Rodney Cantrell’s Blog
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Brought to you by The Cantrell Team | Florida Condos: New Rules, Soaring Costs
Florida's community associations must submit beneficial ownership reports under the Corporate Transparency Act (CTA).The CTA poses uncertainties for property managers, with potential civil and criminal penalties.
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2 home insurance companies seek rate hikes over 50% in Florida
Two insurance companies in Florida, Castle Key Insurance and Amica Mutual Insurance, have requested rate hikes of over 50% for specialized policies such as condos and vacation homes. The Florida Office of Insurance Regulation has scheduled hearings on these requests. The rate increases are attributed to higher costs for home repairs and severe weather losses.…
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Brought to you by The Cantrell Team | Innovative Bill Targets Home Insurance Savings in Florida
Average Floridian homeowners pay ~$4K yearly, triple the US avg due to exits House Bill 809 aims to limit coverage to unpaid mortgage principal, potentially reducing premiums.
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Here’s when the Federal Reserve could cut interest rates in 2024
The FOMC meets regularly to discuss adjusting the federal funds rate. The current rate is 5.25% to 5.50%, the highest since 2001. The Fed is unlikely to cut rates in March, but it may happen in May. In the meantime, consider opening a certificate of deposit and improving your credit score. When rates do go…
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Brought to you by The Cantrell Team | Florida’s Housing Market Trends and Projections for 2024
December 2023 saw a cooldown in Florida's housing market due to higher interest rates. High-priced housing above $1M thrived in 2023, attracting wealthier buyers, especially those purchasing with cash.
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Brought to you by The Cantrell Team | How Much Hourly Income Is Required to Afford Rent in Florida?
Living costs in Florida are rising; affordability varies across regions like Southwest Florida. The renter would spend 30% of their monthly income on rent.
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Brought to you by The Cantrell Team | Florida’s Property Insurance Market: What Homeowners Need to Know
The haves and have-nots: – Wealthier people self-insure or pay off mortgages, while some low-income families risk going uninsured. Young families hit hard: – Homeownership affordability drops for younger generations due to insurance costs.
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Florida’s vacation rental laws might alter as a result of proposed bill
Legislators in Florida are working on a bill to give the state control over vacation rentals, including advertising and registration. The bill is facing opposition from vacation rental owners and other committee members. The goal is to create uniform regulations, but some believe it's too restrictive. The bill must pass both the House and Senate…
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Milton homeowner seeks relief in rising insurance premiums
Florida homeowners are struggling with high insurance premiums, with an average annual cost of $6,000. One homeowner in Milton saw her premium double to over $6,000 a year, increasing her monthly mortgage payment by $600. She applied for the "My Safe Florida Home" program to lower her premium by hardening her home against storms. State…
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Brought to you by The Cantrell Team | Cautious Confidence: South Florida Real Estate in 2024
Experts in South Florida are excited about the potential boost in confidence and deals. Residential sales are expected to rebound with lower mortgage rates. However, high costs and office/multifamily struggles linger as market eyes up.