People in Florida planning to purchase a home in 2018 may face more difficult financial decisions as home prices and mortgage interest rates continue on an upward trend. Across the country, the monthly mortgage payment for a home that sits around the national median is approximately $1,486. This amount marks an increase of $168, or 13 percent, from the 2016 numbers. For many people, this is a significant sum; it represents approximately 30 percent of the median household income across the United States.
Two communities in Florida are dealing with a long-running real estate dispute that is dividing port commissioners and other local officials. Port Canaveral and Brevard County are engaged in a dispute over 9.6 acres of land, part of Jetty Park located in the town of Port Canaveral. The county leased the land to the port for 20 years beginning in 1995 for a nominal amount of $1 annually. After the lease expired in 2015, the parties have been unable to reach a new agreement for the future of the land to either renew the lease or for the county to sell the land to the port.
Some people in Florida who have invested in the historically strong commercial real estate market may be concerned about reports indicating a potential downturn. In 2016, returns came in below the 20-year average for the first time since the financial crisis of 2008. However, those returns have hit double digits consistently throughout the past two decades, with an average of 10.1 percent.
Florida residents who are looking for a home may have noticed the recent slump in sales. According to the Commerce Department, new home sales across the nation fell 7.8 percent in January. Sales were down 14.2 percent in the South and 33.3 percent in the Northeast. Among the reasons cited for the drop were poor weather and increasing home prices.
Residents of Florida may have questions regarding eminent domain proceedings. The common questions revolve around the issue of whether a government may take a property under certain circumstances.