Will Central Florida undermine state effort to boost affordable housing? – Florida Trend
Will Central Florida undermine state effort to boost affordable housing?
There was no discussion and no public comment, but last Tuesday Lake County became the first municipality in Central Florida to deny property tax exemptions for affordable housing developments that previously qualified for such incentives under a tough Florida pro-housing law. [Source: Orlando Sentinel]
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Florida’s boomtowns: Moving in
No place in Florida is adding more people than Orlando. According to the U.S. Census Bureau, the Orlando/Kissimmee/Sanford metropolitan area added 54,916 new residents between July 1, 2022, and July 1, 2023. That ranked it fourth in the nation and first in Florida in terms of the sheer number of people moving in. It beat out Tampa/St. Petersburg/Clearwater, which was fifth in the nation, and Miami/Fort Lauderdale/West Palm Beach, which was 10th in the nation. [Source: Florida Trend]
‘It’s very confusing’: Issues persist after launch of My Safe Florida Home program
It has been almost two weeks since the launch of the My Safe Florida Home program and some homeowners said they are still having issues with their applications. “It is very confusing in my opinion,” read an email to us from Joe, and 80-year-old homeowner looking for a possible grant to fix up his home. Other issues involve uploading documents and information, problems getting through on the phone with the program and uncertainty about what happens after applications are submitted. [Source: WPTV]
Florida residents should get flood insurance even if they’re not at risk, experts say
With the launch of new FEMA flood zone maps, thousands of property owners in Palm Beach County will need to get flood insurance if they have a federally backed mortgage. However, insurance experts say everyone living in Florida should consider flood insurance. “The common thing is people say, ‘I’m not in a flood zone,”’ Robert Norberg, the president Arden Insurance Associates in Lantana, said. “That’s a misnomer here in Florida. Everybody is in a flood zone, it’s whether it’s low hazard or high hazard.” [Source: WPTV]
44-story five-star hotel-branded condo tower proposed for 2nd Avenue South in downtown St. Pete
New details have been revealed for a proposed development that will bring the first five-star hotel-branded luxury condominium tower to downtown St. Pete. Earlier this month, the owners of the 12-story City Center office building at 100 2nd Avenue South sent a notice to its tenants that they were exploring redevelopment opportunities at the site of the building’s adjacent six-story parking garage, which is located at 150 2nd Avenue South. [Source: St. Pete Rising]
$45 Million
NetPark Tampa Bay, a two-story office building spanning nearly 1 million square feet sold to New Jersey real estate investment firm Saxum Real Estate Partners on July 3 for $45 million. The seller is California-based Bluett Capital Realty, Inc. [Source: Tampa Bay Times]
ALSO TRENDING:
› Rent prices are dropping across Florida and these US cities
Florida is home to the fastest-cooling housing markets in the country, and a new report suggests that trend also applies to apartment rents, which are falling across the state. The Sunshine State’s four most-populated metro areas are seeing rents decline even as prices continue to rise nationally, according to a new Redfin analysis.
› ‘Be careful’: Warning as Miami-Dade considers subsidies for mega mall on the edge of Everglades
Real estate agents stick by the adage that “kitchens and bathrooms sell homes.” In Florida, good roofs are also doing some of the selling. The turbulent property insurance market, while improving, has changed the way people buy houses in the Sunshine State. Prospective Florida buyers, already dealing with higher inflation and mortgage rates, are finding they must also be concerned about the age and condition of the roof.
› I’m a real estate agent: My predictions for the Florida housing market over the next 5 years
No one can know what the future holds, particularly for the state of Florida. The southeastern coastal state is constantly in flux, going through booms and busts in terms of real estate based on politics, climate change, cost of living changes and population demographics. “Florida’s growth in wealth and population, as well as in home prices, will continue not for five years but for decades,” predicted Julio Ybanez of Florida Extraordinary Condos.
› Proposed St. Petersburg ‘village’ receives approval
Despite some tepid concerns, plans to create a sprawling mixed-use, pedestrian-friendly village in St. Petersburg’s Grand Central District are moving forward. The project, dubbed Whitney Village, received the Development Review Commission’s unanimous approval Wednesday – with several conditions. Greystar Real Estate Partners will now redevelop 4.5 acres of the Jim & Heather Gills YMCA’s 11.5-acre property at 3200 1st Ave. S.
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