* **SB 264 (Effective July 1, 2023):** Restricts property ownership by “foreign countries of concern” (China, Russia, Iran, North Korea, Cuba, Venezuela, and Syria) and their agents, particularly targeting agricultural land and property near military installations. Violation may lead to felony charges.
* **SB 1718 (Effective July 1, 2023):** Impacts real estate transactions involving undocumented immigrants. Requires businesses with 25+ employees to use E-Verify, potentially affecting the construction labor market.
* **Florida ranked #1 in U.S. for net domestic migration in 2022:** Increased demand continues to drive property values.
* **2023 Median Sales Price (Single Family Homes):** Fluctuated, showing a cooling trend after significant pandemic-era growth. However, prices remain higher than pre-pandemic levels. Source: Florida Realtors
* **Inventory Levels:** Increased inventory in many markets gives buyers more negotiating power than in previous years.
* **Disclosure Requirements:** Sellers are legally obligated to disclose known material defects affecting property value.
* **FIRPTA (Foreign Investment in Real Property Tax Act):** Foreign sellers are subject to withholding taxes on the sale of U.S. real estate.
* **Property Taxes:** Florida property taxes are assessed annually, and homestead exemptions offer significant tax benefits to primary residents.
