Florida is starting to lose homeowners to high insurance premiums
The allure of sunshine, low taxes and low home prices have drawn people to Florida for decades, but high insurance premiums are starting to change that trend. The U.S. Census Bureau shows that about 276,000 people left Florida in 2022, and skyrocketing insurance premiums are believed to be the reason for many of the departures. The study found that most former Florida residents stayed in the Sun Belt, moving to North Carolina, Georgia, Tennessee and Texas. Those states offer similar benefits to Florida in terms of low housing costs and tax rates. What they also have in common is that they are not currently experiencing the insurance rate crisis that has gripped Florida over the past few years. [Source: Yahoo]
What the $2 Million Realtor Lawsuit Means for Home Buyers and Sellers
An October jury’s verdict against the nation’s largest home-trade organization could have serious implications for anyone looking to buy or sell a home. The class action – Sitzer v. National Association of Realtors – alleged that NAR, Keller Williams Realty, Anywhere Real Estate (formerly known as Realogy), RE/MAX and HomeServices of America ( all major real estate brokers) agreed. artificially inflate agents’ commissions; [Source: U.S. News]
Construction begins on the $220 million Sarasota Cancer Center
Sarasota Memorial Hospital debuted a new cancer pavilion last week. The seven-story, $220 million building is being built on Valdemer Street across from the hospital’s oncology tower, which is slated to open in 2021. According to SMH, the 200,000-square-foot facility will “support an entire continuum of cancer care; from prevention, screening and diagnosis to treatment, clinical trials, survivorship care and lifelong support” in the community. Offerings will include diagnostic imaging suites with CT and MRI technology, medical, surgical and radiation oncology physician practices, integrative care clinics; and an expanded breast health center with mammography, ultrasound, stereotactic and nuclear medicine technology. [Source: Business Observer]
Florida retirees. Could the new property law make it impossible to buy your dream home?
Florida consistently ranks as a top destination for retirees because of its sunny climate, tax-free retirement benefits, easy access to health care, and no inheritance or estate taxes. These benefits attract not only US seniors, but also retirees from around the world, many of whom are drawn to Florida’s cultural and ethnic diversity. But for seniors in some countries, retirement in Florida may be a problem going forward because of a new home ownership law that bars some foreign nationals from buying homes and other real estate in the state. Seven countries are covered by the law: China, Cuba, Iran, North Korea, Russia, Syria and Venezuela. [Source: Yahoo]
Amazon is delaying the opening of its largest distribution center in South Florida
Amazon is pushing back the opening of a 1M SF distribution center in Homestead, citing macroeconomic issues it says have affected its entire warehouse network. The Miami-Dade County Commission unanimously approved a resolution allowing the e-commerce giant a 12-month extension to a distribution center at 13200 Southwest 272nd Avenue south of Miami. [Source: Bisnow]
ALSO A TREND.
› In Tampa Bay, families are cramming themselves into motels to escape life on the streets
Not so much homeless, but stuck in transition, working families like Jennifer Spencer’s are trapped in housing purgatory. From the second-floor porch of the Palm Harbor Inn, Jennifer Spencer leaned back in a folding chair and watched her 5-year-old granddaughter drive a stick into a sun-dried cockroach. “Again!” Jennifer gasped. “Really?” Crouching down on two bare, dirty feet, Ellie dipped her nose into the concrete. Her brown curls hung over her face, but the nursery kept the surgeon’s attention. Here on the passageway outside of Room 218, there were plenty of pest patients to deal with.
› Codina lands $115 million from Goldman Sachs for luxury rental in Coral Gables
Codina Partners has secured $115 million from Goldman Sachs ( GS ) to build a luxury rental project in Coral Gables, Fla., the developer announced Wednesday. The 18-story development, called Regency Parc, is planned for 124 units at 2601 Salzedo St., at the corner of Valencia Ave., about three blocks south of Coral Way. The Coral Gables-based developer purchased the 1.75-acre site for $16.7 million in 2021, according to property records.
› 5 Harsh Realities of Home Ownership in Florida
Florida has become one of the hottest states in the country with its sleepy beach towns and retirement communities. In the migration frenzy caused by the pandemic, people flocked to Florida in search of lower housing costs and year-round weather. In 2022, Florida was named the nation’s fastest-growing state, a designation it has not held since 1957.
› Axiom arranges $2.1 million in financing for industrial property on Florida’s Space Coast
Axiom Capital arranged a $2.1 million loan to acquire an industrial property located 1.5 miles off I-95 in Melbourne, Florida’s Space Coast. Built in 1998 on 4.2 acres, the 30,000-square-foot space has 18- to 20-foot ceiling heights, two port doors, three front doors and 101 car parking spaces. The borrower has not been identified.
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