LOCAL INFO • Market Updates • November 30, 2023

Sarasota-Manatee Housing Inventory Climbs to its Highest Point for 2023

by Gina Larouche

Housing inventory in both Sarasota County and Manatee County is on the rise, marking the highest number of listings reported this year in October. The latest data, sourced from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), indicates an uptick in home sales and an influx of new listings added to the market.

Combined sales for both property types in the North Port-Sarasota-Bradenton MSA increased year-over-year by 4.3 percent to 1,608 sales in October. In Manatee County, single-family home sales increased by 6.5 percent to 609 sales and condo sales increased by 7.5 percent to 215 sales. In Sarasota County, single-family home sales increased by 3.5 percent to 538 sales, while condo sales decreased by 1.6 percent to 246 sales. When compared to the previous month, there were 9.2 percent fewer home sales in October than in September of 2023.

“Compared to the rest of the country where home sales are declining in most markets, our housing market is telling a different story,” Brian Tresidder, 2023 RASM President and Vice President of Operations at William Raveis Real Estate. “This month’s data showcases an increase in sales, a rise in new listings, a leveling of the time from listing to contract, and strong inventory growth – all signs that point toward a more balanced market in our future.”

In October, median sale prices increased year-over-year for condos but decreased for single-family homes. The median price for Sarasota condos increased by 10.3 percent from last year to the highest recorded price in 2023 at $426,500, while the condo price in Manatee County increased by only 0.4 percent from last year to $370,000.

Median sale prices for single-family homes experienced the largest year-over-year percentage decrease for both counties so far this year. In Manatee County, the median sale price for single-family homes decreased by 12.8 percent, settling at $479,000, while Sarasota County saw a 3.3 percent decrease, bringing the price to $520,000 in October.

The month’s supply of inventory reached a new high for 2023, surpassing any other month thus far, and in some markets, it hasn’t been this high since 2020. For single-family homes, the month’s supply of inventory in Sarasota increased year-over-year by 77.3 percent to a 3.9-month supply and increased by 17.9 percent to a 3.3-month supply in Manatee County. Sarasota condos increased by 144.4 percent to a 4.4-month supply, and Manatee condos increased by 65.2 percent to a 3.8-month supply.

“Inventory has been on this steady increase since 2022, and while we’ve hit the highest it’s been all year, it’s still not quite back to pre-pandemic levels,” added Tresidder. “The good news is that we’ve been trending upward and we’re getting closer to the benchmark for a balanced market, which is a 5.5-month supply.”

The inventory of active listings is at its highest for the year with 6,710 active listings in the MSA at the end of October, a 46.9 percent increase from the same time last year and a 14 percent increase from the month prior. Across the two-county region, single-family home inventory increased by 32.8 percent to 4,418 active listings, and condo inventory increased by 84.7 percent to 2,292 listings.

New listings continue to rise this month, showing the highest year-over-year percentage growth for 2023 in October. At the end of the month, there were 2,614 new listings combined for both single-family homes and condos in the MSA, an 18.1 percent increase when compared to the previous month and a 46.3 percent increase when compared to the previous year. Broken down for each property type, there were 1,763 new listings for single-family homes and 851 new listings for condos in Sarasota and Manatee.

Another sign of the market’s return to pre-pandemic activity is the median time from listing date to contract date, with the shrinking year-over-year percentage gains each month. Single-family homes in Sarasota and Manatee counties went under contract within a median of 29 days, a year-over-year increase of 45 percent in Sarasota and 20.8 percent in Manatee. For condos, the median time to contract was 32 days for Sarasota and 30 days for Manatee, an increase of 14.3 percent and 36.4 percent respectively.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

Market Updates • November 21, 2023

October 2023 – Sarasota and Manatee Real Estate Report

by Gina Larouche

Sarasota-Manatee Housing Inventory Climbs to its Highest Point for 2023
SARASOTA, Fla. (November 21, 2023) – Housing inventory in both Sarasota County and Manatee County is on the rise, marking the highest number of listings reported this year in October.

“Compared to the rest of the country where home sales are declining in most markets, our housing market is telling a different story. This month’s data showcases an increase in sales, a rise in new listings, a leveling of the time from listing to contract, and strong inventory growth – all signs that point toward a more balanced market in our future.” says Brian Tresidder, 2023 RASM President. “Inventory has been on this steady increase since 2022, and while we’ve hit the highest it’s been all year, it’s still not quite back to pre-pandemic levels,” added Tresidder. “The good news is that we’ve beentrending upward and we’re getting closer to the benchmark for a balanced market, which is a 5.5-month supply.”

source: The latest data, from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee indicates an uptick in home sales and an influx of new listings added to the market.

LOCAL INFO • Market Updates • November 6, 2023

SEPTEMBER 2023 HOME SALES INCREASE FROM LAST YEAR’S HURRICANE

by Gina Larouche

Posted by: Communications Department on Thursday, October 19, 2023

Amidst the lingering impacts of Hurricane Ian’s disruption to Florida’s housing market last September, the latest data from Florida REALTORS® paints a contrasting picture for September 2023. While closed sales registered an unusually high year-over-year growth, median prices stayed relatively stable.

September-2023-Press-Release-and-Statistics

Market Updates • August 13, 2023

Sarasota Is the Country’s Second Most Popular Relocation Destination

by Gina Larouche

PODS, the portable moving company, recently shared its top 20 list of cities people are moving to. Sarasota is No. 2.

By Kim Doleatto July 13, 2023

Sarasota still tops PODS’ list as one of the most moved-to cities in the country. The portable moving and storage-solutions company recently released its third-annual relocation trends report, which analyzes consumer movements throughout the past 15 months and highlights what’s behind the trends.

Myrtle Beach, SC, and Wilmington, NC—which are listed as one metro area in the report—were No. 1 on the list after placing sixth last year. Sarasota came in second—a drop from its No. 1 spot last in the 2022 report—with Orlando, Ocala, and Houston, TX, following closely behind.

This is the second year in a row that southeastern states have seen a larger influx of residents compared to any other region in the country, with more than 80 percent of the destinations on the list located in the south. Florida saw the largest increase in new residents, with six different Florida areas earning a spot on the list.

But one major caveat surfaced: South Florida placed fifth place on PODS’ “Cities With the Highest Number of Move-Outs” list due to a rising cost of living, with the Miami metro area often cited as the least-affordable area countrywide when the cost of living and median income are considered.

The report pointed to economics as the largest factor behind consumers’ decisions to move, plus the absence of a state tax, warmer year-round weather and more affordable housing prices compared to larger metros. This differs from the 2022 report, in which people were most influenced by remote work opportunities and living closer to friends and family.

PODS’ 2023 List of Cities With the Highest Move-Ins

2022 rankings are in parentheses

Myrtle Beach, SC/Wilmington, NC (6)
Sarasota, FL (1)
Orlando, FL (9)
Ocala, FL (5)
Houston, TX (12)
Dallas-Fort Worth, TX (2)
Knoxville, TN (7)
Jacksonville, FL (11)
Tampa Bay, FL (4)
Greenville-Spartanburg, SC (14)
Nashville, TN (3)
Melbourne, FL (15)
Portland, ME (20)
San Antonio, TX (13)
Boise, ID (19)
Charlotte, NC (18)
Asheville, NC (17)
Phoenix, AZ (10)
Savannah, GA
Raleigh, NC

*Source: Where Are People Moving to in 2023? An Inside Look at This Year’s Moving Trends from PODS

Market Updates • August 13, 2023

July 2023 RASM Stats for Sarasota & Manatee

by Gina Larouche

“Buyers are facing a trifecta: historically low inventory, home prices that have risen for over a decade, and higher interest rates today than a year ago.”

Jessica Lautz, NAR’s Deputy Chief Economist and Vice-President of Research

JUNE HOME SALES INCREASE IN NORTH PORT-SARASOTA-BRADENTON MSA

Home sales in Manatee County have increased year-over-year for the second consecutive month in June of 2023. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), closed sales are up this month, new listings are down, and home values have stayed higher overall when compared to the same time last year.

REALTORS® in the North Port-Sarasota-Bradenton MSA participated in 2,206 sales in June (combined for single-family homes and condos), a year-over-year increase of 5.7 percent. Compared to last month, closed sales decreased by a combined 8.9 percent for both property types in the MSA.

In Manatee County, single-family home sales increased year-over-year by 17.7 percent to 759 sales, and condo sales increased by 12.1 percent to 297 sales. In Sarasota County, single-family sales decreased by 4.1 percent to 769 sales, while condo sales increased year-over-year by 1.3 percent to 381 sales

“The residential market in Manatee County continues to thrive with two back-to-back months of increased sales over the last year, indicating strong buyer activity and market resilience,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager at William Raveis Real Estate. “The real estate market in Sarasota County remains dynamic, with single-family sales experiencing a decline compared to 2022. Nevertheless, June sales point to more balance, slowly narrowing the gap with last year’s figures and reaffirming the region’s market strength.”

Pending sales, or the number of homes that went under contract last month, increased for both property types in Manatee County but decreased in Sarasota County when compared to last year. For single-family homes, pending sales increased year-over-year by 8.3 percent in Manatee and decreased by 3.6 percent in Sarasota. In the condo market, pending sales increased by 31.3 percent in Manatee and decreased by 4.5 percent in Sarasota.

The median sale price reported in the MSA is down compared to the same month in 2022. Single-family home prices in Manatee County decreased year-over-year by 4.5 percent to $525,000 and increased by 4.5 percent to $522,500 in Sarasota County. Condo prices increased by 3.8 percent to $370,000 in Manatee and decreased by 6.3 percent to $390,000 in Sarasota. Single-family homes sold at a higher median price in June than in May of this year, while condos sold at a lower price in June when compared to the previous month.

The month’s supply of inventory continues to show a year-over-year increase this month. In Manatee County, single-family home supply increased by 55.6 percent to a 2.8-month supply and condo supply increased by 126.7 percent to a 3.4-month supply. In Sarasota County, there was a 3.2-month supply for single-family homes and a 3.5-month supply for condos, a year-over-year increase of 88.2 percent and 133.3 percent respectively. This is the third consecutive month with Manatee condos at a 3.5-month supply and the second consecutive month with Sarasota condos at a 3.4-month supply.

“With a home supply of around three months, our market continues with more favorable conditions for sellers than for buyers,” said Tresidder. “The decline in new listings within the two counties further contributes to the prevalence of a seller’s market. It is typical for our area to see a decline in new listings around this time of year before the market experiences more activity heading into fall and further into spring.”

At the end of June, there were 2,295 new listings combined for both property types in the North Port-Sarasota-Bradenton MSA, a decrease of 21.8 percent from last year and a less-than-one-percent decrease from May of this year. Broken down for each property type, there were 1,611 new listings for single-family homes and 684 new listings for condos, representing a year-over-year decrease of 24.1 percent and 15.8 percent respectively.

As for inventory, there were 5,386 active listings combined for both property types in the North Port-Sarasota-Bradenton MSA, a 51.6 percent increase from the same time last year and a 3.7 percent increase when compared to last month. Across the two-county region, there were 3,545 active listings reported for single-family homes and 1,841 listings reported in the condo market at the end of June.

The median number of days from the listing date to contract date has significantly increased from the previous year in June. Manatee County single-family homes went under contract within a median of 37 days, a 516.7 percent increase from last year. For Manatee condos, the median time to contract was 34 days, an increase of 385.7 percent. In Sarasota, the median time to contract for single-family homes increased year-over-year by 228.6 percent to 23 days and increased by 400 percent to 35 days in the condo market.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

LOCAL INFO • August 8, 2023

Why Focus on Radon? It Can Lead to Cancer

by Gina Larouche

For many buyers, radon is a contract detail or something noted during an inspection. But a large number of buyers don’t know what radon is or what it does.

SARASOTA, Fla. – Dear Doctors: Would you please address radon gas? I’ve spent 40 years in real estate sales here in Florida, and while radon is noted in inspections, most buyers don’t realize it’s dangerous.

Any information about the health risks, and how to protect yourself, could help a lot of people.

Dear Reader: Thank you for bringing up an important topic. You’re correct that radon is not well recognized as a potential health threat. And yet, according to the U.S. Environmental Protection Agency, it’s a leading cause of lung cancer in this country, second only to smoking.

Radon is a clear and colorless radioactive gas. It forms as the radioactive particles that are present in virtually every type of soil, rock and groundwater go through a slow and complex process of decay. Over time, long-term or repeated exposure is linked to an increased risk of lung cancer.

Radon gas can be present in any structure of any age, and in any region. The primary entry point is via cracks and fissures in a building’s foundation. Buildings with basements, which sit below ground level, are more likely to be affected by radon. This is due to their proximity to the soil and porous building materials, which make it easier for the gas to enter.

The pressure differential between the inside and outside of the home also plays a role. The lower pressure indoors acts like a vacuum and draws radon into the house. Natural air currents, plus heating and cooling systems, further disperse the gas.

When you breathe, radon gas in the environment enters the lungs. Radioactive particles, which emit low-level energy as they decay, can get trapped in the tissues. Over time, these bursts of energy can cause the cellular changes that lead to lung cancer.

The risk of cancer is higher for people who smoke. Data show that a smoker who is regularly exposed to radon in the environment has up to 10 times the risk of developing lung cancer than a nonsmoker who undergoes the same level of exposure.

For most of us, the most likely site of radon exposure is our home. Fortunately, simple and affordable detection tests are available online and from home-improvement and hardware stores. The test is put into place for either a few days or a few months and then mailed to a lab for analysis. The EPA recommends testing the basement, first floor and second floor of all homes. This includes newly built and so-called radon-resistant homes.

When radon is found, mitigation is necessary. Your state radon office or the EPA can provide information about qualified specialists to remove existing radon and put reduction measures in place. Even with radon-reduction systems, homes should be tested every two years, no matter their age. It’s also helpful to increase air circulation in the home, and to seal any cracks in the floors or walls.

The EPA website has a library of useful information about radon gas prevention and mitigation. Go to epa.gov and type “radon” into the search box at the top of the page.

© Copyright 2023 Herald-Standard (Uniontown PA), All Rights Reserved. Eve Glazier, M.D., MBA, is an internist and associate professor of medicine at UCLA Health. Elizabeth Ko, M.D., is an internist and assistant professor of medicine at UCLA Health.

LOCAL INFO • August 8, 2023

20 Ways to Save Money on Homeowners’ Insurance

by Gina Larouche

By Hillard Grossman

Most money-saving tips have a secondary side effect, such as increasing out-of-pocket costs after a disaster or no coverage at all for something you may need.

MIAMI – Living in a Barbie’s World is getting more challenging as homeowners’ insurance rates soar. But, there are ways you might be able to keep those costs grounded – at a risk, of course.

According to the Insurance Information Institute, Florida homeowners could see their property insurance rates jump by 40% in 2023. NerdWallet reports the average cost for home insurance in Florida is $2,385 in July or about $199 a month.

Examining several sources and speaking to property owners and those familiar with insurance regulations, we came up with 20 ways homeowners could save on those rising premiums.

In no particular order (and only if the mortgage company does not have restrictions on adjusting the policy):

1. Raise your deductible: Most insurance companies reportedly recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25%. If you have a $1,000 deductible, you could save an average of 11% a year by increasing it to $2,500, according to NerdWallet’s rate analysis.

2. Drop non-essential coverage: Outside walls, gazebos, sheds, and fences often are add-ons to the standard policy, costing you more each year. Save that money for a rainy day.

3. Don’t make small claims: Some insurers offer discounts if you remain claim-free for a certain period of time, usually a few years. According to a NerdWallet analysis, a wind damage claim raises your annual insurance cost by about 9%, so something minor, such as screens or a window, could be repaired for less.

4. Shop wisely: Douglas Heller, director of insurance for the Consumer Federation of America, recommends researching home insurance prices three ways: online, with an agent at a brand-name company, and through an independent agent (or broker) that represents several insurers. You can obtain information about insurance companies through the National Association of Insurance Commissioners.

5. Reinforce your property: Installing storm-resistant shutters, impact-resistant windows, and roof straps are all best precaution measures. But, unless the entire (or bulk of, in some cases) mitigation list from your insurer is checked off, such as not having an upgraded garage door, the discount won’t apply.

6. Bundle your insurance: Did you know that bundling auto and home with the same company can save you 5% to 15% on your homeowners’ premium? It doesn’t hurt to try.

7. Erase the sinkhole coverage: If your plan includes sinkhole coverage, and you’re not in a designated location for sinkholes, your insurance company should allow you to drop it. That, alone, can save hundreds of dollars.

8. Remain with the same insurer: Loyal customers can often get a 5% or even 10% discount, based on the years they’ve been insured with the same company. But keep comparing!

9. Ask for discounts: Are you a non-smoker? According to a report from Coastal Insurance, many companies are required to offer discounts to clients when they request them but might need to be more upfront about it. Paperless billing, auto-pay, or even teachers or firefighters, might rate a discount. If you’re at least 55 years old and retired, you may qualify for a discount of up to 10% at some companies, according to the Insurance Information Institute.

10. Know what you’re getting: Heller says to shop with insurers protected by a state guaranty fund, which pays out claims if the company is insolvent, and find the ones that offer replacement cost policies rather than on depreciated value or actual cash value (e.g., a 15-year-old roof) of the damaged property.

11. Make your home more secure: Smoke detectors, burglar alarms, or deadbolt locks could earn you a 5% discount, says Mark Friedlander, spokesperson for the Insurance Information Institute. He said you might save as much as 15% to 20% if you have a comprehensive sprinkler system and an actively monitored fire and burglar alarm.

12. Remember the inside: By upgrading your electrical, plumbing and air/heat appliances to lessen the risk of water and fire damage, especially if they are less than 10 years old, you wouldn’t be paying more for insurance. Also, keep an eye on how much the home’s contents are worth insuring – you could save here.

13. Leave out the land: Coastal recommends leaving out the value of the land when assessing the insurance you need since it cannot be endangered by windstorms or theft, or other perils defined in your policy (well, except the sinkholes!).

14. Build your credit score: More and more insurers are using credit data to set prices for policies, but most states require the insurer to advise the client so that they can make sure the data used is accurate. The best advice ever: Pay your bills promptly. Do not apply for more credit than needed, and maintain a low balance.

Believe it or not, someone with poor credit could pay 94% more for homeowners insurance than someone with good credit, on average, according to NerdWallet’s rate analysis.

15. Get rid of “high-risk” stuff: Trampolines, diving boards and playground equipment add to the liability risk, where someone could get hurt. Trees that could fall onto the house also should be trimmed. Removing these could save on your policy.

16. Install leak and temperature detectors: Insurance companies can reduce your rates by 5% when you install temperature and leak detection systems to help detect a broken water heater or pipe, saving thousands in the long run.

17. Private insurance or government?: If you live in an area vulnerable to coastal storms, for example, and you’re under a government plan such as Citizens, it could be less expensive to go to a private company. The advice from the Insurance Information Institute is to contact an insurance agent or broker, or even ask the State Department of Insurance (by e-mail) for names of companies that might want your business.

18. Buyer beware: Did you know you might pay less for insurance if you buy a house close to a fire hydrant or in a community with a professional, rather than a volunteer, fire department? If you live in the East, consider a brick home because it’s more wind resistant. Check the CLUE (Comprehensive Loss Underwriting Exchange) report of the home you are considering buying (although they will ask personal questions). But it could save you 5-15%.

Hot tubs, pools, and even certain dogs can add to the liability protection costs. And, if the property is in a flood-prone or earthquake-prone area, you’ll have to shell out extra insurance for that, too.

19. Review your policy: It’s always a good idea to annually review the value listed on your policy (usually called Dwelling Limit or Coverage A) in a face-to-face meeting with your insurer. You’d be surprised after hearing, “What if we …”

20. Don’t drop coverage to save money: NerdWallet does not recommend cutting coverage because if disaster strikes, “you’ll be left footing the bill when it’s time to rebuild your home and replace lost belongings.” Instead, analysts say, try getting quotes from private insurance companies. You may find a cheaper option.

And that’s what we all want.

Sources: NerdWallet.com; USA Today; Coastal Insurance; Insurance Information Institute; DIY Round Table.

Market Updates • August 6, 2023

NAR’s 2023 International Sales Report: 23% in Fla – JULY 2023

by Gina Larouche

NAR’s 2023 International Sales Report: 23% in Fla.

By Kerry Smith

https://www.ancestry.com/family-tree/person/tree/5343825/person/212495814034/facts

International buyers face the same challenges as domestic buyers: Transactions were down 9.6% year-to-year, and the number of homes sold (84.6K) declined 14.2%.

WASHINGTON – From April 2022 through March 2023, foreign buyers purchased $53.3 billion worth of U.S. existing homes – 9.6% less than the previous 12-month period, according to the National Association of Realtors® (NAR). They bought 84,600 properties, down 14.2% year-to-year and the fewest number of purchases since 2009, when NAR began tracking international-buyer data.

Still, foreign purchases didn’t fall as much as existing home sales, which were down 17.8% from 2021.

“Sharply lower housing inventory in the U.S. and higher borrowing costs across the world have dented international buyers for two straight years,” says NAR Chief Economist Lawrence Yun. “However, recovering international travel following the end of the pandemic will bring more foreign transactions in coming months and years.”

NAR’s 2023 Profile of International Transactions in U.S. Residential Real Estate surveyed Realtor members about transactions with international clients who purchased and sold U.S. residential property from April 2022 through March 2023:

Foreign buyers residing in the U.S. as recent immigrants or holding visas that allowed them to live in the U.S. purchased $23.4 billion worth of U.S. existing homes, a 31.4% decrease from the prior year and 44% of the dollar volume of purchases.
Foreign buyers who lived abroad purchased $29.9 billion worth of existing homes, up 20% from the 12 months prior and accounting for 56% of the dollar volume. International buyers accounted for 2.3% of the $2.3 trillion in existing-home sales during that period.

The average ($639,900) and median ($396,400) existing-home sales prices among international buyers were the highest ever recorded by NAR – and 7% and 8.3% higher, respectively, compared to the previous year. The increase in prices for foreign buyers reflects the increase in U.S. home prices, as the median sales price for all U.S. existing homes was $384,200.

At $1.23 million, Chinese buyers had the highest average purchase price, with a third – 33% – purchasing property in California. In total, 15% of foreign buyers purchased properties worth more than $1 million from April 2022 to March 2023.

China and Canada remained first and second in U.S. residential sales dollar volume at $13.6 billion and $6.6 billion, respectively, continuing a trend going back to 2013. Mexico ($4.2 billion), India ($3.4 billion) and Colombia ($0.9 billion) rounded out the top five.

Top foreign buyers

China (13% of foreign buyers, $13.6 B)
Mexico (11% of foreign buyers, $4.2 B)
Canada (10% of foreign buyers, $6.6 B)
India (7% of foreign buyers, $3.4 B)
Colombia (3% of foreign buyers, $0.9 B)

“Home purchases from Chinese buyers increased after China relaxed the world’s strictest pandemic lockdown policy, while buyers from India were helped by the country’s strong GDP growth,” Yun says. “A stronger Mexican peso against the U.S. dollar likely contributed to the rise in sales from Mexican buyers.”

Florida still top state for international transactions

For the 15th consecutive year, Florida remained the top destination for foreign buyers, accounting for 23% of all international purchases.

Florida (23%)
California (12%)
Texas (12%)
North Carolina (4%)
Arizona (4%)

“Florida, Texas and Arizona continue to attract foreign buyers despite the hot weather conditions during the summer and the significant spike in home prices that began a few years ago,” Yun says.

Other take-aways from NAR’s report

All-cash sales accounted for 42% of international buyer transactions compared to 26% of all existing-home buyers.
Non-resident foreign buyers (52%) were more likely to make an all-cash purchase than resident foreign buyers (32%).
Two-thirds of Colombian buyers (67%) made all-cash purchases, the highest share among the top five foreign buyer nations. Approximately half of Canadian (51%) and Chinese (47%) buyers made all-cash purchases. Asian Indian buyers were the least likely to pay all cash, at just 15%.
Half of foreign buyers purchased their property for use as a vacation home, rental property or both – up from 44% the year before.
Almost three out of five international buyers (59%) purchased detached, single-family homes.

“NAR and the Realtor brand has developed a network of partnerships with over 100 real estate organizations across 77 countries providing growth opportunities by ensuring ethical and accessible markets that allow our members to make direct connections with global real estate professionals and international investors,” says Charlie Dawson, NAR’s vice president of engagement and advocacy outreach.

If you want to sell or purchase a property, please contact GINA LAROUCHE, to help you. Lived here for over 23 years and in real estate helping others for over 21 years.

LOCAL INFO • June 2, 2023

Gov. Signs 3 Property Insurance Bills into Law – JUNE 2023

by Gina Larouche

Gov. Signs 3 Property Insurance Bills into Law

By Kerry Smith

HB 881 expands the My Safe Florida Home program to most areas and increases minimum home values. SB 7052 boosts consumer protections and insurer accountability. HB 799 changes Citizens’ price increase “glide path” mainly for non-homesteaded properties.

TALLAHASSEE, Fla. – Gov. Ron DeSantis signed three bills on Wednesday that impact property insurance in Florida. Together, they push property insurance discounts for homeowners who strengthen their home to minimize storm damage, help some Floridians pay for upgrades based on the recommendations of a free inspection, limit policy cancellations and make a number of other changes.

My Safe Florida Home program

House Bill 881 expands the eligibility requirements of Florida’s home hardening grant program, known as My Safe Florida Home. It now covers homes with an insured value up to $700,000 – an increase from $500,000 – and it includes townhomes.

While the My Safe Florida Home existed before the governor signed HB 881, the program now offers grants – $2 for every $1 spent up to $10,000 – to almost every Floridian, even if they’re outside a windborne debris region.

The Florida Legislature also appropriated another $100 million to extend the program. It’s effective July 1, 2023.

Citizens Property Insurance and more

HB 799 includes a number of provisions, such as requiring property insurers to allow for mitigation discounts if a homeowner reduced their potential for losses in a windstorm.

However, the major change affects policies on second and vacation homes insured by Citizens Property Insurance, Florida’s state-owned “insurer of last resort.” HB 799 treats Florida residents – owners with a homestead exemption on their property – differently than investment properties.

While homesteaded owners will still have a “glide path” to higher payments as Citizens raises rates, vacation and second-home owners will not. Investment homeowners, both new and existing, will likely see a higher bill sometime over the next year as policies renew or non-homesteaded owners with another insurer switch their coverage to Citizens.

Homesteaded owners who switch to Citizens because their current insurer became insolvent are similarly impacted. Effective July 1, 2023.

Insurer accountability

Senate Bill 7052 contains a number of consumer-protection provisions, such as new restrictions on insurers canceling a policy with an open claim, increased fines against insurers, limits on insurer executive compensation under certain circumstances, and guardrails for insurers who amend insurance adjuster reports. It’s also effective July 1, 2023.

LOCAL INFO • May 22, 2023

Senate Bill 264 – Interests of Foreign Countries – May 2023

by Gina Larouche

Learn more about a new law that regulates the sale, purchase and ownership of certain properties in Florida by specific foreign principals, persons and entities.

During Florida’s 2023 legislative session, lawmakers passed Senate Bill 264 – Interests of Foreign Countries. This bill was recently signed into law by Gov. Ron DeSantis and will take effect on July 1, 2023. The law, in part, limits and regulates the sale, purchase and ownership of certain properties in Florida by specific foreign principals, persons and entities.

There are three sections of the new law that impact the state’s real estate industry. To help stakeholders better understand this impact, Florida Realtors has developed a memorandum that outlines the new law. Please note that the Florida Real Estate Commission, the Florida Department of Agriculture and Consumer Services and the Florida Department of Economic Opportunity are required to implement specific portions of the bill, so a number of details regarding the law’s application are still pending.

MEMORANDUM – click here to read it as downloadable pdf

SB 264 – Interests of Foreign Countries

Florida Governor Ron DeSantis signed Senate Bill 264, Interests of Foreign Countries, effective July 1, 2023. The law, in part, limits and regulates the sale, purchase and ownership of certain properties in Florida by foreign principals, persons and entities described in Part III of Chapter 692, Florida Statutes.

The three sections of the bill that impact the real estate industry are summarized below. The Florida Real Estate Commission (FREC), Department of Agriculture and Consumer Services (DACS), and the Department of Economic Opportunity (DEO) are required to implement specific portions of the bill, so a number of details regarding the law’s application are still pending. Florida Realtors® will engage in the implementation process.

This summary is a broad overview of a new and very technical law. Realtors® should advise the parties to real estate transactions to consult an attorney regarding how the law may impact their legal rights and responsibilities. Definitions of bolded and italicized words are provided on the second page. This prohibition does not apply to a purchase for a diplomatic purpose.

Section 5: Purchase of Agricultural Land by Foreign Principals

The bill prohibits the purchase of agricultural land by foreign principals.
-At time of purchase, buyers of agricultural land must provide a signed affidavit attesting that they are not a foreign principal.
-Persons who acquire or knowingly sell agricultural land in violation of this section commit a misdemeanor.
-FREC is required to adopt rules to implement portions of the statute and develop the affidavit. -Foreign principals may continue to own agricultural land if owned before July 1, 2023, but must register with DACS. There are penalties for not registering by January 1, 2024.
-Foreign principals may acquire agricultural land on or after July 1, 2023 by devise or descent, through the enforcement of security interests, or through the collection of debts, but must sell within 3 years after acquisition.
-Land acquired in violation of this statute may be forfeited to the state.

Section 6: Purchase of Real Property On or Around Military Installations and Critical Infrastructure

The bill prohibits the purchase of real property within 10 miles of any military installation or critical infrastructure facility in Florida by foreign principals.

-At time of purchase, buyers of property within 10 miles of a military installation or critical infrastructure facility must provide a signed affidavit attesting that they are not a foreign principal.

-Persons who acquire or knowingly sell real property in violation of this section commit a misdemeanor.

-FREC is required to adopt rules to implement portions of the statute and develop the affidavit. -Foreign principals may continue to own real property within 10 miles of any military installation or critical infrastructure if owned before July 1, 2023, but must register with DEO by December 31, 2023.
-There is an exception for foreign principals, who are natural persons, to purchase one residential property up to 2 acres in size if:

The property is not located within 5 miles of any military installation (there is no limitation regarding a property’s proximity to critical infrastructure);
The person has a U.S. Visa that is not limited to tourism, or has official documentation confirming that the person has been granted asylum in the U.S.; and
The purchase is in the name of the person who holds a visa or official documentation.

-Foreign principals may acquire real property within 10 miles of any military installation or critical infrastructure facility in the state on or after July 1, 2023 by devise or decent, through the enforcement of security interests, or through the collection of debts, but must sell within 3 years of acquisition.
-Land acquired in violation of this statute may be forfeited to the state.

Section 7: Purchase and Acquisition of Real Property by the People’s Republic of China (PRC)

The bill prohibits certain PRC persons or entities from owning or acquiring real property in the state.

-At time of purchase, buyers of real property must provide a signed affidavit attesting they are not “persons or entities associated with the PRC”.
-FREC is required to adopt rules to implement portions of the statute and develop the affidavit. -Persons who knowingly sell real property in violation of this section commit a misdemeanor. Any other violation of this section is a felony.

-There is an exception for natural persons associated with the PRC to purchase one residential property up to 2 acres in size if:

The property is not located within 5 miles of a military installation (there is no limitation regarding a property’s proximity to critical infrastructure);
The person has a U.S. Visa that is not limited to tourism, or official documentation confirming that the person has been granted asylum in the U.S.; and
The purchase is in the name of the person who holds the visa or official documentation.

-Persons or entities associated with the PRC that own property in Florida before July 1, 2023 may continue to own such property but cannot purchase or inherit additional property and must register with DEO by December 31, 2023.
-Persons or entities associated with the PRC may acquire property in Florida on or after July 1, 2023 by devise or descent, through the enforcement of security interests, or through the collection of debts, but must sell within 3 years of acquisition.
-Property owned or acquired in violation of the new statute may be forfeited to the state.

Definitions:

Agricultural land means land classified as agricultural in s.193.461, F.S. (bona fide agricultural purposes).
Critical infrastructure facility means any of the following, if it employs measures such as fences, barriers, or guard posts that are designed to exclude unauthorized persons:

A chemical manufacturing facility; a refinery; an electrical power plant as defined in s. 403.031(20); water treatment facility or wastewater treatment plant; a liquid natural gas terminal; a telecommunications central switching office; a gas processing plant, including a plant used in the processing, treatment, or fractionation of natural gas; a seaport as listed in s. 311.09; a spaceport territory as defined in s. 331.303(18); and an airport as defined in s. 333.01.

Foreign countries of concern means the People’s Republic of China, the Russian Federation, the Islamic Republic of Iran, the Democratic People’s Republic of Korea, the Republic of Cuba, the Venezuelan regime of Nicolás Maduro, or the Syrian Arab Republic, including any agency of or any other entity of significant control of such foreign country of concern.
Foreign entity means an entity that is owned or controlled by the government of a foreign country of concern; or a partnership, association, corporation, organization, or other combination of persons organized under the laws of or having its principal place of business in a foreign country of concern, or a subsidiary of such entity.

Foreign principal means:
The government or any official of the government of a foreign country of concern;
A political party or member of a political party or any subdivision of a political party in a foreign country of concern;
A partnership, association, corporation, organization, or other combination of persons organized under the laws of, or having its principal place of business in, a foreign country of concern, or a subsidiary of such entity;
Any person who is domiciled in a foreign country of concern and is not a citizen or lawful permanent resident of the United States; or
Any person, entity, or collection of persons or entities, described above having a controlling interest in a partnership, association, corporation, organization, trust, or any other legal entity or subsidiary formed for the purpose of owning real property in this state.

Military installation means a base, camp, post, station, yard, or center encompassing at least 10 contiguous acres that is under the jurisdiction of the Department of Defense or its affiliates.
“Persons or entities associated with the PRC” means the following entities may not directly or indirectly own, have a controlling interest in, or acquire by purchase, grant, devise, or descent any interest, except a de minimus indirect interest, in real property in this state:

The People’s Republic of China, the Chinese Communist Party, or any official or member of the People’s Republic of China or the Chinese Communist Party;
Any other political party or member of a political party or a subdivision of a political party in the People’s Republic of China;
A partnership, an association, a corporation, an organization, or any other combination of persons organized under the laws of or having its principal place of business in the People’s Republic of China, or a subsidiary of such entity;

Any person who is domiciled in the People’s Republic of China and who is not a citizen or lawful permanent resident of the United States; or
Any person, entity, or collection of persons or entities described above having a controlling interest in a partnership, association, corporation, organization, trust, or any other legal entity or subsidiary formed for the purpose of owning real property in this state.

Real property means land, buildings, fixtures, and all other improvements to land.

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