Florida Trend Real Estate
Florida's rural real estate is booming amid COVID-19 pandemic
Florida’s rural real estate is booming amid COVID-19 pandemic
While so many industries are suffering because of COVID-19, rural real estate is booming. An Ocala realtor says people are leaving the big city for the countryside because of the pandemic. “That was not a way of life, definitely, not one that we wanted to experience,” said Pietro Cottone, recently moved to Marion County from Orange County. Pietro and Patty Cottone recently moved to Marion County from Orlando, trading in the city life for rural life. The couple is not alone. [Source: WOGX]
The real estate market is strong in South Florida. Here are tips for buyers and sellers looking to jump in
South Florida’s housing market is booming through the COVID-19 pandemic as homebuyers flock from cities in the north with a new ability to do their jobs remotely from anywhere. While it’s sellers who have the advantage right now — demand is high but supply is limited — there are opportunities for buyers to benefit, as well and local real estate agents are weighing in on how to best take advantage. [Source: South Florida Sun-Sentinel]
New Florida law, with its start in Tallahassee, targets outdated race restrictive covenants
A new Florida law tears away the red tape associated with the removal of outdated and racist language embedded in certain real estate documents. Gov. Ron DeSantis signed the law (SB 374) after a yearlong effort that began in Tallahassee and gained legislative traction, although some say it's but the "first step" in addressing a convoluted process. The bill, sponsored by Democratic state Sen. Darryl Rouson of St. Petersburg, “extinguishes discriminatory restrictions from certain real estate documents, such as deeds," according to the online summary. [Source: Tallahassee Democrat]
The flip side of the eviction ban: Landlords face big crunch
The White House’s move to ban evictions across the country during the coronavirus crisis is having an unintended side effect: It's threatening the livelihood of millions of landlords. The sweeping order effectively requires landlords to subsidize distressed tenants’ housing through the end of the year or face criminal penalties and hefty fines. That’s a tall order for the country’s 8 million independent landlords — most of whom lease a unit here or there on property they own without the financial backing of professional management companies. [Source: Politico]
Fort Myers-based Alico Inc. has sold another sizeable chunk of its farmland to the state for preservation. On Friday, the company — one of America's largest citrus producers — announced that the state, through its Florida Forever program, purchased 10,702 acres of its Alico Ranch land in Hendry County for $28.5 million. The land sits on the west side of Alico's ranch. It's the company's second such sale of conservation land to the state in what's known as the Devil's Garden area, a prime area for Florida panthers. [Source: ]
› Real estate salespeople behind Sarasota's leap forward
Real estate is the one thread that runs throughout Sarasota’s colorful history. It extends, unbroken, from the homesteaders to the Florida Mortgage Company of 1885, through spectacular booms and busts, depressions and recessions, up to the next condominium’s grand opening.
› The party's over: Airbnb suspends listings in Okaloosa, Walton, won’t ‘tolerate’ partying
The party is over – at least at your next Airbnb. The vacation rental marketplace suspended a listing in Okaloosa County – specifically in Destin – and one in Walton County, after announcing a “crackdown on party houses throughout Florida."
› Massive Palm Beach estate once owned by John Lennon is under contract
After landing on the market in April for a whopping $47.5 million, El Solano, the massive Palm Beach, FL, estate once owned by the musical legend John Lennon and his wife, Yoko Ono, is currently under contract, the Palm Beach Daily News reported. The couple bought the retreat for $725,000 back in 1980. Yes, that was 40 years ago, but that’s still quite an appreciation in value. The property dates to the 1920s, and was designed by the resort architect Addison Mizner.
› Overtown affordable housing complex delays lead to legal battle
A developer and general contractor’s fight over a $28 million affordable housing complex in Miami’s Overtown — including whether the project is even complete — is playing out in Miami-Dade Circuit Court.
Previous Real Estate Updates:
- Florida has a ‘serious mismatch' between housing costs and income
- Insurance costs threaten Florida real-estate boom
- Florida is the source of most property insurance lawsuits in the U.S.
- One of Florida's biggest real estate investors says market is headed for a correction
- Lawmakers look to restrict impact fees
- Florida's feelgood factor lures out-of-state buyers
- The red-hot housing market means you're probably in for a tax increase
- Real estate investor Moishe Mana is ready to develop his holdings