Sarasota Real Estate Market News

Insurance uncertainty keeps area condo prices flat…for now

Insurance proposals imperil tourism and home-sale gains

Sharp rate increases proposed for the state’s largest property insurer could threaten Florida’s flagship real estate and tourism industries just as they’re turning the corner from the downturn and the Gulf oil spill.

Coming off the strongest season for visitation and home sales since the Great Recession took hold, higher insurance premiums levied by Citizens Property Insurance Corp. could rock the two segments of the economy now leading Southwest Florida’s recovery.

Condominium associations from Englewood to Anna Maria Island are considering new caps on short-term rentals to mitigate the blow from the state-run carrier. But many businesses that depend on tourism spending worry that the loss of available rooms in the short-term rental pool will drive prices higher and push visitors to other beach destinations.

Read More HERE

May 19, 2013 - Posted by | News related to Buyers, News related to Investors, News related to Sellers, News related to the Market

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