Home News Florida housing market most susceptible of a downturn in a recession | Florida Trend Real Estate – Florida Trend

Florida housing market most susceptible of a downturn in a recession | Florida Trend Real Estate – Florida Trend

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Florida housing market most vulnerable to recession

A new report from full-service real estate broker Redfin finds the housing market, which has seen a surge in popularity and home prices soaring during the coronavirus pandemic, most vulnerable to a housing downturn in the event of a recession. The housing market has already seen a “significant slowdown” this spring as higher mortgage rates forced many potential buyers out of the market.see more Space Coast Daily and the business observer.

Florida launches plan to temporarily keep homeowners’ insurance in case of downgraded ratings

Florida regulators Wednesday announced a temporary plan to help homeowners maintain coverage amid concerns that financial rating agencies could downgrade a number of property and casualty insurers. The plan includes the state’s Citizens Property Insurance Corp. acting as a financial backstop. Citizens play a reinsurance role, ensuring that claims are paid if private insurers become insolvent.more florida news serviceWhen wesh.

As ‘COVID refugees’ leave Florida, renters may start seeing price easing

A slowdown in the U.S. housing market in 2022 may have whittled away some of the trends that took hold in the first two years of the pandemic. This could be good news for Florida renters, whose apartment prices are skyrocketing due to the movement of his remote workers who wanted to set up shop in a more attractive location. [Source: Philly Voice]

Column: Should Real Estate Agents Sell Expensive Homes for More Money?

At the same commission rate, a real estate agent selling an $800,000 home would earn eight times as much as someone selling a $100,000 home. But does it take eight times as much effort to sell a more expensive property? Does it cost more to an agent to sell a more expensive home? Can you afford such a place? Is it more difficult to find buyers? Is your sales process taking longer? Need more paperwork? Are there any other rules or regulations that must be followed? [Source: Miami Herald]

Blue-collars on the brink: Working-class families are being pushed from apartments to homelessness

More working-class people are in what housing experts call “situational homelessness” as wages remain stagnant, rents soar and are being cut from the rental market. increase. Some people have to live away from their cars. He saves money a day or he two days a week at a motel, or stays in a 24-hour parking lot. Many South Florida renters have reported rent increases of $200 to $1,000 per month upon lease renewal, and over the past year rents have increased by over 20%. [Source: South Florida Sun-Sentinel]

This week’s stats
$300,000
The discreet five-bedroom home in Central Florida originally went public for $750,000 on May 12th. Two weeks later, the price dropped to $699,000. It dropped to $650,000 on June 15th. Exactly one month later, the agent pushed in all the chips and reduced the price to his $300,000. [Source: Realtor.com]

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› ‘This is not Dubai’: Critics question Fort Lauderdale’s push for high-rise towers
Critics fear 500-foot-tall sky-high towers could start popping up all over Fort Lauderdale. That could happen if a controversial proposal passes to raise the height limit to 500 feet on projects that get special zoning. It applies to the entire city, not just the skyscraper-friendly downtown.

› Plans to build a Florida “Innovation Park” next to Space Coast Airport
Nearly one million square feet of new industrial space is under construction next to the Brevard County spaceport. Key Group Holdings LLC will develop the first phase of the 50-acre Space Coast Innovation Park in Titusville. This is the beginning of a project that includes the development of 917,099 square feet of industrial space across nine of his buildings adjacent to Space Coast Regional Airport and Space Coast Air & Spaceport.

› Struggling to find affordable housing in Northeast Florida? These resources may help
Monthly spending continues to swell with inflation for most Jacksonville families, and despite various fixes, such as a proposed property tax rate cut, some families are now wondering how they are doing. Despite initiatives aimed at helping future homebuyers and efforts to advocate a freeze on rent increases, a solution is not forthcoming quickly enough. does not appear to be

› A large 747-unit residential development is planned for Delray Beach. Will it help drive growth outside of downtown?
Delray Beach’s Congress Avenue Corridor has long been a sleepy neighborhood of new development, but with the impending groundbreaking of a massive 43-acre mixed-use project with 747 residential units, that’s quickly changing. will change to Developers hope the project, Parks at Delray, will drive further growth and transform the area, just west of Interstate 95 and south of Linton Boulevard, into a thriving new hub. .

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