Moving report: Florida remains top national destination, but cracks are forming | Florida Trend Real Estate – Florida Trend
Moving report: Florida remains top national destination, but cracks are forming
Despite Florida being one of the most moved to places in the past two years, a new report posits a warning. “It appears that the market is starting to take notice of significant cost increases in the Sunshine State, especially in housing. In response, movers may be looking for more affordable places to call home,” the report states. [Source: Business Observer]
Three U.S. cities where it’s cheaper to buy a home than to rent one—none are in Florida
Turning your dream of buying a home into reality might seem pretty difficult these days, thanks in part to high mortgage rates and sale prices. But there are a few cities where taking on that mortgage — instead of paying monthly rent — is the smarter financial decision. [Source: CNBC]
Florida program has $10,000 for you if you’re hardening your home against hurricanes
Floridians who need help hardening their homes this hurricane season may be able to receive up to $10,000 for new windows, doors and roofs. The My Safe Florida Home program launched in November as part of a sweeping property insurance reform bill. The initial $115 million in funds already have been claimed. But an additional $100 million will become available on July 1, and eligibility will be expanded. [Source: Miami Herald]
A Florida agriculture land broker is ‘puzzled and perplexed’ at DeSantis’ veto of conservation funds
Agriculture property owners in Florida lost out on millions of dollars in land conservation deals for the next fiscal year when Gov. Ron DeSantis recently vetoed funding for the Rural and Family Lands Protection Program. “I’m puzzled and perplexed,” said Dean Saunders, a former state legislator who’s now in real estate, brokering deals through the land acquisition trust fund. [Source: WFIT]
This Florida metro more than doubled its built-to-rent supply
Tampa-St. Pete-Clearwater is one of the top metros in the U.S. adding the most new single-family homes for rent. Built-to-rent housing can offer the perks of professional property management and other amenities, without the need to save for a down payment or commit to stay in place. Those houses have found a growing niche among would-be buyers who can’t afford — or find — a single-family home, and those opting not to buy for lifestyle reasons. [Source: Axios]
46%
New research has shown that Miami ranks seventh in housing shortage report as Florida has seen the highest rent increase in the nation since 2020. A 2 bedroom rental on Miami Beach is up over 46% year-over-year as of June 2023. [Source: Profile Miami]
ALSO TRENDING:
› Irishman selling real estate in Florida while living in Spain
Armagh native Colin Murphy has spent the majority of the last 20 years based in Spain while sealing deals on the US property market. He says remote working and the freedom of running his own business have given him the best of both worlds. While living and raising a family in Madrid, Colin runs his real estate business, CGM Land Inc, in Florida – a market he and two partners first broke into in 2008 when they saw what they considered to be a golden opportunity as property prices there plummeted after the financial crash.
› Florida Ag Commissioner sells his Pasco land to egg producer for $11 million
Florida Agriculture Commissioner Wilton Simpson has sold a 21-acre property in Dade City to a national egg producer. The property is at 21210 U.S. Highway 98 in Pasco County and sold for $11 million, according to county property records. The property — owned by Simpson Farms Inc. and the commissioner and his wife, Kathryn D. Simpson — was sold to Cal-Maine Foods Inc., the self-described “largest producer and distributor of fresh shell eggs” in the U.S.
› As the climate crisis intensifies, insurers will likely reshape where people live
Homeowners insurance is becoming more expensive nationwide, with the average premium jumping 11% this year to $1,700, according to the Insurance Information Institute. Florida residents pay much more: $6,000 a year on average, doubling over the past three years. The trade group forecast that the state’s property-insurance rates could surge by 40% or more this year.
› Former Lee County commissioner joins commercial real estate firm
Commercial real estate industry veteran and longtime Lee County Commissioner John Albion has joined SVN Commercial Partners in Fort Myers. An industry professional in Southwest Florida since 1985, Albion spent the past 10 years with Cushman & Wakefield’s Fort Myers office, according to a statement. He specializes in office, medical office and hotel property types.
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