The reduction of 0.25 percent would mean $500 in annual savings for a borrower with a $200,000 loan. The lower premiums take effect Jan. 27, HUD said.
FHA loans have become popular in recent years because they require low down payments and only mediocre credit scores. But because those factors mean FHA loans pose a higher risk of default, borrowers must pay higher rates for mortgage insurance, which protects the lender against default.
Despite the massive investment aimed at creating a high-tech economy, Florida continues to post mediocre showings in national measures of tech prowess. In the latest example, Florida ranks 34th on Bloomberg’s 2016 U.S. State Innovation Index, which measures states on such factors as tech employment and patent filings.
Florida ranked especially low on Bloomberg’s measures of economic productivity per worker and the concentration of workers in science, technology and engineering.
Massachusetts and California top Bloomberg’s list. Florida rated closer to Mississippi, which was at the bottom.
For decades, population growth was a crucial part of Florida’s economy. The growth engine stopped during the Great Recession, but now people are moving here again.
Florida posted the nation’s fourth-fastest pace of population growth from mid-2015 to mid-2016, according to the U.S. Census Bureau. Our 1.8 percent growth rate trailed just Utah, Nevada and Idaho. (Since the 2010 census, Florida’s growth rate ranks sixth.)
Texas had the largest change in raw numbers of people, adding 432,957 residents, followed by Florida’s gain of 367,525 people over the past year.
West Virginia and Illinois lost the most residents.
By dedicating 15 percent of income to retiring credit card debt, the typical Florida resident would need 18 months to get out of debt, and would pay $678 in interest along the way, CreditCards.com said.
One of the conditions of his release from jail is that he can’t change his address. So his public defender this week sought a judge’s permission for Allen’s move. Wrote Allen’s attorney:
“Mr. Allen’s home in Davie was recently foreclosed on (12/8/2016) and he and his family have been asked to vacate the premises. Mr. Allen requests the permission of the Court to change his address to a local hotel called the Staybridge Suites, Ft. Lauderdale-Plantation, in Plantation. Unfortunately, the Allen family has no other option at this point and it is an emergency situation.”
The foreclosure means Allen can’t take advantage of Florida’s generous homestead protections.
Allen’s co-defendant, 56-year-old Susan Daub of Coral Springs, also pleaded guilty to four felonies.
“Buddha Sky Bar is the only three-story restaurant with views of Atlantic Avenue in Delray Beach, where restaurant space downtown commands a premium due to limited supply,” said Marc E. Strauss, a broker at Marcus & Millichap who’s listing the building.
Sky Bar is offering a sale-leaseback. It says it’ll sign a 10-year lease for the second and third floors and a one-year lease for the first floor.
Royal Poinciana Plaza in Palm Beach is home to a veritable Realtors Row, but real estate brokers someday might move from the center’s retail space into the offices next door at The Slat House.
In addition to TooJay’s and Palm Beach Grill, Royal Poinciana Plaza is home to real estate firms Brown Harris Stevens, Corcoran Group, Douglas Elliman, Sotheby’s International and Valore Group. Luxe retailer Hermes Paris is moving into the center, part of an upgrade by Up Markets, which owns a controlling interest in the plaza.
The landlord said there’s no concerted effort to replace real estate brokers with more traditional retail tenants. But Mike Pappas, president of Valore Group owner Keyes Co., said Up Markets has mentioned a move.
Realtors covet retail space for its visibility and convenience. But office space is less expensive. And, Pappas noted, real estate brokers aren’t typical office users.
“That’s the dilemma,” Pappas said. “They’re thinking of us as office rather than retail.”
Alexandra Patterson, project manager for Royal Poinciana Plaza, said there’s no plan to move out Realtors.
“Each of our conversations is tenant by tenant and there isn’t one set of rules that we follow,” Patterson said in an e-mail. “As our conversations evolve, we are solely focused on finding the right space for each tenant.”
Perhaps tellingly, the “key tenants” list on the landlord’s website names Palm Beach Grill, House of Lavande, Sant Ambroeus and Haute Yoga but none of the brokers.
Pappas said national firm Keller Williams is among the brokers that successfully operates from office buildings rather than shopping centers. For Realtors, bricks and mortar isn’t as important as it used to be. Many brokers have been downsizing their offices as agents increasingly work remotely and market electronically.
But brokers who are fans of retail locations say the high street is the most effective place to operate a real estate office.
“You can’t really put a real estate office on the second floor and be successful,” said Douglas Rill, the owner of Century 21 Americas Choice who for years owned an office building a few blocks east of Royal Poinciana Plaza. “It’s the kiss of death.”
“Publix has been extremely active in buying their own stores when available,” said David Duckworth, a broker at Avison Young. “However, with this project featuring such a valuable land component, it was a much better fit for a prominent developer like Woolbright Development to create maximum value for the center.”