Florida is growing. Can affordable housing be maintained?
Home sales and new construction are strong in Florida, but affordable housing remains a challenge as more people move into the state, according to a new report from the University of Florida. More than 450,000 people moved to Florida in 2021 and 2022, according to the report. Single-family home construction was particularly strong in some of Southwest and Central Florida’s growing counties, including Polk, Lee, Pasco and Hillsborough counties. More information on him from UF News and the Tampa Bay Times.
Cut insurance premiums by 25%? South Florida advocates push bill they say will happen
Two longtime South Florida political leaders are pushing a bill in Congress that would immediately lower the cost of homeowners’ property insurance by about 25 percent in Florida and across the nation. This would be welcome news to the millions of Florida homeowners who have suffered from staggering increases in property insurance costs over the past few years. The Insurance Information Institute, a nonprofit organization funded by major insurance companies, estimates that in 2023, Florida homes will cost $6,000 to insure, three times the national average. [Source: South Florida Sun-Sentinel]
Miami has seen the biggest home price jump among major U.S. markets since 2000, with other Florida cities also near the top
Since the turn of the century, buying a home in Florida has become an expensive proposition. Four cities in the state rank in the top 20 for home price growth among the largest U.S. metropolitan areas since 2000. Data and real estate analytics firm Clever Real Estate has completed a study of the nation’s 50 largest cities and housing. Prices will rise in these metropolitan areas. Miami has experienced the highest home price growth in the U.S. this century, with home prices increasing 299%. [Source: Florida Politics]
Florida’s citrus capital was a top destination for U.S. movers last year
More people moved to the citrus-rich county between Florida’s two most populous metropolitan areas last year than any other U.S. population, according to estimates released Thursday by the U.S. Census Bureau. It was more than the county. More than 29,300 people moved to the county between Tampa and Orlando last year. Home prices are becoming increasingly expensive in these two metropolitan areas, and the county is seen as a cheaper alternative. More from the Orlando Sentinel and Click Orlando.
Foreclosure lawsuits soar in South Florida
One in every 2,392 South Florida homes was in foreclosure in February, according to a recent report. According to a report by California-based real estate data company Atom, South Florida’s foreclosure rates are among the worst in the United States, with South Florida’s foreclosure rate at 5. Mr. Atom said that it is the second highest. More from South Florida Business Journal and Newsweek.
1.171 million people
Citizens, Florida’s most popular home insurance company, announced it will begin reducing its insurance plans starting this week. More Floridians use Citizen than any other insurance company, 1.171 million, but these property owners have no choice because they can’t buy insurance elsewhere. [Source: Florida Today]
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› Looking for a home in South Florida? Buyers will pay new fees starting this summer
South Florida homebuyers can expect the home search process to become more expensive this summer following changes announced Friday by the largest association of real estate agents. Starting in July, sellers and their listing agents will no longer be required to pay commissions, according to the National Association of Realtors.
› Downtown Jacksonville welcomes first LaVilla homeowners in more than 20 years
For the first time in more than 20 years, Downtown Jacksonville welcomed new homeowners to the area. Offering walkability and access to JTA’s transportation hub, Johnson Commons at LaVilla on Farwell Street is breathing new life into Jacksonville’s downtown urban core. The arrival of the first homeowners marked an important milestone in the historic district’s revitalization efforts.
› Tampa Bay architects are cautiously optimistic about construction in 2024
All of the construction projects happening around Tampa Bay wouldn’t be possible without architects. These experts are hired early in the development process, giving them a unique perspective on the health of the industry. In February, the Tampa Bay chapter of the American Institute of Architects surveyed 124 members to gauge their expectations for the coming year.
› Orlando home sales increased 26% last month. Here’s why it’s important:
Orlando home sales rose for the first time in eight months in February, with prices rising and the spring shopping season beginning. A new Orlando Area Association of Realtors report shows sales rose 26.5% from 1,719 in January to 2,174 in the short term, ending a slump that began in June. However, sales remained below the 2,240 units sold in February 2023.
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