"As Goes The Everglades, So Goes Florida" and Other Takeaways From the Florida Realtors Conference

Key takeaways from Florida Realtors ConferenceInsurance-free home inspection https://mysafeflhome.com. Insurance profits in FL capped at 4.65%. Reinsurance price increases are slowing. Florida Realtors working with FL Insurance Commissioner to address commercial insurance. 52% reduction in volume of CMBS loans. Largest increases are in Miami, Ft Lauderdale and Palm Beach with 28% increase. Lawsuits decreasing so more insurance providers will come back.Everglades-Realtors were instrumental in getting funding for Everglades Restoration. We have been working closely with the https://www.evergladesfoundation.org to restore flow of Everglades to address green algae blooms. Shingle Creek is the headwater to the Everglades. Currently Everglades restoration is the largest Army Corps of Engineers project.Economic Update - out of state drivers license exchanges and UHaul index show continued migration to FL.Hospitality and Short-Term Rentals have had to have training for recognizing signs of human trafficking$260 million will be saved by business owners who rent, when business rent sales tax decreases by 1% starting December 1, 2023. Rent tax is expected to decrease to 2% by September of 2024.Hotel Industry - Largest industry in FL and largest employer. Revenue has increased 24.2% since 2019. FL is largest supplier of hotel rooms.South Florida retail vacancy rates at historic lows, below 4% in Palm Beach, Broward and Miami-Dade Counties.Overall delinquincies in CMBS loans still low at less than 4%. YOY starting to increase. https://www.trepp.com/the-treppwire-podcast