Real Estate News 06/19/08
FLORIDA NO. 2 FOR NEW RESIDENTS
About 40 million Americans move each year, and Florida is the No. 2 spot for relocation, second only to California, according to a survey conducted by Relocation.com. The survey finds that 19 percent of those relocating went from owning their own homes to renting, with only 15 percent shifting the other way. Only 14 percent of the 1,237 respondents owned their previous residence and moved to a newly purchased home, and the majority (52 percent) went from one rental situation to another. The survey shows that most people relocate for a new job, a transfer within their current job or to seek a new lifestyle, including retirement. About half the moves were from one state to another. Two-thirds moved more than 100 miles and 54 percent moved more than 500 miles away. California is the number one destination state with 6 percent of the total sample moving there from another state, while 5 percent of all relocations move to Florida, followed by Texas (4 percent), New York (3 percent) and Georgia (2 percent).
Source: Relocation.com
FLOOD INSURANCE
The recent Midwest flooding caught many property owners unprotected, and it could happen in Florida. People generally pass on federally-backed flood coverage because they don’t realize it falls outside standard home insurance or they underestimate the risk. Yet a house has a 26 percent chance of flood damage during a 30-year mortgage, according to the National Flood Insurance Program. It is highly recommended by this REALTOR® for those that own a home or first floor condominium in Naples, Bonita Springs, or Estero they seriously consider purchasing flood insurance, due to the sub-tropical environment where we are located.
HOMEBUYERS
The cost of gas is redefining the definition of "location, location, location." After potential buyers weigh commuting expenses, demand goes up for homes near jobs, bus terminals or train stations. If gas prices continue to rise, some neighborhoods could experience price gains at the expense of other neighborhoods that see a drop in demand.
OFFSHORE DRILLING
President Bush has jumped into the election-year debate over high gas prices, outlining a plan for more domestic production that could include lifting the ban on offshore oil drilling near Florida’s Gulf Coast. Opponents denounce the proposals, saying they’re nothing more than a favor to oil companies.
CONDOS
Property managers for some of the toniest addresses in South Florida’s luxury condo market are dealing with a slew of new troubles resulting from vacant foreclosures: Impostor landlords leasing units they do not own, a rash of vandalism and squatters taking up residence.
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