Florida seniors fear losing their homes due to skyrocketing insurance costs
Soaring insurance premiums seem to be hitting us all in Florida. For the state’s seniors, the cost is becoming too high. This is becoming a problem that insurance agents say they have noticed. Gregory Buck, of National Risk Experts in Palm Beach Gardens, said he sees seniors having difficulty with insurance. “Fixed income, Social Security, they don’t get paid much and maybe have a small pension,” Buck said, “but even so, when you’re paying $1,200 or $1,500 a month, just for the evaluation, what are you doing?” (Source: WPTV)
MAP: Eviction filings are higher than normal in South Florida. Find out where the highest rates are.
While South Florida’s hot rental market shows few signs of relief, landlords have seen a higher-than-normal number of evictions over the past 18 months, according to a new national database. Deposits — a step in the process required for a tenant to be legally evicted — have increased across the country as rental assistance programs have all but expired following the COVID-19 pandemic. (Source: South Florida Sun-Sentinel)
Housing for farm workers could be improved
Local governments reportedly face some limits in regulating farmworker housing construction, as state lawmakers seek to attract more seasonal agricultural workers amid rising housing costs. The Senate Agriculture Committee on Tuesday unanimously approved a bill (SB 1082) that seeks to prevent cities and counties from “preventing” the construction or installation of worker housing on land agricultural. More of News Service of Florida And WFTX.
6 new property insurance companies enter the Florida market
The new year now means six new companies are ready to enter the state and start writing homeowners insurance policies, according to industry experts. “This is very positive for Florida’s insurance market and for consumers because it will now give homeowners a choice in purchasing coverage,” said Mark Friedlander of the Insurance Information Institute. (Source: WPTV)
Florida theme parks creating more employee housing
Much of Florida’s economy relies on tourism, particularly at the large theme parks in the Orlando area, including Universal Studios Florida and Walt Disney World. But the parks — which collectively employ about 110,000 people — also face headwinds due to their employees’ struggles to afford housing, and now NBCUniversal and The Walt Disney Company — owners of the major parks — aim to fix that. , according to Bloomberg report. (Source: Housing wire)
$1.225 million
A house with a fairytale-style turret is put up for sale by the man who helped his father build it. Listed for $1.225 million, it’s clear from the outside that the home has a little something special. (Source: USA today)
› Why do “luxury” apartments in Pasco get affordable housing tax breaks?
Pasco County commissioners have found a new reason to dislike the state’s Live Local law, which was passed last year to increase the number of affordable housing in Florida through tax breaks and other incentives. Not only can developers build apartments on land designated for industry and receive a significant property tax break, but owners of existing apartment complexes can also qualify.
› A $200,000 house? It’s possible when you’re looking for a condo in these areas of South Florida
Budget-conscious buyers can still score a slice of South Florida paradise for less than $200,000, good news in a market criticized for its affordability crisis. The only limit? Buyers should look to condos to get the best deals. Broward County has the largest selection of homes under $200,000, according to sales data curated exclusively for the Miami Herald by Analytics Miami.
› Orlando saw record apartment deliveries – but here’s why a shortage could still be looming
Metro Orlando saw a record volume of apartment deliveries in 2023 and has about 20,000 apartments under construction to begin 2024, according to CoStar Group – so why are many industry insiders predicting an apartment shortage here in the coming years ? Several veteran apartment brokers told the Orlando Business Journal that they anticipate an imbalance between supply and demand in the region’s apartment sector as early as the end of this year.
› Northeast Florida real estate markets in 2024: “a little more stabilized”
If interest rates fall as expected in 2024, Northeast Florida’s residential real estate market could see more sellers and buyers, with both parties seeing a greater incentive to close deals. Affordability will be another key factor as prices fluctuate. Data from the Northeast Florida Association of Realtors shows the median price of a single-family home increased by more than $23,000 from January to December 2023.
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