Florida’s hot real estate market could weaken in the summer
Summer may finally be your chance to buy a home in the hot Florida real estate market. Competition for homes could ease, real estate agents said, as part-time residents head north and people go on vacation. The open days could have been less busy. Trade wars may subside. “Maybe at this time of year you are not fighting off five offers. You are fighting with maybe one or two, ”said real estate agent Linda Bright of Illustrated Properties in Palm Beach Gardens. [Source: South Florida Sun-Sentinel]
Homes in Central Florida for under $ 200,000? This can be done depending on where you are looking.
Average home prices in the area surpassed $ 315,000 last month, according to the Orlando Regional Association of Realtors, making many homes inaccessible to residents of the city, which is constantly at the bottom of wages. Finding a reasonably affordable home is still possible, according to ORRA President Natalie Arrowsmith, but buyers need to know where to look and be able to act quickly. [Source: Orlando Sentinel]
The updated federal flood maps will go into effect on 24 August.
Local government officials and insurance professionals are encouraging residents to check the revised federal flood insurance rate card, which takes effect August 24, to see how their property might be affected. An FEMA map update could cause residents to see a change in their flood zone or base flood height, or both, which could impact existing policies and premiums or require more homeowners who currently have no insurance flood to get coverage, said Pinellas County Floodplain Administrator Lisa Foster. [Source: Tampa Bay Times]
Experts say home buyers should rent out and ride out the housing boom; high prices set a record in June
Researchers urge Florida homebuyers to consider renting a home while they wait for the state’s overheated market to cool down as prices soared in South Florida in June. Statewide, homes are 21.76% overvalued, they said. creating the risk that buyers could be stuck in overpriced homes for a significant period of time until prices eventually decline. “The widespread increase in home insurance premiums across the state is very worrying,” said Ken H. Johnson, real estate economist and associate dean of Florida Atlantic University College of Business, in a report released Thursday. “Trees don’t grow to the skies, and neither do housing prices. [Source: South Florida Sun-Sentinel]
The South Florida property market’s reputation as a magnet for dirty money has been the subject of unwanted headlines around the world, from Venezuela to Russia. This reputation may have now caused a stir in the presidential palace in Ecuador. Guillermo Lasso, a businessman and banker who became the 47th President of Ecuador in May this year, is the subject of a report that analyzes his real estate transactions in the Sunshine State. [Source: The Real Deal]
›Davy Student Housing Complex Received USD 62 Million Compensation, Construction Loan
A student housing estate in Davy received a $ 62 million loan to refinance the completed portion of the project and help pay for the final phase of construction. According to Madison’s press release, University Pointe, 6250-6370 Griffin Road, received a loan from Madison Realty Capital, a New York-based company.
›Can you afford a new roof? Otherwise, you will not be able to find home insurance.
Tony Lilly cannot find a private insurance company willing to insure the home he bought last August because, he was told, at 16, the cement tile roof is too old. This is a problem that millions of Florida homeowners may soon face, thanks to the efforts of insurance companies to avoid paying for the skyrocketing number of roof replacements. Homeowners will have to shell out tens of thousands of dollars to replace their roofs – whether or not those roofs collapse – if they want to remain insured.
›Following $ 126 million in sales, the luxury tower developer is putting up penthouses for sale.
If you are looking for a new location and have some money to spare, a building is under construction in Tampa that may have what you are looking for. House in Hyde Park at 2103 Bayshore Blvd. has just put up two penthouses for sale in its 22-story tower. This 5,258 square foot apartment – Manor Residences – has four bedrooms, a den and five and a half bathrooms.
›Gulfstream Florida Insurance Company agrees to liquidate
Insurance company Gulfstream Property and Casualty Insurance Co. from Sarasota agreed to cease operations after becoming insolvent. In an order negotiated by Gulfstream late Thursday night, the Florida Insurance Regulatory Authority recommended that the state accept Gulfstream. Once approved, Gulfstream customers have 30 days to find new coverage.
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