Going downtown or to the ’burbs? Nope. The exurbs are where people are moving
Not long ago, Polk County’s biggest draw was citrus instead of people. Located between Tampa and Orlando, Florida’s citrus capital produces more boxes of citrus than any other county in the state and has devoted tens of thousands of acres to growing millions of trees. But last year, more people moved to the county than to any other in the United States, almost 30,000. [Source: AP]
Living in a Florida high-rise? Here’s how to meet new deadlines for condo reserves
Condos have new financial requirements, and homeowners could feel it in the wallet. Florida is requiring all condo associations with three-story buildings or higher to file an inspection report that focuses on different parts of a building and the expected cost to renovate or maintain them. The structural integrity reserve study is due by Dec. 31, and then every 10 years, said Carolina Sheir, partner at Hollywood-based Eisinger Law. [Source: Miami Herald]
Where are property taxes rising the most?
Over the past five years, property taxes have gone up in nearly every American metro area, according to a report from Redfin. But one region is getting hit harder than others. In the southeastern part of the United States, mainly in Florida, the median property tax payment is soaring — the result of a combination of higher home values, escalating natural disasters and population growth. [Source: New York Times]
Southwest Florida among top office markets nationally
Southwest Florida ranked eighth among the top office markets smaller than 100 million square feet in the U.S. in the third quarter, according to data from CommercialCafe’s Q3 Office Markets Report. The report analyzed key performance trends across the 100 largest office markets, including vacancy, pipeline, asking rates, evolution of the coworking space segment, upcoming loan maturities and quarterly shifts in online searches for both traditional and flexible office space. Southwest Florida scored 54.6 points out of 100. More from Gulfshore Business and the Business Observer.
Heritage CEO sees 'stabilization' in Florida's home insurance market
The CEO of one of the larger insurance companies in Florida is expressing some optimism about the state's homeowners insurance. "I do not believe you're not going to see some wide swings," Ernie Garateix, the CEO of Heritage Insurance, told WPTV reporter Matt Sczesny. "I think you're seeing a stabilization in the market when it comes to rates." [Source: WPTV]
$2,376
South Florida has a median asking apartment rent of $2,376 a month as of October 2024 That’s 4% lower than a year ago. [Source: Miami Herald]
› St. Petersburg’s first ‘car condo’ development nearly sold out
St. Petersburg’s first “car condo community,” Motocave, has officially opened its doors and is rapidly approaching full occupancy. Situated on 3.75 acres at the northeast corner of Interstate 275 and Gandy Boulevard, the concept has already seen robust sales activity, with only seven units still available.
› Miami-Dade tops global list for housing crash risk
UBS Group placed Miami at the top of its global real estate bubble index. The reason: Miami-Dade County's housing market is due for a correction, an analyst for the multinational bank says. The UBS Global Real Estate Bubble Index gave Miami, and the surrounding area within Miami-Dade County, a housing bubble risk score of 1.79, the highest of any metro area the report surveyed. Coming in at second place was Tokyo at 1.67.
› Seminole County looks at protecting rural enclaves within urban areas
Tucked within congested areas of central Seminole County — near the strip malls, parking lots, high-rise apartments and bumper-to-bumper traffic — sit quiet rural enclaves of large oaks, dirt roads and homes on expansive lots. But now residents of these rural havens worry that as development pressures grow, they could lose their neighborhoods’ rustic charms to dense clusters of houses, residential multiplexes and traffic.
› Tampa's housing market forecast
As recently as early September 2024, things were holding strong in the Tampa Bay housing market. The region, which includes the sprawling city of Tampa, St. Petersburg and Clearwater, remains the third-fastest growing in the U.S., according to recent U.S. Census data, with a positive migration of around 54,000 people between July 2022 and July 2023. But a lot changed after Hurricane Helene hit the Gulf Coast as a Category 4 storm in late September.