Business rent delinquency rate hits nearly 40%
Nearly 4 of 10 independent business owners struggled to pay rent in full and on time in April, according to a new report, with Florida high on the delinquent list. The report, from online referral network Alignable, found that 39% of small business owners nationwide were behind in rent in April. That’s the highest rate in 2023, up 1 percentage point from March and 9 from January. [Source: Business Observer]
Florida’s legislative session: What real estate should know
Florida’s legislative session is scheduled to wrap up the first week of May, and lawmakers are spending the final weeks hammering out a roughly $114 billion state budget. Laws governing vacation rentals, commercial rents, and condo boards are moving through the GOP-controlled chambers [Source: Commercal Observer]
Trip to UK solidifies possible financial help with property insurance reform
As part of the last leg of a four-country trade mission, Florida Gov. Ron DeSantis met with political and business leaders in the U.K. to address ongoing and new trade relationships. He also secured a commitment from British companies to increase access to property insurance carriers to stabilize Florida’s market. [Source: The Center Square]
Protection for historic coastal properties could be gutted under Florida bill
A pair of related bills rapidly advancing through the Florida Legislature would eviscerate protections for historic buildings and districts in coastal areas across the state, allowing property owners and developers to bypass local regulations and bulldoze and redevelop much of Miami Beach, among many other places. That would include the iconic Art Deco hotel row on Ocean Drive, as well as famed neighborhoods like Key West’s Old Town, the town of Palm Beach and Fernandina Beach. [Source: Tampa Bay Times]
The slow cleanup from the big rain continues as Broward residents are dealing with ravaged homes. The Federal Emergency Management Agency has determined over 700 properties from Fort Lauderdale, south through Dania Beach have major water damage. Realtor John Ryan tells CBS News Miami, "I think the single-family homes will survive." Ryan's family has been in the Broward real estate business since 1924. They have seen it all, since the big hurricane of 1926. [Source: CBS Miami]
› They fought a plan for 92 luxury homes and villas. Now, these Hillsboro Beach residents claim victory. [South Florida Sun-Sentinel]
A group of Hillsboro Beach residents are declaring a “huge victory” in their fight against a plan to build a collection of 92 ultra-luxury, waterfront condominium homes and villas. They argued that one of the buildings shouldn’t have gotten the OK to rise to 10 stories in their upscale community, and a panel of judges recently sided with them. Broward circuit court judges overruled the city’s approval of the oceanfront project at 1174 to 1185 Hillsboro Mile, where the town’s zoning code generally caps buildings at three stories. There are also other areas in town zoned for 10 stories.
› A slice of Miami waterfront just sold for $1.2 billion. See what it used to look like [Miami Herald]
Before the cranes moved in, the slice of land between the MacArthur and Venetian causeways was a working waterfront. Some fuel tanks, a marina, a couple of businesses. That changed in the 1950s, when a couple of brothers named Knight secretly bought separately owned parcels for their dream: a place to build a new headquarters for their growing newspaper. The construction started in 1960.
› Millennials still mostly renters in Orlando, study finds [Orlando Sentinel]
While the majority of Millennials around the country have become homeowners in the past decade, Orlando remains one of the cities where members of America’s largest generation are still mostly renters, a new study found. In 2022, the generation born from 1981 to 1996 crossed the threshold of 52% homeownership, the first time Millennials have owned more than they rent, according to a new survey by RentCafe.
› Former St. Johns County newspaper headquarters sold for $8 million [Jacksonviille Daily Record]
The former St. Augustine Record building at 1 News Place in St. Augustine sold April 24 for $8 million. The University of St. Augustine for Health Sciences, through 1 News Place LLC, sold the building. The property is at State Roads 207 and 312. ESJ Capital Partners, a real estate investment firm from Aventura, bought it through ESJ 1 News Place, LLC.