AGP Executive Report

Property-Tax Stakes: Florida voters will decide Amendment 3 on Nov. 3. It would raise the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028. Homeowners could save, but local governments warn of lost revenue; a rush of buyers or higher home values remains uncertain. Storm Recovery: DeSantis has asked for federal disaster aid for hurricane-hit communities, including public assistance for 15 counties and individual aid for residents in eight. Jacksonville Housing: An out-of-state investor group plans to buy more than 100 homes a year starting in 2027. Its local partner says new rental homes will add supply, with average rents below the citywide figure cited by Zillow. Development Pipeline: Miami-Dade is weighing an 800-unit workforce housing proposal near West Dade Center, while a separate developer has pitched 103 units in Opa-locka. Blue Origin also announced a major Florida expansion for its New Glenn rocket program, including a $330 million Rocket Park buildout.

Workforce Housing: Miami-Dade is weighing an 800-unit proposal near West Dade Center. In Opa-locka, Abreu Development is seeking approval for a 103-unit apartment building near the airport, while a separate downtown plan envisions 225 apartments and retail space. Florida Keys Permits: Monroe County staff may revise a 10-year plan for 657 homebuilding allocations after the state objected to provisions for affordable housing and construction in coastal high-hazard zones. Staff recommends reserving 33 allocations for deed-restricted affordable homes. Storm Recovery: Florida requested federal disaster aid for 15 Panhandle counties after Hurricane Isaias and says it is arranging temporary RV housing for displaced residents. Space Coast Investment: Blue Origin’s planned $330 million Rocket Park expansion is expected to support production of up to 150 New Glenn upper stages by summer 2027, adding to the company’s Florida growth plans. Land Protection: Polk County and the state partnered to protect 991 acres of ranchland from future development.

Florida Development: Blue Origin plans two more New Glenn launch pads and a manufacturing facility in Cape Canaveral, targeting capacity for 150 rockets a year and building on roughly $3 billion already invested in Florida. St. Petersburg Rentals: VIV, a 269-unit downtown apartment community, is more than 80% leased in its first year, putting it closer to stabilization. Land Conservation: Polk County and the state are protecting 991 acres of ranchland from future development. Local Projects: Seminole County approval could clear the way for more than 300 apartments near Lukas Nursery, while St. Petersburg approved a nature-based stormwater policy. Palm Beach Dispute: Residents sued over the county’s approval of a convention center hotel deal, challenging the $26 million project.

Property Taxes: Amendment 3 is losing ground: a recent poll found 42% support, well short of the 60% needed to pass. Florida Realtors backs the proposed homestead tax break, while Florida TaxWatch warns of costs for local services. Housing Market: Miami has 159% more sellers than prospective buyers, the widest gap among U.S. metros, as buyer demand weakens and sellers gain leverage. Development & Affordability: Miami-Dade schools are advancing a workforce-housing plan on rare pine rockland, while a Seminole County approval could pave the way for more than 300 apartments near Lukas Nursery.Condo Costs: Florida owners continue to face steep bills: one West Boca condo owner says fees have climbed to $900 a month, and some owners statewide face renovation bills as high as $320,000.

Multifamily Investment: Griffis Residential has raised about $207 million for a new apartment fund and made its first purchase: a 263-unit West Palm Beach community acquired for roughly $104 million, about 25% below replacement cost. Workforce Housing: Miami-Dade school board members advanced a proposal for 150 homes on a small, environmentally sensitive pine rockland parcel, while stressing that the vote does not commit the district to a deal. Appraisals and environmental reviews are still ahead. Housing Market: U.S. pending sales fell 4% in September to their lowest level since 2014, as mortgage rates topped 7%; the slowdown reached all 50 largest metro areas. Storm Resilience: Florida’s updated wind and debris standards, strengthened after Hurricane Michael, are being tested as the Panhandle recovers from Isaias. In Key Biscayne, officials are weighing flood-control and underground-utility plans estimated to cost $93 million to $217 million.

Central Florida Market: September home resales were nearly flat in four Orlando-area counties, up 0.5% year over year, while sales across a wider six-county region fell 3.3%. Median prices were $389,000 and $360,000, respectively. Condo Costs: A West Boca owner says HOA fees of about $900 a month, alongside insurance and inflation, could force her to move. Florida metros rank among the nation’s most expensive for HOA costs, prompting calls for more oversight and help for seniors. Property Taxes: Amendment 3 would raise Florida’s homestead exemption for non-school taxes to $150,000 next year and $250,000 in 2028. Supporters say it would ease homeowners’ bills; critics warn local services and public safety could face budget pressure. Growth and Infrastructure: Hillsborough transportation planners approved a $10.3 million road project near the proposed Rays stadium, including road widening, sidewalks and traffic upgrades, though questions remain about traffic and flooding. On the Space Coast, a developer plans to invest more than $100 million in an industrial park, with groundbreaking expected next year.

Property Taxes: Florida voters face a proposed Amendment 3 that would expand homestead exemptions and limit taxable-value increases on some properties. Polls range from 42% to 63% support, but passage requires 60%; Gadsden County leaders warn of a potential $6 million revenue loss. Stormwater Costs: Tampa property owners are suing over a major drainage project, challenging its costs and effects on property rights. Building Costs: Florida homebuilders are urged to update contract terms as material and labor costs remain volatile, raising the risk of disputes. Housing Strain: Marion County eviction filings rose 18% in the first half of 2026, while foreclosures reached their highest level since 2019; some Florida condo owners also face bills as high as $320,000 amid years-long renovations. Development: Babcock Ranch’s commercial district is expanding, with six businesses open and more than 20 leases signed as new shops, offices and services follow residential growth.

Rural Infrastructure: Florida is directing $27 million to 14 rural communities for projects including road connections, stormwater upgrades and health-care facilities, with eight awards going to Panhandle communities recovering from Hurricane Isaias. Development Pressure: Lennar is pursuing about 200 homes on 73 acres near wetlands in rural Florida; county officials say state law limits their ability to block the rezoning, despite residents’ concerns about growth. Migration Shift: Florida’s net migration gain fell to about 201,000 in 2025, from nearly 599,000 at its 2022 peak. International arrivals now account for 89% of that growth, as rising housing and insurance costs reshape the state’s appeal. Local Land Use: Tampa-area property owners are suing over a major stormwater project, citing its costs and effects on property rights. Holmes County commissioners are also reviewing broad development-rule changes, including new zoning and stormwater requirements. Brokerage Moves: Miami-based Keyes Company acquired Sarasota’s Catalist Realty, expanding its local presence while keeping Catalist’s client-directed donations to nonprofits.

Property Tax Fight: Florida’s proposed Amendment 3 would raise the homestead exemption to $150,000 in 2027 and $250,000 in 2028, potentially eliminating non-school property taxes for many homeowners. Gadsden County officials warn the change could cost them $6 million and force cuts to services. Construction: Cardinal Infrastructure Group agreed to buy Central Florida site-development contractor Hughes Brothers Construction for $357.5 million, expanding its presence in a market tied to residential, commercial and industrial growth. Storm Recovery: Insured wind and storm-surge losses from Hurricane Isaias are estimated at $2 billion to $3 billion, with much of the damage in the Florida Panhandle; flood damage generally requires separate coverage. Condo Costs: Florida condo owners face assessments as high as $320,000 and years of renovation work, while Fannie Mae plans tighter condo-loan rules for 2027. Housing Market: Central Florida listings are seeing price cuts, and Bradenton home prices have fallen, giving buyers more room to negotiate.

Foreclosure Pressure: Nearly 230,000 Florida homeowners faced foreclosure through June, with insurance premiums, property taxes and everyday costs squeezing budgets. Housing advocates warn distressed owners to watch for scams and seek help. Tampa Development Fight: Bern’s Steak House and other South Howard property owners sued over Tampa’s multiyear stormwater project, arguing construction could disrupt businesses and the city exceeded its authority. The city says the culverts are needed to address neighborhood flooding. Mortgage Headwinds: The return of 7% mortgage rates helped push U.S. pending sales to their lowest level since 2014, outside the pandemic months, adding pressure on Florida buyers and sellers. Condo Financing: Some Florida condo owners face renovation bills as high as $320,000, while tighter Fannie Mae loan rules for 2027 could make financing more difficult. Storm Recovery: Hurricane Isaias left flooding and outages in the Panhandle, with debris clearance and recovery efforts underway.

Storm Recovery: Hurricane Isaias left damage across the Panhandle; Florida activated $10 million in emergency loans for small businesses, reopened a damaged state park bridge and began clearing roads, with county debris pickup starting this week. Central Florida Market: 1,418 listings in Orange, Seminole, Volusia and Lake counties have cut prices, averaging 3.16%; more than half have been on the market over 60 days. Condo Pressure: Florida condo owners face renovation bills as high as $320,000, while Fannie Mae is tightening condo-loan rules for 2027 amid falling prices in Florida and other states. Luxury Sales: About 40% of the 75 planned residences at Boca Raton’s resort have been claimed within months; prices now start at $8.95 million. Miami Hotels: Average room rates rose 23.5% year over year to $186.73 in late September, the steepest increase among major U.S. markets.

Luxury Listing: A Key Biscayne mansion featured in Scarface is on the market for $237 million. The 2.38-acre waterfront estate was also linked to Richard Nixon’s “Winter White House.” Condo Costs: Fort Lauderdale’s Galleon condominium overhaul has ballooned from $1.6 million to $36 million, with some owners facing assessments of up to $320,000 after five years of work. Market Shift: Bradenton sellers are facing falling prices and more negotiating power for buyers, while rising taxes, insurance and HOA fees are pushing some owners to sell. Housing Affordability: Tallahassee home values rose 59% from 2017 to 2024, outpacing the 35% gain in median household income. A separate analysis says Florida’s insurance and property-tax costs can erode its appeal to retirees. Development Rules: Venice is considering a 12-month pause on data-center applications while it updates planning rules. Separately, Florida’s wetlands permitting fight is headed back to Congress.

Storm Recovery: Florida has mobilized about 5,000 National Guard members and thousands of transportation and utility workers after Hurricane Isaias, as outages and cleanup continue across the Panhandle. Land Use: Venice is weighing a 12-month moratorium on data-center applications to give the city time to update its planning rules. Condo Market: Fannie Mae is preparing tighter condo-loan reviews for 2027, putting more scrutiny on association reserves, assessments and building conditions as prices slide in markets including Cape Coral. Affordable Housing: Brevard County secured nearly $9 million in federal funding to expand permanent supportive housing in Titusville and Melbourne.

Rental Market: Florida had nine cities among the nation’s 50 best places for renters, including Orlando, Miami, Pensacola and Daytona Beach, according to a new study. Affordable Housing: Brevard County secured nearly $9 million in federal funding to expand permanent supportive housing in Titusville and Melbourne. In Tampa Bay, rising mobile-home lot rents are squeezing residents, while Miami’s housing costs are pushing residents out and fueling efforts to help them stay. Homeownership Costs: Florida homeowners face growing insurance pressure, with roof-age data errors flagged as a potential trigger for nonrenewals. Storm Recovery: Hurricane Isaias left hundreds of thousands of Florida accounts without power after striking the Panhandle; recovery crews are working to restore service.**

Miami Development: Ken Griffin pledged $2 billion toward a 35-acre Carnegie Mellon campus in Wynwood, a major bet on Miami’s growth as a technology hub. Sarasota County Oversight: A developer-funded political committee paid $42,000 to a company run by Commissioner Teresa Mast’s husband; some donors had business before the commission, including a developer whose 1,000-home rezoning she supported. Housing Affordability: An Atlanta Fed analysis found a median-income South Florida household would need to spend about 60% of its income to buy a median-priced home, while nearly 60% of renters are cost-burdened. In Miami’s Overtown, a new 120-unit affordable complex offers rents starting at $683. Housing Costs: Tampa Bay mobile-home residents say rising lot rents are straining fixed budgets, with one Hudson resident’s monthly charge climbing from $675 to $850, and nearing $900. Storm Readiness: Hurricane Isaias prompted evacuation orders across the Panhandle, putting coastal properties and communities on alert.

Property Taxes: Ahead of Florida’s Amendment 3 vote, local officials say rising costs for labor, asphalt and equipment are pushing property taxes higher. The proposal would expand the homestead exemption and change assessments on some other properties. Coral Gables Development: An $11.2 million redesign of Ponce Circle Park would add a Frank Stella sculpture, shaded walkways and an outdoor performance space. Construction is targeted to start in January 2027. Florida Real Estate Fraud: A former federal official who pleaded guilty to a $193.6 million fraud used about $102 million to buy four properties in Palm Beach and Hobe Sound, court filings say. Storm Readiness: Mandatory evacuations were ordered in parts of four Panhandle counties as Hurricane Isaias approached the Gulf Coast, underscoring risks for coastal homes. Resilient Construction: FAMU and FSU researchers found that wavy-shaped building walls and roofs cut peak wind pressure near corners by up to 60% in wind-tunnel tests.