Court blocks Florida law banning Chinese citizens from owning property
A U.S. appeals court blocked Florida from enforcing a ban on Chinese citizens owning homes or land in the state against two Chinese nationals who were in the process of purchasing property when the law was adopted. A panel of the Atlanta-based 11th U.S. Circuit Court of Appeals said Thursday that individuals will likely prevail over claims that Florida’s ban violates a federal law governing real estate purchases by foreign nationals. More of News Service of Florida And Reuters.
29.7% of Florida homes have been paid off, higher than the U.S. average
U.S. Census Bureau data shows that nearly 63% of owner-occupied housing is mortgage-free for homeowners ages 65 and older, but fewer than 28% of homeowners under 65 have paid their mortgage in full. accommodation. Housing costs make up the largest share of household budgets and inflation has made it harder for some to pay their mortgage. (Source: Florida Real Estate Agents)
Rent or buy now in Florida? Here’s What Real Estate Experts Suggest
Over the past few months, potential buyers and renters have faced fluctuating market and economic conditions, most of which have left people with difficult financial decisions to make. Many people ask the question: Should I rent or buy in South Florida? Right now, renting may actually provide more benefits for some people than buying in the area, given current market conditions, according to a recent study. (Source: South Florida Sun-Sentinel)
Florida bill aims to scrap citizens’ second home policies
Florida lawmakers are passing a bill that would make changes to insurance for people with second homes insured by Citizens Insurance. SB 1716 would allow surplus lines insurers to offer underwriting offers, but it still faces other legislative hurdles. “The overall goal of this bill is to limit the overall exposure to Florida of large citizen political accounts,” said Sen. Jim Boyd, R-Bradenton. (Source: WPTV)
The new trendy property in Miami? Warehouse demand hits record high – and here’s why
Miami-Dade County warehouses operate as fast as croquetas and cafécitos on a cold day. Tenants – such as e-commerce, importers, fruit and beverage companies – are struggling to find storage space to rent in Miami-Dade with a 1.6% vacancy rate at an all-time low, according to JLL’s Miami Industrial report for the fourth quarter of 2023. released in January. Miami-Dade County has 216.7 million square feet of warehouse space. (Source: Miami Herald)
› How corporate investors are taking over Tampa Bay neighborhoods
Housing in Tampa Bay is increasingly owned by corporations, according to a Tampa Bay Times analysis. Large companies have assembled about 27,000 homes in three counties. More than 70% of these properties are linked to institutional investors backed by Wall Street and private equity.
› Squeezed by Osceola development, Kissimmee neighbors want to buy buffer zone
Across Osceola County, residents are complaining about growing development and holding public hearings to let city and county commissioners know they are angry about traffic, crowds and visual clutter. The Lux took a different approach. Banding together with other residents in their neighborhood of one-acre lots and half-million-dollar-plus homes, they ask the local government and developer to let them buy a half-acre or more behind each house to ensure protection from the proposed subdivision.
› Northeast Florida building permits fall, but have “stabilized”
There were nearly 2,000 fewer permits issued in 2023 for single-family homes in Clay, Duval, Nassau and St. Johns counties than the previous year, according to data from the Northeast Florida Builders Association. In 2022, 13,802 permits were issued in the four counties, compared to 11,821 in 2023. That’s a 14% year-over-year decline, but 2023 started out 35% lower than 2022, Jessie said Spradley, Executive Director of NEFBA.
› $700 million in development projects taking shape in Sarasota
From a $17 million community theater to a more than $275 million performing arts center, members of the Greater Sarasota Chamber of Commerce recently heard from leaders of five local organizations working to bring nearly $700 million in cultural and scientific research development projects in the region.
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