October 27, 2020
Florida foreclosure filings trend up as some fear a fall wave awaits

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Florida foreclosure filings trend up as some fear a fall wave awaits

| 9/21/2020

Florida foreclosure filings trend up as some fear a fall wave awaits

Gov. Ron DeSantis extended Florida’s eviction and foreclosure moratorium until Oct. 1 last month, delaying what some fear will be a wave of foreclosures across the state once the ban is lifted. Those fears are justified if trends documented by mortgage date firm ATTOM Data Solutions in its August 2020 U.S. Foreclosure Market Report continue into fall and 2021. According to ATTOM, which owns RealtyTrac, Florida had the nation’s second-highest foreclosure filing rate in August, with Jacksonville’s foreclosure filing rate the highest for any metro area in the country. [Source: The Center Square]

Demand for commercial real estate could change due to pandemic

The demand for commercial real estate has changed since the pandemic began. With many businesses closing, they may have to sell their properties. On the other hand, some businesses need more space to properly social distance. Do any businesses need this space that’s up for rent? “I think the answer to that question is probably no,” said Tom Smythe, professor of finance at Florida Gulf Coast University. Smythe said you may see more for sale signs in business windows soon. Some may have to close, while other companies are renegotiating their leases. [Source: WINK News]

Eviction moratoriums could damage Florida's affordable housing landscape

Moratoriums on evictions – moves intended to help the most vulnerable by temporarily pausing rent for people impacted by COVID-19 — could end up causing more harm than good for the very people they were meant to protect, according to some economic and policy experts. The problem is twofold, according to economic analyst Hank Fishkind. On the one hand, landlords are likely to be more apprehensive about renting out their properties going forward. On the other, housing developers may not see affordable housing as a prospect worth investing in. [Source: Spectrum News 13]

Florida groups call on congress to support real estate flood disclosure requirement

More than 130 groups across the country, including eight in Florida, are calling on Congress to create a federal flood risk disclosure requirement. Federal policy does currently require lenders to notify borrowers, but only if they’re required to have flood insurance. Twenty-nine states have some form of flood risk disclosure requirements. [Source: WUSF]

Shopping centers stay strong in South Florida. One county has a 92.9% occupancy rate

Density is helping sustain occupancy rates in Miami-Dade County’s shopping centers, making it the healthiest market in South Florida. Miami-Dade has a 92.9% occupancy rate among its shopping centers, according to a third-quarter report by Boca Raton-based 11th St. Capital. Palm Beach has an 88.8% occupancy rate, and Broward has an 88.6% occupancy rate. Joshua Ladle, the CEO and founder of the real estate investment and management firm, visited all 1,720 shopping centers. [Source: ]

STAT OF THE WEEK
$22 million
A real estate investor is moving forward with a $22 million hotel development in Miami Beach during a time when few are investing in the hospitality market. [Source: Miami Herald]

ALSO TRENDING:

› National homebuilder announces new luxury estate community
National homebuilder Pulte Homes has announced a new 40-acre community of luxury single-family estate homes called Ardena. The community will have a North Naples address in the sought-after Livingston Road location, according to a press release. It will include 77 estate homes, and nearly all of the homesites will have lake or private natural preserve views.

› EB-5 fund invests $50M in Hialeah warehouse park — looking for more Florida projects
An EB-5 investment firm searched the state for a potential prosperous development, and decided to bet on a Hialeah warehouse project. And it has another $125 million to drop. CanAm Enterprises, founded 33 years ago in Canada, invested $50 million into the Countyline Corporate Park project in August. The money will fund construction of 1.2 million square feet of warehouse space.

› Home starts resilient in Sarasota-Manatee during coronavirus pandemic
New home construction has shown resilience in Southwest Florida during the coronavirus pandemic. Builders poured slabs for 1,751 local single-family homes in the second quarter, down by 4% from the previous quarter but even with year-ago levels, according to a report from data supplier Metrostudy.

› Off Lease Only sells two South Florida locations for $50M
Off Lease Only, the used car dealership, sold its Fort Lauderdale and West Palm Beach locations in a $50 million deal. Records show Off Lease Only Real Estate Holdings LLC sold both properties to Spirit Realty L.P. The Fort Lauderdale site at 827 South SR 7 sold for $27.5 million, and the West Palm property at 1200 South Congress Avenue sold for $22 million.

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'House of Budweiser' under contract in Lake Worth for over $100,000
'House of Budweiser' under contract in Lake Worth for over $100,000

It's called the 'House of Budweiser,' now under contract in Lake Worth for just over $100,000. A U.S. Navy Veteran covered the house with thousands of cans of beer he drank. When you walk up to unit #102 you see some Budweiser wind chimes and you even see a Budweiser sign on the wall. But that's nothing until you open the door.

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