May 22, 2024
Florida insurance market full of ‘low quality' companies, study finds

Florida Trend Real Estate

Florida insurance market full of ‘low quality' companies, study finds

| 4/15/2024

Florida insurance market full of ‘low quality’ companies, study finds

The vast majority of small insurers operating in Florida are considered so financially weak that they wouldn’t typically meet federal guidelines allowing them to back mortgaged homes. That’s a central finding of a study that also suggests that Florida consumers are being led to believe their insurers are much healthier than they really are. [Source: Tampa Bay Times]

A new real estate trend? Shopping malls converted into residential units in South Florida

In an analysis done by JLL of 135 mall redevelopment projects in the country, over 50% include housing. But these shopping malls aren’t just becoming residential spaces, 85% of the projects in the analysis will retain retail on site. Because of the rise of online shopping, brick and mortar malls will soon become fewer and fewer. While the empty lots might be considered for mixed-use space because of their prime location, putting the idea into action isn’t that simple. [Source: NBC Miami]

Column: Will construction insurance costs kill Florida’s real estate boom?

The cost of construction insurance in Florida is having developers second-guess their willingness to invest in the Sunshine State, while business leaders are growing concerned that higher insurance costs may slow Florida’s booming real estate sector. But these fears are overblown, and relief is taking hold. [Source: Miami Herald]

When affordable housing collides with local planning. That's the story of the Live Local Act

A developer, during a long hearing on upgrading the Sirata Beach Resort on St. Pete Beach, said the quiet part out loud. It was a threat to bypass commission approval under the Live Local Act by adding more affordable housing to the plan. St. Petersburg real estate attorney Charles Gallagher says he's never heard of a developer so publicly threaten to use Live Local to get what they want. The legislature passed the measure to increase affordable housing in the state. But many local officials have complained it's taking away their power to plan development in their communities. [Source: WUWF]

Ritzy Florida neighborhoods bump NYC, Beverly Hills off list of most expensive U.S. real estate

The post-pandemic Florida real-estate boom just earned the state a new superlative. Today, seven of the 10 most expensive neighborhoods in the US are located in Florida. Stats about America's priciest neighborhoods are the latest bit of proof of Florida's scorching hot real-estate market, as a swarm of monied tech and business giants is helping fuel its ascent. More from Yahoo News and the New York Post.

STAT OF THE WEEK
21,000
When a South Florida developer recently offered an affordable-housing lottery, the opportunity enticed 21,000 people to apply. The whopping response stunned the developer, who typically only gets a few hundred inquiries. [Source: South Florida Sun-Sentinel]

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› Is this Miami house a fountain of youth? See prize-winning, health-first home
A new sugar cube house sits in a slice of Miami called Silver Bluff, a sleepy residential neighborhood between Coral Gables and Coconut Grove. Rising above land on stilts and a roof adorned with solar panels, it stands out in a neighborhood filled with houses surrounded by chain-link fences and pitched rooftops with shingles the shade of sunset orange.

› Northeast Florida home ownership became 2.2% less affordable in March
A report released by the Northeast Florida Association of Realtors came with equal doses of good news and bad news. The good news for home sellers: the “selling season” in Northeast Florida is underway and it even came a bit early this year. For single-family homes in six counties tracked by NEFAR, prices are up, active inventory is up, new listings are up, and so is the median number of days on the market. But the bad news is homes became less affordable to the average buyer.

› First Coast struggled to regain robust home sales market in March
The Northeast Florida housing market is still struggling to rebound following a sluggish beginning to 2024, according to the latest monthly regional home sales report from the Northeast Florida Association of Realtors (NEFAR). March brought a nominal month-over-month increase in single-family home sale prices in the six-county First Coast real estate region. NEFAR officials report that the median sales price for a home in the region last month was $389,000, up by about 1% over February.

› This secluded Orlando-area estate comes with two private lakes and is for sale for $4.9 million
A rare, secluded home has hit the market near Orlando, and it comes with its very own private lake system. The home, located at 22428 E. Colonial Drive in Christmas, sits on a nearly 10-acre lot with two private recreational lakes. One lake spans about 80 acres and the other about 20.

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