The House and Senate have completed their 60th day of the 2009 legislative session. Although the Legislature has been extended for a full week to finalize the budget, all non-budget legislation had to be considered for final passage by now if it was going to have a chance of becoming law.  
 
The Florida Association of Realtors® regularly proposes legislative initiatives to help protect the rights of Florida homeowners and follows all other proposals that may work against homeowners.  Here is a recap of the 2009 session:

One of the final bills considered was SJR 532. This constitutional amendment will ask voters to limit increases in property tax assessments on all non-homestead properties to 5 percent annually. First-time homebuyers could benefit, too, with an additional homestead exemption up to $100,000.

HB 521, the bill that puts the burden of proving that a property tax assessment  is correct on the appraiser, not the property owner, also passed both chambers and heads to the Governor.  

In the area of property insurance, the Legislature capped rate increases at 10 percent per year for Citizens policyholders (HB 1495). The Legislature also repealed the requirement that, effective Jan. 1, 2010, sellers of property located in a wind-borne debris region, and which has an insured value on the structure of $500,000 or more, provide prospective buyers the structure's windstorm mitigation rating.

The growth management bill  (SB 360) passed as a big package. It includes a provision to encourage urban infill by eliminating transportation concurrency, one that allows for expedited comprehensive plan reviews and another that eliminates the development of regional impact process (DRIs) in urban areas. The bill also extends previously obtained permits and approvals by two years, creates a transition process for moving towards a mobility fee system, and streamlines and reduces inefficiency in our approach to growth management.
 
Also, it appears that when the budget is finalized next week, we'll have $30 million for downpayment assistance to help "front load" the federal first-time homebuyer tax credit.

I write a market news update each month and in my last couple of entries I mentioned that I expected prices to level out this year.  To be sure, there have been (and still are) good deals for almost every buyer but this activity has also heated up the market as courageous buyers have snapped up the lowest priced properties.  This activity is statewide and has not escaped the attention of Hoffman Development Group, the developer who took over the Miramar Condominium project in Lakewood Ranch.

Yesterday, HDG announced that they were raising prices on their remaining inventory of Miramar townhouses and single level condos.  Charlie Brasington, President and CEO of HDG, said he is "now certain that the market is turning and prospects realize the time to buy is now.  Everywhere I go, I’m seeing sales at pretty darn good prices, pretty good pace." 

HDG has had overwhelming success in selling Miramar at aggressively low prices, and Brasington concluded the market could support higher prices.

Here's the thing:  nothing happens unto itself.  If HDG sees it is possible to raise prices and keep sales going, other companies will follow suit.  Once new product prices rise, resales are likely to follow.