Sales of older multifamily complexes in Florida have fallen
Updated building codes have slowed the number of transactions of multifamily properties in Florida built before 1992. That’s the findings of a report issued Jan. 21 by the structured finance, commercial real estate and banking research firm Trepp. According to the report’s authors, the evolution of building codes after Hurricane Andrew in 1992 and updates following the collapse of the Champlain Tower in 2021 have helped lead to a recent slowdown on the sales volume for older properties. More from the Business Observer and Trepp.
Quebec snowbirds fleeing Sunshine State in droves due to high costs, weak Canadian dollar
Many Quebec snowbirds living in Florida are listing their properties for sale, citing the high cost of living and a beneficial exchange rate due to the declining value of the Canadian dollar. The value of the Canadian dollar sits at around $0.70 US, the lowest it’s been in five years. While this is troublesome for many, for some, it presents a favourable exchange rate. [Source: Canadian Broadcasting Corporation]
‘Citizens insurance for all’ among insurance proposals filed for spring legislative session
Citizens windstorm insurance for all. Closing loopholes for a “bad-faith” insurance claim. Creation of an insurance advisory council. Requiring mediation before policyholders can sue their insurer. They are among proposed insurance law changes that will face scrutiny in…
