Will the L.A. wildfires heat up homeowners insurance premiums in Florida?
After sympathy, the apocalyptic, fiery scenes from the Los Angeles area are likely to give rise to a question from the other disaster-prone state now paying the country’s highest average premiums: Is this going to affect my insurance rates? The short answer is no. It is not expected to affect Florida homeowner policyholders — not immediately, anyway, Burt not everyone is convinced these wildfire losses won't make capital scarcer for reinsurance that insurance companies must buy to make sure they can withstand a catastrophe. [Source: Palm Beach Post]
Special session on condo relief still needs consensus amid rising costs in Florida
Pressure is mounting on Florida lawmakers to address the rising costs for condo owners. A special session of the legislature could potentially provide a solution, but currently, the Florida House, Senate, and governor cannot agree on the necessary actions. March 4 marks the beginning of this year's regular session, which some believe is too late for the reform needed. Owners say they're facing a new crisis — unable to afford new fees and unable to sell their condos at fair rates. [Source: WPTV]
Critics ‘appalled’ as Florida developer offers to give away unearthed prehistoric relics
The Related Group has offered to donate hundreds of thousands of ancient artifacts and other relics unearthed at the site of a long-buried Native American town in Brickell to universities across the country — drawing sharp rebukes from archaeologists, some Native American activists and at least one of the schools. [Source: Tampa Bay Times]
Central Florida homeowners join rising trend, opting out of property insurance
Recent studies show that about 15-20% of Florida homeowners are uninsured. Experts said the risky trend is a direct result of the state’s property insurance market crisis. Homeowners who don’t have a mortgage on their properties, have their houses paid off, are under no obligation to insure their homes. The Florida Association of Realtors reported last year the number of homes in Florida that are owned outright is nearly 30 percent, higher than the national average, which is closer to 28%. [Source: WUSF]
Florida mortgage firm denies redlining — but will pay $1.75 million
The U.S. Department of Justice and The Mortgage Firm have different interpretations of what happened regarding federal accusations that the Florida mortgage company engaged in redlining from Miami to Fort Lauderdale to the Palm Beaches. The Mortgage Firm, based in Altamonte Springs, and the Justice Department have agreed on a consent order that still needs to be approved by a court. [Source: Tampa Bay Times]
$520 million
Oak Row Equities and Mariposa Real Estate agreed to buy property in the Brickell area of Miami from AIMCO for $520 million – a record price for a development site in the city. [Source: South Florida Business Journal]
› Affordable housing proposed for United Against Poverty Orlando’s future campus
One non-profit in Orlando is planning to expand the services it provides to the community. United Against Poverty Orlando, or UP, wants to add low-income housing to its campus. “A lot of families are relying on United Against Poverty as their support system,” Anjali Vaya, UP’s Executive Director, said. UP’s more than 20-year-old building along Michigan Street in Orlando needs significant upgrades.
› 99% of local homes are too pricey for the typical Miami resident
In 28 cities across the nation, the typical local family can afford less than 1% of for-sale properties. Among them: Miami. According to U.S. Bank, an “affordable” housing payment costs no more than 28% of household income. Based on that metric, a recent NetCredit study analyzed listings from the country’s largest cities to determine where residents can reasonably afford local homes.
› Goodwill Industries to build new headquarters with housing in Southwest Florida
Goodwill Industries of Southwest Florida plans to build a new headquarters and affordable housing on 27 acres of land. Goodwill CEO John Nadeau said he plans to build the new campus in Fort Myers. “We were fortunate to acquire 27 acres over on the west side of Interstate 75 and Martin Luther King Boulevard some time ago with the purpose of building a new campus,” said Nadeau.
› HGTV 'Dream Home' mastermind Jack Thomasson puts his Florida house on the market
Jack Thomasson, founder of Coastal Living magazine and the mastermind behind a large chunk of the HGTV Dream Homes, is selling his own sprawling Pasco County dream home. Located in Dade City, the waterfront estate sits on 10 acres along Lake Hancock and was purchased by Thomasson and his partner in 2022 for $1.8 million, according to property records.