Uncommon Knowledge
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Thirteen out of the 15 housing markets at the highest risk of a home price correction in the coming months, according to a recent Parcl Labs study, are in Florida, where new inventory has been flooding in.
The Parcl Labs’ team, which delivers real-time housing market data, analytics and research, analyzed around 1,000 U.S. housing markets to identify early signs of market stress that could lead to price drops. It found that there’s “trouble” ahead for the Sunshine State, which it described as “the epicenter” of a mismatch between supply and demand.
The top five list of markets with the biggest supply and demand divergence—one of the factors considered in Parcl Labs’ analysis, are in Florida—namely, Pensacola (+52 percent supply increase, -28 percent demand decrease); North Port, FL (+50 percent, -18 percent); Naples (+44 percent, -14 percent); Port St. Lucie (+40 percent, -22 percent); and Palm Bay (+39 percent, -18 percent).
Four of the top five markets expected to see the biggest price drops in the months ahead—though any decline isn’t guaranteed—are also in the state. These include some of the same metropolitan areas which are seeing demand drop, such as North Port (52 percent of listings with price cuts); Tampa (49 percent); Naples (46 percent); and Palm Bay (44 percent). Myrtle Beach, South Carolina, was also in the top five with an expected 46 percent with price cuts.
Several markets in Florida have already seen dramatic price cuts since the beginning of the pandemic in 2020, which saw the U.S. housing market boom as low mortgage rates, high demand and a lack of supply led aspiring home buyers to cutthroat bidding wars.
In Florida, the widespread possibility of remote work led to an influx of people moving from out of state chasing warm weather, sunny skies and cheaper taxes. The end of the health emergency and businesses’ eagerness to get their workers back in the office meant a sudden slowdown in arrivals, as well as the departure of some of those who had already migrated to the Sunshine State.
In Lakeland, according to Parcl Labs’ data, prices are now -4.63 percent from their peak in 2020. They increased by 51.36 percent in 2020. In Sebastian, they’re down -4.14 percent from their peak of +61.43 ; in Gainesville, by 2.28% from +50.21 percent. Deltona, Homosassa Springs, Tampa, Ocala, Port St. Lucie, Miami and Orlando have also seen prices cool down from their pandemic peaks.
Inventory has been growing at a faster pace in the state than in the rest of the country. Florida, together with Texas, is among the states that has been building the most new homes in the past few years, trying to fill the gap between demand and inventory which marked the pandemic. But now, as mortgage rates remain high and home insurance premiums in the Sunshine State inflate, buyers are a little more reluctant.
Newsweek contacted Parcl Labs for comment by email early on Monday.
The 15 metropolitan areas which are most likely to see home price drops, according to Parcl Labs, are:
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
MICANOPY, Fla. (WCJB) -The state of Florida now requires strippers to be at least 21 years of age.
A lawsuit filed by Serenity Bushey, “Cafe Risque”, and two other adult establishments claims the new law violates their First Amendment and equal protection rights.
Bushay’s attorney, Gary Edinger, says the law is unconstitutional.
“The idea that adult residents of the state of Florida don’t have the same rights as people who are a couple of years older than them… it doesn’t make any sense under the constitution.”
The federal suit claims at least nine women under the age of 21 perform at “Cafe Risque” and have since lost their jobs.
Edinger says the law doesn’t only apply to strippers at adult entertainment clubs.
“So whether they are performers, or cooks, or DJs, or security, they can no longer be employed,” he stated. “And that affects what you might think of as strip clubs, it affects adult theaters, and also adult retail stores.”
He also tells TV20 that the consequences are high stakes.
“If someone slips by with a particularly good fake ID that club is strictly liable,” he added. “If it’s a nude club such as ‘Cafe Risque’ in Micanopy that’s a third-degree felony, that means someone’s going to jail for that…”.
Edinger and Bushey are asking for attorney fees and calling for a permanent injunction on the law.
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PALM BEACH COUNTY, Fla. — WPTV is continuing to dig deeper into Florida test scores just released from the state department of education. They show whether students are performing at grade level in a variety of subjects.
Education
3:21 PM, Jul 01, 2024
This was Florida’s second year of the progress monitoring testing style, measuring student success three times throughout the year.
Local school district leaders told WPTV education reporter Stephanie Susskind they really like it. But parents Susskind spoke to aren’t so sure yet.
“I just don’t get it. I truly don’t know how taking away one test to add three, there’s no logic to me. It doesn’t make sense,” said Palm Beach County mom of two Sheena Romano.
Romano shares a popular opinion with many parents Susskind heard from on Tuesday: there’s too much testing in school.
“You have the elementary school sitting three times a year for iReady to grade their progress. And then you have the [Florida Assessment of Student Thinking] to grade their progress. So it’s like, can we eliminate one?” Romano said.
North in St. Lucie County, Superintendent Dr. Jon Prince doesn’t disagree.
“Testing in Florida is rigorous,” Prince told Susskind. “I still say we’ve got a little too much assessment going on.”
But he does support the new style of progress monitoring testing using the Florida Assessment of Student Thinking, or FAST. It’s given at the beginning, middle, and end of the school year to measure what a student is learning and where they need to focus.
“It’s been a great blessing that we get these results back immediately. So we know exactly where these kids are weak,” Prince said.
Florida education leaders tout this state testing style as the first in the nation. It replaced the high stakes FSA exam, which was given once at the end of the year.
“We are finding there is a lot more interface between parents and schools,” Prince said. “OK, my kid didn’t do very well. What can I do as a parent? And what can we do to partner and help them perform better? So I think it’s helped not just student learning, but that interaction between parents and families and schools.”
While parents like Romano understand that perspective, they still feel there’s too much testing pressure on today’s students.
“I think a good teacher, just like a good parent, should be able to see the progress. If you are honed in on the children,” Romano said.
So why are these tests important? Not only do they measure student progress, but they are used to help determine school and district grades. Those are expected to be released later this summer.
TAMPA, Fla. – The My Safe Florida Home Program, helping cut property insurance costs for Floridians, reopened on Monday and will start offering grants again.
This program offers matching grants for Floridians of up to $10,000 to homeowners who shore up their homes with storm-protective upgrades like hurricane-safe doors or windows.
READ: Florida program aims to help ease sting of high property insurance premiums
Governor Ron DeSantis signed Senate Bill 7028 into law in April to allocate $200 million to the My Safe Florida Home Program.
READ: New Florida laws going into effect on July 1: Here are some of the highlights
The bill also allows applicants under the program to still receive home inspections even if they’re not eligible for a grant.
First-time applicants must complete an initial wind-mitigation inspection to proceed to the grant application. That inspection will then provide homeowners with:
Existing users can access their portal account to see their Grant Group Category number.
My Safe Florida Home was established in 2006 and brought back in 2022.
To apply, click here.
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