SHARE:
Florida Trend Real Estate
Americans bought 5.6M homes last year — the most since the bubble
Americans bought 5.6M homes last year — the most since the bubble
Despite the global pandemic, or perhaps because of it, home sales clocked their best year since 2006. The annual pace of existing home sales in December increased to 6.76 million, seasonally adjusted, up 0.7 percent from November and 22 percent year-over-year, according to the National Association of Realtors’ monthly report. It was a strong finish to a year that saw 5.64 million existing homes change hands, up 5.6 percent from 2019 to the highest level since 2006. More from The Real Deal and the Tampa Bay Times.
Column: Beware of commercial real estate related investment pitches this season
Many commercial real estate investments, including many REITS, are structured in such a way that early distributions and lack of accurate valuations can initially conceal problems with these investments. As a result, don’t be fooled by a pitch that the commercial real estate investment is currently performing as marketed. And, most importantly, do not fall prey to a pitch that you are now being presented with the opportunity to have direct access to investing in commercial real estate opportunities that were previously only available to institutional investors. [Source: Florida Weekly]
As house prices continue at new records, South Florida buyers opt for condos
It’s now officially a trend. Condos are back. After a sales surge of single-family homes through most of 2020, condos were South Florida’s best sellers in December — for the third month in a row. Total home sales rose more than 20% in Miami-Dade and Broward in December 2020 as compared with December 2019, according to the Miami Association of Realtors report. Condo transactions outpaced those of houses in October and November after months of buyers favoring houses. [Source: Miami Herald]
Gov. DeSantis appoints five to Florida Real Estate Commission
Gov. Ron DeSantis on Wednesday announced five appointments to the Florida Real Estate Commission. The appointments include Patricia “Patti” Ketcham, Renee Butler, Patricia Fitzgerald, Randy Schwartz and Richard Barbara. Appointments are subject to Florida Senate confirmation. [Source: Florida Politics]
Commercial Real Estate: Multifamily interest is ‘at a fever pitch’
When commercial real estate investors start to look at Florida, Jacksonville is increasingly appearing at the top of their lists for multifamily investment, said CBRE Vice President Joe Ayers. “We’re just seeing very favorable fundamentals in Jacksonville and alongside several other Florida markets,” Ayers said. “We weren’t heavily weighted going into COVID on any one industry that was severely impacted like some of our other metros in Florida were. That plays a big role.” [Source: Jacksonville Daily Record]
457
More single-family homes priced under $400,000 were sold in in the section of Hollywood west of the Florida Turnpike than any other area of Broward County between January and October of last year. According to data provided by the Miami Association of Realtors, that added up to 457 houses. [Source: Miami Herald]
› What will happen to Mai-Kai, a piece of South Florida history?
“It’s a rare opportunity to own a storied piece of South Florida,” says franchise brokerage firm owner Andrew Cagnetta of Transworld Business Advisors in Fort Lauderdale about the restaurant/dinner revue establishment Mai-Kai that’s up for sale. Who knows what the future will bring? It would be a special treat if the buyer chooses to keep the Mai Kai intact or, with it being a prime piece of 2.69 acres of prime real estate valued on Broward County property records at $3.97 million, an investor may decide that is better suited for a modern business development.
› The top 10 Northeast Florida commercial real estate sales in 2020
The top 10 commercial real estate sales in 2020 in Northeast Florida sold for a combined volume of nearly $822 million. Nine are in Duval County and one is in St. Johns County. Led by Amazon’s first fulfillment center in Jacksonville, the list includes a fulfillment center for another online retailer, two of Downtown’s signature office towers and six multifamily residential properties.
› Longboat Key real estate office closes over $1 billion in sales volume in 2020
Coldwell Banker Realty’s Longboat Key office has achieved over $1 billion in closed real estate sales volume in 2020. In addition, seven of Coldwell Banker’s agents and teams ranked within the top 20 sales agents for sales production in the local Multiple Listing Service, with Roger Pettingell claiming the No. 1 spot, according to a statement.
› Orlando home prices soar nearly 10% in 2020 as inventory drops to 15-year low
Available homes for sale in metro Orlando dropped to their lowest levels in 15 years last year, while median home prices rose almost 10% against 2019, according to the Orlando Regional Realtor Association. For sellers, the booming market means less wait time and higher prices.
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
