Florida home price gains fall short of US average
Home prices rose 5.8 percent in Florida over the year in April, slower than the national average. But if the state can remain hurricane free in 2018, prices should rise faster than the U.S. over the next 12 months, data provider CoreLogic reported. [Source: Sarasota Herald-Tribune]
Initially enacted in 2008 as part of a law that allowed for portability of Save Our Homes legislation and granted additional exemptions for homesteaded property, tax hikes on commercial and rental property and land was capped at 10% — but only for a decade. The provision in the law is scheduled for repeal on Jan. 1 or next year. [Source: Business Observer]
From Florida TaxWatch:
» Repealing Florida's 'Non-Homestead Exemption Cap' could result in annual $700 million tax increase
When a house has been on the market for a long time, Realtors typically either drop the price, up the marketing or both. After months without a buyer, the price of a mid-century home in an exclusive Pinellas County beach community was reduced to $4.1 million. Now, it’s being marketed in an unusual way — as the first "Bitcoin" house in Florida. [Source: Tampa Bay Times]
Although businesses such as Toys R Us and Sears are closing stores across the country, those in the area say the commercial real estate market in Southwest Florida is doing great, with developments such as University Village in Estero and Daniels Marketplace in Fort Myers clear signs that the economy is steady. [Source: Naples Herald]
While it’s too early to quantify the impact of the Tax Cuts and Jobs Act, which became effective on Jan. 1, some real-estate professionals say they are beginning to see early signs of an exodus to low-tax states like Florida [Source: WSJ.com]
› Luxury real estate weighs down the Miami market. Values dip in ritzy Key Biscayne. [Miami Herald]
Aventura, Key Biscayne and other ritzy enclaves in Miami-Dade County saw their property values dip this year as a sagging condo market cut into prices and new construction slowed down from its previous boom pace.
› Developer seeking land swap for building space in Julington-Durbin peninsula [Florida Times-Union]
The developer who sold much of the Julington-Durbin Creek peninsula to the state for conservation a generation ago is trying to get part of it back for house lots. The swap would need approval from Gov. Rick Scott and the Cabinet as well as the St. Johns River Water Management District and Florida’s Department of Environmental Protection.
› Developers break ground for dual-branded Hilton hotel in Fort Lauderdale [The Real Deal]
The developers of a dual-branded Hilton hotel in the Flagler Village area near downtown Fort Lauderdale broke ground for construction of the 218-room property.
› Compass Florida Development Division expands into Naples [Naples Daily News]
Miami-based Compass Development Division announced it will handle sales and marketing for Banyan Corners, a new community of five contemporary town homes in the city of Naples’ Coquina Sands neighborhood.