In the wake of Hurricane Irma, many South Floridians are feeling frustrated by the slow progress on their hurricane damage insurance claims and repairs due to a shortage of insurance […]
Buyers who would normally have difficult coming up with a 50 percent deposit for a new condominium can now take advantage of lower deposit requirements at three new developments in […]
In the wake of Hurricane Irma, many South Floridians are feeling frustrated by the slow progress on their hurricane damage insurance claims and repairs due to a shortage of insurance adjusters and construction workers.
After Hurricane Harvey, many independent adjusters headed to Texas, leaving Florida companies strapped for workers when Hurricane Irma hit shortly thereafter. Governor Rick Scott declared a state of emergency for Florida on Sept. 4, which temporarily lifted the regulations for normal credentialing and allowed catastrophe adjusters to hurriedly train more public adjusters in preparation for the storm.
As of Nov. 3, over 809,000 claims had been filed, and nearly half of those claims were still open. After initial damage assessments, because of the large amount of hurricane damage claims post-Irma, many Floridians have had to wait weeks for settlements and repairs. Many have expressed impatience with their insurance companies, whose adjusters do not always show when scheduled, so policyholders have often found themselves turning to public adjusters for help.
Unfortunately, lack of communication between insurance companies and multiple, often undertrained and backlogged third-party adjusters coupled with the sheer volume of claims have caused delays and frustration for many policyholders.
Exacerbating this issue is a lack of construction workers needed to complete hurricane damage repairs. Before the storm, many companies complained that there was a shortage of labor, and now after the storm, the problem is worse. Because of this shortage, roofing companies cannot keep up with the demand for roofing projects post-Irma. While some Floridians qualify for a new roof provided by their insurance companies, they may have to wait until 2018 for construction to start because, like public adjusters, roofing companies are backlogged.
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Buyers who would normally have difficult coming up with a 50 percent deposit for a new condominium can now take advantage of lower deposit requirements at three new developments in South Florida.
According to The Daily Business Review, three new developments are lowering their deposit requirements: Aria and Canvas in Miami and Riva in Ft. Lauderdale are all only requiring a 20 percent deposit to purchase a unit. Riva previously required a 35 percent deposit, while Aria and Canvas required 50 percent.
Some speculate that this is indicative of a supply-heavy market. Following the recession, the demand for luxury condos from wealthy, international buyers seeking to protect their assets in American real estate was high; however, that demand has cooled off, and now developers are courting domestic buyers with lower deposit requirements.
The developers cite different reasons for lower their deposits – in fact, NR Investments, the developer of Canvas, says that Canvas was originally geared toward domestic buyers looking for a primary or secondary home. Fannie Mae has also granted conditional approval to Canvas that gives domestic buyers access to home financing – up to 97 percent for a primary home and up to 75 percent on a second home.
At Aria, Cervera Real Estate is allowing buyers to put down 20 percent to buy, and then spacing out payments to equal a 50 deposit over two years while the building is completed. For many buyers, this is much more feasible than coming up with 50 percent upfront.
New developments are also offering extra amenities to attract buyers, including multiple pools, party and exercise areas, spas, restaurants, and bars.
Bill Sklar, a West Palm real estate attorney and University of Miami School of Law professor, says that while current demand is lower than previous years, it’s not comparable to the market crash in 2007 and 2008, and that offering extra incentives to buy is not out of the ordinary.
Picture Credit: {{Information |Description=AIMCO’s Flamingo South Beach Apartment Community buildings |Source={{own}} |Date=3/1/10 |Author= Architecturist |Permission={{all}} |other_versions= }}
Post-Irma, Florida Sees a Shortage of Insurance Adjusters
UncategorizedIn the wake of Hurricane Irma, many South Floridians are feeling frustrated by the slow progress on their hurricane damage insurance claims and repairs due to a shortage of insurance […]
Lower Deposit Requirements for New Condos in South Florida
UncategorizedBuyers who would normally have difficult coming up with a 50 percent deposit for a new condominium can now take advantage of lower deposit requirements at three new developments in […]