Florida commercial real estate boom fueled by financial and tech relocations

Retailers are flocking to Florida. That’s evident as retail vacancies in West Palm Beach are virtually nonexistent this year, with occupancy rates approaching record highs, a trajectory nearly a decade in the making, according to Ken Himmel, the president of Related Ross. Himmel attributed this demand to the “deliberate and sustained migration of high-net-worth individuals, financial executives, and tech leaders to South Florida” since the early days of the coronavirus pandemic in 2020. [Source: FOX Business]

Two new property insurers approved to sell in Florida. More coming, regulators say

Two more property insurers have been approved to serve Florida’s beleaguered homeowner market, the state Office of Insurance Regulation announced. The office on Friday identified the two new companies in a news release as Incline National Insurance Company, headquartered in Texas, and Florida Insurance and Reinsurance Company, a Florida-domiciled company that Insurance Commissioner Mike Yaworsky said will primarily offer coverage for condominiums and condo associations. [Source: South Florida Sun-Sentinel]

Florida tops list of most expensive houses listed and sold

Everywhere you turn these days the talk seems to be about how bad the housing market is. Price are too high for one group and dropping too fast for another. The data, which comes out nearly every day, often seems to spin contradicting narratives. But there is one sector of the housing market that seems to be holding strong: ultra-luxury. And nowhere is it doing better than in Florida. [Source: Business Observer]

Micro housing gains ground in Florida and beyond

Tiny apartments with a view, anyone? Recent trends have shown people are adopting a "less is more" mindset with just about everything – living spaces included. Now called "small-space living," the phenomenon has taken the nation by storm. Especially navigating recent economic trends and high cost of housing, renters of all ages are drawn to lower price points and amenity-rich, transit-oriented communities. This trend is a stark shift from the early 2000s, when many individuals preferred single-family homes in the suburbs. As the rental market has shot up in recent years, micro-units, units and studio apartments in the 300- to 400-square feet range are becoming more popular. [Source: Florida Realtors]

What’s next for South Florida housing? Experts share expectations at ‘Rock the Market’ event

It was a day for Palm Beach County’s real estate moguls. They gathered to share their expectations for one of the richest housing markets in the state at the “Rock the Market Palm Beach” event, which was presented after a yearslong hiatus. The Miami Association of Realtors event came back at a time when Palm Beach County’s wealth is flourishing: West Palm Beach has seen some of the largest luxury-home-related growth in the U.S. over the past decade, with the price of a median luxury residence rising to $4.1 million, jumping more than 200% since 2015, a recent Redfin study found. [Source: South Florida Sun-Sentinel]

STAT OF THE WEEK
$390,000
The median sales price peaked at around $390,000 this time last year and now hovers around $380,000 in the Tampa Bay metro area. [Source: Tampa Bay Times]

ALSO TRENDING:

› Naples Realtor group relaunches leadership academy [Business Observer]
After a yearlong hiatus, the Naples Area Board of Realtors is bringing back its Leadership Academy. The new curriculum, according to a statement, provides “well-defined leadership experiences that meet the targeted competencies required of tomorrow’s Realtor professionals and association leaders and aligns with NABOR’s strategic goals and objectives.”

› Miami condo market a picture of extremes [Tampa Bay Times]
Sales of luxury condos are on the rise in Miami-Dade County, but the broader condo market continues to sputter, with prospective buyers struggling with financing and rising costs. Condo sales in Miami-Dade fell by 25% from last May, according to a new June sales report released Monday by the Miami Association of Realtors. Condo sales in Broward similarly fell by 24% compared to last year.

› Prices stabilize as Orlando housing inventory grows [Spectrum News]
Orlando's housing inventory is at its highest since January 2011, now approaching 14,000 houses. Median home prices have stabilized around $390,000, and are predicted to decrease further. Houses are sitting longer on the market, increasing buyer negotiation power.

› New luxury real estate firm debuts, makes first U.S. deal in South Florida [Miami Herald]
A new luxury real estate firm with global ambitions has entered the South Florida market, signaling strong confidence in the region’s high-end housing sector despite broader economic uncertainty. Aperture Global Real Estate, an independent brokerage backed by LPT Holdings, launched in May with operations in 15 U.S. states and four international cities, including London, Lisbon, and Toronto. One of its key target markets? South Florida.

Mixed Signals