Florida house prices slashed by 1 in 4 sellers
Florida homeowners are slashing the price of their properties in the hope of attracting hesitant buyers, with one in four sellers having cut their initial asking price, according to data available on Zillow. As of Friday morning, there were 224,036 properties listed for sale on the online real estate marketplace, including single- and multi-family homes, townhomes, apartments, condos and lots. Of those, 52,469 had a price reduction. [Source: Newsweek]
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» Florida is home to the fastest-cooling housing markets in the US
Could this developer’s hurricane resistant housing save Florida real estate?
What’s the first thing that comes to mind when you think of a hurricane slamming into a new real estate development on the Florida coast? Your assumption would be perfectly reasonable if you envision total devastation and multimillion-dollar hurricane claims. However, an 86-unit community called Hunters Point in Cortez, Florida was built to defy those expectations. [Source: Yahoo Finance]
Yes, new Florida law places limits on reasons HOAs can fine you
Homeowners’ associations oversee everything from what your yard or house can look like, to parking and noise. Florida has more HOAs than any state in the country, other than California. Roughly 45% of Floridians live in communities with an HOA which requires average payments ranging from $100 to $500 each month. [Source: WTSP]
DeSantis signs condo bill. Some unit owners are threatening to sue.
Gov. Ron DeSantis on Friday quietly signed a controversial condominium bill into law that unit owners are already threatening to sue over if lawmakers don’t fix certain provisions next legislative session. The 154-page bill, HB 1021, is largely about creating more accountability for condominium homeowner associations and managers. But tacked on late in the process this year were other provisions from a different bill that gave developers more control over common areas in mixed-use buildings where, for instance, residential units share the premises with a hotel. The bill will become law on July 1. [Source: Tampa Bay Times]
Report: Trouble lurks for big banks with big CRE loan overexposure
A new report from the Banking Initiative at Florida Atlantic University on the nation’s largest banks found 67 are at risk of failure due to high commercial real estate loan exposure. Many commercial real estate loans are coming due in the next three years, says the report, which will take place in a much higher interest rate environment. [Source: Business Observer]
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If you’ve been dreaming of owning a Spanish-style home without the hassle of actually uprooting to Spain, you might be in luck. A massive Florida property that fits the bill is on the market for a cool $19 million. La Hacienda Del Cielo in Dade City, near Tampa, sits on a whopping 200 acres of land. [Source: Yahoo]
› Cape Coral pauses foreclosure prevention program due to ‘overwhelming’ demand
The city of Cape Coral has stopped taking applications for help paying late mortgages due to an “overwhelming” amount of applicants. The city is pausing applications after announcing the program two weeks ago. The city said that it was too early to tell them if they would re-open the application process.
› Volusia County property values increase 7%, total value hits $100 billion
In Volusia County, property values have reached an all-time high, with overall property value topping $100 billion for the first time in county history, according to new data from the Volusia County Property Appraiser’s Office. In the new report, which is based on preliminary numbers from the past year, data shows that property value has increased by an average of 7% across the county.
› Catastrophic South Florida flooding puts kibosh on real estate showings, closings
Epic rain and flooding disrupted South Florida’s luxury real estate market this week, with agents forced to delay showings and closings. Seemingly endless downpours made roads extremely treacherous in South Florida, where total rainfall since Tuesday reached more than 20 inches in some areas, according to the National Weather Service. Parts of I-95 as well as other streets were shut down on Wednesday, and hundreds if not thousands of cars were abandoned, stranded on roadways.
› Pinnacle raises $50 million to build workforce housing development
Pinnacle secured a $50 million finance package to add workforce housing units to the 22-acre Old Cutler Village Apartments complex near Cutler Bay, Fla. The addition, called Old Cutler Village Phase 2, is a five-story building with 120 workforce units in an unincorporated part of Miami-Dade County.
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