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Florida Trend Real Estate
‘Upper-tier' home sales pace August ‘resurgence' in Florida housing market
‘Upper-tier' home sales pace August ‘resurgence' in Florida housing market
If property values and real estate sales are bedrock indicators of economic health, Florida should weather the long-term implications of the response to the COVID-19 pandemic in relatively good shape. According to the Florida Realtors’ August report, the Sunshine State’s housing market reported more closed sales, more new pending sales, higher median prices and more new listings in August compared with a year ago, despite the pandemic. [Source: The Center Square]
Insurance companies are ordering more home inspections. Here’s what to expect
With financial losses mounting over recent years, insurance companies in Florida are ordering more home inspections. Their aim is to force homeowners to fix potential problems or find justifications to dump risky properties. John Strautman, owner of an expansive home in Fort Lauderdale’s historic Colee Hammock neighborhood, learned this the hard way several months after switching from his longtime insurance company to one with a lower annual rate. [Source: South Florida Sun-Sentinel]
Sun, space and lower taxes: why New Yorkers are moving to Miami
Real estate agents report that since June 8, when New York began to ease restrictions on commercial and social life, buyers have been flocking to Miami. Many go to Miami Beach, which has some of the area’s finest waterfront houses and apartment blocks. New Yorkers cooped up in small homes during lockdown are desperate to avoid repeating the experience, says Bryan Sereny of Douglas Elliman, a high-end estate agent. “Residents haven’t been able to enjoy the cultural advantages that drew them to the city.” [Source: Financial Times]
Florida development will include 800 homes, 600 hotel rooms and 1 giant artificial surf park
A Florida developer is planning to anchor a 200-acre mixed-use development with the nation’s largest artificial surf park. The $595 million “Willow Lakes” development would include 800 homes, 600 hotel rooms, 125,000 square feet of office space, 400,000 square feet of retail space and the massive surf park. The project would rise in Fort Pierce, about 70 miles north of West Palm Beach. [Source: The Real Deal]
Women in commercial real estate earn more than men in South Florida. Here’s why
In most professions, men still earn significantly more than women. But not so in the local commercial real estate scene. In South Florida, white women are paid on average a salary of $148,582 per year, while women of color earn an average of $91,230 annually, according to a 2020 study by the Kansas-headquartered Commercial Real Estate Women Network. Men earn an average $53,562 per year, about 59% less than white women and 42% less than women of color.[Source: ]
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$5 million
Living Vogue LLC, doing business as Living Vogue Real Estate, recently closed on an extraordinary $5 million beachfront lot on Siesta Key, representing the buyer of the highest priced residential land sale in Sarasota and Manatee counties this year. [Source: SRQ Magazine]
› Tiny home community in Tampa area appeals to minimalist lifestyle
ESCAPE Tampa Bay Village developers hope to capitalize on a trend of homeowners seeking smaller, more efficient houses. Most of the furnished homes, ranging from 250 square feet to 400 square feet or more, have wooden exteriors and a manicured green space. Some have cabin-like wooden interiors, while others are more modern with white interiors. Sales prices on the available seven houses range from $69,970 to $164,450 with various amenities included. Homeowners also pay a monthly lot rental ranging from $400 to $600 a month.
› Report finds more people recently moved to Jacksonville area despite pandemic
Even in a pandemic, Jacksonville is attracting more people to move to the city. A new report says because of COVID-19, some people are changing locations. The report says more people are leaving the giant metro areas, such as New York and San Francisco, and making cities like Jacksonville their home.
› Dezer’s 30-acre megaproject in North Miami Beach gets first approval
A nearly 30-acre mixed-use development that would bring luxury condo towers, a harbor and public promenade secured a key approval from the city of North Miami Beach. Developer Gil Dezer’s plan to transform the Intracoastal Mall will return to the North Miami City Commission next month.
› Blue Steel sells Lakeland building to Indiana firm
Blue Steel Development Co., one of the more active industrial developers within the Interstate 4 corridor over the past five years, has sold a newly completed logistics property in Lakeland to an Indiana firm. Bobeck Real Estate Co. Inc., of Fort Wayne, Indiana, paid $15.1 million for the 5275 Drane Field Road property as part of a push to increase its Florida holdings.
Previous Real Estate Updates:
- 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
- When will housing affordability improve? Spoiler alert: It will take some time
