Florida Trend Real Estate
Florida's feelgood factor lures out-of-state buyers
Florida’s feelgood factor lures out-of-state buyers
Florida’s year-round sun and low taxes have long provided a lure for buyers from higher tax north-eastern states such as New York. Since the pandemic, the state’s low-density city living has added to the pull. Earlier this month, Florida’s state Demographic Estimating Conference pointed to “an apparent shift in lifestyle preferences away from the more dense urban areas found elsewhere” to explain the state’s continued in-migration over the past year. It projects that population growth in the year to April — which, with deaths exceeding births, relies on migration — will be 1.53 per cent. [Source: Financial Times]
Florida’s housing market: more sales, higher median prices in February
Amid increased COVID-19 vaccinations and hopeful signs for the future, Florida’s housing market in February reported more closed sales, higher median prices, more new pending sales and increased pending inventory in February 2021 compared to a year ago, according to Florida Realtors latest housing data. Single-family existing home sales rose 15.7% compared to February 2020. “Florida’s housing market continued its momentum in February, but higher interest rates could be a factor going forward,” said 2021 Florida Realtors President Cheryl Lambert, broker-owner with Only Way Realty Citrus in Inverness. [Source: Palm Coast Observer]
Commentary: Big tech, low taxes, plenty of sunshine: Seizing opportunity in Florida's growing real estate market
The frigid temperatures in the Northeast are no longer the only driving factor in why entrepreneurs, businesses and snowbirds are eyeing South Florida as a private paradise. Partial lockdowns and restrictions across the U.S. have inspired many to turn their eyes to the Sunshine State and its tropical climate, diverse residents and the lack of state income tax. Even Big Tech companies are relocating to the area. [Source: Forbes]
Plan to shift money draws Florida affordable housing concerns
Groups backing affordable workforce housing Thursday criticized a plan by legislative leaders to shift two-thirds of money designed for housing programs to address the effects of sea-level rise and upgrade sewage treatment. Despite an outcry from environmentalists and Realtors, the House Agriculture & Natural Resources Appropriations Subcommittee voted 10-5 along party lines to support the proposal (PCB ANR 21-01), which would redesignate portions of documentary-stamp taxes collected on real-estate transactions. More from the News Service of Florida, the Center Square, and the Tampa Bay Times.
Alicia Lewis represents real estate developers, private property owners, municipalities and private companies before federal, state and local government agencies. And she provides solutions for her clients in obtaining items like land-use plan amendments, rezoning and site plan approvals before these agencies. Now, Lewis will steer the new Kelley Kronenberg section in a post-COVID-19 world facing questions that include whether interest rates would hurt the South Florida real estate business (She said no), and building the law firm’s practice by using pivotal assets unheard of just a decade ago, like social media. [Source: Globe St.]
› With pandemic and people moving to South Florida, it’s a seller’s market
South Florida real estate agents agree that they’ve never seen a market this crazy. Buyers are feeling the insanity, too. Sinan Ozer and his wife, Ferhan, have been looking for a perfect home.The family of four live in Miami Lakes. They don’t want to move far, so there they were at an open house in Miramar. Sinan said he made three offers last month and not one was accepted. The couple have been looking for eight months now. Anyone looking to buy right now in the current real estate market knows the feeling.
› Florida ranch goes on sale for the first time in over 100 years for $140 million
For over 100 years, Green Island Ranch in Central Florida has been owned by the Partin family. Now, the land is being sold for $140 million. According to SVN Saunders Ralston Dantzler Real Estate, Green Island Ranch, located in St. Cloud, Florida, is being sold as a development opportunity that can fill up to 17,000 residential units with additional commercial and mixed-use projects.
› Buyers are flocking back to condos. A Boca penthouse went for $10 million.
Condos are back in vogue in South Florida, lifted by the COVID vaccines, a dearth of homes for sale and a steady flow of migrants from out of state. Buyers appear to be more comfortable again with tight multiunit living spaces. In Boca Raton, someone plunked down $10 million for a downtown penthouse that won’t be completed until next year. And some purchasers buy sight unseen — clinching deals after viewing their condo layouts virtually.
› Key player in Miami’s trendy Wynwood development turns eye toward St. Pete
Anyone who’s visited Miami recently likely knows of Wynwood, a former manufacturing warehouse district that was transformed into a hipster mecca known for its colorful murals and trendy shops and restaurants — including an ultra-popular taco joint that was once visited by former President Barack Obama. Joe Furst, who oversaw financing, development and leasing initiatives in Wynwood for the development company that had a major hand in the area’s makeover, has recently set his sights on St. Pete.
Previous Real Estate Updates:
- 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
- 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
- Evictions in Florida are reaching pre-pandemic levels: Is the state heading toward a crisis?
- The Florida housing market is booming. Is a crash ahead?
- South Florida's real estate market is now officially in super-boom mode