Court blocks Florida law barring Chinese citizens from owning property
A U.S. appeals court has blocked Florida from enforcing a ban on Chinese citizens owning homes or land in the state against two Chinese nationals who were in the process of buying property when the law was adopted. A panel of the Atlanta-based 11th U.S. Circuit Court of Appeals said on Thursday the individuals were likely to prevail on claims that Florida’s ban violates a federal law governing real estate purchases by foreign nationals. More from the News Service of Florida and Reuters.
29.7% of Florida homes paid off, above U.S. average
U.S. Census Bureau data show that nearly 63% of owner-occupied housing units are mortgage free for homeowners age 65 and up, but fewer than 28% of homeowners younger than age 65 have paid for their homes in full. Housing costs are the largest chunk of household budgets and inflation has made it harder for some to pay their mortgages. [Source: Florida Realtors]
To rent or to buy right now in Florida? Here’s what real-estate experts suggest
For the past several months, would-be homebuyers and renters alike have faced fluctuating market and economic conditions, most of which have given people nothing but tough financial decisions to make. Many people wrangle with the question: Should I rent or buy in South Florida? Right now, renting may actually carry more benefits for some people than buying in the region given the current market conditions, according to recent research. [Source: South Florida Sun-Sentinel]
Florida bill aims to move out Citizens second home policies
Florida lawmakers are moving along with a bill that would bring some insurance changes to those with second vacation homes insured by Citizens Insurance. SB 1716 would allow take-out offers to be made by surplus line insurers, and it still has more legislative hurdles. “The overall goal of this bill is to limit the overall exposure to Florida of the Citizens large policy count,” state Sen. Jim Boyd, R-Bradenton, said. [Source: WPTV]
The new hot property in Miami? Warehouse demand hits an all-time high — and here’s why
Miami-Dade County’s warehouses are going as fast as croquetas and cafecito on a cold day. Tenants — picture e-commerce, importers, fruit and beverage companies — are having a hard time finding storage space in Miami-Dade to rent with the 1.6% vacancy rate an all-time low, according to the JLL fourth quarter 2023 Miami Industrial report released in January. Miami-Dade County has 216.7 million square feet of warehouse space. [Source: Miami Herald]
› How corporate investors are taking over Tampa Bay’s neighborhoods
Housing in Tampa Bay is becoming increasingly corporate-owned, a Tampa Bay Times analysis has found. Large companies have amassed around 27,000 homes across three counties. More than 70% of these properties are linked to institutional investors backed by Wall Street and private equity.
› Squeezed by Osceola’s development, Kissimmee neighbors want to buy a buffer zone
Across Osceola County residents complain of mushrooming development, filling public hearings to let city and county commissioners know they’re angry over traffic, crowding and visual clutter. The Luxs took a different approach. Banding together with fellow residents in their neighborhood of one-acre lots and half-million-dollar-plus houses, they are asking local government and the developer to let them purchase a half-acre or more behind each home to ensure a buffer from the proposed subdivision.
› Northeast Florida new home permits fall, but have ‘leveled out’
There were almost 2,000 fewer permits pulled in 2023 for single-family homes in Clay, Duval, Nassau and St. Johns counties than the year before, according to the Northeast Florida Builders Association data. In 2022, 13,802 permits were issued in the four counties compared with 11,821 in 2023. That is a 14% year-to-year drop but 2023 started 35% lower than 2022, said NEFBA Executive Officer Jessie Spradley.
› $700 million worth of development projects take shape in Sarasota
From a $17 million community theater to an upwards of $275 million performing arts center, members of the Greater Sarasota Chamber of Commerce recently heard from leaders of five local organizations working to bring nearly $700 million in cultural and scientific research development projects to the region.
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