Evictions in Florida are reaching pre-pandemic levels: Is the state heading toward a crisis?
On any given day, homelessness is a slippery slope for thousands of Floridians, with one setback starting a snowball effect. But, amidst a pandemic, that slippery slope becomes a steep drop, and experts believe the current state of evictions in Florida could send hundreds-of-thousands of renters over the edge. A recent study found that of the nearly 3 million Floridians who are renting, more than 20 percent are behind on payments and could possibly be evicted. [Source: WTSP]
Central Florida buyers face a stingy real estate market
The real estate market in Central Florida is currently considered a seller’s market, and while that is good for people looking to sell their homes, it’s creating a challenge for potential buyers. For the past month and a half, Ali Smith’s home search really hasn’t developed. “There’s really no houses on the market,” Smith said. “And when the houses come on the market there are offers immediately, and before you know it they are off the market.” Real Estate agents are experiencing the same challenges. [Source: Spectrum News 13]
That plan to design your beautiful new house may be against the law soon
With the sponsor saying the proposal would help hold down housing costs, a Florida House panel last week approved a bill that would reduce the authority of local governments to place design restrictions on new homes. The House Local Administration & Veterans Affairs Subcommittee voted 12-6 along party lines to approve the bill (HB 55), sponsored by Rep. Toby Overdorf, R-Palm City. The bill would prevent local governments from placing restrictions on a variety of design issues on new single-family and two-family residences in what Overdorf described as “open lots.” [Source: South Florida Sun-Sentinel]
Why have home insurance premiums been increasing in Florida?
If your home insurance premiums haven't gone up already, you've likely talked with neighbors or friends whose rates are skyrocketing. Officials at the Florida Office of Insurance Regulation said they've had a dramatic increase in rate hikes above 10 percent. Barry Grimm said he was rather shocked when he found out how much more it would cost him to insure his Apopka home. "Last year, I paid $3,400 for my homeowner's insurance. This year, I paid $6,600," Grimm said. [Source: WESH]
FHA mortgages, backed by the federal government, make it easier for middle-class and low-income people to buy a home. The government guarantee means banks and financial institutions are more willing to offer FHA loans to families with lower credit scores or smaller down payments — as little as 3.5 percent. Immigrants in the deferred action program must meet all FHA requirements — a valid Social Security Number, a permit to work in the country, and certifying that the home will be a primary residence. [Source: Tampa Bay Times]
› At $59 million, one of Miami’s priciest new penthouses sports Sunny Isles Beach zip code [WPLG]
If you had $59 million to spend on a home, what would you buy? One of the most expensive penthouses ever offered on the Miami market is set to go on sale later this year. The Estates at Acqualina are offering a two-story, 17,000 square foot penthouse, ready for the owner’s personal touches, with available furnishings from upscale brands like Trussardi and Fendi.
› The Villages fears breakaway realtors ‘will continue to unjustly profit’ [Villages News]
Properties of The Villages is urging a judge to move ahead with a trial involving breakaway sales people who “will continue to unjustly profit” if the legal proceeding is delayed. Properties of The Villages filed a lawsuit against top producers Christopher Day and Jason Kranz who broke away in December 2019 to form NextHome KD Premier Realty. Properties of The Villages is claiming they were still bound by independent contractor agreements that included non-compete clauses.
› Sarasota-Manatee home prices continued to soar in January [Sarasota Herald-Tribune]
Home prices in the Sarasota-Manatee region continued to grow by leaps and bounds in January, fueled by low inventory and rock-bottom mortgage rates. According to the widely watched CoreLogic Home Price Index, a monthly report designed to provide an early indication of home price trends by market segment, the price for a single-family home in the North Port-Sarasota-Bradenton metropolitan statistical area was up 8.14% in January, compared to the same month the year before.
› Trump lists beachfront mansion next to Mar-a-Lago for $49M [The Real Deal]
Former President Donald Trump is looking to sell a beachfront mansion across the street from his Mar-a-Lago resort for $49 million. The property previously belonged to his sister, Maryanne Trump Barry, a retired federal judge. She sold the eight-bedroom, 8,270-square-foot mansion at 1125 South Ocean Boulevard in 2018 to a company controlled by Donald Trump Jr. and Eric Trump for $18.5 million.