Florida’s real estate market has a split personality: What to know if you’re buying or selling in the Sunshine State

Florida’s housing market is a tale of two states. On the coast, condo prices are falling with residents being driven out by high insurance costs and assessment fees, while inland, the cost of single-family homes is holding steady. Local experts say this divergence is driven by soaring insurance premiums and rising assessment fees under new state regulations, which have significantly affected condo owners. [Source: Realtor.com]

Florida house named HGTV’s 2024 Dream Home is now for sale

Every year, television network HGTV hosts a “Dream Home” giveaway, and this time a waterfront Florida home was up for grabs. Marie Fratta, a teacher from New York’s Westchester County, won the pad (and a new Mercedes-Benz and $100K) three months ago, and now it appears she’s looking to get rid of it. [Source: Orlando Weekly]

This Florida city was hit hard when the 2008 housing bubble burst—now prices are falling again

While national aggregate home price indices are hovering around all-time highs, some regional housing markets in states like Florida, Texas, and Louisiana are experiencing home price corrections. This includes the Punta Gorda metro area in Southwest Florida. [Source: Fast Company]

Condo HOA fees jumped 60% in South Florida in past 5 years. Why higher costs are ahead

South Florida condo owners, burdened by spiraling insurance, repair bills and a new state law, saw their association fees shoot up nearly 60% over the past five years — driving some to consider difficult financial decisions to make their next HOA payment. [Source: Miami Herald]

Orlando home-purchase cancellations highest in country

Across the U.S., buyers are increasingly backing out of home purchases as prices rise and mortgage rates remain elevated. Orlando is seeing this trend play out in a more pronounced way than any other major market, with about 900 home-purchase agreements canceled in June, according to a report from Redfin. [Source: Orlando Business Journal]

ALSO TRENDING:

› South Florida real estate firm significantly grows Orlando presence [Orlando Business Journal]
KW Property Management & Consulting has added three new properties to its management portfolio in Central Florida totaling more than 1,600 units. The Miami-based firm has been contracted to oversee two condominium towers in downtown Orlando.

› It’s Ritz-Carlton vs. National as South Beach heavyweights battle over condo for billionaires [Miami Herald]
On Collins Avenue in South Beach, along a strip of jazzy historic mid-century high-rise hotels that have defined the city skyline for decades, two giants are going at it. And the outcome of their long-running battle could forever alter the look and feel of a landmark Miami Beach district that harks back to the city’s Golden Age. Whether that’s for the good for the future of highly popular but perennially troubled South Beach, or a harbinger of its continued erosion, is the gist of the dispute.

› Osceola joins movement to reject tax incentives for affordable housing [Orlando Sentinel]
Joining a growing list of municipalities across the state, Osceola County has decided to opt out of a program that uses tax incentives to boost affordable housing. The board of county commissioners voted swiftly and unanimously last week that Osceola will no longer provide property tax exemptions under Florida’s Live Local Act.

› Tampa reopens Rental and Move-in Assistance Program applications [WTSP]
The city of Tampa’s Rental and Move-in Assistance Program, or RMAP, is accepting new applications beginning Thursday, Aug. 8. The decision to re-open applications comes after significant rent increases in the Tampa housing market over the past few years.

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