February 26, 2021
When will that $25 billion get to renters and landlords?

Florida Trend Real Estate

When will that $25 billion get to renters and landlords?

| 1/11/2021

When will that $25 billion get to renters and landlords?

Renters and landlords counting on accessing the $25 billion in rental assistance money can do little at the moment but wait for the gears of bureaucracy to slowly grind along. The money will get here. It’s just a question of when. Of the $25 billion, Florida is likely to receive $1.4 billion, according to estimates by the National Low Income Housing Coalition. That would pay down past-due rent balances of $6,000 each for more than 200,000 Florida households. [Source: South Florida Sun-Sentinel]

It's more cost effective to buy a home, not rent here, study shows

The average mortgage payment in Florida for a median-priced home is lower than paying rent, according to a recent study by real estate investment firm Roofstock. This is especially true in the Punta Gorda and North Port-Sarasota-Bradenton metro areas. Roofstock analyzed the latest data from the U.S. Census Bureau, the Department of Housing and Urban Development, and Zillow, and found that Florida has the 14th highest rent-to-price ratio at 6.6%, meaning that it would be more cost effective to buy a home rather than rent in our state. [Source: Port Charlotte Sun]

What you need to know about relocating to Florida

White sand beaches and tax incentives have people turning to the Sunshine State. And not just the traditional retirees—remote workers nowhere near retirement are also considering making the move. Because if you have to socially distance yourself, you might as well have balmy winters to keep you company, right? But why Florida? [Source: Bloomberg Tax]

Pent-up optimism in Gulf Coast commercial real estate industry

Following a year in which Gulf Coast commercial real estate values dropped in some sectors, transactions went on pause, occupancy in some quarters fell and rent collections lagged, industry participants contend 2021 will provide a significant rebound. Although much of the optimism is predicated on a relatively quick and effective distribution of COVID-19 vaccines, which will take months, industry watchers expect the second half of the year to be one of recovery. [Source: Business Observer]

Related to buy Florida tower popular with finance firms

Related Cos. is adding to its South Florida property portfolio with the acquisition of an office tower that counts outposts of Morgan Stanley and other finance companies as tenants. An affiliate of Related has agreed to pay $282 million to buy the Phillips Point building in West Palm Beach from AEW Capital Management, according to people familiar with the purchase, who asked not to be named because the matter is private. [Source: Crain's New York]

STAT OF THE WEEK
925
Nocatee was the 8th best-selling master-planned communities in the country in 2020, according to RCLCO Real Estate Advisors’ Top 50 Master Planned Communities of 2020 report. The report said 925 homes were sold in the community last year, up from 909 in 2019. [Source: Jacksonville Daily Record]

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› Miami Beach mansion in the sky features private rooftop pool for $14.9 million
A two-story Miami Beach penthouse with over 10,000 square feet of indoor-outdoor space has hit the market for $14.9 million — and it even has its own private rooftop pool. The unit, PH-3 at 3737 Collins Ave., is on the 19th floor of The Caribbean, a boutique 103-unit building on the ocean in Miami Beach’s Faena District that has a pool, gym, concierge and valet service.

› Here are the top 25 most expensive Tampa Bay homes sold in 2020
The coronavirus pandemic shattered many norms in 2020, but it didn’t stop the the luxury real estate market from charging ahead, as the wealthy sought out new places to retreat from the Florida sun and demand remained high. Compared to 2019, which was a banner year for ultra-expensive waterfront properties $10 million and up — with the No. 1 sale at $16.5 million — this year’s top residential sale was a bargain at $9.3 million.

› Louisiana-based real estate firm expands to popular tourist spot in Florida
One of Louisiana's highest grossing real estate firms has announced its plans to open their first out-of-state location in a popular tourist destination this month. Beau Box Commercial Real Estate (BBCRE) will expand their reach into the Florida panhandle with an office based in Pensacola.

› Lennar pays $8M for South Miami-Dade housing community site
Lennar Homes paid $7.7 million for about 31 acres of land south of Zoo Miami. The Miami-based homebuilder bought the land at and around 13400 Eureka Drive in South Miami-Dade, according to records. The seller is a company and trust associated with the Caple family. The late patriarch George Caple founded agricultural nursery Caple Farms and expanded it to over 100 acres of flowering plants, with a fleet of 50 trucks and more than 250 employees at the peak of the season, according to his 2007 obituary.

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Real Estate Video Pick

'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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