Recent devastating hurricanes have sparked concerns over potential mass departures from Florida. However, historical trends reveal a different story.
Despite the significant damage caused by hurricanes over the years, Florida’s population has shown remarkable growth. In the two decades since the state was battered by hurricanes Charley, Frances, Jeanne, and Ivan, Florida has witnessed a population increase by a third, reaching 23 million residents. Last year alone, the state welcomed over 365,000 new residents, trailing only Texas in terms of growth. This trend indicates that hurricanes have not deterred people from moving to or remaining in Florida.
However, Florida’s once-booming real estate market is displaying signs of cooling. A trend has emerged where criminals exploit legal loopholes by selling homes they do not own, using quit claim deeds. According to State Attorney Jack Campbell, these deeds are easily processed without the original owner’s presence, misleading prospective buyers regarding property ownership. This fraudulent activity is becoming increasingly prevalent across the state, raising concerns about real estate transactions.
Meanwhile, the migration of Canadians to Florida is influencing the real estate landscape, particularly through the E-2 visa. This visa allows Canadians to invest in U.S. businesses, often necessitating the purchase of commercial or residential real estate. This influx has contributed greatly to Florida’s real estate dynamics, as Canadians seek opportunities to establish themselves in America.
In South Florida, the industrial market has experienced a slowdown since the pandemic. Although leasing activity remains robust, it is not at its previous peak levels. Economic uncertainties, increased operating costs, and additional inventory have contributed to this trend, according to Sky Groden from JLL’s Miami office.
The condo market in Florida is facing its own set of challenges. Rising costs and new state requirements for building inspections are pressing issues for condo owners, particularly seniors. These financial burdens are exacerbated by the January 1 deadline for inspections and repairs, posing significant challenges for owners who may struggle to sell their properties under current conditions.
Ultimately, while hurricanes pose significant challenges, they have not historically driven people away from Florida. Factors like real estate trends and economic conditions play more substantial roles in influencing demographic changes in the state. However, fraudulent real estate practices and increased costs for homeowners present ongoing challenges that require attention.
Source: FloridaTrend
