real estate

The Florida Legislature is poised to pass several proposed constitutional amendments that would change local property taxes if approved by voters. Cutting or getting rid of most property taxes may not make buying a home more affordable though.

A quarter of single family homes and half of condos are sold for cash in South Florida, yet the regional housing market remains sensitive to changes in mortgage rates. The Federal Reserve is expected to cut its target short-term rate later this week, which may bring down borrowing costs for home buyers.

Average monthly fees for high-rise condo buildings in South Florida are the highest in the country outside of New York City, according to data from North America's largest property management firm. Higher insurance and labor costs are significant drivers, as is setting aside more money in reserves.

Miami now ranks as the sixth-most expensive city in the U.S. for renters. The overall median rent across all property types in the metro area stands at $3,000.

Cheaper borrowed money to buy a South Florida home and condo helped bring buyers into the market in October. The median Miami-Dade condo sold for the lowest price in more than two years.

Counties and cities borrow billions of dollars for all kinds of expensive projects. They pledge future property tax revenues to pay back their lenders. Gov. Ron DeSantis wants to reduce or eliminate some property taxes, leaving a lot of uncertainty of how the changes may impact local government bonds.

Young homebuyers have been priced out of the market even more than previously, according to a report released Nov. 4 by the National Association of Realtors.

Reducing or eliminating most local property taxes is a top priority for Gov. Ron DeSantis as he enters the final year of his last term. Florida Keys Rep. Jim Mooney, a Republican, thinks lawmakers should focus their efforts on bringing down the cost of property insurance instead. “We don't get a lot of complaints about property taxes,” he said.

Home and condo sales show very early signs of recovery in September helped by a drop in mortgage rates and lower or, at least stable, prices. It’s too early to “definitively declare a shift in the overall trend,” but confidence by the state’s realtor group is rebounding.

Despite a slowdown in sales and more homes on the market, UBS still ranks South Florida as the riskiest housing market in the world.

Florida’s new law is part of a growing movement known as YIGBY — Yes in God’s Backyard. Touted by many faith leaders, lawmakers and developers, the movement imagines a connection between a religious mission to serve and the very real hurdles of building affordable housing.

The regional commercial real estate industry is holding up so far this year despite persistent worries about the value of offices, new apartment buildings and uncertainties about the impact of tariffs on trade.