New Florida Laws in Effect as of July 1

Florida Realtors reported a list of changes to Florida laws that went into effect this past Monday:

Residential Landlord and Tenant Act
Several changes were made including a change to the disclosure language landlords who rent five or more dwelling units are required to give. While the law becomes effective July 1, use of the revised disclosure is not mandatory until Jan. 1, 2014.

Renting with a Homestead Exemption
A “safe harbor” written into the law allows people to rent their homestead up to 30 days a year without losing the homestead exemption. However, rentals that exceed 30 days for two consecutive years jeopardize the homestead exemption in year two.

Citizens Property Insurance
A new rule requires all new applicants to go through a clearinghouse to establish if they’re eligible for Citizen’s coverage.

Taking Ownership of an Abandoned House
A claim of adverse possession now requires 1) payment of all outstanding taxes and liens levied by the state, county or municipality within one year; and 2) submission of information to the county property appraiser: contact info, date the adverse possession claim began, legal description of the property, and dates when outstanding taxes and liens were paid.

Read the full article.

Comments

Coral Gables Market Update

The Market in Coral Gables on the move... +As of August 2019 there were 383 single family homes on the market for sale. The average LIST price was $3,173,000 The average SOLD price was $1,208,000 The MEDIAN sold price was $901,000 +There are 122 homes out of 383 homes that are priced under $1,000,000, or 32% of the total +There are 261 homes priced over $1,000,000 in the Gables which is 68% of the Total. + Over the past year there were 446 homes sold in the Gables ( 241 were under $1.0M or 54%) and ( 205 were priced over $1,000,000 or 46%) +The average time a listing is on the market is 63 days. + The average price per square foot is up this year about 3.6%, May-July 2018 to May-July 2019. I think this is due to the sale of many homes that are updated and ready to go. They have been setting records.

Four times a year, Jeannett publishes " Jeannett's Journal" which is distributed directly to well over 18,000 residences in Coral Gables. The magazine encompasses Coral Gables news, Culture, and Business. We devote several pages to Real Estate and below you can find the most recent update on what is going on in the Gables, when it comes to selling single-family homes.. Click here to Jeannett's Journal.

As of the end of August 2022, in Coral Gables, the inventory of single-family homes has risen by 11% over the same time last year ( Aug 2021). However, the number of homes sold and the number of homes pended, have decreased by 26% and 24%, respectively. Why is this happening? For a long time now, we have been forecasting that the price/sqft has been on the rise, but prices have now overshadowed the norm and there is too much inventory that is simply overpriced.. In conclusion, prices need to come down in order to move that inventory. Since the Spring of 2022, when our Coral Gables inventory was at 48 homes, we have now more than tripled that number. However, our sales have been on the decline, month over month. More than about 63% of our present active inventory has been on the market for over four months. That is a very strong indication that these properties are overpriced and should be reduced at a faster rate. There are still many buyers out in the market looki...

S & J Journal

Search This Blog