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August 20, 2018
Florida real estate market healthy but challenged

Photo: Jupiter Florida by D. Ramey Logan, Wikimedia Commons

Florida Trend Real Estate

Florida real estate market healthy but challenged

| 5/14/2018

Florida real estate market healthy but challenged

The Florida real estate industry is healthy, though several thorny challenges confront residential sales, one of the nation’s leading economists told a gathering of about 80 agents and brokers Wednesday morning. Lawrence Yun, chief economist and senior vice president of the National Association of Realtors, spoke at the 12th annual Global Conference. Yun said trend lines indicate there's a decline in international real estate buyers in Florida. “We wonder if this is fear about a trade war,” he said. Also, fewer consumers feel now is a good time to buy a house. The competitive residential market is being met with caution, Yen noted. [Source: Sarasota Herald-Tribune]

See also:
» Column: Commercial properties in Florida may implode, based on November vote

Law firms want smaller offices amid South Florida’s shifting real estate market

Law firms’ office spaces are shrinking in South Florida. The average office size for a law firm in South Florida decreased from 800-1,000 square feet per lawyer to 550-700 square feet per lawyer, according to a recent CBRE study cited in the Daily Business Review. [Source: The Real Deal]

Nominations now open for 2018 Structures Awards

If you've been thinking about nominating your commercial real estate project, deal, developer or dealmaker for the 2018 Structures Awards, now's the time to take action. The deadline for nominations is June 8. [Source: Orlando Business Journal]

Miami-Dade office market shows major gains

Miami-Dade’s office market in the first quarter showed prices markedly above three years ago but vacancy rates also higher, with the central business district in particular having growing vacancy. Despite a changing landscape, experts say they aren’t worried, as reports show the market on track to surpass absorption levels due to increased popularity in co-working offices. [Source: Miami Today]

Realtors make note of consumers’ increasing interest in sustainability

As consumer demand trends toward green and sustainable home features, real estate professionals across the country continue to work to promote environmentally responsible features and business practices. According to the results of a survey by the National Association of Realtors, 61 percent of Realtors report consumers are interested in sustainability. See the full report,"Realtors and Sustainability," here. Also read more at Florida Weekly.

STAT OF THE WEEK
$342,857
HG Management of Tampa sold a 32-acre apartment and townhome project, The Quaye at Wellington, in Palm Beach County for $120 million, which translates to $342,857 per unit. [Source: Tampa Bay Times]

ALSO TRENDING:

› Cushman & Wakefield promotes executives to statewide roles
Commercial real estate brokerage firm Cushman & Wakefield has promoted a pair of its non-agent Florida executives to statewide roles. Chris Owen has been elevated to Director of Research at Cushman & Wakefield, one of the nation’s three largest commercial real estate services firms. The company also promoted LaShawn Bates to Director of Financial Analysis for Florida.

› Ave Maria is fastest growing single-family community for past 4 years
Ave Maria Development reports a strong end to first quarter new home sales claiming its spot once again as the fastest growing single-family community in the Naples/Fort Myers market, a designation it has earned from MetroStudy for the past 13 consecutive quarters.

› Hines trades Florida office property
Hines has sold a 6,351-square-foot office building in St. Augustine, Fla., for $1 million. The buyer, DLP Capital Partners, plans to use the structure as its new southeastern headquarters

› Opinion: How to build South Florida’s market for resilient homes
South Florida residents know firsthand the power and destruction of hurricanes. Meanwhile, real estate agents in South Florida know that resilient features that help protect homes against hurricane damage are popular with consumers.

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