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June 20, 2019
Central Florida has most severe affordable housing crisis in nation

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Florida Trend Real Estate

Central Florida has most severe affordable housing crisis in nation

| 3/18/2019

Central Florida has most severe affordable housing crisis in nation

A new report shows Central Florida has the most severe affordable housing crisis in the country, even worse than those in San Francisco, Los Angeles and Las Vegas. That's what researchers from the National Low Income Housing Coalition found in their Housing Gap Analysis. It's a yearly report, and the latest findings build a grim outlook for low-income households in the greater Orlando area. For every 100 households bringing in little money, only 13 available rentals are within reach. Read the full report here and read more from WFTV, the Orlando Sentinel, and Click Orlando.

See also:
» Miami’s affordable housing heroes vs. zeroes

Florida Trend Exclusive
Property-value boost from SunRail offers hope

SunRail, metro Orlando’s 4-year-old commuter train, faces an uncertain future. Ridership has failed to meet initial projections. And with only two years until the Florida Department of Transportation turns over financial responsibility for SunRail to the region’s local governments, city and county leaders have no plan for paying the line’s nearly $60-million-a-year operating tab. [Source: Florida Trend]

How to avoid the next real estate downturn

Real estate investments, whether residential or commercial, have long been associated with wealth creation in the United States. The 2007 housing crash put a damper on that; the market lost about a quarter of its value over two years. Housing has since stabilized, although sales have been sluggish in the face of rising interest rates. [Source: New York Times]

Russian real estate investor in South Florida seeks political asylum

A Russian real estate investor who spent roughly $1.4 million on South Florida properties is seeking political asylum as he attempts to stay in the U.S. Sergey Danilochkin moved to South Florida in 2010 after he was accused of participating in a $170 million tax fraud scheme in Russia. [Source: The Real Deal]

Florida realtor group inks deals with agencies in Spain, Dubai

Florida Realtors recently signed memorandums of understanding with the Spanish International Realty Alliance and the Dubai Land Department. The agreements establish cooperation between the parties in developing mutually beneficial real estate relationships, with the goal of growing future business opportunities. [Source: ]

STAT OF THE WEEK
500 million square feet
Most real estate developers will cite scarcity of land as one of the biggest hurdles to building affordable housing around Miami-Dade County. But according to a new GIS mapping tool unveiled this week by the University of Miami, there are actually 500 million square feet of vacant or underutilized land scattered across Miami-Dade County. [Source: Miami Herald]

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In 1954, the same year the Sunshine Skyway bridge replaced a ferry across Tampa Bay, a striking new house had just been completed in St. Petersburg's Pinellas Point area. Designed by architect Glen Q. Johnson, the two-story "Vision-Aire'' home was ideally suited to Florida's warm, buggy climate.

› Wave of redevelopment engulfs North Miami Beach
A wave of redevelopment spurred by zoning changes enacted by the City of North Miami Beach has ushered in new market-rate housing, expanded commercial development, and even the prospect of a Brightline station. “It’s our time,” said Mayor Anthony F. DeFillipo. “We’re extremely excited and expect phenomenal things to take place in the next three to five years.”

› South Florida condo developer inventory is winding down
Over the past quarter century, South Florida’s skyline has been transformed — from distinctive architecture brought to us by world-class starchitects, to Swire Properties’ “city within a city” concepts and Dr. Phillip and Patricia Frost delivering the iconic Frost Museum of Science alongside the Pérez Art Museum Miami.

› Metro Orlando home prices down nearly $10,000 from summer peak as sales slow in February
Metro Orlando home sales slid 5.4 percent in February compared with the same month a year ago as the region’s real estate market continues to cool. Buyers in Central Florida purchased 2,402 homes and condos during February, the fourth straight month of declining year-over-year sales, according to data released from the Orlando Regional Realtor Association on Friday.

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