Newsletters Archives - Page 19 of 29 - Doiron Realty Services

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

US Housing 2024-06-29

Gulf Coast
Real Estate Update

June 1st, 2024

U.S. housing market

is 1.5 million housing units

below a balanced market

The U.S. housing market is short at least 760,000 for-sale housing units and short another 760,000 for-rent housing units, according to Freddie Mac economists. To bring vacancy rate, both rental and homeowner, back in line with historical averages, the U.S. would need to add an additional 1.5 million vacant for rent and for sale homes.

Mortgage Rates

Move Up

Following several weeks of decline, mortgage rates changed course this week. More hawkish commentary about inflation and tepid demand for longer-dated Treasury auctions caused market yields to rise across the board. This reality, as well as economic signals that have moved sideways over the last few weeks, have resulted in mortgage rates drifting higher as markets continue to dial back expectations of interest rate cuts.

For Sale

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

New Condo Law 2024-06-25

Gulf Coast
Real Estate Update

June 22nd, 2024

New Law Requires

Condo Board Education

Gov. Ron DeSantis on Friday signed a bill intended to give more rights to condo owners, in the latest attempt to reform laws governing Florida’s often troubled community associations.

The new law, dubbed “Condo 3.0,” imposes education requirements on board members, requires more condo communities to set up web pages for members, makes it harder for boards to stifle dissent, and gives the state more power to investigate abuses.

Here are highlights of the new law:

— New board members must undergo four hours of education on how to run a condo association, a measure that would make them less vulnerable to manipulation by outside vendors, attorneys or their own residents.

— Condos with 25 units or more must set up web pages that include documents such as bylaws, budgets and lists of contracts with vendors. The requirement previously applied only to condos with at least 150 units. The law requires boards to meet four times a year, up from the current two.

— Boards are barred from retaliating against dissenters through the filing of defamation lawsuits. The use of defamation suits to silence dissent was highlighted in a South Florida Sun Sentinel series last year on condo and HOA abuses.

— The Florida Department of Business and Professional Regulation will get more authority to investigate wrongdoing by condo boards and will receive funding to hire additional staff.

Mortgage Rates

Move Lower

Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut. These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market. Aspiring homeowners should remember it’s important to shop around for the best mortgage rate as they can vary widely between lenders.

For Sale

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

New Law Requires 2024-06-22

Gulf Coast
Real Estate Update

June 22nd, 2024

New Law Requires

Condo Board Education

Gov. Ron DeSantis on Friday signed a bill intended to give more rights to condo owners, in the latest attempt to reform laws governing Florida’s often troubled community associations.

Here are highlights of the new law:

— The Florida Department of Business and Professional Regulation will get more authority to investigate wrongdoing by condo boards and will receive funding to hire additional staff.

Mortgage Rates

Move Lower

For Sale

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

Florida West Coast 2024-06-14

Gulf Coast
Real Estate Update

June 14th, 2024

Florida’s West Coast

Housing Market

Cooling Fast

Although prices in some parts of Florida have started declining in recent months, homes are much costlier than before the pandemic homebuying boom, when many affluent remote workers moved in and pushed up prices. North Port prices are up 60% since 2019, and Tampa prices are up nearly 70%–much bigger than the national increase of about 40%.

The nation’s fastest cooling housing markets, according to Redfin:

North Port, Florida
Tampa, Florida
Cape Coral, Florida
Orlando, Florida
Denver, Colorado
Houston, Texas
Minneapolis, Minnesota
Jacksonville, Florida
Lakeland, Florida
Dallas, Texas

Mortgage Rates

Continue To

Move Down

Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth. Top-line inflation numbers were flat but shelter inflation, which measures rent and homeownership costs, increased showing that housing affordability continues to be an ongoing impediment for buyers on the house hunt.

For Sale

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

Florida HOA’s 2024-06-07

Gulf Coast
Real Estate Update

June 7th, 2024

What Florida HOA’s

Can’t Do To

Homeowners Anymore

As of July 1, 2024, HOAs will be prohibited from:

Enforcing rules on some residents but not others
Banning homeowners or their invited guests from parking personal, business or first responder vehicles (including pickup trucks) that are not commercial vehicles in their driveways or any other area where they have a right to park per state, county and municipal regulations
Banning contractors or workers from the homeowner’s property
Fining residents for leaving garbage cans at the curb or the end of their driveway within 24 hours of a scheduled trash collection
Fining residents for leaving up holiday lights or decorations past the HOA’s rules without prior notice, after which the homeowner will have one week to take them down
Limiting or creating rules for the inside of a structure that isn’t visible from the street, a neighbor’s property, an adjacent common area or a community golf course
Banning vegetable gardens or clotheslines, if they can’t be seen from the street, a neighbor’s property, an adjacent common area or a community golf course

If a construction or improvement request is denied, the HOA also must provide written notice “stating with specificity” exactly why and under which rule or covenant.

Mortgage Rates

Pull Back

Mortgage rates retreated this week given incoming data showing slower growth. Rates are just shy of seven percent, and we expect them to modestly decline over the remainder of 2024. If a potential buyer is looking to buy a home this year, waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial.

For Sale

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

US 1.5 million short 2024-06-01

Gulf Coast
Real Estate Update

June 1st, 2024

U.S. housing market

is 1.5 million housing units

below a balanced market

Mortgage Rates

Move Up

For Sale

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

January Stats 2025-02-27

Gulf Coast
Real Estate Update

February 27th, 2025

Residential Market Stats

Pinellas County

If we look at Single Family Homess, there were 23% MORE closed sales in January 2025 versus January 2024. The average sale price is DOWN 6.4% and the number of active listings on the market year over is UP 42.6%

In the condo and townhouse market, there were 2.6% LESS closed sales in January 2025 versus January 2024. The average sale price is DOWN 12.9% and the number of active listings on the market year over is UP 16.4%

Mortgage Rates

Continue to Drop

This week, mortgage rates decreased to their lowest level in over two months. The drop in mortgage rates, combined with modestly improving inventory, is an encouraging sign for consumers in the market to buy a home.

Archive of Past Newsletters

For Sale

Doiron Realty Services
Pete Doiron
Broker

727-391-2829

No more Property Tax 2025-02-20

Gulf Coast
Real Estate Update

February 20th, 2025

No More Property Tax

Florida senator files proposal

to study possibility of

eliminating property taxes

The study would evaluate the effect of eliminating property taxes on “public services, including education, infrastructure and emergency services” and evaluate whether a shift to “consumption-based taxes would make Florida more attractive to businesses compared to other states. Sen Jonathan Martin, R-Fort Myers, filed the bill (SB 852) for consideration during the legislative session that will start March 4.

SB 852 would establish a framework to eliminate property taxes … and to replace property tax revenues through budget reductions, sales-based consumption taxes and locally determined consumption taxes authorized by the Legislature.

Governor DeSantis weighed in on X and supports the idea

Mortgage Rates

Trend Down

Mortgage rates decreased slightly this week. The 30-year fixed-rate mortgage has stayed just under 7% for five consecutive weeks and in that time has fluctuated less than 20 basis points. This stability continues to bode well for potential buyers and sellers as the spring homebuying season approaches..

Archive of Past Newsletters

For Sale

Details about Senate Bill 2-A

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

Property Insurance facts 2025-02-13

Gulf Coast
Real Estate Update

February 13th, 2025

Facts About

Property Insurance

in Florida

I ran across a YouTube video the other day about property insurance in Florida. I was so flabbergasted I had to research it myself.

A study by The Florida Office of Insurance Regulation in 2022 found that Florida’s property insurance companies paid out $51 billion in claims costs in a ten-year period.

Here’s the kicker: Out of the $51 billion in claims paid, only 8% was paid to consumers. 71% was paid to attorneys and private insurance adjusters with the balance going to incidentals.

Despite accounting for only 9% of all homeowners’ claims in the US, Florida led the country in insurance-related litigation, accounting for 79% of the nation’s total. The 2020 and 2021 cumulative net underwriting losses for Florida’s homeowners insurers totaled more than $1 billion each year.

On Dec. 14, 2022, Florida Governor Ron DeSantis signed the property insurance reform bill Senate Bill 2-A into law. The new law seeks to cut down on lawsuits while mandating that insurers process and pay claims faster.

Among other actions, Senate Bill 2-A eliminates one-way attorney fees for property insurance claims; mandates that insurers pay claims faster; and eliminates assignment of benefit agreements, which allows policyholders to sign over claims to contractors. It also sets tighter deadlines for both policyholders and insurers in order to speed up the claims and payment process.

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8th-floor penthouses with exclusive residential condos

60% revenue split for owners

26,000 sq. ft. of retail, dining & entertainment

Resort access even when units are booked

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Mortgage Rates

Inch Down

The 30-year fixed-rate mortgage continued to inch down this week, reaching its lowest level thus far in 2025. Recent mortgage rate stability is benefitting potential buyers, as purchase demand is stronger than this time last year. This is an indication that a thaw in buyer activity could be on the horizon.

For Sale