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South FL Developers Pause Projects, Millennials' Apartment Innovation, & Poly Pipe Insurance Woes

South FL Developers Pause Projects, Millennials' Apartment Innovation, & Poly Pipe Insurance Woes

In this weeks newsletter Discover the challenges South Florida developers face, see how millennials turned an abandoned high school into apartments, and learn about insurance issues caused by poly pipes.

Joe Biscaha
March 17, 2023

Happppppy Friday!

This week, we explore why South Florida developers are putting new projects on hold, as rising interest rates and increasing costs for labor, materials, and insurance create challenges. We also take a look at how three millennials purchased an abandoned high school and converted it into a unique apartment building. Finally, we discuss the issues South Florida homeowners are facing when trying to obtain property insurance due to poly pipes in their homes.

In this weeks update:

🏗️ South Florida developers delay projects due to high costs and interest rates

🏫 Millennials transform an abandoned high school into a 31-unit apartment building

🚽 Homeowners face insurance difficulties due to poly pipes

In case you missed it

Why Developers Are Delaying New Projects in South Florida

South Florida developers are pumping the brakes on construction projects due to interest rates, and the high costs of labor, materials and insurance

therealdeal.com/

Millennials bought an abandoned high school for $100,000 and turned it into a 31-unit apartment building—take a look inside

Jesse Wig, Adam Colucci, and Dan Spanovich purchased an abandoned high school for $100,000 and spent over $2 million to turn it into an apartment building.

www.cnbc.com/

Does Your Home Have Poly Pipes? Getting Insurance May Be Difficult

A South Florida homeowner says she can’t get property insurance due to the plumbing in her house — and she’s not alone.

www.nbcmiami.com/

Massive, Smelly Seaweed Blob Makes its Way to South Florida's Shores

Sargassum seaweed is coming back to South Florida shores with some of it already popping up at places like Fort Lauderdale Beach.

www.nbcmiami.com/

Cryptocurrency Exchange Suspends Trading of Suarez-Backed MiamiCoin

The suspension of MiamiCoin trading is a big blow to the "most bitcoin-friendly mayor on the planet," who claimed the city's crypto revenue could one day replace municipal taxes.

www.miaminewtimes.com/

Real Estate Update

S. Fla. Ranks High for Single-Family Rental Returns

Attom ranked four Fla. counties near the top as strong markets for 2023 single-family investments: Palm Beach, Indian River, Collier and Charlotte counties.

www.floridarealtors.org

Spring Buying Season Will Be a Challenge for Buyers

Not all want-to-be homeowners will succeed this spring. Higher mortgage rates have pushed many homes out of reach, and home prices, while stable, remain high.

www.floridarealtors.org/

What to do this weekend

Miami Open (Miami Gardens) Mar 19 - Apr 2
The Monster (South Beach) Mar 17 - Mar 26
Yayoi Kusama’s exhibit: LOVE IS CALLING (Perez Art Museum)
St. Patrick’s Day (Wynwood) RSVP for a free beer. Doors open at 4pm
Good Friday at Understory (Little River) Drinks by Jaguar Sun + Bad Seed Tickets are $15