May 20, 2024
Now might be the time to move to Florida as inventory levels surge and sellers slash prices

Florida Trend Real Estate

Now might be the time to move to Florida as inventory levels surge and sellers slash prices

| 4/29/2024

Now might be the time to move to Florida as inventory levels surge and sellers slash prices

Florida used to be the place for wealthy retirees to move to enjoy the state’s healthy dose of sunshine—and a massive break on taxes. But now that the housing supply on the west coast of Florida is surging, sellers are cutting asking prices, and the time a home is on the market is soaring, according to a Redfin report released Thursday. It could be the time for less well-to-do folks to become year-round snowbirds. More from  Yahoo Financeand MSN.

'It's going to take time': Florida leaders continue to urge patience amid crushing home insurance costs

Patience is the word state officials are telling many Florida policyholders to have when it comes to insurance. "I said we needed 12 to 18 months for their correction to take effect, and here we are at month 14," Florida Chief Financial Officer Jimmy Patronis said Thursday. "We're having carriers that are starting to drop rates." [Source: WPTV]

See also:
» What’s really being done to fix Florida’s property insurance crisis?

Money to harden your home? Florida program is changing. Here’s how.

Good news for Florida homeowners: The popular state program that awards up to $10,000 to harden your home is being renewed this year, and it now includes condominiums. But now, older and low-income homeowners are the priority. In the last two years, the program has been so popular that funding has dried up quickly. Here’s how the program is changing, and when to apply for the money. [Source: Tampa Bay Times]

Florida could get first affordable housing fund

Jacksonville is about 40,000 units short when it comes to affordable housing, but a new solution is on the horizon — and it isn’t more grants or tax credits. Duval County could become the first county in Florida to have an affordable housing fund, which would help bridge the financing gap developers face when building affordable units. [Source: Jacksonville Business Journal]

A good sign for renters? Competition may not be as fierce as before in South Florida

While home prices continue to soar, the rental market may be cooling down in South Florida, providing renters much-needed relief. The Miami-metropolitan area, which includes Miami-Dade, Broward and Palm Beach counties, saw the most significant decrease in the median cost of rent from the first part of 2023 to the first part of 2024, out of the 75 most populated metropolitan areas across the United States, according to a report by Forbes Advisor. [Source: South Florida Sun-Sentinel]

STAT OF THE WEEK
56%
A downtown Orlando office building has sold for less than half of its appraised value. The Fulcrum building sold on April 23 for $9 million, a 56% drop from the 66-year-old property's appraised value of $20.8 million. [Source: Orlando Business Journal]

ALSO TRENDING:

› History Center CEO: How Jacksonville survived the real estate crash of the 1920s
Just over 100 years ago, in March 1924, Florida was earning a national reputation as a haven for con artists. The Florida real estate boom of the 1920s was underway and a culture of legitimate ambition was becoming laced with greed. The real estate business was unregulated and banking was only lightly supervised by the state.

› Fort Myers affordable housing community OK'd for next step
The Fort Myers Community Redevelopment Agency has approved "Scope of Service" for the development of 26-single family homes at 2200 Jaylen Watkins Street. The approval authorizes the CRA staff to collaborate with the City of Fort Myers Procurement Services division to issue a Request for Proposals for the White Coral Homeownership project.

› Miami is ‘ground zero' for climate risk. People are moving to the area and building there anyway
Rising seas threaten to swallow much of the Miami metro area in the coming decades as the world continues to warm and faraway ice sheets melt. By 2060, about 60% of Miami-Dade County will be submerged, estimates Harold Wanless, a professor of geography and sustainable development at the University of Miami. Yet people keep moving there. The city's skyline has grown in tandem.

› Tampa Bay island listed for $75M after state blew up deal to buy
If you have deep pockets and want your own island, look no further than an hour south of downtown Tampa. Rattlesnake Key, a 671-acre island in Manatee County that’s been a haven for fishing and outdoor enthusiasts for nearly 50 years, is up for sale with a price tag of $75 million.

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