The rich flocked to Florida. Then property taxes and condo assessments caught them by surprise

In recent years, an influx of ultra-wealthy individuals have decamped to Florida in search of warmer weather and a smaller tax bill. From Jeff Bezos to Bethenny Frankel, celebrities and billionaires alike have made the move, spurred by the lack of state and estate taxes and the promise of a sunnier lifestyle. But in many cases, the move has brought unpleasant surprises. More from Yahoo Finance and Fortune.

Florida Housing Summit: No silver bullets, but plenty of ideas to help make homes affordable

Here are some truths about living in Florida: Housing in many parts of the state is expensive, there’s no single solution to making it less expensive and the term “affordable” housing is misunderstood to the point where many people who don’t need it don’t want it in their neighborhoods. All of these problems are difficult to overcome, which is why the Florida Policy Project gathered industry experts last week for a daylong meeting to talk about solutions. [Source: Florida Politics]

Multiple factors converge to keep Florida's real estate market evolving

Florida’s ever-changing real estate market is currently experiencing a shake up: There is more inventory, meaning more homes for sale, but fewer motivated buyers. One real estate agent said this is a bit misleading, in that increased inventory isn’t exactly a bad thing. So why exactly is that? According to the Florida Realtor Association report, compared to pre-pandemic years, the number of homes on the market has gone up but because prices haven’t gone down, fewer offers are coming in. [Source: Spectrum News]

Opinion: Proposal to eliminate property taxes presents both opportunity and risk

A select committee of the Florida House of Representatives is evaluating a bold proposal that could dramatically transform the state’s fiscal foundation and housing market: the potential elimination of property taxes. If the measure advances, it may appear on the 2026 ballot as a constitutional amendment with far-reaching consequences for homeownership, public services, and Florida’s broader economy. [Source: Sarasota Herald-Tribune]

See also:
» Florida property tax reform: Lawmakers seek deal without governor

See these five housing makeovers in South Florida

South Florida's housing landscape is rapidly evolving, with several ambitious makeovers aiming to address affordability and urban growth. In Miami's Health District, plans for two new residential towers will prioritize affordable and workforce housing for healthcare employees, helping ease the burden of living near vital jobs. Hollywood's downtown sees a mix of luxury projects like Soleste Hollywood Blvd and the redevelopment of the Hollywood Bread Building, while efforts like University Station try to bridge the residential income gap. [Source: Miami Herald]

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STAT OF THE WEEK
$32.55
A direct-beachfront estate on the far North End of Palm Beach has sold for $48.5 million — or about $32.55 million more than it sold for six years ago. [Source: Palm Beach Daily News]

ALSO TRENDING:

› Northeast Florida nonprofits get grants to address ‘heirs property’ [Jax Today]
Northeast Florida’s prevalence of properties without a clear title was enough of a concern to the Federal Home Loan Bank of Atlanta that it devoted $650,000 in the region to combat what’s known as “heirs property.” Heirs properties are lands that are inherited by multiple family members. These parcels often lack a will or estate plan for ownership of the property.

› Miami Beach’s historic art deco district collides with push for more housing [Wall Street Journal]
Florida’s effort to tackle its affordable-housing crisis is crashing into this city’s famous art deco history. Proposed changes to a state law would allow developers to knock down hundreds of Miami Beach’s iconic art deco buildings and replace them with rows of taller apartment buildings. The city boasts the world’s largest concentration of this early-20th-century architectural style, including the famous Raleigh Hotel and the Tides Hotel.

› Manatee County wants to stop development expansion. Will Florida allow it? [Tampa Bay Times]
Manatee County leaders are trying to roll back changes that let local development sprawl farther east over the last several years. At a recent Land Use Meeting, commissioners voted to undo a 2021 Comprehensive Plan amendment that allowed builders to construct thousands of new homes east of the county’s Future Development Area Boundary (FDAB). But, like the county’s recent efforts to restore local wetland protections, commissioners may be in for a fight against state officials and developer interests.

› Dominium has two more sites in Osceola under contract for affordable housing [Orlando Sentinel]
The nation’s largest for-profit developer of affordable housing plans to expand its Orlando-area portfolio with two more projects in Osceola County, including one next to the Crossprairie master-planned community. The two projects from Dominium would add 624 rent-restricted apartments for families in Osceola earning no more than 60% of the Area Median Income.

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More condos and homes are on the market in South Florida as sales drop