Florida’s insurance industry bullish over reform effects | Florida Trend Real Estate – Florida Trend
Florida’s insurance industry bullish over reform effects
Recent legislative reforms are driving down lawsuits — the wildcard of risk modeling — and enticing more reinsurance capital and new insurance companies into the state, many said. Ultimately, insurance leaders said Thursday, the reforms will make insurance risks more predictable and property insurance rates should stabilize. Policyholders might not be ready to declare victory, particularly after enduring multiple years of rate hikes that sent Florida’s average premium to three times the national average. More from the South Florida Sun-Sentinel and Florida Politics.
Denied a mortgage to buy a Florida condo? A secret, quasi-government blacklist may be why
Some people trying to buy a condominium in Florida but getting mysteriously rejected for a mortgage could be in for a jolt: The reason they can’t get a loan may be that the condo is on a secret quasi-governmental blacklist. Fannie Mae, one of two federally chartered companies that help determine who qualifies for home mortgages, has for at least two years maintained a confidential database of condo buildings, including hundreds in Florida, that it won’t back for loans, typically because of maintenance or financial issues. [Source: Miami Herald]
Florida’s ‘Live Local Act’ sparks new wave of housing
Less than six months after Florida enacted legislation to encourage more workforce housing, dozens of developers are rushing ahead with projects that qualify for tax breaks under the new law. The legislation, known as the Live Local Act, offers developers tax breaks and allows them to bypass local zoning rules if enough workforce housing is built. The act is meant to create more housing for middle-income renters who make 120% of an area’s median income or less. [Source: Wall Street Journal]
Here are South Florida’s biggest hotel sales of 2023
Nine South Florida hotels sold for a combined half-billion dollars this year. But even cobbled together, those deals fell far short of 2023’s top hotel sale, the $835 million trade of the Diplomat Beach Resort in Hollywood. That top sale was more than three times last year’s No. 1 hotel deal: the $232 million sale of the Confidante Miami Beach. [Source: The Real Deal]
Florida company targeted California homeowners with predatory scheme, officials say
The California attorney general has sued a Florida-based real estate firm, alleging it ran a predatory scheme that limited homeowners’ ability to sell and left them vulnerable to owing thousands of dollars. The company, MV Realty, has been sued over similar allegations by multiple states. In September, the firm filed for bankruptcy. [Source: Tampa Bay Times]
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Commercial broker Jaret Turkell is ready to rock and roll. Turkell posted a GIF of Minions dancing with the tagline: “It’s time to PARTYYYYYY!” shortly after Federal Reserve Chairman Jerome Powell announced on Wednesday that the Fed was keeping interest rates unchanged, and signaled it would make three 0.25 percentage point rate cuts next year. [Source: The Real Deal]
ALSO TRENDING:
› With interest rates coming down, real estate experts predict home bidding wars on the horizon in Jacksonville
It’s the first time in almost six months that mortgage rates are below 7%. That has realtors sounding the alarm on a more competitive market in 2024. Homes in Jacksonville remain historically unaffordable with a median sales price of about $390,000, according to the Northeast Florida Association of Realtors (NEFAR).
› Home for sale in Florida was once a church — so it certainly stands out. See why
A home with a spiritual past has landed on the real estate market in St. Augustine, Florida, for $1.175 million. The heavenly two-bedroom, 2.5-plus-bathroom residence was once a Lutheran church built around 100 years ago, and now it’s a stunning, 2,536-square-foot home with a comfortable, open layout.
› This St. Pete Beach estate, once Anheuser-Busch titan’s home, is gone
The former winter home of August A. Busch Jr. — the company president who helped turn Anheuser-Busch into the largest beer company in the world — has been demolished. All that’s left on the St. Pete Beach property on Pass-a-Grille Way is a private marina and a patch of dirt where three homes built in the 1950s once stood.
› How sea rise could reshape South Florida neighborhoods: Retreat here, growth there
As sea levels push ever higher, the question of when — and where — it will affect South Florida’s real estate market is a big one. Research suggests people aren’t interested in paying a lot of money for a home that floods, and the number of properties at risk of flooding is only expected to rise in the coming decades. For an economy that relies on a booming real estate market to function, predicting which spots could lose value and when is crucial.
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