February 22, 2024
Florida overtakes New York as second most-valuable housing market in U.S.

Florida Trend Real Estate

Florida overtakes New York as second most-valuable housing market in U.S.

| 10/2/2023

Florida overtakes New York as second most-valuable housing market in U.S.

The total value of U.S. housing rose more than $2.6 trillion in the past year, defying predictions that higher borrowing costs would lead to a prolonged slump. The gains haven’t been evenly spread across the country. In California, which contains about one-fifth of the U.S. housing market, prices have declined since June 2022. But in Florida, the value of residential property has risen $160 billion in that period — pushing the Sunshine State ahead of New York in the national rankings.[Source: Financial Post]

Florida lawmaker wants to send residents cash to help with rising insurance costs

Finding a solution to put the brakes on rising insurance costs hasn't exactly been easy, so a state lawmaker from Palm Beach County said it's time to send people money. "Right now, we have to focus on real solutions," state Rep. Jervonte Edmonds, D-West Palm Beach, said. His plan, introduced as House Bill 41 in the upcoming legislative session, would establish a grant program, awarding $2,500 for those 65 and older and $1,500 for those younger. [Source: WPTV]

Yes, Florida HOAs can put a lien on a home

Not only do HOAs in Florida have the power to put a lien on a home for not paying dues or fines, they can also foreclose on it. “They could absolutely foreclose on your home for owing them a thousand dollars," said attorney Walt Unfricht. "They could foreclose on a multi-million dollar home for something like that.” Unfricht says HOA agreements have grace periods for a homeowner to pay their late dues or violation fines.[Source: First Coast News]

Insurance costs weigh down commercial real estate development

A dramatic increase in property insurance rates this year has helped spur a slowdown in real estate sales and development in South Florida – and it's a situation that's not expected to improve anytime soon. According to industry experts, commercial property insurance rates have spiked from 25% to 100% over the past year, depending on the property type and location. Deductibles are also higher in most cases. [Source: South Florida Business Journal]

Florida's Chinese community calls for reform, repeal of law that limits property ownership

Members of Florida’s Chinese community met virtually with local and national attorneys, activists, and legislators last week to call for the repeal or reform of SB-264, a law that limits real estate owners of some foreign nationals. The Interests of Foreign Countries law was enacted July 1, restricting foreign purchase or ownership of Florida real estate property for citizens of the People's Republic of China, the Russian Federation, the Democratic People's Republic of Korea, the Islamic Republic of Iran, the Syrian Arab Republic, the Republic of Cuba, and Venezuela. The bill was supported by state Republicans and passed by the GOP-controlled legislature. [Source: WUSF]

STAT OF THE WEEK
$250,000
Teachers who are struggling to find affordable housing in Florida. The average cost for a home in Okeechobee County is more than $250,000. But English teacher Jennifer Mulvey's budget is $100,000 less than that figure. [Source: WPTV]

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When Jonathon Rice received notice from Citizens Insurance about an offer from a private insurer to take his business, he did not expect to be reading about a "hurricane tax." "It's insane," Rice said. The pamphlet explained how Citizens might have to turn to the tax or assessment to help restore funding should the state insurer of last resort run out of money, perhaps after claims from a bad storm.

› Housing affordability remains concern in South Florida as rent growth normalizes
Rent growth in Florida has returned to normal, but it looks like the affordability crisis is sticking around, according to a new study from Florida Atlantic University. “If we go back one year, from the end of August, rents are only up 2.8%, 2.9%, which is below the typical increase, which is between 3% and 5%,” Ken H. Johnson, a real estate economist and the Associate Dean of Graduate Programs at Florida Atlantic University, said.

› Nearly 100-year-old kennel club to become multipurpose complex
The 91-year-old Palm Beach Kennel Club (PBKC) in West Palm Beach is being sold and redeveloped into a multi-use complex. Frisbie Group of Palm Beach recently won a bid for the former greyhound racing track property, an over 40-acre piece of land north of the Palm Beach International Airport, from the Rooney family, the Frisbie Group managing director Robert Frisbie Jr. said.

› 3 Tampa Bay cities among most overvalued housing markets in America, study says
Three cities in the Tampa Bay area rank among the most overvalued housing markets in America, according to a new study from Florida Atlantic University. Home buyers in Tampa, on average, paid a 42.81% premium for a home, according to the study. That’s the third highest in the country, behind Cape Coral and Atlanta.

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