Waller, Weeks and Johnson Rental Index, which tracks rental market trends across the country’s largest metropolitan areas, found the average rent in Miami to be $2,817. But the average rent price should be $2,578, leaving Miami with a rent premium of about 9.3%.

› Southwest Florida Realtor: Rising interest rates shouldn’t deter home buyers [Gulfshore Business]
There continues to be a low supply of single-family homes for sale in Southwest Florida, but for another reason than a year ago, said Matt O’Berski, a Realtor with Denny Grimes & Team, part of Keller Williams Realty. Whereas for the past couple of years, high demand limited supply, higher interest rates are now doing the same. A year ago, rates were about 5.5%. Now, they are about 7.5% and could continue to creep higher if the Federal Reserve continues to raise rates to curb inflation.

Tags: Real Estate eNews

Previous Real Estate Updates:

• Now might be the time to move to Florida as inventory levels surge and sellers slash prices
• Florida home values have more than doubled in the past decade
• Florida insurance market full of ‘low quality' companies, study finds
• Real estate pros say Florida's future looks bright
• What are squatters' rights? New Florida law targets occupancy fight
• Is trouble brewing in Florida's housing market? Here's what the data says
• Florida is growing. Can affordable housing keep up?
• Florida condo sales plummet despite falling prices and rise in 'motivated' sellers