Home insurance costs in Florida spiked in third quarter. Are more increases on the way?

Home insurance costs in Florida spiked in third quarter. Are more increases on the way?

Those stabilized home insurance costs that industry leaders and state insurance regulators touted over most of 2024? It looks like premiums might be heading up again. The statewide average premium paid for an all-perils single-family home policy in Florida increased by 3.1% between the second and third quarters, the data shows. That follows two straight quarters that saw increases of 1.3%. [Source: Orlando Sentinel]

Florida was among the top moving destinations in 2024

U-Haul's annual report on where Americans are moving to is out, and Florida remains a top destination. In the company's list of top 25 growth metro areas for 2024, released Friday, seven of them were in the Sunshine State — Lakeland, Palm Bay, Jacksonville, Tampa, Sarasota, Fort Myers and Daytona Beach — and Ocala was named the top growth city outside a metro area. More from the Florida Times-Union and the Tampa Bay Business Journal.

What's ahead for Space Coast development? Everything from luxury homes to high-tech centers

Brevard has been on a building boom lately, a trend likely to continue in the coming year. Development is expected to be robust in 2025, particularly in the residential sector, including single-family homes, apartment complexes and hotels. Commercial and industrial projects also are proceeding throughout Brevard County, as are projects at the Space Coast's colleges. [Source: Florida Today]

Party City to auction Florida store leases

Party City is auctioning 59 store leases in Florida after the New Jersey-based retailer announced plans to close all of its nearly 700 stores after 40 years in business. The store closures come two years after the company first filed for bankruptcy. Party City completed that reorganization in September 2023, eliminating nearly $1 billion in debt, and nearly a year later brought on Barry Litwin as president and CEO. [Source: South Florida Business Journal]

A fight over waterfront land divided this Pinellas neighborhood

Along Red Bird Court in Seminole, there’s about two acres of grassy land full of invasive Brazilian pepper trees and a dock leading into the Gulf of Mexico. For years, one neighbor in the quiet subdivision controlled the vacant property. But when Michael Scurry moved in next door and tried to trim some of the trees, all hell broke loose. That dispute escalated into a bitter court battle that’s dragged on for nearly six years and forced everyone on the block to choose sides. [Source: Tampa Bay Times]

ALSO TRENDING:

› Lennar to launch $5 billion spin-off company [South Florida Business Journal]
Miami-based Lennar Corp. (NYSE: LEN) is moving forward with plans to spin off a company comprising its land holdings valued at least $5 billion. Miami-based Millrose Properties will act as a land bank for homebuilder Lennar by owning property, engaging in site work and exclusive homesite option contracts with Lennar, and potentially other builders.

› From hotels to housing, here are the Tallahassee developments to watch in 2025 [Tallahassee Democrat]
Numerous developments are expected to begin, continue or cross the finish line in 2025 but there's also a glaring question mark over the largest project that could reshape Tallahassee's pathway to growth. The Heel development is the one to watch, considering it's slated to bring more than 1,900 new homes to a city saddled with a years-long housing crisis and massive space for commercial development.

› New hotel coming to Las Olas would include condos worth up to $15M [South Florida Sun-Sentinel]
The Whitfield, an ultra luxury hotel slated for the eastern end of Las Olas Boulevard, is back with a noteworthy redesign that incorporates condo units and makes the building taller by two stories. The five-star hotel will increase from 10 stories to 12, bringing the height to nearly 150 feet. In addition, the hotel will have fewer rooms — 81 instead of 138 — to accommodate 17 upscale condos on the upper floors expected to sell for anywhere from $3.7 million to $15 million.

› North Jacksonville properties sold for site of affordable housing community for older residents [Jacksonville Daily Record]
A pair of lots north of the Andrew Jackson High School football field are planned for development of an affordable housing community for residents ages 62 and older. The lots in North Jacksonville sold for a total of $2.3 million, Three Lions Real Estate Group said Jan. 3 in a news release. The properties, totaling 3.15 acres, will form Egret Landing, an 88-unit apartment community.