September 15, 2019
Florida home sales sizzle in July

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Florida Trend Real Estate

Florida home sales sizzle in July

| 8/26/2019

Florida home sales sizzle in July

Florida's housing market reported more closed sales, more pending sales and higher median prices in July compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 28,142 last month, up 10.4% from July 2018. "Just like the weather, July was a hot month for Florida's housing market with sales and median prices showing gains in both the single-family and condo-townhouse sectors," said 2019 Florida Realtors President Eric Sain. See the announcement from Florida Realtors and read more at Builder Online, Florida Daily, and the Real Deal.

See also:
» Home sales surpass national average growth in South Florida
» Is Florida’s Housing Market Recession Proof?

New frontier? Developers look to Hialeah

Developers are looking to bring back the glory days of Hialeah, a working class, predominantly Hispanic city in central Miami-Dade, just southwest of Miami International Airport. Former Hialeah City Council president Luis Gonzalez said a common misconception about Hialeah is that it’s overbuilt. “If you look at Hialeah, we have no high-rises. What we have is multifamily complexes, but nothing more than five stories and they’re not all condensed,” he said. [Source: The Real Deal]

CRE can only do so much to prepare for, recover from hurricanes

The commercial real estate industry is more conscious than ever of the effects of major storms. But whatever improvements can be made to the built environment might not be enough to counteract the effects of ongoing climate and demographic changes. Developers, engineers and architects often build to standards higher than the minimum required by law in order to better protect their assets. [Source: Bisnow]

Chinese buyers pull back from U.S. housing market, hurting home sales

Home sales perked up in July, a report this week showed, but they're still down significantly so far this year compared with 2018, even with lower mortgage rates. While analysts typically blame high prices and growing worries about a possible recession, another factor is also playing a prominent role: Foreign buyers, particularly the Chinese, have pulled back sharply from the U.S. real estate market. [Source: USA Today]

Here’s how Zillow Offers will buy and flip homes in South Florida

Zillow Offers launched in South Florida last week, leaving potential buyers, sellers and agents with questions about how the iBuying program works. The Seattle-based listings giant is making a big push into home buying and flipping, having already expanded to 15 other markets with plans to nearly double that in the coming months. [Source: ]

STAT OF THE WEEK
33,069
A company linked to casino and resort mogul Steve Wynn has paid $43 million for an ocean-to-lake mansion at 1960 S. Ocean Blvd. on Palm Beach’s Billionaires Row. In all, the the main residence and its poolside guesthouse have 33,069 square feet of living space, inside and out [Source: Palm Beach Post]

ALSO TRENDING:

› Developer Jay Odom speaks about highlights, low moments of Northwest Florida career
It was on a trip back home to Shalimar in 1987 with $300 to his name that local developer Jay Odom made a deal that changed the course of his life and the landscape of Northwest Florida.

› Why Jeff Greene’s twin-tower complex may feature condos
Ever since Palm Beach investor Jeff Greene bought a 3.3-acre site in West Palm Beach in 2014, he’s gone back and forth on whether to build condominiums on the site. First he planned 84 luxury condominiums for the twin-tower. Then he ditched condos for 300 rental apartments even as he slashed the size of the office space. Now, as the project is coming out of the ground at 550 Quadrille Blvd., Greene said he’s back to condos.

› Condo-laden South Florida city mulls development moratorium
Like its neighbor, Miami Beach, Sunny Isles Beach is located on a narrow barrier island squeezed between the Atlantic Ocean and the Intracoastal Waterway. Sunny Isles was for decades home to small roadside motels, but attracted major developers after incorporating in 1997.

› Not every real estate deal in Palm Beach scrapes the stratosphere
The biggest-dollar deals may grab headlines in Palm Beach, but smaller sales keep the island’s real estate industry humming along. A case in point: In the past month, four sales have closed with recorded prices between $3 million and $4 million.

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Real Estate Video Pick

New FHA mortgage policy benefits first-time home buyers — and developers
New FHA mortgage policy benefits first-time home buyers — and developers

New Federal Housing Administration rules make it easier for first-time home buyers to purchase condos — and for developers to sell them. Since 2010, the FHA has limited condo mortgages to approved developments, with re-certification required every two years. Beginning Oct. 15, certification will be extended to three years.

Watch the video and read more at the Miami Herald.

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