Florida seniors worry they’ll lose homes over skyrocketing insurance
Soaring insurance premiums seem to be hitting us all in Florida. For the state’s senior citizens, the cost is getting too high. It’s becoming an issue that insurance agents said they are noticing. Gregory Buck with National Risk Experts in Palm Beach Gardens said he’s seeing seniors struggling with insurance. “Fixed income, Social Security, they’re not getting paid a lot and have a small pension, maybe,” Buck said, “but even so when you’re paying $1,200 or $1,500 a month, just for the assessment, what do you do?” [Source: WPTV]
MAP: Eviction filings are above normal in South Florida. See where the highest rates are.
With South Florida’s steamy rental market showing little sign of relief, landlords have been filing a higher-than-normal number of evictions in the past 18 months, according to a new nationwide database. The filings — one step in the process required for a tenant to legally be kicked out — have been on the rise across the country as rental relief programs all but expired after the COVID-19 pandemic. [Source: South Florida Sun-Sentinel]
Farmworker housing could get boost
Local governments would face some limits on regulating the construction of farmworker housing, as state lawmakers seek to attract more seasonal agricultural workers amid rising housing costs. The Senate Agriculture Committee on Tuesday unanimously approved a bill (SB 1082) that seeks to prevent cities and counties from “inhibiting” construction or installation of housing for workers on agricultural land. More from the News Service of Florida and WFTX.
6 new property insurance companies enter Florida market
The new year now means six new companies are ready to enter the state and start writing homeowners insurance policies, according to industry experts. “Very positive for the Florida insurance marketplace and consumers, because it will give homeowners a choice now on shopping for coverage,” Mark Friedlander, of the Insurance Information Institute, said. [Source: WPTV]
Florida theme parks creating more housing for employees
A large portion of Florida’s economy relies on tourism, especially as major Orlando-area theme parks including Universal Studios Florida and Walt Disney World. But the parks — which employ an estimated 110,000 people collectively — are also facing headwinds due to their employees’ struggles to afford housing, and now both NBCUniversal and The Walt Disney Company — owners of the major parks — are aiming to address it, according to reporting from Bloomberg. [Source: Housing Wire]
STAT OF THE WEEK
$1.225 million
A house donning a turret in fairy tale flair is up for sale by the man who helped his father build it. Listed for $1.225 million, it is clear from the outside the house has a little something special. [Source: USA Today]
$1.225 million
A house donning a turret in fairy tale flair is up for sale by the man who helped his father build it. Listed for $1.225 million, it is clear from the outside the house has a little something special. [Source: USA Today]
› Why are Pasco ‘luxury’ apartments getting affordable housing tax break?
Pasco County commissioners have found a new reason to dislike the state’s Live Local law, which was passed last year to boost the amount of affordable housing in Florida with tax breaks and other incentives. Not only can developers put apartments on land earmarked for industry and get a big property tax break, owners of existing apartment complexes can qualify as well.
› A home for $200,000? It’s possible when condo hunting in these South Florida areas
Budget-conscious buyers can still land a slice of paradise in South Florida under $200,000, good news in a market criticized for its affordability crisis. The only limitation? Shoppers have to go condo for the best deals. Broward County has the widest selection of homes under $200,000, according to sales data curated exclusively for the Miami Herald from Analytics Miami.
› Orlando has seen record apartment deliveries — but here’s why a shortage still may be looming
Metro Orlando saw a record volume of apartment deliveries in 2023 and has about 20,000 apartments under construction to start 2024, according to CoStar Group — so why are many industry insiders predicting an apartment shortage here within the next few years? Several veteran apartment brokers told Orlando Business Journal they anticipate a supply-and-demand imbalance in the region’s apartment sector as early as the end of this year.
› Northeast Florida housing markets in 2024: ‘A bit more stabilized’
If interest rates drop as predicted in 2024, Northeast Florida’s residential real estate market could see more sellers as well as buyers as both sides see greater incentive to do deals. Affordability will be another key factor as prices fluctuate. Northeast Florida Association of Realtors data shows the median price of a single-family home rose more than $23,000 from January through December 2023.
Previous Real Estate Updates:
