South Florida homes are being pulled from the market at highest rate in nation
According to Realtor.com, in the month of July, for every 100 homes posted for sale, 59 listings were removed in the Miami-Fort Lauderdale-West Palm Beach metro. These listings were not posted for a short time. In the tri-county area, the average listing spent 88 days on the market. That is the longest amount of time compared to any other top metro. When compared to the national average, for every 100 homes only 21 are taken off the market and the average listing spent 58 days on the market. [Source: NBC Miami]
Florida House lawmakers poised to take up property tax changes
Lawmakers in the Florida House are meeting Monday and Tuesday to consider changing Florida's property tax. Gov. Ron DeSantis has criticized the tax for months, saying it's too expensive and means Floridians can't truly own their homes. But Florida TaxWatch, a fiscal watchdog group, is urging a measured approach, because local governments rely on property taxes. [Source: WUSF]
Watchdog: Florida’s affordable housing law not keeping up with demand
Affordable housing was the promise, but for many Floridians, the reality is falling short. A new report from Florida TaxWatch says the state’s major housing reform isn’t delivering results quickly enough, putting pressure on lawmakers to act faster. The Live Local Act, passed two years ago, was designed to boost workforce housing by helping Florida’s “missing middle,” people who earn too much to qualify for assistance but still struggle with the state’s rising costs. [Source: WCTV]
Florida approves two new property insurers
The Florida Office of Insurance Regulation (OIR) has approved Stand Insurance Exchange and Praxis Reciprocal Exchange to write property insurance in the state. Both carriers will offer fire, homeowners multiperil, allied lines, inland marine and other liability coverage. Praxis will also provide boiler and machinery insurance. Insurance Commissioner Mike Yaworsky noted that legislative reforms in recent years have attracted new entrants to Florida's property insurance market. [Source: Insurance Business Magazine]
Florida families embrace manufactured homes for affordable living
As home prices on the Gulf Coast continue to rise, Florida families are increasingly turning to manufactured homes as a more affordable housing option. In 2024, Florida saw more than 7,400 new manufactured homes, ranking second only to Texas, which had 18,343 shipments. North Carolina came in third with 6,768 shipments. Experts say modern manufactured homes are safer, more energy-efficient, and much cheaper than traditional houses. [Source: Gulf Coast News Now]
$269
A house that sold for $1.9 million tops the list of the most expensive residential real estate sales in Clearwater in the past week. The area saw a total of 75 residential real estate sales during the past week, averaging $390,212, or $269 per square foot. [Source: Tampa Bay Times]
› Looking to dabble in real estate development? This Panama City event is for you.
The city of Panama City will host a small-scale development workshop on Nov. 14. The day is geared toward people looking to take their first steps in small-scale real estate development. The event will take place at the Glenwood Community Center in Panama City. Aspiring developers and community-minded entrepreneurs are encouraged to attend.
› Latin American buyers dominate Miami’s new construction market
Latin Americans are certainly becoming even more neighborly in the Miami area, as well as many cities throughout South Florida. Earlier this summer, the MIAMI Association of Realtors reported that Latin Americans are still the leading buyers of new construction in Miami, indicating they accounted for 86% of international buyers who purchased new properties in South Florida during an 18-month span ending in June, and a whopping 99% moved into new properties in Downtown Miami.
› Pennsylvania company buys five Northeast Florida apartment communities
Pennsylvania-based Morgan Properties bought five Northeast Florida apartment communities Sept. 16 in transactions totaling $35.5 million. Four of the properties are in Duval County and one is in Clay. Morgan Properties is headquartered in Conshohocken, north of Philadelphia. The company website says it focuses on Class B apartments and owns more than 350 properties in 20 states with more than 97,000 units.
› Florida city’s oldest house is about to get a $3M upgrade
Few things have changed at Fort Lauderdale’s historic Stranahan House, the beloved 124-year-old wooden building on the New River. As modern, shiny high-rises, restaurants and swanky hotels began to emerge around it, the house has stood as a reminder of the city’s humble origins. Now, some welcome upgrades are coming to Broward County’s oldest building.