Florida Real Estate Market Update: Diverse Trends and Challenges

• Alternative home insurance options, such as dwelling/fire policies, are gaining popularity in Florida, offering lower premiums but potentially higher risks compared to traditional all-perils coverage.

• Florida’s population growth has slowed significantly, impacting the housing market; while net migration remains positive, the influx of new residents has decreased substantially, putting pressure on home prices.

• Southwest Florida’s commercial real estate sector saw significant growth in industrial deals last year, although the overall market shows signs of softening in retail and office sectors.

• Hundreds of South Florida condos are now on a secret mortgage blacklist maintained by Fannie Mae, making it difficult for owners to sell or obtain loans for necessary repairs, particularly given new safety regulations.

• While a proposed permanent reduction in Florida’s sales tax was approved, offering potential property tax relief, plans for $1000 property tax rebates remain uncertain; meanwhile, various other Florida real estate markets face challenges including high rental competition, stricter vacation rental regulations, and new apartment developments. For more information click here.