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Florida Trend Real Estate
Hurricane Michael one year later: Housing crunch still a major obstacle
Hurricane Michael one year later: Housing crunch still a major obstacle
A year has passed since the Category 5 hurricane gashed Bay County, leaving hundreds of crumpled homes and apartment complexes in its wake. Twelve months later, not much has changed for many residents. The thousands who evacuated can’t return and those who stayed, but lost their homes, have struggled to find new residences or ones that fit their price range. But the housing crunch is about much more than the loss of homes. [Source: Panama City News Herald]
Real estate sales sink as foreign buyers shy away from shaky political climate in U.S.
Luxury real estate has seen a dramatic downturn this year, as punitive new tax laws and a retreat by foreign buyers sent prices spiraling to recession-era levels in some markets. Foreign buyers — who have helped fuel the push in premium homes — are on the wane. According to the National Association of Realtors, the dollar volume of foreign purchases from April 2018 to March 2019 was down 36 percent from the same period a year before. The number of foreign buyers dropped by 31 percent. [Source: NBC News]
More Tampa Bay renters, fewer places they can afford
Between 2000 and 2017, Florida gained nearly 800,000 renter households, many in the wake of the Great Recession. In that same period, the state added nearly 720,000 new rental units that lease for $1,000 or more. The number of units renting for less than that amount fell. [Source: Tampa Bay Times]
Real estate brokerage plays up ownership potential
Thomas Heimann has always thought there has to be “a better way to do the real estate business.” That better way he’s devised is Realty Partners, his Sarasota-based company where agents can become owners. He’s modeled it after the partner track at law firms and consulting companies. “They all have a partnership business model, and you have to add value to become a partner,” says Heimann, 54. “And I thought, why isn’t there something like that in the real estate industry?” [Source: Business Observer]
Commercial real estate market remains strong, Colliers manager says
This time last year, Colliers International executive Danny Rice and his colleagues were preparing, at least mentally, for the possibility of a downturn this year. Rice, 35, is Colliers’ managing director and market leader for Central and West Florida. Rice recently discussed what his firm has seen over the past year with the Tampa Bay Times and what he expects looking ahead. [Source: Tampa Bay Times]
$17 million
In 2017, Realtor Patti Stanley sold a 40-acre private island off Lower Matecumbe Key for $13.8 million. Now, another one of Stanley’s listings is making a splash: a 16-acre island connected to Upper Matecumbe Key by a 2,000-foot driveway. It’s known as Terra’s Key and has been on the market since May, with an asking price of $17 million. [Source: Miami Herald]
› Miami’s housing affordability crisis poses a dire threat to the city’s future, experts say
Miami-Dade’s housing affordability crisis is so dire, it now poses as much of a threat to the region as sea level rise, according to a recent market update prepared by Florida International University’s Jorge M. Pérez Metropolitan Center.
› Sarasota-Manatee home price gains still lag state and US
Home price growth in Southwest Florida continues to trail state and national gains. Single-family home prices increased 2.57% in August over the year in the Sarasota-Manatee region, real estate database CoreLogic said in a report Tuesday. That lagged behind the Florida hike of 4% and the U.S. increase of 3.6%.
› Two South Florida mansions offer a taste of the rock star lifestyle
Russ Weiner, the founder of Rockstar Energy Drink, has listed his Miami Beach and Delray Beach mansions for sale. The total asking price: $71.5 million. Weiner bought his 12,881-square-foot Miami Beach estate, on prestigious North Bay Road, in July 2016 for just under $20 million.
› Military plays role in Northwest Florida housing market
The housing sales and rental markets across Northwest Florida are affected by the Basic Allowance for Housing available to service members, and by the privatized on-base housing now available to military personnel and their families.
Previous Real Estate Updates:
- Florida insurance market full of ‘low quality' companies, study finds
- Real estate pros say Florida's future looks bright
- What are squatters' rights? New Florida law targets occupancy fight
- Is trouble brewing in Florida's housing market? Here's what the data says
- Florida is growing. Can affordable housing keep up?
- Florida condo sales plummet despite falling prices and rise in 'motivated' sellers
- Want to get rich quick selling Florida real estate? Think again.
- New law would give new homebuyers better idea what their property taxes will be
