May 24, 2019
Florida to spend $200 million on affordable housing with most funds going to hurricane-ravaged Panhandle


Florida Trend Real Estate

Florida to spend $200 million on affordable housing with most funds going to hurricane-ravaged Panhandle

| 4/29/2019

Florida to spend $200 million on affordable housing with most funds going to hurricane-ravaged Panhandle

More than half of the $200 million Florida will spend on affordable housing next year will be directed at the hurricane-ravaged Panhandle instead of the state’s urban areas searching for solutions to rising rents and home prices. The Legislature’s spending plan calls for $115 million to assist with housing needs in the region devastated by Hurricane Michael. Another $77 million will be available for programs elsewhere in the state, and $8 million has been set aside specifically for a housing development in Jacksonville. More from the Orlando Sentinel and the Tampa Bay Times.

See also:
» This affordable housing project has been years in the making. It may finally happen
» Hillsborough leaders promise $10 million affordable housing boost
» Florida House passes bill that could stop cities from requiring affordable housing

Why is someone tearing down a Florida beach home after paying $25 million?

A real estate agent says an ocean-front Florida home that recently sold for $25.5 million is headed for demolition. The three-bedroom, 70-year-old Naples beach house sits on nearly two acres overlooking the Gulf of Mexico. It was purchased last month after the previous owners died. It last sold in 1987 for $1.275 million. More from the AP and WFTV.

Tampa Bay area scores big win in national retail report

The No. 3 market nationwide for growth in retail rent rates is a bit of a surprise: Tampa Bay. For a market sometimes considered second-tier in terms of attracting national retail, that’s a strong sign the economy continues to outperform other southern cities. The report, from commercial real estate analytics firm CoStar, has a few other surprises. [Source: Business Observer]

Boomerang buyers: More people who lost homes during housing crisis are buying again

There are signs that a growing number of Americans who lost homes to foreclosure or a short sale during the housing crisis are emerging from their post-crisis bunkers and buying again or planning to do so in the near future. The trend could allow millions of so-called boomerang buyers to build wealth again through homeownership. It also could provide support to a housing market that has sputtered lately. [Source: USA Today]

Huizenga estate and other luxury properties linger on Florida market

The effort to sell the waterfront estate of the late billionaire H. Wayne Huizenga in Fort Lauderdale is mirroring a jarring trend found by a national auction firm: high-priced luxury homes, especially in Florida, are lingering on the market for months, while sellers dial back their asking prices. [Source: ]

Engel & Völkers Cape Coral has broken the record for the most expensive residential sale in North Fort Myers with a $2,620,000 deal. The previous record had been unmatched since March 2007. [Source: Franchising]


› Palm Beach luxury condo sales up in March, yet home sales down
According to the Miami Association of Realtors, Palm Beach County luxury $1-million-and-up condominium sales increased again in March 2019. Palm Beach luxury condo sales increased 1.8 percent year-over-year in March, from 55 to 56. Luxury condo sales have increased for two consecutive months.

› Orlando Fashion Square mall could be demolished after developer buys land under it
Developer Chuck Whittall has a deal to buy the land under Orlando Fashion Square mall, a key step to tearing down and redeveloping the ailing Central Florida shopping center. Whittall, president of Unicorp National Developments, said Friday he has a $23 million contract and has paid a non-refundable deposit for the 46 acres underneath the mall.

› Profits cool for home sellers in Southwest Florida
Home sellers in Southwest Florida saw softer profits in early 2019. Sarasota-Manatee residents who sold homes during the first quarter pocketed an average gain of $54,900, the lowest total in more than three years, according to a new report by real estate researcher ATTOM Data Solutions. That marked a 29.1% return from their purchase price, ranking the Sarasota-Manatee area 56th among the 124 largest U.S. metro areas measured.

› Florida woman sentenced for Las Vegas real estate scam
A Florida woman was sentenced Tuesday for a real estate scam operated out of Las Vegas, Nevada Attorney General Aaron Ford announced Wednesday. Jessica Garcia of Apopka, Fla. was sentenced to 6-15 years in prison on one felony count of multiple transactions of fraud or deceit.

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