July 20, 2019
How America's foreclosure capital came back from the dead

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Florida Trend Real Estate

How America's foreclosure capital came back from the dead

| 8/20/2018

How America's foreclosure capital came back from the dead

Ten years after the depths of the financial crisis, the Fort Myers area has mostly healed. Median single-family home prices in Lee County have more than tripled from the bottom reached in 2011, unemployment is below the national average at 3.2%, and construction is everywhere. [Source: Money]

New Yorkers are flocking to Florida to buy rental homes

With apartment prices in the Big Apple near all-time highs, a growing number of New Yorkers are looking outside the five boroughs for investment properties. Florida tops the ranking, accounting for 35.41 percent of all out-of-state single-family rental home purchases by New Yorkers between 2013 and 2018. [Source: The Real Deal]

SEC accuses Florida firm of using Chicago apartments in Ponzi scheme

The marketing brochure on the EquityBuild website touts the “enormous opportunities” investors can reap by investing in apartment buildings in the South Side of Chicago—and helping to turn around struggling neighborhoods. Many EquityBuild investors might not be feeling so amazing today after learning of a lawsuit saying they have been victims of a major Ponzi scheme. [Source: Crain's Chicago Business]

Florida Realtors pump another $500K into Amendment 2 push

The industry group Florida Realtors put another $500,000 last week into an effort to pass a constitutional amendment that would extend a property-tax cap for commercial and other non-homestead properties, according to a finance report posted on the state Division of Elections website. More from Fox 35 and Florida Politics.

Despite South Florida real estate prices climbing, 'we’re nowhere near where we were back in 2007'

South Florida’s residential real estate markets have climbed well above their long-term pricing trends, suggesting the need for a slowdown in the rate of increases if the region is to avoid a repeat of the market crash of a decade ago, according to a survey by Florida Atlantic University. [Source: ]

STAT OF THE WEEK
$23.5 billion
Total market values of residential and commercial properties on Palm Beach. [Source: Palm Beach Daily News]

ALSO TRENDING:

› South Real Estate Group focused on Southwest Florida — for now
Together with his father, J. Thomas Conroy III, a prominent Naples real estate attorney with Conroy, Conroy & Durant P.A., John Conroy formed South Real Estate Group, a boutique development firm that has specialized in retail and office projects in Lee and Collier counties.

› Construction begins on new, single-family homes — the first in Lake Worth in decades
Construction has begun of a single-family home subdivision in Lake Worth — something the city hasn’t seen since the 1990s. The subdivision will have 59, two-story homes ranging in size from 1,708 to 2,819 square feet, with prices starting in the mid-$300,000s.

› Red tide not choking Sarasota-Manatee’s real estate market
While the effects of red tide across Southwest Florida waters dominate the community conversation, the residential real estate market is so far weathering the economic storm without pain or panic. That’s the consensus among real estate industry insiders regarding home sales and business operations.

› Developers compete to build on city-owned land near I-95 in Hollywood
Four developers are competing to win city approval to build on a 30.6-acre site just west of Interstate 95 in Hollywood. The developers will present their proposed projects Wednesday to a city-designated selection committee, which will recommend one of the four projects to the city commission.

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