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FOX 13: Special Session on Florida Property Insurance
ST. PETERSBURG, Fla. – Lawmakers have until a Monday deadline to indicate whether they believe a special session is necessary to address skyrocketing Florida property insurance rates.
Florida Secretary of State Laurel Lee sent a letter to lawmakers Thursday asking if they would support a special session regarding property insurance. Sixty percent of the entire Florida legislature would need to say ‘yes’ for it to happen.
Insurers in the Tampa Bay area said homeowners are seeing their rates increase significantly.
“I’ve seen increases in excess of 100%,” said Ed Fandel, President of Pineapple Insurance in Tampa [part of the Tomlin St Cyr suite of services.] “If I had to look at an average, I’d probably say you’re in the 20 to 30%, is kind of standard. And I think that is a combination of what we what you would describe as a base rate change as well as kind of some of the inflationary changes that they want to make.”
Fandel said insurers are also choosing to not renew certain clients, often due to the age of the home or the roof on the structure; some companies are refusing to cover roofs that are older than 10 years.
“That, to me, is probably the area that’s probably causing the biggest change from a marketplace perspective, and that is what’s leading consumers to shop,” said Fandel, adding he recommends homeowners shop for policies that better fit their budgets. “I think that there are things that people can do. You can look at the deductible on your policy. You could potentially look at maybe taking an actual cash value option with respect to your roof that could generate some savings. But I’d say the number one thing is talk to your insurance agent or reach out and get a quote potentially to see if there’s an opportunity to generate some savings.”
Here’s Why You Need Flood Insurance Now
Can you believe we are just weeks away from the official start of the 2022 hurricane season?! Hurricane season is June 1 – November 30, with the peak levels of storm activity occurring during August – October. Each year Colorado State University issues its annual hurricane season predictions; for 2022, they are anticipating a slightly above average year with:
- 13-16 named storms
- 6-8 hurricanes – of which 2-3 are anticipated to be significant
While one storm is one too many, with 13 – 16 storms anticipated, now is the time to prepare and ensure that you and your family have a plan. Part of that plan is making sure you have appropriate insurance, specifically homeowners and flood insurance, to ensure that you protect one of your largest assets – your home.
While most people have homeowners’ insurance, many do not have flood insurance. Some of the reasons we have heard as to why people do not have flood insurance are:
- “I already have a homeowners insurance policy.”
- While that may be true, most homeowners’ insurance does not cover flood losses. Only flood insurances cover the cost of rebuilding after a flood.
- “We live in a low-risk flood zone, and therefore we do not need flood insurance.”
- 30% of all flood claims are filed in low to moderate risk areas
- “It is too expensive, and I cannot afford it.”
- Do you know that just 1 inch of water can cause $25,000 in damage to a home? A flood policy may be more affordable than you think.
- “I don’t need flood insurance; I live in a brand-new home.”
- New construction can increase flood risk, especially if it changes natural water run-off paths.
- “I don’t need to buy flood insurance now; I will wait until there is a hurricane coming and call my agent then.”
- If you are not purchasing a new home – there is a 30-day waiting period before your policy becomes effective. If you wait to secure coverage, it may be too late.
Contact Pineapple Insurance with any questions or for a free no-obligation quote. We have options with the NFIP as well as private flood markets for your consideration. Act now while there is still time. Contact us or your agent today.
Tampa Bay Named Hottest Market in 2022
The Tampa Bay real estate market is ablaze. Named by Zillow as the top housing market in the country for 2022, home values are expected to rise nearly 25% this year.
“What makes Tampa so hot is the quality of life vs. other places,” said John Tomlin, CEO of Tomlin St Cyr. “In addition to the traditional sources of migration from the Northeast and Midwest, Tampa is now seeing migration from out West and from South Florida.”
Tampa Bay’s Transformation
The dynamic improvements continuing in Tampa and St. Petersburg, two major cities within 25 miles of each other, make Tampa Bay one of the most desirable regions in the country. The beautiful weather and beaches, no shortage of year-round activities, and active job market are among the many reasons we’re seeing a growing population and high demand for housing inventory. Zillow forecasts that the national housing market will cool a bit this year, but nabbing a home in Tampa Bay may be tough.
“Challenges with building homes, like labor and material shortages, have slowed new home construction,” Tomlin said. “But that will pick up and hopefully start creating a healthier balance of supply vs. demand.” For buyers, it’s more important than ever to have a very knowledgeable Realtor who’s plugged in to upcoming listings and top-of-the-line resources like lenders, inspectors, and appraisers.
Comparing the Numbers
Tampa Bay boasts an attractive tax environment. While inflation may be higher in the area at this time, home prices have been below the national average, which hit $362,800 in June, according to the National Association of Realtors. Here’s how the home price averages stack up:
· Tampa – $355,000
· Charlotte – $375,000
· Atlanta – $399,000
· Nashville – $405,000
· Miami – $453,000
· Portland – $558,000
· Austin – $613,000
· San Diego – $879,000
Homes in some northern cities are less expensive, however, they are less desirable and experiencing a migration out of the area. For example, Philadelphia’s home price average is $260,000 with a 3.7% decrease in population vs. Tampa’s 15-20% increase.
Top 10 Real Estate Markets for 2022
The coolest markets in the U.S., according to Zillow, are New York, Milwaukee, San Francisco, Chicago, and San Jose. Here are the cities they say are the hottest this year:
1. Tampa
2. Jacksonville
3. Raleigh
4. San Antonio
5. Charlotte
6. Nashville
7. Atlanta
8. Phoenix
9. Orlando
10. Austin
If you’re exploring your options in the Tampa Bay real estate market, Tomlin St Cyr can help you make the best decision for you with data-driven information. Contact us today to learn more about our full-service real estate firm.
FOX 13: In-State Movers Keep Tampa Bay Housing Market hot
TAMPA, Fla. – It may technically be winter, but Tampa Bay’s housing market is still as hot as ever, according to a recent national study by the Urban Land Institute, a group that tracks real estate trends.
The Urban Land Institute teamed up with PricewaterhouseCoopers to release its Emerging Trends in Real Estate 2022 report and Tampa Bay ranks as of the five hottest real estate markets in 2022.
“It has been a real explosion of people moving to the area,” said Mary Ann Porter, managing broker at Tomlin St. Cyr Real Estate Services in Tampa. “We have had record sales, so there’s definitely people selling and definitely lots of people buying.”
TBBW: Tomlin St Cyr Real Estate Services Expands into Venice
Tomlin St Cyr Real Estate Services, one of the top producing brokerages in Hillsborough County, acquired Gulf Shores Realty, based in Venice, FL. The partnership results in a combined 89 agents responsible for $376 million in sales and 783 transactions annually.
The brokerage, founded in 2016, produced $107 million in sales volume in 2020. Together, the firms will be positioned in the top 1 percent of brokerages in West Central Florida, the statement said.
“We are excited that Gulf Shores Realty is joining Tomlin St Cyr Real Estate Services, ERA Powered,” said Ali St Cyr, in the statement. “Our team was fortunate to find another brokerage that shares our agent-centric culture, values, and stellar reputation. We look forward to supporting the continued growth of the brokerage and its agents as they serve the Sarasota County community.”
TBBW: Tomlin Family Application Lab at Corbett Prep
Tomlin St Cyr Real Estate Services was at Corbett Prep School, in Tampa, to cut the ribbon on its Tomlin Family Application Lab.
Corbett Prep’s App Lab moved into its new 4,000-square-foot home overlooking Lake Lipsey for the 2021-22 school year, launching a learning experience that will benefit all students in PreK3 through 8th grade. Its interdisciplinary curriculum is built into every student’s schedule and allows them to delve into design-thinking structures as they learn to think critically and creatively.
The Tomlin family, whose three children graduated from Independent Day School/Corbett Prep in the 2000s, cut the ribbon to officially open the new facility on Aug. 5, 2021.
News 10: Tampa Bay Housing Prices Surge
Housing prices have been climbing at a rapid rate to an average price of $350,000 in the Tampa Bay area. Compare that to Tampa’s average annual salary of $66,000, according to Payscale.com.
When it comes to home prices, Realtor.com’s June Monthly Housing Market Trends Report has Tampa/St. Pete/Clearwater’s median listing price at $350,000, up nearly 20 percent year over year. In comparison, Miami’s is $447,000, while Orlando’s is $356,000.
If you’re looking for a single-family home, your dollar will stretch far further in a different zip code.
“Moving out to areas like Wesley Chapel, which used to be, for some people working in the downtown area, a burden to drive that far there are some fantastic new construction communities out there,” explains Ali St Cyr, Broker/Owner of Tomlin St Cyr Real Estate.
CEO Connect: The Mother-Daughter Duo of TSC
Holly Tomlin previously ran her own business for 30 years. Ali St. Cyr, Holly’s daughter, was in a transition in her real estate career and as families often do, they banded together to create one of the fastest-growing real estate firms in the Tampa Bay area, Tomlin St. Cyr Real Estate Services.
In 2015 Tomlin St. Cyr Real Estate Services was incorporated, and, in 2016, it opened its doors in Tampa.
In 2020, Tomlin St Cyr was ranked as one of the fastest-growing brokerages in the Tampa Bay area for home sales. The brokerage produced $107 million in sales volume in 2020.
RISMedia: The Power of Culture
John Tomlin
CEO, Tomlin St Cyr Real Estate ERA Powered
Tampa Bay Area, Florida
We have been in the Tampa business community since 1984, and our name in Tampa is important. We are not willing to make that secondary. And with ERA, we didn’t have to. The Powered strategy is brilliant: you get the benefits of a brand affiliation—technology, marketing, learning, business planning, and high-touch service—but keep your local brand. I can grow in and around Tampa and share my insights with other people across the country.
ERA reminds us how important culture fit is when recruiting. We are open and sharing; if you bring someone in who is not open to sharing, they won’t fit well. We are recruiting with more of a longer-term perspective, making deposits into our credibility account, and focusing on relationships.
Every person I recruit, I tell them that I am personally committed to making them successful. Within the business and the community, it’s the same principle: helping people, whether it’s the next generation or those looking for a second act.
TBBW: All in the Family
Graduating from college during the Great Recession of the late 2000s was a daunting experience, indeed. It was hard for young graduates to be picky about their career offerings—there weren’t very many. It was the same for Ali St Cyr, now broker and owner of Tomlin St Cyr Real Estate Services, in Tampa.
Like a lot of young professionals during that time, she wasn’t exactly sure what she wanted to be when she grew up and was grateful to have a job at all. It wasn’t until a fateful dinner with her now-husband that she realized there was another path she had yet to walk. The timing was right for her and her family. Both parents were in a transition period in their own careers and Tomlin St Cyr Real Estate Services was born.
Mom, Holly Tomlin, ran her own business for 30 years. Dad, John Tomlin, was preparing to retire after a long, and successful, career as president of AAA/Auto Club South. Together, the trio, banded together to launch the real estate firm of St. Cyr’s dreams.
Not to discount Dad’s role in the business but this is the Mother’s Day issue, so TBBW sat down with Mom and Daughter to hear their story. How a family business, and family dynamics, ultimately play in their day-to-day and what it takes to run a successful, multigenerational family firm.
