Want to get rich quick by selling real estate in Florida? Think again.
Since the start of the COVID-19 pandemic, masses of budding real estate investors have flocked to Florida in pursuit of the promise of streets paved with gold. But rising interest rates, real estate prices and insurance costs have created obstacles for newcomers looking to get rich quick. (Source: Tampa Bay Times)
Do you own a second home in Florida? Property Insurance Changes May Be Afoot
Some Floridians with state-run citizen homeowners insurance could soon see their homeowners insurance policies transferred to an unregulated insurer. In a first for the state, lawmakers are set to allow companies known as surplus lines insurers to write policies to citizens. More of Miami Herald and the Tampa Bay Times.
Florida TaxWatch Report: Average Florida Rental Rates Decreased Slightly Over Last Year
Residential rental rates may have stabilized in the Sunshine State after three years of crazy increases, according to a recently released Florida TaxWatch report. Rental prices in Florida have skyrocketed in the wake of the COVID-19 outbreak, from an average rental rate of $1,187 per month in December 2020 to $1,545 in December 2023. (Source: Florida Politics)
This is the ‘most affordable’ ZIP code to buy property in Florida, study finds
If you’re in the market to buy a home but want to save money, you may want to check out the results of a recent study that found the “most affordable” zip codes to buy a property in each State. American Shield Home said it determined which ZIP codes were the most affordable by using the U.S. Census database to find the population of each ZIP code in the United States with more than 10,000 residents and analyzing Zillow home prices. (Source: Yahoo News)
Growing Problem of Deed Fraud in Florida; the State offers its help for the detection
Across Florida, scammers are selling people’s land and even homes behind their backs. Authorities are calling on homeowners to protect themselves this week. It’s called deed fraud, and there has been a sharp increase in cases here in Florida because the real estate market in the Sunshine State is hot. (Source: WTVT)
4,928
Florida has the highest number of “motivated” sellers listing their properties on the real estate marketplace app Zillow, according to the platform’s data. A search showed that as of Wednesday, Feb. 28, there were 4,928 listings on Zillow’s app for properties in Florida whose sellers described themselves as “motivated.” (Source: News week)
› Commercial foreclosures increased by more than 350% nationally; What about southwest Florida?
Do you feel like you’ve seen more and more businesses moving and “for rent” signs going up? Or maybe buildings are just empty? Depending on where you look, that could be exactly the case. ATTOM, a data company focused on real estate, studied the number of commercial foreclosures. In Florida, from November 2023 to January 2024, there were 126 commercial foreclosures, according to ATTOM data.
› Kissimmee is short of land. Experts say denser development is the solution.
With just 850 acres of undeveloped land, Kissimmee is turning to redevelopment of dilapidated buildings to support its steady growth and increase the density of new development, a controversial method that experts say is the way of the future. Most of the city’s empty acreage is already earmarked for a 3,000-plus housing development, Hilliard Isle. Kissimmee residents are feeling the effects of land scarcity.
› Citrus County home sales see rise as desire for single-family homes increases
Home sales in Citrus County are seeing a spike in the new year. Data from the Florida Realtors Report shows a nearly 14% increase in single-family home sales for the month of January compared to last year. A total of 222 sales were recorded for the month, up from 195 sales during the same period last year.
› Place of Hope adds more affordable housing to its Boca Raton campus
A South Florida nonprofit hopes to provide more housing for families at an affordable cost. Place of Hope is expanding its Boca Raton campus to help those in need get back on their feet. “It’s the nicest place I’ve ever lived in my entire life. That’s the truth,” said Place of Hope resident Dillon Green. Green spent much of his childhood in the foster care system, lacking stability and distrusting adults.
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