Episode Details

Key takeaways from Florida Realtors Conference

• Insurance-free home inspection https://mysafeflhome.com. Insurance profits in FL capped at 4.65%. Reinsurance price increases are slowing. Florida Realtors working with FL Insurance Commissioner to address commercial insurance. 52% reduction in volume of CMBS loans. Largest increases are in Miami, Ft Lauderdale and Palm Beach with 28% increase. Lawsuits decreasing so more insurance providers will come back.
• Everglades-Realtors were instrumental in getting funding for Everglades Restoration. We have been working closely with the https://www.evergladesfoundation.org to restore flow of Everglades to address green algae blooms. Shingle Creek is the headwater to the Everglades. Currently Everglades restoration is the largest Army Corps of Engineers project.
• Economic Update - out of state drivers license exchanges and UHaul index show continued migration to FL.
• Hospitality and Short-Term Rentals have had to have training for recognizing signs of human trafficking
• $260 million will be saved by business owners who rent, when business rent sales tax decreases by 1% starting December 1, 2023. Rent tax is expected to decrease to 2% by September of 2024.
• Hotel Industry - Largest industry in FL and largest employer. Revenue has increased 24.2% since 2019. FL is largest supplier of hotel rooms.
• South Florida retail vacancy rates at historic lows, below 4% in Palm Beach, Broward and Miami-Dade Counties.
• Overall delinquincies in CMBS loans still low at less than 4%. YOY starting to increase. https://www.trepp.com/the-treppwire-podcast