South Florida now emerging as the ‘epicenter of housing weakness’ — but will it spread?

Bubbles don’t always burst — sometimes they deflate. But the process can still be painful, as some Florida home sellers are now discovering. According to a Bloomberg analysis of Redfin data, the number of contracts to buy homes in Miami, Fort Lauderdale and West Palm Beach dropped in April compared to a year ago, marking the steepest declines among the 50 largest metro areas in the U.S. South Florida saw a historic run-up in prices during the pandemic, with homes routinely selling above asking price. But the tide has turned. [Source: Yahoo Finance]

Florida pulls back $2.1 billion in reinsurance money expected to go unused by companies

As Florida lawmakers in 2022 tried to bolster the troubled property insurance system, they drew attention for setting aside $3 billion in state money to help insurers with critical backup coverage. But last week, Gov. Ron DeSantis signed a bill that pulled back $2.1 billion of that money, which was expected to go unused. The bill essentially put the money back in the state’s coffers, where it can be used for other things or saved. The bill, which was unanimously passed by the House and Senate during this year’s legislative session, drew relatively little attention as lawmakers battled for weeks about a new budget. [Source: Tampa Bay Times]

Fewer Canadians are searching for homes in Florida, data shows

Living in Florida has long been enticing for Canadians, but a new analysis shows fewer of them are considering it as a destination. The number of Canadians seeking a home in Miami and Orlando dropped by about 30% in each region year over year in May, with Fort Lauderdale seeing a 21% dip, according to data compiled by Redfin, which provides real estate services and data. [Source: South Florida Sun-Sentinel]

A ‘stacked deck’: Citizens’ alternative dispute system unfair to policyholders, attorneys say

State-owned Citizens Insurance has sharply increased the number of cases it sends to a special alternative dispute court, but plaintiffs attorneys say it’s unfair because it deprives policyholders of the right to have their cases heard by a jury. A South Florida Sun Sentinel review of cases handled since early 2024 found that Citizens policyholders are likely to lose if their dispute is sent to this special court, which is run by the state Division of Administrative Hearings (DOAH). And policyholders who need Citizens to insure their homes have no way of avoiding the unique policy terms that allow their cases to be transferred to DOAH. [Source: Orlando Sentinel]

These Central Florida cities among the nation's hottest housing markets

The hottest housing markets in Central Florida for Q2 include Orlando's central communities and rural outskirts. That's according to The Business Journals' second-quarter analysis of the country’s hottest housing markets, based on quarterly listing and sales data from Intercontinental Exchange. The ranking is intended to emphasize sales and pricing momentum in each ZIP code, using a weighted formula that includes quarterly and year-over-year data. [Source: Orlando Business Journal]

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STAT OF THE WEEK
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A 100-year-old home has just hit the market with significant ties to Florida's architectural history. The architect is Charles R. Wait, a renowned figure in the field who is largely known for the historic "El Retiro," or the Pinewood Estate, which is situated in Bok Tower Gardens. [Source: Orlando Weekly]

ALSO TRENDING:

› $50 million ‘flood proof bunker’ rises on Biscayne Bay. Is it a model for the future? [Miami Herald]
A private, three-hole golf course, an elevated infinity pool which alone costs $1 million and air-conditioned living space encompassing 26,000 square feet – more than ten times the size of the average, single-family home: The extravagant $50 million “G House” is “one of the largest, new construction waterfront homes in Miami Dade — if not the largest,” according to its developer. But G House isn’t clustered among the typical billionaire mega mansions of Star Island or Indian Creek.

› Tampa Bay developers say we can’t build offices fast enough. Here’s why [Tampa Bay Times]
America has more office space than it knows what to do with. Since the COVID-19 pandemic, companies across the country have cancelled or downsized their leases, leaving landlords scrambling. About 23.3 million square feet of office space is set to be demolished or converted into something else, according to a June report from commercial real estate firm CBRE. That’s nearly double the amount of new office space expected to be built.

› Central Florida’s affordable housing problem traps families in poverty cycle, advocates say [Click Orlando]
Central Florida continues to experience one of the worst affordable housing markets in the country, according to the National Low Income Housing Coalition. Advocates say the shortage of affordable places to live is one of the biggest drivers of homelessness in the region, with many working families trapped in a cycle of poverty, unable to secure stable housing.

› Could first ‘A’ grade for DCPS bring more families to Jacksonville? A realtor thinks so [News 4 Jax]
The recent achievement of a first-ever “A” grade for Duval County Public Schools could be the beginning of potential growth for Jacksonville’s housing market. When families consider buying a home, a quality school district that shows a promising performance is usually a key factor. “Because of supply and demand, there’s a higher demand on houses that are in a county that’s rated ‘A’ than a county that’s rated ‘B,’” realtor David Elian said.

Beer Can Island: The ups and downs of owning it