Florida Trend Real Estate
Home values are heating up in Florida
Home values are heating up in Florida
Thanks to low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in Florida? Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody? Home values provide some answers. They indicate that the market in Florida is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next. Zillow predicts U.S. home values will rise 2.2% over the next year, while in Florida, they're expected to rise 4.09% [Source: Yahoo! Finance]
‘Not for Sale’: Residents of Florida city destroyed by hurricane cling to hope of rebuilding
Half of Mexico Beach’s 1,200 full-time residents haven’t returned. Hurricane Michael demolished 85 percent of the structures in the city last October, wiping foundations clean of vacation homes and cinder-block cottages, ripping roofs and exterior walls from businesses and scattering the contents among thousands of tooth-picked long-leaf pines. The city is still struggling to regain its footing a year after Hurricane Michael’s ruthless assault left 852 of the town’s 1,900 homes substantially damaged or destroyed. [Source: Washington Post]
The top 10 U.S. markets for flipping
Realtor.com®'s rankings, which looked at the number of investment home sales in the 100 largest metropolitan areas, include three Florida cities in the top 10. America's hottest real estate markets for investors, according to Realtor.com®'s economics team, found the cities where the highest percentages of home sales are for flipping or renting out, usually after a rehab. They tend to be more modestly priced cities in the Midwest and South, areas that have a larger selection of older, lower-priced homes, strong economies, and population growth creating demand for housing. [Source: realtor.com]
University of Miami housing complex moves forward
The University of Miami is steadily pushing ahead with its plans to replace the current student housing, built about 50 years ago, with accommodations that mirror the way young people learn today. “Nothing impacts the quality of life for students who live on campus more than the quality of their on-campus housing,” the school’s housing website says. “As the University of Miami continues to rise as a top-tier research institution, so too do students’ expectations for a comfortable, secure and supportive living and learning environment.” [Source: Miami Today]
Ron DeSantis, Enterprise Florida bring back commercial property search tool
On Wednesday, Gov. Ron DeSantis announced the relaunch of Enterprise Florida’s commercial property search tool. “Find It Florida! is a robust, public database for viewing and uploading available commercial building and site properties across the state. The relaunch includes updates to the functionality of the site and a new layer featuring Opportunity Zones,” the governor’s office noted. [Source: Florida Daily]
STAT OF THE WEEK
Brookfield Asset Management is in talks to sell its 1,000-room resort in Hollywood to developer Jeffrey Soffer in a deal that would value the property at under $1 billion.
Brookfield recently scored a $168M refi from Morgan Stanley, JP Morgan and Wells Fargo. Brookfield subsidiary Thayer Lodging Group owns the Diplomat Beach Resort at 3555 South Ocean Drive. Bloomberg reported that Soffer is looking to acquire the property, which would give him control of the second largest hotel in South Florida. Soffer already owns the Fontainebleau Miami Beach, the biggest hotel by room count in the tri-county region. [Source: The Real Deal]
› The number of apartments in South Florida is up. Does that mean rents are dropping?
Luxury rentals will likely take longer to lease. But the demand for moderate and workforce housing will likely continue to grow, according to a new report by Berkadia, which specializes in multifamily and commercial realty services.
› Developer buys downtown Jacksonville high-rise for luxury apartments, upscale rooftop restaurant, grocery
The old Independent Life Tower on West Duval Street in Jacksonville, once Florida’s tallest building, has been sold to a developer who plans to turn it into luxury apartments, a high-end rooftop restaurant and bar, and ground floor grocery.
› Relaxed Orange County zoning could add 30,000 places to live by 2030, task force recommends
Orange County’s housing task force wants to loosen decades-old zoning codes and give bigger incentives to developers, in the hopes of adding 30,000 much-need places to live over the next 10 year
› With 3 real estate projects, U.S. 1 corridor in Tequesta will have a new look
Even after the Florida Department of Transportation finished redesigning a 1.4-mile stretch of U.S. Highway 1, more changes are on the way for the village’s main commercial thoroughfare.
Previous Real Estate Updates:
- Real estate's popularity as investment tumbles to 5-year low
- How would-be homebuyers are struggling despite a lull in mortgage rates
- More insurance changes are in store from the Legislature
- Business rent delinquency rate hits nearly 40%
- As more multimillion-dollar homes enter market, Realtors look to cash in
- New housing study shows most Floridians better off building than buying a home
- Home sweet home? In South Florida, people stay longer in their homes. Here's why
- Rising housing costs are top contributor to inflation. What's to be done about it?