Want to get rich quick selling Florida real estate? Think again.
Since the start of the COVID-19 pandemic, droves of wannabe real estate investors have flocked to Florida chasing the promise of streets paved with gold. But rising interest rates, home prices and insurance costs have created hurdles for newcomers looking to get rich quick. [Source: Tampa Bay Times]
Own a second home in Florida? Property insurance changes could be on the way
Some Floridians with state-run Citizens Property Insurance could soon find their homeowners policies shuffled to an unregulated insurer. In a first for the state, lawmakers are poised to allow companies known as surplus lines insurers to take out policies from Citizens. More from the Miami Heraldand the Tampa Bay Times.
Florida TaxWatch report: Average Florida rental rates fell slightly in past year
Residential rental rates might have leveled off in the Sunshine State after three years of wild increases, according to a recently released Florida TaxWatch report. Rental prices in Florida had skyrocketed in the wake of the COVID-19 outbreak, jumping from an average rental rate of $1,187 per month in December of 2020 to $1,545 in December 2023. [Source: Florida Politics]
This is the ‘most affordable’ ZIP code to buy property in Florida, study says
If you are in the market to buy a house but want to save some money, you may want to check out the results of a recent study that found the “most affordable” ZIP codes to buy property in every state. American Shield Home said it determined which ZIP codes were the most affordable by using the U.S. Census databank to find the population of every ZIP code in the U.S. with more than 10,000 residents and by analyzing Zillow home prices. [Source: Yahoo News]
Property deed fraud growing problem in Florida; state offers assistance in detection
Across Florida, scammers are selling people’s land and even homes behind their backs. Officials are urging property owners to protect themselves this week. It’s called property deed fraud, and there’s been a big spike 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 real estate marketplace app Zillow, according to data on the platform. A search showed that, as of Wednesday, February 28, there were 4,928 listings on Zillow’s app for Florida properties whose sellers described themselves as “motivated.” [Source: Newsweek]
› Commercial foreclosures are up more than 350% nationally; What about in Southwest Florida?
Does it feel like you’ve seen more businesses move out and ‘for rent’ signs move in? Or, perhaps buildings just sitting empty? Depending on where you are looking, that could be exactly the case. ATTOM, a data company focused on real estate, dug into the number of commercial foreclosures. In Florida, from November of 2023 to January of 2024, there were 126 commercial foreclosures, according to ATTOM’s data.
› Kissimmee is running out of land. Experts says denser development is the answer.
With only 850 acres of undeveloped land left, Kissimmee is shifting to redeveloping dilapidated buildings to sustain its steady growth and increasing the density of new developments, a controversial method experts say is the way of the future. Most of the city’s empty acreage is already set to be a 3,000-plus-home subdivision, Hilliard Isle. Kissimmee residents are feeling the pinch of the lack of land.
› Home sales in Citrus County seeing a spike as desire for single-family homes grows
Home sales in Citrus County are seeing a spike in this new year. Data from the Florida Realtors Report shows almost a 14% increase in the sale of single-family homes for the month of January compared to last year. A total of 222 sales were recorded for the month — which is up from 195 sales at the same time last year.
› Place of Hope adding more affordable housing to its Boca Raton campus
A South Florida non-profit is hoping to provide more homes for families at a cost they can afford. Place of Hope is expanding its Boca Raton campus to help those in need get back on their feet. “This is the nicest place I’ve ever lived in my entire life. That’s the truth of it,” Dillon Green, a Place of Hope resident, said. Green spent much of his childhood in the foster care system, lacking stability and becoming distrustful of adults.
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