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Florida Trend Real Estate
Low-interest rates boost Florida home sales, prices, but foreclosure crisis looms
Low-interest rates boost Florida home sales, prices, but foreclosure crisis looms
About 389,000, or 10.5 percent, of Florida’s 3.7 million mortgage-holders were delinquent on loan payments in late May, presaging what some fear could be an emerging foreclosure crisis as bad if not worse than the one that followed the 2008 housing crash. According to a report by real estate data analytics firm Black Knight, Florida’s 10.5-percent May mortgage delinquency rate was fifth-highest among all 50 states and highest in the Sunshine State since January 2010 when 25.4 percent missed mortgage payments. [Source: The Center Square]
NYC’s wealthiest flocking to Florida even while COVID rages
Lavish Florida retreats were a popular escape for rich New Yorkers riding out the Covid-19 lockdown. Now, many are rushing to make things more permanent even while the virus surges in the Sunshine State. Sellers in places like Miami and Palm Beach are getting flooded with offers, and the supply of available properties is plunging. [Source: Bloomberg]
South Florida construction starts plummet 54% in June
South Florida construction starts took a nosedive in June, continuing the trend since the coronavirus pandemic began. Nonresidential construction declined 43 percent in June, year-over-year, to $239.6 million, while residential construction dropped 61 percent to $265.4 million during the same period, according to a new report from Dodge Data & Analytics. [Source: The Real Deal]
Raymond James hints at cutbacks: ’Our real estate needs will evolve’
Raymond James Financial executives said the company is looking to cut expenses, and may do so by slimming its office footprint, after reporting a quarterly drop in revenue Thursday during an otherwise record fiscal year. In an earnings call, chief financial officer Paul Shoukry said the St. Petersburg wealth management company was in a “firm-wide process” of streamlining operations in a post-pandemic world, including potentially scaling back some of its face-to-face business. [Source: Tampa Bay Times]
New Florida broker bets big on reverse mortgage for purchase
Launching any new business during the height of the COVID-19 coronavirus pandemic is no easy task, particularly in an area of the country that is seeing rising numbers of infections. For the launch of Florida’s Reverse Mortgage Center (FLRMC), however, focusing on the potential benefits of a Home Equity Conversion Mortgage (HECM) for Purchase (H4P) looks like an efficient pathway towards success, while also providing area seniors with additional options to better their circumstances in retirement. [Source: ]
257 miles per hour
A 9,585-square-foot estate located on a 16,000-square-foot oceanfront lot at 7815 Atlantic Way in Miami Beach has five bedrooms, six full and one half baths, two kitchens, a theater, three built-in wine cellars, three fireplaces and a guest house. The three-story modern mansion was built in 2015 with impact doors and windows and concrete and steel reinforcements that enable it to withstand winds of 257 miles per hour. [Source: South Florida Sun-Sentinel]
› Home prices hit record highs in Volusia, Flagler counties
Median sale prices for homes sold in June rose to new record highs in both Volusia and Flagler counties. Area Realtors chalk it up to increased demand, super low interest rates and a shrinking supply of available homes because of the coronavirus fears on the part of some would-be sellers.
› Lennar chief Stuart Miller sells Star Island home for $49.5M
The chief of the country’s largest homebuilder just sold his own home, on Star Island. Stuart Miller, executive chairperson of Miami-based Lennar, sold his three-story, 27,305-square-foot single-family home for $49.5 million on Tuesday, according to the Real Deal.
› Miami investors buy professional office center in Fleming Island
Shaked Holdings 19 LLC of Miami paid $6.35 million July 24 for the Fleming Island Village and Park Island Village shopping centers, which comprise mostly medical and professional offices. The properties total 4.95 acres at 4689 and 4701 U.S. 17, north of Los Palmas Drive and the Peters Creek subdivision. The center consists of three single-story buildings totaling 36,558 square feet.
› Sarasota real estate company adds chief training officer
Living Vogue Real Estate has hired Merrick Williams as the firm's chief training officer. According to a press release, the addition further enables Living Vogue to scale operations following record growth in the first quarter. The expansion is due in large part to its recently publicized Million Dollar Agent Plan, a company strategy designed to develop new and experienced agents into high-income earners, the statement says.
Previous Real Estate Updates:
- Florida home values have more than doubled in the past decade
- 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
