Polk County, traditionally Florida’s citrus hub, has recently become the nation’s top destination for new residents. Last year alone, nearly 30,000 individuals relocated to this area between Tampa and Orlando.
In recent times, Florida’s exurbs like Polk County have been drawing significant attention. Known for its expansive citrus groves, Polk County is now attracting more people than ever before. This influx marks a shift in population trends, as residents seek alternatives to both urban centers and suburbs.
Meanwhile, Florida condominium residents face new financial requirements. State regulations now mandate associations of buildings with three or more stories undergo regular inspections. These inspections, due by the end of the year, aim to assess the cost of maintaining structural integrity, according to Carolina Sheir from Eisinger Law.
Additionally, property taxes in Florida’s southeastern region are rising steeply. The surge is attributed to higher home values, frequent natural disasters, and increasing population. Reports indicate this has been a growing trend over the past five years.
Interestingly, Southwest Florida has emerged as a leading office market. Ranking eighth among U.S. markets under 100 million square feet, the area has seen varied performance trends, including vacancy rates and coworking space development, revealing its evolving business climate.
On the insurance front, Ernie Garateix, CEO of Heritage, has noted a stabilizing trend in Florida’s homeowners insurance market. He suggests that while there have been significant fluctuations in the past, current rates are more predictable.
In residential real estate, South Florida faces a noteworthy decline in median apartment rents, registering a 4% decrease from last year. Such dynamics are reflective of broader economic shifts affecting living costs across the region.
The movement towards Florida’s exurbs, combined with regulatory changes and economic shifts, paints a complex picture of the state’s real estate landscape. As residents adapt to these changes, understanding market dynamics becomes increasingly crucial.
Source: Florida Trend
