May 20, 2024
Florida officials brainstorm to find ways to increase housing stock and decrease costs

Florida Trend Real Estate

Florida officials brainstorm to find ways to increase housing stock and decrease costs

| 5/6/2024

Florida officials brainstorm to find ways to increase housing stock and decrease costs

With Florida’s affordable housing situation still at crisis levels, local officials, state lawmakers, researchers and other groups are looking to come up with new ideas, from changing zoning to lowering minimum lot sizes for developers. The brainstorming came during a day-long discussion held on the University of South Florida’s St. Petersburg campus last week. It was hosted by the Florida Policy Project, a think tank founded by former Republican state Sen. Jeff Brandes. More from Florida Phoenix and WMNF.

What’s next for crypto real estate transactions?

The marriage between cryptocurrency and real estate is still in the honeymoon phase, and it remains unclear whether this is a union that will stand the test of time. Bitcoin’s value has gone through numerous peaks and valleys, but wild price fluctuations haven’t stopped real estate brokers and agents from listing properties for interested crypto buyers. [Source: South Florida Agent Magazine]

Opinion: Recent court ruling threatens property rights of 2.5 million Florida condo owners

A new ruling in Florida’s Third District Court of Appeals last month diminished the property rights of condo owners and gave veto power to any one unit owner who held out from the opportunity to sell. While this ruling centers around just one building, its ramifications impact the entire state. There are more than 1.5 million condo units across Florida. [Source: Miami Herald]

My Safe Florida Home is relaunching. Here's when you can apply

The popular My Safe Florida Home program is set to start taking applications from homeowners on July 1 with some new rules. The grant program that offers up to $10,000 grants to make storm-related improvements and repairs to help lower insurance costs is being infused with $200 million. [Source: WPTV]

Study finding South Florida homes are 35% overvalued sparks bubble worries: ‘This trend does concern me’

You’ve heard of Florida Man, but that may be no match for Florida bubble. Consider a new study from Florida Atlantic University and Florida International University researchers in South Florida. They found the average home in the region is nearly 35% overvalued relative to its long-term pricing costs, and they’re sounding the alarm. More from Yahoo Finance and Fortune.

STAT OF THE WEEK
$15.375 million
A billionaire’s son has bought a waterfront house on Hibiscus Island for $15.375 million, riding a wave of über-wealthy buyers claiming their spot in the Miami Beach community since the pandemic. [Source: Miami Herald]

ALSO TRENDING:

› Florida Peninsula Insurance Co. to start using AI for roof quality assessments
According to a news release from Zesty AI, the company has signed an agreement with Florida Peninsula Insurance Co., which will be using Zesty's artificial intelligence location insights program to do comprehensive roof quality assessments. In a news release earlier this week, San Francisco-based Zesty AI announced a new partnership with Boca Raton-based Florida Peninsula Insurance Co.

› Orlando's build-to-rent surge part of nationwide spike in single-family rental homes
Single-family, built-to-rent homes are having a moment in Orlando and across the nation. That's the takeaway from a recent report by RentCafe, which shows nearly 27,500 such homes were completed in 2023 across the U.S. — an all-time high and a 75% increase from 2022. Further, the data shows more than 45,400 built-to-rent homes are now under construction.

› Fort Lauderdale’s oldest house is raising money for long-awaited, much-needed renovations
For eight years, supporters of the Historic Stranahan House Museum, the oldest house in Fort Lauderdale, have been trying to renovate the green-and-white landmark on the New River. They completed an initial phase in 2018, when they added a patio. They were ready to move into the next phase when COVID-19 hit in 2020.

› Hotel renovations continue as Kissimmee continues to tackle affordable housing crisis
Officials say phones have been ringing nonstop as renovations continue and people try to get their name on the list for units at the city of Kissimmee’s new affordable housing project. The project, called The Haven on Vine, was made possible by a $1.8 million HUD grant given to the city to renovate a former hotel and convert it into affordable housing.

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