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As interest rates rise, uncertainty looms over South Florida real estate market buyers, sellers

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As interest rates rise, uncertainty looms over South Florida real estate market buyers, sellers


MIAMI — As 2023 draws to an end, it is clear that South Florida’s real estate market continues to change but what is unclear is what direction it will take as the calendar turns to 2024.

The home inventory is fluctuating as some sellers have dropped their prices even as skyrocketing insurance rates and taxes are leading some would-be buyers to wait.

And then there are the high mortgage rates affecting the South Florida housing market.

Larry Burns has lived in his home in Plantation for 30 years and says he would like to sell and move but not with the current mortgage rates.

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“It’s about impossible for anybody,” he said. “I’m a veteran and even those rates have gone high.”

With current mortgage rates at the highest level in decades, some buyers are sitting it out.

“Rates are at nearly 8 percent, the highest in 23 years,” said veteran mortgage broker Michelle Smith, adding that there is still high demand for houses.

And bidding wars can still happen, but even with high mortgage rates hesitation can be a loss.

She recommends taking the leap with the hope of refinancing down the road.

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“Only if they feel comfortable with the payment (and) If that payment fits their budget and they can afford to do it,” she said. “The key is finding everything out up front. Know your numbers; be wise (and) don’t have surprises close to closing.”

So would she recommend people taking the leap and buying something in the current market?

“Yes but only if they can afford it,” she said.

Burns said there’s only one way he’ll buy now

“If interest rates were lower I would probably do it,” he said. “My kids live in Charlotte, North Carolina so I don’t want to sell and go up and pay a high interest rate that may not match what I have down here.”

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Between inflation, the cost of renting or buying and stagnant wages, the gap to home ownership is getting wider.

CBS Miami compiled numbers from the Health Resources and Services Administration to get a clearer picture of what wages are necessary to afford housing in South Florida.

Here’s what we found:

Miami-Dade County, 2021
A family of one adult would need to earn $32,982 per year to afford basic needs.

That comes out to about $16 an hour or $2,749 a month.

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Of that $2,749 monthly income:

  • 45% would go to housing ($1,231)
  • 0% to child care ($0)
  • 7% to health care ($203) and
  • 11% would go to food ($309).

In Miami-Dade County, there are about 235,600 single adults living alone without children (25% of households). The median annual income for one-person households is $27,496 ($2,291/month).

A family of one adult and one school-age child would need to earn $52,955 per year to afford basic needs. That comes out to about $25 an hour or $4,413 a month.

Of that $4,413 monthly income:

  • 35% would go to housing ($1,551),
  • 9% to child care ($384),
  • 16% to health care ($719) and
  • 13% would go to food ($556).

In Miami-Dade County, there are about 71,600 single-parent families with one income earner (11% of families). The median annual income for families with one income earner is $43,510, ($3,626).
—————

A family of one adult and two school-age children would need to earn $60,561 per year to afford basic needs. That comes out to about $29 an hour or $5,047 a month.

Of that $5,047 monthly income:

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  • 31% would go to housing ($1,551),
  • 15% to child care ($769),
  • 15% to health care ($760) and
  • 16% would go to food ($791).

In Miami-Dade County, there are about 71,600 single-parent families with one income earner (11% of families). The median annual income for families with one income earner is $43,510, ($3,626).
—————

A family of two adults and two school-age children would need to earn $70,790 per year to afford basic needs. That comes out to about $34 an hour (or $17 with two income earners) for a total of $5,899 a month.

Of that $5,899 monthly income:

  • 26% would go to housing ($1,551), 13% to child care ($769),
  • 14% to health care ($833) and
  • 17% would go to food ($1,031).

In Miami-Dade County, there are about 108,300 two-parent families with two income earners (17% of all families). The median annual income for families with two income earners is $84,656, ($7,055).



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U.S. Amateur runner-up Noah Kent is transferring to Florida

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U.S. Amateur runner-up Noah Kent is transferring to Florida


Noah Kent is heading home.

The 2024 U.S. Amateur runner-up is transferring to Florida, he announced Saturday. The sophomore at Iowa, whose hometown is Naples, Florida, entered the transfer portal earlier this month, and he made his decision to join coach J.C. Deacon and the 2023 national champions come next fall.

Because of NCAA rules, Kent won’t be eligible to compete for Florida until the 2025-26 season, but he can finish his sophomore year with the Hawkeyes. This fall, he placed in the top 13 all four tournaments, his best finish being a T-5 at the Fighting Irish Classic.

And, of course, he has a tee time at Augusta National Golf Club in the spring.

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Kent will essentially be the fourth member of Florida’s 2025 signing class, which ranked second in the country on signing day. He’ll join a talented roster that includes Parker Bell, Mathew Kress and Jack Turner, though with new NCAA roster limits coming, there’s bound to be some unprecedented roster turnover in college golf before the start of the 2025-26 season.



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State Your Case: Do Panthers or Lightning own state of Florida?  | NHL.com

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State Your Case: Do Panthers or Lightning own state of Florida?  | NHL.com


There are two NHL teams in Florida: the Florida Panthers and the Tampa Bay Lightning.

They are separated by about 250 miles and have been fierce rivals since the Panthers joined the NHL for the 1993-94 season. The Lightning joined the League a season earlier.

Florida (21-11-2) and Tampa Bay (18-10-2) meet for the first time this season at Amalie Arena in Tampa on Sunday (5 p.m. ET; FDSNSUN, CRIPPS, SN, TVAS).

The teams have played each other 157 times in the regular season; the Panthers have gone 77-51-19, and the Lightning are 70-64-13. There have been 10 ties.

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For years, the rivalry was a parochial affair, deeply important to hockey fans in the state but under the radar nationally. Lately, though, Florida supremacy has often meant NHL supremacy.

The Panthers are the reigning Stanley Cup champions and defeated the Lightning in five games in the best-of-7 Eastern Conference First Round last season to start that title march. They reached the Stanley Cup Final two seasons ago, going on a miracle run before losing to the Vegas Golden Knights. The season before that, they won the Presidents’ Trophy with an NHL-best 122 points but lost to the Lightning in a second-round sweep, marking the second straight time that their noisy neighbors ended their season.

The Lightning won back-to-back Stanley Cup championships in 2020 and 2021 before reaching a third straight Final in 2022, losing to the Colorado Avalanche. Tampa Bay won the Presidents’ Trophy in 2018-19.

This season, each team is on course for another appearance in the Stanley Cup Playoffs and has a point percentage of better than .600.

So which team has the merits to claim bragging rights in this all-Florida showdown as the rivals face off for the first time this season? That’s the question debated by NHL.com senior writers Amalie Benjamin and Dan Rosen in the latest installment of State Your Case.

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Benjamin: Let’s lay out what the Lightning have accomplished in their 32-season history: They’ve won the Stanley Cup three times, becoming the first team from Florida to win it when they took the championship in 2004. But that doesn’t come close to what they’ve accomplished during the past 11 seasons, starting in 2013-14, when they became a powerhouse. They’ve been to the Stanley Cup Playoffs 10 times in those 11 seasons, making the Stanley Cup Final in a whopping four of them. Let me repeat that: Four trips to the Cup Final in the past 11 seasons, winning twice, in 2020 and 2021. And if that’s not enough, they made two more trips to the Eastern Conference Final, in 2016 and 2018. Forget Florida’s team. They’re the team of the past decade in the entire NHL.

Rosen: Yeah, yeah, yeah. But what have you done for me lately? Florida’s team fluctuates. It was the Lightning. It is the Panthers. They’ve got the Stanley Cup. They went to the Stanley Cup Final two years in a row. Sure, a few years ago, this wasn’t even a debate. Florida’s team, the Panthers? Please. No shot. Even the top executives with the Panthers would tell you that. But things change. With success come the riches. Just think about the past three seasons for the Panthers: Presidents’ Trophy winners in 2021-22, Stanley Cup Final in 2022-23, Stanley Cup champions in 2023-24. The Lightning lost in the 2022 Cup Final, lost in the first round in six games the next season and lost in the first round in five games to the Panthers last season. Florida’s team is Florida.

Benjamin: OK, sure, you have a point. Florida has done pretty darn well lately. But let’s see how history will judge the state of Florida and its hockey teams. Hall of Famers? The Lightning have got ’em. Though Steven Stamkos has moved on to the Nashville Predators, the Hall of Fame is going to come calling, and the forward will go in as a member of the Lightning. Add in coach Jon Cooper, forward Nikita Kucherov, defenseman Victor Hedman and goalie Andrei Vasilevskiy, and you’re talking at least five future Hall of Famers on a single team. That’s not just good, that’s historically good. It’s a group whose names are synonymous with winning, with the Stanley Cup, with the state of Florida. That’s powerful. That says the Lightning win this debate, no question.

Rosen: I have a question. Is Aleksander Barkov not paving his way to the Hall of Fame? Is Sergei Bobrovsky, with a Stanley Cup ring, 400-plus wins and two Vezina Trophy wins as the NHL’s best goalie, not a lock for the Hall of Fame? Is Paul Maurice, who could finish his career with at least the second-most coaching wins of all time, along with his Stanley Cup ring, not also a lock for the Hall of Fame? In the way-too-early department, could Matthew Tkachuk and Sam Reinhart be future Hall of Famers? I lied. That’s four questions. But you get the point. You brought up the Hall of Fame and I countered. That’s why the Lightning do not win this debate without question. Could they win it? Yes, certainly, if we were having this debate in 2023. It’s almost 2025. It’s a different world. It’s the Panthers’ world, at least in Florida. The Lightning are just living in it. At least the sun is still shining on them too.

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State attorney says JEA board did not violate Florida’s Sunshine Law

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State attorney says JEA board did not violate Florida’s Sunshine Law


JACKSONVILLE, Fla. – The state attorney for northeast Florida said there’s no evidence that members of the JEA board violated Florida’s “Sunshine Law” with discussions surrounding the resignation and replacement of former CEO Jay Stowe.

A source said JEA leaders met at an Avondale coffee shop to discuss the CEO stepping down. It sparked an investigation

In May, a JEA employee filed a complaint with the city’s inspector general prompting the investigation.

The Sunshine Law requires that public business be conducted at publicly-noticed meetings.

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In October, the inspector general found that some board members did talk business outside of the meetings but the report made no determination on whether the Sunshine Law was violated and referred the matter to the State Attorney’s Office.

The state attorney’s office conducted its own investigation and said the allegations were “unwarranted and unfounded.”

DOCUMENT: State attorney’s report on JEA Sunshine Law investigation

It said the outside conversations did not involve JEA board business or were not covered by the Sunshine Law. The report also said that even if there had been evidence of a Sunshine Law violation, the fact that the decision to appoint Vickie Cavey as interim, and later permanent, managing director and CEO were made during public meetings would have resolved any purported violation.

Cavey responded to the investigation.

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“JEA appreciates the thorough investigation by the State Attorney’s Office,” Cavey said. “The JEA Board recognizes the importance of the Sunshine Law and its obligations to comply. The report determined JEA board members complied with the law and that no criminal conduct occurred. The baseless allegations by a former employee cast a shadow over the good work our board and more than 2,200 employees do each and every day delivering foundational services to Northeast Florida. Maintaining the trust of our community is of utmost importance and this report could not have provided a clearer vindication.”

Board Chair Joseph DiSalvo made this statement in response to the report.

“On behalf of the board of directors, we appreciate the diligent work of the State Attorney’s Office. I think it is important to note their findings reinforce the fact that each member on the JEA Board of Directors fully embrace transparency and Sunshine Law compliance and our commitment to remain above reproach when it comes to ethics and integrity,” DiSalvo said.

Copyright 2024 by WJXT News4JAX – All rights reserved.



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