Florida Trend Real Estate
Florida has a ‘serious mismatch' between housing costs and income
Florida has a ‘serious mismatch’ between housing costs and income
Nearly 1,000 people move to Florida every day, making Florida the second fastest-growing state in the country. Yet as housing demand increases, there aren’t enough options to meet the demand of those who need affordable housing. No state has an adequate supply of affordable housing, according to The Gap, an annual report from the National Low Income Housing Coalition, published in March. Florida is one of the five states that are most challenging for extremely low-income renters to find affordable housing, along with Nevada, California, Oregon and Arizona. [Source: Sarasota Herald-Tribune]
Young homebuyers are snapping up houses they’ve never even seen
The first time Jason Mullan saw his new home was the day he showed up to move in. The 36-year-old from New York City bought the house entirely online, without ever seeing it in person. He’s among a growing number of homebuyers, particularly millennials, who are investing thousands of dollars on Florida homes they’ve seen only on a cellphone or a computer screen. Some 63% of homebuyers made an offer on a house in December that they had not seen in person, up from 45% in July 2020, according to discount real estate brokerage RedFin. [Source: South Florida Sun-Sentinel]
Florida leaders try to tame soaring property-insurance premiums with reform bill
Grappling with problems in the property insurance market, Florida lawmakers have passed a plan that could lead to larger rate increases for customers of the state-backed Citizens Property Insurance Corp. and steps to curb roof damage claims and lawsuits. But the bill approved on the last day of the regular session on Friday was not as far-reaching as a Senate proposal that would have effectively shifted more costs to many homeowners when they suffer roof damage. [Source: Orlando Sentinel ]
Florida pot shops have retail landlords seeing green
Since Florida voters overwhelmingly legalized medical marijuana in 2016, state-regulated pot producers have opened 330 dispensaries throughout Florida. Pot proponents pitched medical marijuana as a way to create jobs and generate tax revenue. In a less-heralded effect, cannabis legalization also sparked a wave of demand for retail properties in the state’s commercial corridors. [Source: Commercial Observer]
Right now, building a new home or remodeling could take a lot longer and cost more than usual due to supply and demand issues. During the pandemic, the demand for construction and renovation materials has continued to grow while the supply chain has been disrupted. First it was cleaning supplies and toilet paper flying off the shelves, and now it’s more difficult to get things like granite and lumber. “A lot of people that I work with say some of the issues they’re having are even just as simple as having enough dirt,” Jodi Hanson, a realtor with Premiere Sotheby’s International Realty, said. [Source: WZVN]
› New Sanford housing community was 'a long time coming'
Local leaders celebrated the construction of a new affordable housing community at a groundbreaking ceremony in Sanford’s Goldsboro neighborhood Thursday. Monroe Landings Apartments will provide 60 new units for low-income people in its first phase, eventually expanding to include at least 250 one-, two- and three-bedroom units. Monroe Landings will be the first large-scale development in Sanford’s Goldsboro neighborhood in more than 20 years.
› Russell Galbut wants to turn South Beach hotel and adjacent building into offices and restaurants
Russell Galbut is looking to revive the shuttered Bancroft Hotel and an attached commercial building in South Beach as offices and restaurant space. According to plans submitted to the Miami Beach Planning Board, Bancroft Ocean Five Holdings, LLC, a company managed by Galbut, wants to convert the Bancroft’s rooms into executive office suites and offer memberships for Class A office space. The property is at 1501 Collins Avenue.
› Tampa Bay golf course real estate during Covid: How it started, how it's going
When the novel coronavirus pandemic arrived on U.S. shores in early 2020, it wasn't immediately clear that it would be a boon to Florida golf courses. In the early days of the pandemic, pending deals fell through, and investors got ready to pounce on distressed assets they assumed would be coming to market. But within a few months' time, a new golf narrative emerged.
› TIAA Bank expects 90 workers to lose jobs as it exits home lending
For the second time in four months, TIAA Bank filed a notice saying it is laying off workers as it exits the mortgage business. The Jacksonville-based bank sent a letter April 26 under the Worker Adjustment and Retraining Notification Act saying it expects to lay off 90 workers as it discontinues its home lending business.
Previous Real Estate Updates:
- Insurance costs threaten Florida real-estate boom
- 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
- Florida's feelgood factor lures out-of-state buyers
- 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