Florida housing prices not expected to drop during crisis

| 5/4/2020

Florida housing prices not expected to drop during crisis

Housing prices aren't expected to drop significantly during the COVID-19 pandemic. The group Florida Realtors says that's because builders have been cautious since the last recession. They've built fewer homes, and Florida has a statewide shortage. Florida Realtors' Chief Economist Brad O'Connor says new home sales are down anywhere from 30% to 40% statewide. He says there's a key difference between the housing market of today and the one ten years ago. [Source: WUSF]

Florida real estate values likely to take a beating from rising sea levels, new report says

Coastal flooding in Florida fueled by climate change and rising sea levels has already caused overall real estate values to drop by an estimated $5 billion, and that number could rise as high as $80 billion in the next 30 years, according to a new report from the McKinsey Global Institute. "While the Florida residential real estate market remains robust today, climate risk poses a potential threat to asset prices," the 29-page report says. [Source: The Weather Channel]

Testing sites for Florida real estate licenses reopen on a limited basis

For those looking to become a real estate agent in Florida, testing is back up and running on a limited basis after shutting down nationwide in mid-March. Pearson Vue, which administers all Florida Department of Business and Professional Regulation licensing exams, is operating some testing sites statewide for essential services, including real estate and real estate appraiser exams, according to a spokesperson for DBPR. [Source: The Real Deal ]

Coronavirus puts spotlight on Florida’s CRE public-private partnerships

For some time, public-private partnerships have been an attractive vehicle for local governments seeking to develop capital improvements but lacking the money to do so. Due to the current economic downturn in the US as a result of the coronavirus, the attractiveness of P3s to local governments should increase as funds available for municipal capital improvements go down sharply. [Source: Globe St.]

Commercial real estate: Back to square two

When former Cushman & Wakefield alum Jay Caplin and LaSalle Investment Management executive Gavin Campbell came together in 2008 to form Steelbridge Capital, their mission was straightforward: Acquire undervalued office assets poised to recover from that decade’s economic recession. The institutional investment advisory company’s operating platform, however, was less clear. Caplin was based in Miami; Campbell in Chicago. [Source: Business Observer]

STAT OF THE WEEK
60 dogs
A 3,150-acre hunting and fishing destination in Florida just went up for sale for $25 million. Quail Creek Plantation includes a 14-acre lake with largemouth bass, according to the listing with Billy Nash of Nash Luxury. There's also 400 acres of high-fenced game hunting, four quail courses, dove fields, a tower for continental pheasant and pigeon shoots and clay grounds with two 14-station automated sporting clay courses, a seven-station sub-gauge course and other facilities with the capacity to keep 4,000 birds and 60 dogs on the property. [Source: FOX Business]

ALSO TRENDING:

› Amid fears about office market, this South Florida health company is expanding [Miami Herald]
With many employees working remotely amid the COVID-19 pandemic, prognosticators have declared the death of the company office. Not so fast. Plantation-based NationsBenefits, a supplemental benefits company, has just signed a new office lease in Broward County with plans to expand.

› Real estate agent says now is a good time to rent in Southwest Florida [WINK News]
Apartments across Southwest Florida are trying to help new renters make ends meet even before they move in. They are offering incentives, which is something real estate agents say is a sign of the times. Portofino Cove apartments in Fort Myers is among many local complexes in the region waiving application fees for first responders and teachers.

› ‘Ultra-exclusive’ Florida island boasts $40 million estate [South Florida Sun-Sentinel]
A contemporary waterfront estate on Florida's ultra-exclusive Star Island has floated onto the market for $40 million. The top-tier price tag makes the Miami Beach property this week’s most expensive new listing on realtor.com®. The 14,762-square-foot luxury mansion on the guard-gated island last sold in 2011 for $25.5 million. At the time, it was one of the most expensive Miami Beach residential sales ever.

› Refresco inks large Tampa industrial deal [Business Observer]
Refresco Beverages US Inc., a North American subsidiary of a Netherlands-based soft drink bottler and distributor, has signed a 364,082-square-foot lease for an entire Tampa warehouse building. The company’s deal for 5210 S. 16th Ave., a former Southern Glazer Wine & Spirits distribution center, represents one of the largest new industrial leases in the Tampa market since 2014.

Tags: Real Estate eNews

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