Map shows where Florida house prices are dropping fastest
The Sunshine State is experiencing some of the steepest price drops in the country as inventory surges while buyers are kept to the sidelines by historically high mortgage rates, rising homeowners association (HOA) fees and growing home insurance premiums. The median sale price of a typical Florida single-family home was $415,000 in May, down 2.7 percent from a year earlier, the latest data released by Florida Realtors showed. Prices were still rising in the rest of the country, even if at a much slower pace than in previous years. [Source: Newsweek]
Florida boasts the best cities for first-time homebuyers
irst-time buyers might be struggling nationwide, but in this Sun Belt state, several cities are emerging as ideal entry points into the housing market. As more Americans seek affordable homes that meet their needs, Florida might be the state to explore. The state dominated rankings, offering multiple second-tier cities that could satisfy first-time homebuyers looking for stunning properties that won't break the bank, according to a new WalletHub study. Of the top 10 cities, six were located in the Sunshine State: Palm Bay, Tampa, Cape Coral, Orlando, Lakeland, and Sunrise. [Source: Realtor.com]
Will Florida’s new condo law help ease an affordability crisis? See the changes
A new condo safety law reform that went into effect on July 1 gives condo owners and associations a bit of breathing room without gutting the core of Florida’s new condo safety regulations. The law allows associations to take out lines of credit to fund reserves and pause contributions to those reserves for up to two years if they are already making needed repairs after mandatory building inspections. [Source: Miami Herald]
Palm Beach’s ultra-luxury market is simmering as other Florida markets cool
Florida wanted billionaires, and it got billionaires. The uber-affluent enclave of Palm Beach is the only South Florida housing market where both prices and sales rose in the second quarter, while the luxury segment performed better than the broader market in most cities, according to data from Douglas Elliman released Thursday. In Palm Beach, the median price rose to $12.9 million for single-family homes and to $1.8 million for condos. [Source: Mansion Global]
Real estate mogul Don Soffer, developer of Florida's Aventura Mall and city's "godfather," dies at 92
Don Soffer, a real estate mogul best known as the developer of Florida's Aventura Mall and often credited as the city's "godfather," has died. He was 92. In a statement to CBS News Miami, the City of Aventura said it's mourning Soffer's death, calling him a "visionary developer and philanthropist whose leadership and foresight transformed South Florida swamplands into the thriving, vibrant community we proudly call home." [Source: CBS Miami]
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$84.89 million
A splashy three-story mansion now stands on a beachside parcel Billy Joel once owned in Manalapan, Florida. [Source: Mansion Global]
› Miami-Dade’s self-storage surge a boom for real estate
South Florida’s rapid storage growth isn’t just about moving boxes — it reflects deeper lifestyle and economic shifts in one of the country’s most dynamic regions. From Gen Z renters to downsizing retirees, more people are turning to (especially) climate-controlled storage to make urban living work. A new national report from RentCafe Self Storage shows that three of the 10 fastest-growing self storage markets in the U.S. are right here in Florida and Miami-Dade County’s suburban areas are outpacing Florida’s larger cities in self storage inventory growth.
› Investors snapped up Tampa Bay homes damaged by hurricanes Helene and Milton
To understand how hurricanes Helene and Milton reshaped the local real estate market, the Tampa Bay Times analyzed thousands of residential sales records in Hillsborough and Pinellas counties from October through March. The analysis found LLCs bought more than a quarter of the 3,300 properties that sold in areas inundated by significant storm surge. The share of homes in those areas that sold to a company instead of to an individual more than doubled over the six months after Hurricane Helene.
› Former 'Million Dollar Listing' star to lead Douglas Elliman Sarasota
Andrew Greenwell, previously the founder and CEO of Venture Sotheby’s International Realty, has been appointed managing broker of Douglas Elliman Inc.’s Sarasota office. Greenwell is joined by his longtime business partner Nikki Taylor along with an independent team, Kelly Mooney and Betsy Sublette. A Sarasota native with over 20 years of brokerage leadership, Greenwell furthers Douglas Elliman’s commitment to residential real estate service across Florida’s Gulf Coast.
› Pulte proposes sprawling Apopka subdivision with more than 1,000 lots along Ponkan Road
One of the most prolific homebuilders in Central Florida wants to transform a series of vacant parcels in north Apopka into a massive development called Paulucci Acres, which would consist of over 1,000 homes and townhomes. But developer Pulte’s plans are encountering early resistance from neighbors and some city officials, especially over likely traffic impacts on curvy Ponkan Road.