December 1, 2023
Appeals court is urged to block Florida's Chinese property law

Florida Trend Real Estate

Appeals court is urged to block Florida's Chinese property law

| 10/9/2023

Appeals court is urged to block Florida's Chinese property law

Attorneys for a group of plaintiffs this week urged a federal appeals court to block a new Florida law that restricts people from China from owning property in the state, saying the measure “mandates egregious national-origin discrimination.” A 57-page brief filed at the 11th U.S. Circuit Court of Appeals said the law, approved this spring by Gov. Ron DeSantis and the Republican-led Legislature, is unconstitutional and violates the federal Fair Housing Act. [Source: News Service of Florida]

New York and Florida remain most exposed to mortgage fraud risks

The implementation of more careful loan screening procedures has contributed to lower levels of risk for mortgage fraud. Mortgage application fraud declined 3.1% year-over-year in Q2 of 2023 compared to the second quarter of 2022, according to CoreLogic Mortgage Fraud Report. However, they increased slightly(+1.6%), from Q1 to Q2 2023. Overall, in the second quarter of 2023, 0.75% of all mortgage applications were estimated to contain fraud, it equates to about 1 in 134 applications. [Source: Housing Wire]

Commentary: Amid increased gentrification, Floridians need low-income housing

As the Sunshine State grapples with the growing effects of climate change, another crisis is quietly unfolding in its midst: Climate gentrification. This lesser-known consequence of rising sea levels, extreme weather events, and increasing temperatures threatens to displace vulnerable communities across Florida, exacerbating the already critical need for low-income housing in the state. [Source: Orlando Sentinel]

6 new insurance companies approved in Florida as state looks to reduce Citizens Insurance policies

A new set of insurance companies have been given approval to step in and make offers to take over Citizens Insurance policies in Florida. The six orders signed by Insurance Commissioner Michael Yaworsky in the last several days open up 153,000 Citizens' policies for the assumption offers. In the last several months, as many as 300,000 Citizens' policyholders have received letters with offers to switch to designated private insurers. [Source: WPTV]

Financial office leasing in South Florida tapers over past three years

Over the past three years, South Florida earned a reputation as a mecca for financial firms fleeing New York, Chicago and San Francisco. The likes of Thoma Bravo, Apollo Capital Management, Founders Fund and, of course, Citadel, leased offices across the tri-county region. Developers and brokers were abuzz over the activity, leading to a collective chorus boasting about the market’s good fortune and resilience to woes plaguing office buildings in the rest of the U.S. [Source: The Real Deal]

Best Companies to Work For in Florida
Coastal Cloud | No. 5 Best Large Company
Coastal Cloud Co-Founder and President Sara Hale says the pros of working in the office post-COVID are the collaboration and mentoring that comes with the office setting. Find out if your company has what it takes to be the BEST in 2024!

» Register today at through Feb. 16, 2024!

$218 million
A home property in Palm Beach got Florida ranked No. 2 nationally in a study that looked at states with the highest listed price for a house. The home is on a private, human-made island in Palm Beach, and developers are asking $218 million. [Source: Business Observer]


› Tampa Bay home values are starting to level
After skyrocketing to unprecedented levels in recent years, home values are leveling out in Tampa Bay — but it may take time for buyers to reap any benefit. The average home value for the region has dropped 1.79% since last year, a Tampa Bay Times analysis of Zillow data found. This change is significantly lower than during the pandemic — when the prices appreciated 28% in a year — or any time in the last decade.

› Sotheby's International Realty expands in Florida
Sotheby's International Realty today announced that its independently owned and operated affiliate, Premier Sotheby's International Realty, continues to expand in Florida. The expansion marks the Sotheby's International Realty brand's 80th affiliated office in the state.

› Orlando buys more land for affordable housing development
The city of Orlando wants to buy a vacant property so a developer can build affordable housing. Orlando City Council on Oct. 9 will consider the purchase of the 1.41 acres at 5750 Roberto Clemente Road owned by Trident Real Estate Investments LLC. The property is under contract for sale for $825,000, according to city documents.

› Fort Myers Housing Authority receives $1.6M HUD grant to mitigate hurricane damage
A $1,672,000 U.S. Department of Housing and Urban Development Housing-Related Hazards Fund Program grant was recently awarded to the Housing Authority of Fort Myers to mitigate interior hurricane damage in the city's public housing units. The Fort Myers authority was one of only two such housing agencies in Florida to receive this grant.

Tags: Real Estate eNews

Previous Real Estate Updates:

Real Estate Video Pick

Castles in Florida and elsewhere
Castles in Florida and elsewhere

Castles can be found in unexpected places throughout the U.S., from Florida to Michigan.

Real Estate Videos | Viewpoints@FloridaTrend

Ballot Box

Do you believe that home values in Florida have finally peaked?

  • Absolutely!
  • No way!
  • The jury's still out...
  • Other (Let us know in the comment section below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701

© Copyright 2023 Trend Magazines Inc. All rights reserved.