February 24, 2024
After the Surfside collapse, Florida is seeing a new condo boom

Florida Trend Real Estate

After the Surfside collapse, Florida is seeing a new condo boom

| 1/8/2024

After the Surfside collapse, Florida is seeing a new condo boom

Big changes are coming to Florida's condo market. The reason is that Florida's first generation of condominiums — buildings 50 and 60 years old — are ripe for termination. Older buildings, especially those near the beach, are being replaced with luxury condominiums. Owners of units in buildings put up decades ago are discovering that regulations passed after the devastating collapse of a condominium tower in Surfside, Fla., have made their properties targets for developers. [Source: NPR]

Florida housing market takes December hit, rebound projected for 2024

December brought a cooldown in the housing market in Florida with the end of the year and the onset of winter, but analysts project 2024 will bring a notable rebound. The “Elliman Report” analyzed housing contract data for the largest home sale markets in Florida based upon data provided by real estate associations, brokers and other factors from the multiple listing systems. Still, high-priced housing did well in 2023. It was the one sector that saw few negatives. [Source: Florida Politics]

$1.8 billion judgment could impact Florida real estate market

A recent antitrust court case in Missouri, along with similar lawsuits, may bring about changes to the standard 6% commission paid to real estate brokers, along with who is responsible for paying that fee. Callen Jones of Jones Home Team Inclusive Real Estate is a Florida real estate agent who says they are already seeing the impact of that verdict locally. [Source: Bay News 9]

Two Florida housing bills to watch this legislative session

State lawmakers will discuss several housing-related bills in the upcoming legislative session, slated for Jan. 9. Two of them, if passed, could mean big changes for some Florida renters and homeowners amid record-high living costs. They are House Bill 31 and House Bill 41. Sponsored by Rep. Jervonte Edmonds, D-Palm Beach, of South Florida, each bill proposes some forms of tenant and homeowner protections. [Source: WMFE]

Meet the typical mover to Florida

The typical mover to Florida makes $55,000 a year, is a millennial or Gen Xer, is married, and moved from New York and California. A Business Insider analysis of individual-level data from the Census Bureau's 2022 American Community Survey, assembled by the University of Minnesota's IPUMS program, found that movers to Florida were from older generations at greater percentages, were more likely to be married, and were less likely to be employed than movers leaving Florida. [Source: Business Insider]

STAT OF THE WEEK
35.8%
Tampa saw the largest increase in luxury home sales in the country, with sales surging 35.8% year over year in the third quarter. [Source: Tampa Bay Times]

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Florida’s property insurance landscape for commercial real estate is experiencing one of the most difficult periods in its history. That’s according to Oscar Seikaly, CEO of NSI Insurance Group, who says there’s not enough capacity to absorb all of the business that needs to be insured.

› Florida insurance skyrockets as real estate investors sound alarm
The ongoing home insurance crisis in Florida has gotten the attention of real estate investors who now warn that, if not addressed, higher premiums might make it difficult to get a mortgage in areas vulnerable to extreme weather events. Floridians currently pay the most expensive home insurance premiums in the country, with residents of the Sunshine State paying on average more than $4,200 per year compared to the national average of $1,700.

› Report: Florida should copy three affordable housing programs from other states
The Florida Legislature’s research arm looked at what other states are doing for affordable housing and recommended that three of these programs be replicated in the Sunshine State. The Office of Program Policy and Government Accountability released the first of three reviews into the effectiveness of innovative, affordable housing strategies implemented in other states. It also examined the potential to implement them in Florida.

› The best upgrade to reduce a home’s hurricane damage? A newer roof, FEMA study finds
A FEMA report surveying the damage done by Hurricane Ian, which struck Southwest Florida in 2022, found that the entire house didn’t have to be brand new to provide significantly increased protection. Researchers found that newer roofs alone — even attached to old homes — were the single most important upgrade in damage assessments.

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