Today's hot news:   The politicians actually got it right for once!

Hi everybody, Joe Hillner with Your Home Sold Guaranteed Realty, where we guarantee you a cash offer on your home within 24 hours! 

Ok, so every week, I share market data to keep you informed with the local real estate market.  

Here is this week’s Boca Market Watch.

First, Single Family Homes:

77 new listings, pretty good, and ranging in price from $385K to $26.9M, wow!  21 homes back on the market, while 42 homes listed took a price decrease, a big jump now three weeks running, and 4 sellers raised their asking price.  And  a very light week with 28 different properties under contract, and 35 going pending, another sign that the market may be turning.  19 homes were unsuccessful in selling and were taken off the market or the listing expired outright.  And another so so week for sales with 44 homes closed in the past week,  ranging from $425K to $4.5M!

Next up, Condos and Townhomes:

55 new listings, not great, and ranging from $120 Grand to $2.1 Million.  19 units came back on the market, 36 properties with a price decrease, and 5 sellers with an increase.  And a lackluster week with 45 different properties under contract, and 28 going pending,  And 18 condos or townhomes were unsuccessful in selling and were taken off the market or the listing expired. 58 closed sales this week, pretty weak, and ranging in price from $90 K to $4.5M.

Here's what's making news right now.

 In a special session this week, the Florida Legislature passed a couple of bills to ease a crisis in the state’s insurance market. This is huge news folks!  Lawmakers also took steps to improve the safety of condo buildings.

In the last year or so, a large number of insurers have simply stopped writing insurance on properties in Florida, including renewals.  This has left homeowners and purchasers scrambling to bind coverage, which is required by their lender, not to mention, a sound business practice. 
 As a result, rates have skyrocketed, in some cases more than doubling the previous cost!

As reported by Inman, here is a synopsis of the new legislation:

 On Thursday night, Gov. Ron DeSantis signed Senate Bill 2D into law. The bill includes a variety of reform measures designed to reduce frivolous lawsuits, crack down on roofing scams, provide reinsurance relief and empower property owners to harden their homes against storms. Some changes in the bill include:

Protecting Policyholders from Nonrenewal: Insurers may not refuse to write or renew policies on homes with roofs that are less than 15 years old, solely because of the roof's age. 

Roof Solicitations: Requires roofing solicitations to contain consumer-awareness language that the homeowner is responsible for the deductible under the insurance policy, and it is insurance fraud for the contractor to reduce or waive the deductible or file a claim with false or misleading information.

Roof Deductible: Allows insurance companies to offer a policy at a reduced rate to consumers that includes a roof deductible of up to 2% of the insured value, or 50% of the roof replacement cost. Roof deductibles will not apply when there is a total loss to the structure, a loss caused by a hurricane, a roof loss resulting from a fallen tree or other hazard, or a loss requiring a repair of less than 50% of the roof.  This is great!

Civil Remedy Notice: Limits bad faith lawsuits by requiring the policyholder to establish an actual breach of contract. Score on for the insurance lobby.

Improving Affordability for Policyholders: Authorizes $2 billion for a new Reinsurance to Assist Policyholders (RAP) program to help insurers obtain reimbursement for hurricane losses earlier than they normally would under the Florida CAT Fund. This reinsurance is provided by the state at no cost to the insurer. Insurers that participate in RAP must reduce policyholder premiums.  That's very welcome.

Home Hardening Grants: Appropriates $150 million to provide hurricane mitigation inspections and matching grants to help Floridians afford home hardening improvements to their homestead single-family residences with an insured value of $500,000 or less. The program provides $2 in grant funds for every $1 provided by the homeowner up to $10,000.  That's huge!

Holding Insurers Accountable: Prohibits insurance companies from denying claims without communicating sufficient reason. Requires the state to analyze why an insurer failed within two months after insolvency process begins. 

And finally, Condominium safety reform:
Florida lawmakers also addressed condominium reform by passing Senate Bill 4D, which DeSantis also signed Thursday. This bill provides an overhaul of the high-rise inspection law, requires more frequent recertification of safety standards and mandates that condo boards build up reserves so they can make needed repairs. Changes in the bill include:

Creates a statewide "milestone inspection" requirement for condominiums and cooperative buildings that are three stories or higher, 30 years after initial occupancy, and 25 years after initial occupancy for buildings located within three miles of the coast. 
Requires inspections every 10 years after a building's initial "phase 1" inspection.
Requires an additional, more intensive inspection, or a "phase 2" inspection, if a building's initial inspection reveals substantial structural deterioration.

Beginning in 2024, condo associations are required to conduct a structural integrity reserve study at least every ten years and prevents needed reserves from being waived.  We call it going naked, meaning not setting aside any reserves as a contingency.  This is not going to be well received by many condo owners, many of whom live on fixed incomes, as their monthly dues will be going up.  But there's a price for safety and it will have to be paid.