An apartment complex with Hurricane Ian damage found it didn’t have flood or property insurance because its agent didn’t renew them and pocketed the payments. TAMPA, Fla. – A Florida insurance agent was arrested Monday after a man discovered his property had no coverage after Hurricane Ian, despite paying the premium in full. Naser Al-Sweity, … Read more
15%-20% of Fla. homeowners are dropping their property insurance and “going bare,” compared to the national percentage of 12%. MIAMI – With the price of premiums doubling the past few years, some Florida homeowners are choosing to go without property insurance, figuring that the savings are worth the risk of going bare in a hurricane-prone … Read more
4 out of 5 RE investors and developers plan to boost their tech budget over the next three years because major complicated decisions increasingly require new tech. NEW YORK – JLL’s 2023 Global Real Estate Technology Survey found more than 80% of real estate occupiers, investors, and developers intend to boost their real estate technology … Read more
Samsung’s tech home organizer controls everything from a single app – a big draw for buyers who want a home that’s already set up for future technology upgrades. NEW YORK – Samsung’s new Matter smart technology standard facilitates seamless interoperability between different smart-home devices. It makes smart-home technology more integrated, streamlined and accessible to consumers … Read more
Four private insurance companies received state approval to move policies, though the actual number will likely be lower. Slide will take the most – up to 75K. TALLAHASSEE, Fla. – On Tuesday, Florida regulators approved proposals by four insurance companies to take as many as 125,000 policies from Citizens Property Insurance Corp., the state “insurer … Read more
The U.S. Consumer Confidence Index fell for the third month in a row to 102.6 from Sept.’s 104.3. A top concern: The rising cost of goods and services. BOSTON – The Conference Board Consumer Confidence Index declined a bit in October to 102.6, a drop from an upwardly revised 104.3 in September. It’s the third … Read more
FORT LAUDERDALE, Fla. – The one-two punch of the post-Surfside law designed to require condominium associations to set aside sufficient reserves for structural repairs combined with Florida’s unending increases in insurance costs is threatening to produce a wave of foreclosures. “People are going to be losing their homes. Foreclosures are increasing,” warned Broward County Commissioner … Read more
Too few sellers, high home prices, 8%-ish mortgage rates and strong buyer demand made the list, but so did AI and the “staggering costs to repair … aging infrastructure.” CHICAGO (October 2, 2023) – The Counselors of Real Estate’s (CRE) annual Top Ten Issues Affecting Real Estate report for 2024 includes global events, along with … Read more
Over $35B will be available for below-market rate loans that finance new housing construction and/or office conversions near transportation hubs. WASHINGTON (AP) – The Biden administration is launching a multi-agency effort to encourage states and cities to convert more empty office buildings into housing units, with billions of federal dollars available to help spur such … Read more
The scams begin with a hunt through public records for vacant land, an absentee owner and no mortgage. Look for red flags, like a refusal to talk in person. CHICAGO – Real estate professionals should watch for these red flags in the course of the transaction. The FBI’s Internet Crime Complaint Center warns that losses … Read more
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