AGP Executive Report

Foreclosures: U.S. home repossessions rose 42% year over year in August, though experts caution the increase comes from unusually low levels. Florida had the nation’s third-highest foreclosure rate, and Punta Gorda ranked second among large metro areas. Climate Risk: Florida is suing First Street over its climate-risk scores, alleging they exaggerate flood risks and harm homeowners. Taxes and Affordability: Property tax relief is a key election issue, while a nonprofit plans 100 affordable homes in Homestead as housing costs climb. Development: Manatee residents who blocked one project now face a larger proposal under the state’s Live Local law, underscoring how growth rules can reshape local plans. Market Watch: Central Florida listings are seeing price cuts, while South Florida’s luxury market logged strong pricing and high-end sales in the third quarter.

Local Control: Florida’s cities and counties are debating growing state limits on local authority, including housing policy and Senate Bill 180. Flood-Risk Dispute: Florida sued climate-data firm First Street, alleging its property risk scores exaggerate flood danger, hurt home sales and raise insurance costs; the company’s assessments sometimes differ from FEMA’s, the state says. Property Taxes: Gov. Ron DeSantis is urging voters to approve Amendment 3, which would expand homestead exemptions on non-school property taxes, while critics warn of potential effects on public services. Luxury Market: South Florida luxury home sales rose 19.1% year over year in the third quarter, while luxury condo sales climbed 13.3%; average prices topped $2.5 million in both categories. Growth and Preservation: Pasco County bought 67.5 acres to link existing preserves, as criticism grows over development in the area. Affordability: Homeowners nationwide now pay an average $16,566 a year for maintenance, taxes and insurance beyond their mortgage—32% more than five years ago.

Condo Affordability: Condo prices are slipping, but new Fannie Mae and Freddie Mac building-risk rules could push HOA fees higher, weakening the savings for buyers. Insurance Costs: Florida property premiums have eased after reforms, but multifamily liability rates are climbing as litigation costs pressure owners. Market Signals: Central Florida had 1,342 listings with recent price cuts; 57% had been on the market at least 60 days, suggesting buyers may have more room to negotiate. Development: Construction is underway on a 126,500-square-foot expansion of Jacksonville’s Imeson Landing Business Park, including small-bay space for growing businesses. Buyer Risk: At Boca Raton’s unfinished Mandarin Oriental project, at least 20 buyers are seeking refunds, with some deposits topping $1 million after years of delays.

Property Tax Vote: Alachua County’s Parade of Homes drew buyers as they weigh Amendment 3, which would expand homestead exemptions if approved by voters Nov. 3. Gainesville-area sales rose 7.6% in September, while average prices stayed relatively flat. Market Watch: Central Florida had 1,342 listings with recent price cuts; 57% had been on the market at least 60 days, a sign buyers may have room to negotiate. Flood Risk: For homes near the water, buyers should check the property’s specific flood zone and get an insurance quote before making an offer. Some Florida homeowners are also leaving $12.4 million in flood aid unclaimed amid concerns about taxes, permits and building codes. Development Rules: Venice has deferred tougher stormwater standards and other land-use changes while SB 180 limits stricter development rules after hurricanes. Housing Supply: A $23 million Florida project has begun leasing 70 affordable apartments, with 70 more planned.

Condo Buyers at Risk: Buyers at Boca Raton’s delayed Mandarin Oriental Residences are fighting for deposits after an arbitration win, while the developer faces a $417.7 million foreclosure lawsuit. Flood Recovery: Fort Lauderdale still has $12.4 million in flood aid available, but homeowners fear inspections could trigger tax increases, permit problems or fines. Affordable Housing: A Charlotte County development has begun leasing 70 apartments, with rents from $940 to $1,500; another 70 are planned. Redevelopment: Lennar confirmed it is buying Boynton Beach Mall for a mixed-use project with homes, shops and civic space. Local Growth: Walmart bought 22 acres in Palm Bay, landing the first major anchor at Emerald Lakes. Property Taxes: Amendment 3 is fueling debate over potential tax-bill changes and the impact on Florida’s water resources.

Property Taxes: Florida voters face Amendment 3, which would expand homestead exemptions and change limits on taxable-value increases. Supporters promise relief; critics warn of effects on local services. Palm Bay Growth: Walmart bought 22 acres in Emerald Lakes, becoming the planned mixed-use community’s first major retail anchor. The company has not announced construction plans or a timeline. Homeowner Protections: Michigan’s attorney general sued Florida-based MV Realty, alleging its cash-for-homeowner-benefit program imposed 40-year sales rights and liens. Mortgage Costs: A new federal order calls for reviews that could help eligible borrowers cancel mortgage insurance, but it does not immediately change existing loans; the proposed pilot is conditional. Coastal Resilience: Manatee County is replacing a failing seawall at Bishop Point Park with its first living shoreline, designed to reduce erosion and support habitat. Historic Preservation: Valrico’s 1890s Galvin-Carl House has been spared demolition and is undergoing a full restoration.

Luxury Market: Miami-Dade recorded 24 sales of homes and condos above $30 million through September, surpassing 2025’s full-year record of 21. Yet overall county home sales fell 2% year over year in September. Development Delays: Fort Pierce’s Causeway Cove project is now scheduled four years later after its developer invoked emergency provisions in Florida’s Live Local Act. The five-tower plan includes a commitment to reserve 40% of units as affordable housing. Data Center Debate: Indiantown will consider a temporary pause on new large data center projects, while exempting three developments already in the works. Housing Access: Habitat for Humanity and Hard Rock have begun building 10 homes in Oakland Park for families working toward affordable homeownership.**

Luxury Development: Bugatti plans a 60-story, 183-residence tower on the Miami River in Brickell, with an estimated value of $650 million; sales are expected to begin in 2027. Redevelopment: Lennar expects to buy Boynton Beach Mall early next year and is proposing a mixed-use community with housing, retail and open space, as South Florida developers eye declining malls for new homes. Housing Policy: Florida voters will decide on Amendment 3, which would raise the homestead exemption to as much as $250,000 for certain non-school property taxes by 2028. Supporters promise homeowner relief; critics warn of consequences for local services and affordability. Major Projects: SpaceX is proposing a 400-acre manufacturing and testing campus at Kennedy Space Center. In Cape Coral, the city approved up to $30.95 million in incentives for a proposed 100-bed HCA hospital. Costs and Expansion: Rising condo fees are pushing some Florida seniors out of their homes, while The Villages is seeking $180 million to fund an 800-acre expansion.

Real Estate Finance: Northwind Group closed a $1 billion real estate debt fund—twice its target—with loans spanning South Florida, including $401 million for Ritz-Carlton-branded residences in Palm Beach Gardens. Cape Coral Development: The city gave final approval to the $500 million Bimini East project, planned with 900 homes, 250 hotel rooms, offices, shops and a marina. Jacksonville Housing: Viridian Southside Quarter has completed 76 rental townhomes, all with green-building certification and ready for move-in. More Housing Options: Oldsmar is considering allowing accessory dwelling units on 274 more parcels, as residents weigh growth and family needs. Condo Costs: Rising fees tied to post-Surfside safety requirements are adding pressure on Florida condo owners, with seniors among those struggling to stay in their homes.

Contractor Crackdown: Hillsborough County authorities arrested 50 people in a four-month sting targeting unlicensed contractors, underscoring the risks homeowners face when hiring for repairs. Gulf Coast Market: Sarasota-Manatee condo and townhome sales jumped 20.9% in the third quarter year over year; Sarasota County sales rose 26.8%. Single-family sales grew more slowly, up 3.6% across both counties, and agents say buyers still have room to negotiate. Flood Control Funding: Amendment 3 could strip the South Florida Water Management District of more than $415 million in property-tax revenue over five years, raising concerns about flood protection and Everglades work. Luxury Real Estate: A Palm Beach estate bought for $155 million was demolished months later, reflecting how scarce oceanfront land can outweigh even a lavish home. Condo Costs: Rising fees and insurance are putting pressure on older South Florida condo owners, with some seniors reportedly being pushed out.

Florida Housing Market: September sales were mixed: existing-home closings fell 3.5% year over year, while condo-townhouse sales were nearly flat. Third-quarter sales edged up for both, and inventory tightened, signaling a steadier but measured market. Florida Keys: First-half sales rose 11.7% and average prices climbed 13.3% year over year, even as listings fell 7.4% and homes took longer to sell. Luxury Real Estate: Juan Gabriel’s nearly 10-acre Southwest Ranches estate is listed for $38.9 million, a record-level ask for the area. Vero Beach Development: A proposed $37.3 million, 116-room hotel and indoor baseball complex near the Jackie Robinson Training Complex could break ground in early 2027. Separately, the city gave the stalled $250 million Three Corners waterfront project another 54 days to secure financing. Building Costs: New Smyrna Beach’s proposed hourly permit fees could raise a water-heater replacement permit from about $50 to $400, drawing criticism that homeowners may bear the steepest increases.

Commercial Property: Lee Memorial Hospital bought a former Ruby Tuesday building near Fort Myers’ HealthPark campus for $2.2 million. The 5,398-square-foot property drew multiple buyers and went under contract in less than two months. Miami Development: Florida’s first planned supertall tower is nearing its 1,049-foot height. The Waldorf Astoria project will include about 1.6 million square feet, with an unusual design of stacked, offset sections. Property Taxes: Gov. Ron DeSantis is campaigning for Amendment 3, which would raise Florida’s homestead exemption for non-school property taxes if approved by 60% of voters. The proposal could cut homeowner tax bills while reducing local revenue. New Construction: Metro Development Group has broken ground on the 1,100-acre Sunrise Hills community in Brooksville. Near the University of Florida, a separate project is adding 684 student beds. Affordable Housing: Florida Home Partnership is using a USDA program to expand affordable homeownership, while a long-delayed affordable housing project in Pahokee is back under construction.

Property Taxes: Florida’s Amendment 3 would sharply expand homestead exemptions, shifting the tax burden and threatening local funding for services if voters approve it Nov. 3. Data Centers: Broward County is moving toward a one-year pause on large facilities in unincorporated areas as officials weigh impacts on neighborhoods, water and power costs; the ban still needs a final vote. Affordable Housing: Construction has resumed on a long-delayed Pahokee project, with completion targeted for 2027. Condo Market: Broward’s median condo price has fallen 14.5%, adding pressure to a market already grappling with steep building-repair bills. Storm Resilience: Florida engineers are testing manufactured homes in hurricane-force winds to identify improvements that could help protect residents and properties.

Mall Redevelopment: Boynton Beach Mall has told most of its roughly 75 tenants to leave by Jan. 15, 2027, as owner Washington Prime Group prepares for a long-planned redevelopment. JCPenney, Cinemark and Christ Fellowship may remain beyond the deadline. New Housing: A long-delayed affordable housing project in Pahokee is back under construction, with completion targeted for 2027. In Brooksville, Metro Development Group has broken ground on the 1,100-acre Sunrise Hills community; near the University of Florida, a separate project will add 684 student beds. Expansion and Demand: The Villages plans to borrow $180 million to help fund 3,860 homes and new amenities, even as Florida home sales remain subdued and migration has slowed. Statewide sales rose slightly in the third quarter, while insurance costs continue to squeeze homeowners and renters. Neighborhood Concerns: Punta Gorda residents say landfill odors have disrupted nearby homes and outdoor life for years; Florida regulators cited the landfill for odor-control violations and construction without valid permits.

Data Center Debate: Florida candidates are facing growing opposition to hyperscale projects: a UNF poll found 68% of voters oppose one in their area, including 76% of independents. David Jolly has pledged a one-year moratorium; Byron Donalds argues restrictions could deter investment. St. Petersburg says its current zoning code already bars standalone data centers. Housing Pipeline: A long-delayed affordable housing project in Pahokee is back under construction, with completion targeted for 2027. In St. Petersburg, a $300 million condo project is set to replace the Hilton. Market Conditions: Florida home sales edged up in the third quarter, while builder confidence fell to a 14-year low as mortgage rates climbed. Contractors also say immigration raids are making it harder to build homes. Property Owners: Florida’s insurance crisis continues to weigh on both homeowners and renters, while a proposed property-tax amendment keeps affordability and local funding in the spotlight.

Affordable Housing: Pahokee’s long-delayed Everglades Townhomes project is back under construction, with 60 affordable rentals expected to be ready in 2027. St. Petersburg Development: Kolter Urban is proposing two 44-story towers with 325 condos on the Hilton Bayfront site, in a project estimated at $300 million. Space Coast Investment: Blue Origin plans to spend $330 million expanding its Florida rocket factory, with work expected to support production of up to 150 upper stages a year. Market Conditions: Florida home sales rose slightly in the third quarter, but higher mortgage rates and a 14-year low in builder confidence signal continued strain. Bank of America warns 2027 could bring a housing slump resembling 2023. Homeowner Costs: Florida’s insurance squeeze continues to affect owners and renters, while Broward condo prices have fallen 14.5%. Voters will also weigh a proposed property-tax cut, which could affect funding for local services.