New study warns of ‘climate insurance bubble.’ Is that driving costs up in Florida?
The study warns of a looming “climate insurance bubble” — a double whammy of rising rates and rising risks that potentially could have major economic ripple effects on Florida’s housing market and economy. A bursting bubble would work this way: If rising risks from hurricanes and other climate-drive disasters make insurance too expensive for people to buy homes, or banks to give mortgages to homes in vulnerable spots, it could set off a spiral of declining demand and declining property values. More from the Miami Herald, the Orlando Sentinel, and Axios.
» Florida's CFO still confident property insurance situation will improve
Florida’s retirees are fleeing: Here’s where they’re going instead
Once thought of as the ideal place to live out one’s golden years, Florida is quickly losing favor with retirees. Remote workers and the wealthy are flocking to the state and driving up home prices, leaving those on a fixed income feeling the pinch. In just half a decade, the median price of a single-family house in Florida rose $150,000 or 60%. According to Redfin, the average cost of a home in March 2018 was approximately $250,000. In March 2023, it was roughly $400,000. But expensive housing isn’t the only thing repelling retirees from the state. [Source: Yahoo Finance]
South Florida snaps streak of record home prices. Is this the beginning of a new trend?
South Florida’s monthly streak of record-breaking home prices ended in August, but price tags still remain significantly higher than a year ago. Miami-Dade County recorded a median sales price last month of $620,000 for single-family homes and $416,000 for condominiums, according to the monthly housing report the Miami Association of Realtors released Thursday. It’s the first dip in monthly sales prices in nearly a year. [Source: Miami Herald]
Here’s an alert for Citizens Insurance customers: Check your mail very carefully
A warning to Floridians with Citizens Property Insurance coverage: Check your mailbox. About 300,000 customers of the state-run insurer of last resort are receiving letters in the mail this month with an offer to switch to a private insurance company. If customers don’t respond by Oct. 5, the letters state, customers will be forced to go with the private company — at a potentially far higher cost. [Source: Tampa Bay Times]
Experts say that the cost of avoiding eviction can be just as damaging as an eviction itself. There's also no guarantee that landlords won't use an eviction hearing against renters in the future. In Florida, data shows renters in public housing are more vulnerable to eviction, too. According to data from the Eviction Lab, serial eviction rates in public housing units slightly exceed those in private, market-rate units. [Source: WUSF]
› New Florida law could revive defeated Jupiter housing development [WPTV]
A plan to create 520 apartments in Jupiter was rejected Tuesday night by the Town Council, but a recently passed Florida law could revive the plan. Senate Bill 102 also known as the "Live Local Act" adds $711 million worth of taxpayer funds into different programs to help people build and buy homes. However, the bill also allows developers to build apartments if a certain percentage of the units have rents tied to the median income in a given area.
› Jacksonville housing market forecast [U.S. News & World Report]
It's likely that Jacksonville isn't the first city to come to mind when you think of Florida. Despite being Florida's largest city by population and landmass, hot housing markets like Orlando, Tampa and Miami often outshine this coastal city. However, Jacksonville's general affordability, strong job market and beautiful beaches have steadily attracted new residents from more expensive coastal cities across the United States.
› Greater Orlando area home sales down 16 percent annually in August [World Property Journal]
According to the Orlando Regional Realtor Association, Central Florida housing inventory for August 2023 was recorded at 6,115, up 6.9% from July when inventory was recorded at 5,720. ORRA says new listings rose 6.1% from July to August 2023, with 3,620 new homes on the market in August, compared to 3,413 in July. The median home price for August was recorded at $375,000, down from $380,000 in July. This is the second month in a row that median home price has fallen.
› Group calls for more housing initiatives amid news of Rays deal with City of St. Petersburg [WFTS]
After much anticipation about the future of the Tampa Bay Rays future home, the wait is over. "Major league baseball is here to stay, right here," said Rays Principal Owner Stuart Sternberg. “Well, technically, in the parking lot, just beyond the scoreboard and Booker Creek.” Fanfare and celebration filled Tropicana Field Tuesday at word of the news. However, not far away at City Hall, a different emotion coursed through Faith in Florida and concerned citizens.