S
ales of older multifamily complexes in Florida have slowed due to updated building codes. According to a report by Trepp, the evolution of building codes after Hurricane Andrew in 1992 and updates following the Champlain Tower collapse in 2021 have led to a decrease in sales volume for properties built before 1992.
Many Quebec snowbirds living in Florida are listing their properties for sale due to high costs and a weak Canadian dollar. The value of the Canadian dollar has dropped to around $0.70 US, making it a favorable exchange rate for some.
Proposed insurance law changes in the Florida Legislature include "citizens insurance for all," closing loopholes for bad-faith claims, and creating an insurance advisory council. These proposals will be scrutinized during the spring legislative session.
The real estate frenzy sparked by the pandemic continues, but at a slower pace. Buyers are competing for affordable properties, driving up prices. However, some areas in Florida still see price jumps compared to last year.
A $285 million megamansion in Manalapan is poised to become the most expensive home ever sold in the US. The waterfront property has hit the market with Nick Malinosky of Douglas Elliman.
Statewide closed sales of existing single-family homes totaled 252,688 at the end of 2024, down 1.9% from last year's level. In Northeast Florida, home availability rose in 2024, but prices increased by 3.9%.
South Florida had the 14th highest foreclosure rate last year, with one out of 247 housing units under foreclosure. A study found that Palm Beach County needs over 200,000 new homes and rental apartments to address affordable-housing demands.
A 100-unit affordable housing development in South Tampa will open soon, featuring units for those making between 30% and 80% of the area median income.
