Florida home insurers drop thousands of policies
Between hurricanes and a hullabaloo over water claims, home insurers dropped the policies of more than 87,000 Floridians in the third quarter of 2018 alone, state records show. The stakes for household budgets run high in the nation’s most expensive property insurance market, but it’s no simple shopping chore as big national companies have largely pulled back and left the field to smaller, state-based insurers. More from the Palm Beach Post, WFTV, and FOX 4.
Hotels across Central Florida have been doing what they can to compete for added convention dollars by expanding meeting space capacity. It's an effort to fight for a share of the growing tourism market, which last year saw 1.53 million visitors to Orange County Convention Center, a 5 percent increase over the year before. [Source: AP]
Home flipping in the U.S. is down to its lowest levels in more than three years, the latest sign that the housing market is experiencing a slowdown. Investors flipped 45,901 single-family homes and condos in the third quarter, down 12 percent from a year ago, according to a report published Thursday by Attom Data Solutions. [Source: The Real Deal]
A new study commissioned by the Florida Department of Transportation has confirmed what local transit enthusiasts have promised: SunRail is proving to be a good investment. Property values around the first 12 train stations increased by $2.4 billion — 63 percent — from 2011-2017, and FDOT estimates that $1.19 billion of that is directly attributable to SunRail. [Source: Orlando Sentinel]
If you are looking to live in a tiny home in Southwest Florida, it may take some searching. Hopes for a tiny house community to be developed in Cape Coral were shot down after a City Council meeting last Monday. The meeting discussed plans for a proposed “micro-cottage development,” which would be the first of its kind for Southwest Florida. [Source: Fort Myers News-Press]
› Newly opened downtown Dallas hotel sells to Florida REIT [Dallas Business Journal]
A newly opened downtown Dallas hotel has sold to Florida-based Chatham Lodging Trust. Courtyard by Marriott Downtown Dallas changed hands for $49 million — approximately $293,000 per room.
› Galium Capital JV buys Palm Beach Gardens office building [The Real Deal]
Galium Capital and joint venture partner Owens Realty Capital just paid $25.1 million for a Palm Beach Gardens office building anchored by Seacoast National Bank.
› Are millennials being priced out of St. Johns County? Starter homes few and far between [St. Augustine]
With interest rates fairly low and inventory of homes high — particularly, in new construction — it seems an ideal time for would-be first-time homebuyers to tackle the real estate market in St. Johns County. But for many millennials, entry-level, affordable housing is simply hard to find or out of reach.
› St. Pete panel approves $69-million tower that would replace affordable apartments [Tampa Bay Times]
On Wednesday, the city's Development Review Commission unanimously approved a $69-million, 20-story tower that would replace several quaint old apartment buildings that are home to dozens. The unanimous vote came despite complaints that St. Petersburg's stock of affordable housing is rapidly disappearing.