Thinking of waiting out the housing market? Some non-buyers regret sitting on the sidelines
As Florida home prices spiked during the pandemic, some people decided to put their home shopping on pause in the hopes that prices might drop, a decision they are coming to regret. Now, a year-and-a-half into record price growth and dwindling inventory, non-buyers are stuck in a precarious situation: they want to buy, but are facing higher prices than they did when they first started searching and are finding themselves at risk of being priced out of the South Florida real estate market. [Source: South Florida Sun-Sentinel]
Citizens Property seeks 11% hike in home insurance rates
With thousands of new policies a week pouring into Citizens Property Insurance Corp., the state-backed insurer’s board on Wednesday approved seeking 11 percent across-the-board rate increases next year. The Citizens Board of Governors tossed aside a staff recommendation that, in part, called for increasing homeowners’ rates by an average of 7.3 percent in 2022, with the hikes varying based on factors such as location. [Source: News Service of Florida]
Column: Beyond the pandemic — Long-term changes and challenges for housing in Florida
As unexpected and unpredictable as COVID-19 has been, few could have predicted the housing boom that the pandemic ignited across the nation. The U.S. housing market—notoriously known for its role in the 2007-2009 Great Recession—defied expectations and experienced record price growth over the past year as demographic trends, government policies, and basic supply and demand all coalesced. [Source: Florida Times-Union]
5 tech trends that will move mortgages and housing in 2022
In the Amazon age, consumers are more pampered – and less patient – than ever. Tap your phone and, voilà – hot food from your favorite restaurant arrives in minutes. High-end electronics appear on your doorstep in hours. However, the mortgage industry has yet to deliver anything like that level of instant gratification. The typical time from application to consummation of a mortgage is 50 days, according to ICE Mortgage Technology, a glacial pace compared to the swiftness of most other things in modern life. [Source: Bankrate]
For some South Florida condo dwellers, that tap on the shoulder could lead to the deal of a lifetime. The tri-county’s white hot real estate market is prompting developers to take stock of the region’s older beach front high-rises as potential buyout candidates for redevelopment. While not new, the trend has taken on greater importance as vacant land disappears and more out-of-state residents move to South Florida in search of luxury digs. [Source: South Florida Sun-Sentinel]
› Sarasota Co. home to 7 of top 10 hottest neighborhoods for 2022 [WFLA]
Real estate brokerage service Redfin ranked the hottest neighborhoods in the United States by how much they’d grown over the past year and how hard it is to lock in a new house in the area. Sarasota’s popularity is adding to the rapid price increases for new homes and house hunters are feeling the heat, according to Redfin. Eight cities on the list are in Florida, and based on data through September 2021, Sarasota County in Florida is home to seven of the top 10 hottest neighborhoods in the country.
› South Florida’s biggest hotel sales of 2021 [The Real Deal]
Domestic travel picked up this year, in some cases surpassing 2019 levels, and average daily room rates increased, boosting confidence in South Florida’s hotel market. The result was a bump in hotel investment sales, following a slow 2020, when only two sales topped $100 million. This year, as the market recovered, a number of properties traded hands, ranging from boutique hotels to major resorts.
› Florida East Coast Real Estate holds 3rd annual ‘A home for the holidays’ adoption fundraiser [Space Coast Daily]
Florida East Coast Real Estate held their 3rd Annual “A “Home For The Holidays” adoption event and fundraiser on Dec. 11 in Merritt Island. The event, hosted and organized by the team at Florida East Coast Real Estate has provided successful exposure for shelter pets and raised money for the SPCA of Brevard County just before the Christmas Holiday for three consecutive years.
› Property taxes rise in Tampa Bay’s hot market, adding to growing homeownership costs [Tampa Bay Times]
Rick Nociti and his wife, Meri, understood when they bought their yellow Belleair Beach house in July that they’d be responsible for paying this year’s approximately $4,000 property tax bill. But what they didn’t know — not until Nociti plugged his address into the county’s online tax estimator after the sale — was that next year, they’ll pay more than double that.