Flood Insurance Rates of Over 1 Million Floridians Soar with New FEMA Program Coming into Force | Florida Trend Real Estate – Florida Trend


Flood insurance rates of over 1 million Floridians to rise as new FEMA program takes effect

Florida businesses and homeowners are seeing double-digit rate increases of up to 45% in property insurance premiums, with insurers citing rising reinsurance costs, the “creeping loss” from the 2017-18 hurricanes and coastal flooding among the factors driving up costs. But more than one million – at least – of the 1.729 million Florida properties covered by the National Flood Insurance Program (NFIP) will see further significant increases from next year in flood insurance rates according to the National Flood Insurance Program (NFIP). Federal Emergency Management Agency (FEMA) risk rating 2.0. program entered into force on Friday. [Source: The Center Square]

Purchased for $ 10.75 million, Al Capone’s Florida home goes into demolition

In 1928, Miami Beach, Florida was rocked by news that infamous gangster, Chicago crime boss Al Capone, had bought a house in Palm Island, one of the newest and most popular addresses. prestigious city. Capone continued to live there until his death in 1947, and his wife, Mae, kept the house until 1952. For decades, accounts of Capone’s connection to the house and Miami Beach have been part of the history of the city. However, the estate was recently purchased by a developer for $ 10.75 million, who will likely demolish it and replace it with a modern two-story house. [Source: SIlive]

People move to Central Florida just to be near Disney World

When Walt Disney announced in 1965 that he had chosen central Florida for his “Florida Project” which would ultimately be Walt Disney World, Florida’s population was 6.1 million people. Today, it’s over 21 million people. The population has tripled in size over the past 50 years, and it hasn’t stopped. So much so that there are entire real estate companies in Orlando that cater to people moving to Central Florida just to be close to Walt Disney World. [Source: Click Orlando]

International buyers return to Miami

Even during the international buying market slowed between April 2020 and March 2021, Florida attracted more foreign buyers than any other state for the 13th consecutive year, according to the National Association of Realtors’ 2021 profile on international transactions in the report on residential real estate in the United States. Some 22% of all homes purchased by international buyers in the United States during this period were in Florida. And now real estate agents are seeing more foreign buyers in Miami with vaccines available and traveling more easily, but not as much as in previous years. [Source: Mansion Global]

Can’t afford to buy? Homes Built For Renters Might Be What You’re Looking For

Florida has long been home to the suburban sprawl – the landscapes of nearly identical houses with emerald lawns are as typical of the state as its reptile-filled swamps. But a new kind of suburb is developing around Tampa Bay: those with new homes only for rent. Even though the housing market has an insatiable demand for homes for sale, a growing contingent of businesses are focusing on building constructed housing estates for rent for what they describe as an equally hungry clientele signing leases almost as quickly. that houses can be erected. . Plus the South Florida Sun-Sentinel and the Tampa Bay Times.

STAT OF THE WEEK
$ 480,000
After hitting a record $ 500,000 in July, the median price of a home in Palm Beach County fell for the first time in 18 months, according to a report released late last month by Broward, Palm Beaches & St. Lucie Realtors. In August, the median price of a single-family home was $ 480,000 – a 4% drop from July and the first drop since before the pandemic hit Florida in February 2019. [Source: Palm Beach Post]

TREND ALSO:

›A constant demand from buyers still present at Bonita Springs & Estero
According to Bonita Springs-Estero REALTORS® (BER), August 2021 continued on the same trajectory as last month, notably with reduced stocks. While August 2021 did not see the “frenzy” of buyers from early to mid 2021, the market still shows constant interest and demand from buyers.

›How Julio Iglesias used shell companies to build, hide his real estate empire
You may know Julio Iglesias as a Latin globetrotter lover, or Julio Iglesias the multilingual crooner of romantic ballads. But do you know Julio Iglesias, the Miami real estate mogul? The Spaniard has owned a home in greater Miami for decades and is a celebrity still drawing crowds in South Florida and throughout Latin America.

›Historic complex sold to three companies, two of which have ties to Florida
South Seas Island Resort, a historic Florida tourist destination dating back to 1946, was sold to a group of companies with predominantly local ties for an undisclosed amount. The three companies – Timbers Co., Wheelock Street Capital and The Ronto Group – that bought the 330-acre resort come from three different, but similar worlds, and are uniquely positioned to make changes to the 75-year-old property.

›KKR sells Boynton Beach warehouses to Oxford Properties for $ 16 million
In separate purchases, a multinational real estate investment firm based in Toronto acquired two warehouses in Boynton Beach for a combined amount of $ 15.5 million. Subsidiaries of the Oxford Properties Group, headed by Company President Michael Turner, purchased the properties at 6600 and 7700 High Ridge Road for $ 7.3 million and $ 8.2 million, respectively.

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