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Coastal Properties Group Blog

Saturday, February 22, 2020   /   by Stephen Vincelli

Florida Vacation Rental Laws Under Review

Fla. House Moves Forward on Vacation Rental Bill
Click here for the full article
The effort to bring short-term rentals under state control could help ensure that advertised rentals on sites like Airbnb are licensed and collect and remit taxes.

For the first time, online platforms such as Airbnb would have to collect and remit taxes on vacation rental properties, ensure that only properly licensed rentals are advertised and provide the state with specific information about the rentals, under a proposal headed to the House floor.
In exchange, short-term rental regulation would be “pre-empted” to the state, largely preventing local governments from regulating vacation rentals. Local governments could only regulate the rentals in the same way as other properties in neighborhoods, a restriction that cities and counties oppose.
The House Commerce Committee on Thursday approved the proposal (HB 1011), with Democrats objecting that decisions about vacation rentals &nda ...

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Thursday, February 20, 2020   /   by Stephen Vincelli

Pinellas County Real Estate Market Highlights Jan 2020

     Clearwater Beach was named #1 again by trip adviser as the best beach in America.  The city of Clearwater has begun its $65,000,000 re development of the down town area.  The job market is doing very well and new businesses continue to enjoy relocating here.  It is a perfect mix right now that are keeping the tourists pouring into the area and buyers wanting to live here in record numbers.
     Have real estate prices topped out or is there room to grow?  Is it a sellers or buyers market?  The answers to those questions are difficult to answer at this time.  It is a tale of two cities really.  In some areas of Pinellas county homes go under contract in 1 day.  Properties on the water that have been fully updated get most of the attention and if priced right will go pending quickly.  Homes that are selling the quickest are ones that have been updated.  In St. Pete a 900 square foot home that has b ...

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Tuesday, February 18, 2020   /   by Stephen Vincelli

Signs of Problems with the Florida Property Insurance Industry

Many Thousands of Fla. Owners Must Switch Insurance Carriers
Regulators will shift 43K policyholders from Anchor Property and Casualty to Homeowners Choice Property and Casualty on April 1 due to a financial-rating downgrade.  For the full article click here.

In a new sign of problems in Florida’s property-insurance industry, tens of thousands of homeowners will be shifted to a different insurer this spring because of a company’s financial troubles.
Regulators late Monday announced an agreement to shift 43,000 policyholders, most of them homeowners, from Anchor Property and Casualty Insurance Co. to Homeowners Choice Property and Casualty Insurance Co. effective April 1. The move came after Anchor was the subject of a downgrade in a financial-stability rating.
This type of downgrade creates a possibility that Anchor’s policies would no longer be acceptable to mortgage companies, according to the agreement between the state Office of Insurance Regulation and ...

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Saturday, February 15, 2020   /   by Stephen Vincelli

Pinellas County Home Sales Outpace National Market

A few reasons why Pinellas County Real Estate still has plenty of room to grow.  

The total number of houses sold is up compared with January 2019, and so are median prices in Hillsborough, Pinellas, Pasco and Hernando counties.  The Tampa Bay area’s housing market stayed strong in January, outpacing the national market for year-over-year growth, according to new reports Friday from Florida Realtors.  Compared to January 2019, the number of single-family home sales rose 14 percent for the region — 24 percent in Pinellas County, nearly 22 percent in Hernando, 12 percent in Hillsborough and 3 percent in Pasco.  Statewide, home sales rose nearly 18 percent from January a year ago to last month. Nationally, the year-over-year increase was 9.6 percent.  While number of houses sold dropped at the national, state and local levels from December to January, the housing market tends to be seasonal, the Florida Realtors organization ...

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Monday, February 10, 2020   /   by Stephen Vincelli

Florida Housing Market Update January 2020

Florida Realtors: Jan. Single-Family Sales Up 17.9%
Fla. condo-townhouse sales were up 14.5% year-to-year. The statewide median price for single-family homes rose 6% to $265K, and condo-townhouse prices up 9.6% to $200K. New pending sales and pending inventory also rose statewide in both property categories.

ORLANDO, Fla. – Florida’s housing market started the year off on a positive track, with more closed sales, higher median prices, more pending sales and higher pending inventory in January 2020 compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 18,298 last month, up 17.9% from January 2019.
“Many of the same market conditions we saw over the past few months – like favorable mortgage rates, buyer demand and low inventories – have continued into 2020,” says 2020 Florida Realtors President Barry Grooms, a Realtor and co-owner of Florida Suncoast Real ...

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Coastal Properties Group
Tom Smith Team
423 Mandalay Ave Ste 102
Clearwater, FL 33767

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