Cautious Florida homebuyers may find courage to shop if interest rates drop
If the Federal Reserve moves ahead with an anticipated interest rate cut next week, tepid Florida homebuyers are likely to vacate the sidelines and start shopping, observers say. But Sheila Bair, the former chair of the Federal Deposit Insurance Corp., is not so sure a reduction is advisable. [Source: South Florida Sun-Sentinel]
'I think a special session might work': CFO Jimmy Patronis sounds off on Florida's condo crisis
Condos are now buckling under the weight of rising insurance after new laws were implemented following the Surfside tragedy in 2021. A looming deadline this year for assessments has forced many owners to sell their homes. "I think a special session might work," Patronis said. "Just the sheer number of condominiums in Florida we have, it's a massive liability, not just for the condominiums but stability in the housing market." [Source: WPTV]
New Florida law attempts to curb home title fraud
Homes across Florida are being stolen, many without the knowledge of the homeowner. Criminals are committing fraud by changing property titles, even if someone already lives in the home. A recent LexisNexis study found mortgage scams were up 51% last year. [Source: WCJB]
The Florida cities hit hardest by the housing affordability crisis
In Florida, housing is generally less affordable than it is nationwide. The typical home in Florida is listed for $449,900, about 10.0 times more than the state’s median annual wage of $45,070. Accounting for both incomes and home prices, these are the most (and least) affordable housing markets in Florida, ranked. [Source: 24/7 Wall Street]
Mogul sues real estate firm for allegedly hiding Jeff Bezos was purchaser of his $79 million home
Amazon CEO Jeff Bezos bought three homes in south Florida’s Billionaire Bunker in a span of just nine months. But one of those purchases may soon cost the real estate brokerage that sold it to him millions of dollars, as the former homeowner of one of his Florida homes is suing the brokerage that sold the billionaire his second Florida home. More from the Palm Beach Post, Fortune, and CBS News.
$10,900,000
The husband and wife co-founders of cybersecurity firm ThreatLocker just closed Winter Park’s most expensive home so far this year. [Source: Orlando Sentinel]
› How office demand, industrial investments, housing shortages intersect in Naples
People prefer a view of palm trees outside their office windows over paradise-inspired desktop wallpaper. At least that can be inferred, given that Florida comes in as the third-highest state for office demand, according to a 2024 Highland Cabinetry study. Another recent study cites the state as a booming office rental market, with 55% of its metropolitan areas increasing office rent prices. The Cape Coral-Fort Myers metro area is seeing the highest rent price increase for offices, up 8.3% in price per square foot.
› St. Petersburg to sell part of former Moffitt Cancer Center land
The block and a half of downtown, city-owned land once envisioned as a Moffitt Cancer Center campus has sat dormant for two years since Mayor Ken Welch spiked it for not including what he considered enough affordable housing. With a 6-2 vote from City Council Thursday, St. Petersburg city officials will sell a third of the property.
› Alachua County home listings asked for more money in August
The median home in Alachua County listed for $354,800 in August, up 0.1% from the previous month's $359,425, an analysis of data from Realtor.com shows. Compared to August 2023, the median home list price decreased 3.8% from $368,725.
› West Palm Beach home painted in unusual swirls on market. Is the price 'outrageous' or not?
A show-stopping West Palm Beach home painted in bold black and white swirls, circles and diamond patterns is up for sale south of the city's bustling downtown for $725,000. The 1,340-square-foot house has served as a short-term rental since its 2019 purchase by Gene Maltsev, who as an admirer of modern art wanted to do more with the home than paint it a bland taupe, beige or cream color.