Southwest Florida Real Estate Blog

The NAR settlement is now in effect nationwide and introduces major changes to the residential real estate industry. Key impacts include the prohibition of listing any agent or broker commissions on the MLS, requiring direct negotiation between buyers and sellers representatives regarding such compensations. This is a stark contrast to how real estate transactions had been conducted for nearly a century.

Florida HB 1021, Condo 3.0, mandates regular structural inspections, stricter reserve funds, and enhanced transparency for condo associations. It requires board members to undergo training on fiduciary duties and conflict-of-interest policies. The bill promotes mediation for dispute resolution to reduce litigation. These measures aim to improve safety, financial stability, and governance within Florida's condominium communities.

Florida's property insurance market is in crisis, with soaring premiums and limited coverage options. Causes include high disaster risk, rising reinsurance costs, insurer exits, rampant fraud, and aging infrastructure. Homeowners face unsustainable costs, investors see reduced profitability, and potential buyers are deterred. Comprehensive solutions are urgently needed to stabilize the market and ensure affordability.

Florida's condo market is in a crisis. We delve into the factors driving the upheaval, including soaring HOA fees, spiraling insurance premiums, and rising property taxes. Understand the broader implications for condo owners and potential buyers, and discover why market conditions are making condo sales increasingly challenging.

The recent NAR settlement brings transformative changes for sellers of real property by removing the obligation to compensate buyer's agents through MLS and allowing for more flexible, individualized commission negotiations. Set to take effect in mid-July 2024, these adjustments grant sellers greater control over their transaction costs and require a more strategic approach to property listings and sales.

For buyers navigating the complex landscape of real estate, the recent settlement by the National Association of Realtors (NAR), effective mid-July 2024, heralds significant changes. This shift in commission structures and the push for greater transparency promise to reshape the home-buying process nationwide. This overview highlights the pivotal adjustments and their implications, underscoring the importance for buyers to stay informed and seek expert advice to confidently embrace these changes.

In a landmark move, the National Association of REALTORS® (NAR) and plaintiffs have agreed to a tentative settlement aimed at resolving a series of lawsuits concerning the traditional structure of broker commissions. This agreement, expected to take effect in mid-July 2024, has piqued the interest of both industry insiders and the general public, as it represents a pivotal shift in the real estate sector.

The registration deadline for Florida Senate Bill 264 (SB 264), which places restrictions and registration requirements on the ownership and interests of real property in the state of Florida by individuals or entities from certain foreign countries is approaching. The deadline to register real property held by individuals or entities purchased before July 1st, 2023 in Florida that fall under SB 264 is December 31st, 2023.

Citizens Property Insurance is continuing its efforts to move policies to private insurance companies in order to reduce exposure to risk, as the state-backed Florida insurer was never intended to carry the number of policies it currently holds.

A surge of residents from the Miami metropolitan area are breaking away from the hustle of the metropolis and finding solace in the residential havens of Lee County – Cape Coral, Fort Myers, and Lehigh Acres. Lee County, with its spacious living, affordable housing, and welcoming communities, offers a refreshing alternative.