Florida is now home to some of the most expensive neighborhoods in the U.S.

Even before the pandemic, Florida was a magnet for millionaires eager to purchase a tax-friendly retreat. Now, as more high-net-worth homebuyers head further south, the Sunshine State has become home to some of the country’s priciest neighborhoods. While cities within New York and California have historically ranked amongst the wealthiest enclaves in America, real estate values in certain areas of Florida have now surpassed these zip codes. [Source: Robb Report]

Column: How Florida’s housing crisis is breaking social services  

Securing safe and affordable housing in Florida is quickly becoming a luxury. Anyone who hasn’t experienced this first-hand in the past couple of years has at least heard about this crisis or knows somebody who has been affected. Florida even made national news for its housing crisis, with Orlando, Miami and Tampa called out for having some of the fastest-rising rents in the country. [Source: Tampa Bay Times]

Solar energy hits sweet spot for commercial real estate

Solar power installations have been common in Florida’s residential real estate market for several years, but commercial uptake of the energy source has been slower to materialize. That trend could change, however, as more big-name companies begin to realize the value of putting solar panel arrays in underutilized spaces, such as the roofs of buildings and parking garages. [Source: Florida Realtors]

Here are the pros and cons of bill that would expand Florida's 'Save our Homes' tax exemption

If you own a home, chances are you familiar with Florida’s “Save Our Homes“ exemption. It limits the amount property taxes can increase per year regardless of how much the property’s value might have risen. Now, some state lawmakers want to lower that cap even further, but the idea has some worried about potential consequences. [Source: WTSP]

Facing high rent in Florida? Experts say vacation rentals could be part of the problem

If you think short-term vacation rentals are being used solely for vacation and leisure in Florida — think again. Brooke Prince-Warinsky lives in Jacksonville’s Riverside neighborhood and said she bypassed the traditional rental process and multiple deposits that come with it, and instead, lived in a short-term rental for one year. “It was just a lot easier to move,” Prince-Warinsky said. [Source: News 4 Jax]

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› Orlando investor home purchases plummet as prices decline [Orlando Business Journal]
Investor buyers have a big influence in Orlando’s housing market, where they have represented as much as 27% of homebuyers during the last two years. Many of those investors were deep-pocketed corporations that helped drive up Central Florida home prices. Many investors backed off from the local housing market last quarter as home price appreciation, on a rapid upward trajectory in Central Florida, faltered and reduced potential returns. Plus, interest rate hikes last year made it more expensive for investors to borrow money.

› Another Florida property insurer heads into receivership Orlando Sentinel
State regulators moved forward Thursday with placing United Property & Casualty Insurance Co. into receivership after higher-than-expected losses from Hurricane Ian helped push the insurer into insolvency. Interim Insurance Commissioner Michael Yaworksy sent a letter to state Chief Financial Officer Jimmy Patronis to trigger a process that will lead to seeking court approval to place the St. Petersburg-based insurer into receivership, according to documents posted on the Office of Insurance Regulation website. United Property & Casualty agreed to the move.

› State to tackle affordable housing crisis as newest senior housing project opens in Miami-Dade [WPLG]
Marta Roig and her neighbor, who currently live at a nearby mobile home park in Sweetwater, are exploring a new affordable housing apartment in a 244-unit building they will soon call home. She is looking forward to moving to the Lil’ Abner Apartments II, an affordable senior housing project in Sweetwater. Roig says “It’s a joy and a dream come true,” adding that she believes there should be more support for senior affordable housing projects like this one.

› 6,000 acres in Southeast Jacksonville in review for residential, commercial development [Jacksonville Daily Record]
The Davis family, whose land holdings include property that became Nocatee and eTown, is working toward a more than 6,000-acre residential and commercial development in Southeast Jacksonville. Big Creek Timber LLC asks the city to rezone 6,174.21 acres east of Interstate 295 and south of Butler Boulevard for those uses. About a third of the acreage will be protected or placed in conservation.