You'll need almost two decades to save up for a house in South Florida

You’ll need almost two decades to save up for a house in South Florida

Soaring home prices mean the average renter in South Florida now needs 17 years to save up for a down payment to buy a house — far longer than many places in the country, a new analysis shows. The average nationwide is a little over 13 years, according to Zillow, an online real estate marketplace. Zillow analyzed 24 metro areas to see how long it would take to save a 10% down payment at current housing prices. [Source: South Florida Sun-Sentinel]

Overpriced Florida homes spark fears of market instability

Florida housing markets remain plagued by rampant overpricing, putting potential buyers at such a disadvantage that they may be better off postponing homeownership, according to researchers at Florida Atlantic University and Florida International University. As of May 31, homes across the Sunshine State were selling for a 19.24 percent premium above their long-term pricing trend, an increase from 17.17 percent at the end of April. [Source: FAU News]

Thousands in South Florida could face foreclosure with federal protection coming to an end

Time is running out for thousands of South Florida families who are facing foreclosure on their homes as a result of the COVID-19 pandemic. For some, the nightmare started more than a year ago but was stalled by willingness of government officials to prevent banks from forcing people out during an unprecedented public health crisis. [Source: South Florida Sun-Sentinel]

Underground garages enrich developers, but create expensive problems for homeowners

No one in South Florida has a basement. So why, with the water table just a few feet below the surface, do developers build underground parking garages, structures that require expensive maintenance and leave a building vulnerable to deterioration? The answer is money. Shoving all the parking underground allows builders to devote their project’s above-ground floors to condos they can sell. This decision to squeeze in the maximum number of condos leaves future owners with the formidable and expensive problem of defending their underground garage against water. [Source: South Florida Sun-Sentinel]

Construction company challenges new property-insurance law

A case challenging a new Florida property-insurance law brought by a Hillsborough County construction company has made its way to federal court. In the case, heard by Chief U.S. District Judge Mark Walker Friday, Gale Force Roofing and Restoration, LLC, argues that the new measure violates the First Amendment. As of Saturday morning, Judge Walker has not posted a ruling to the court docket. [Source: Florida Politics]

ALSO TRENDING:

› Design District developer teaming up with Elon Musk to build solar-powered homes [Miami Herald]
The developer of Miami’s upscale Design District is teaming up with Elon Musk, the CEO of Tesla, to develop the nation’s most sustainable community in Austin, Texas. Craig Robins, CEO and president of the Miami-based development firm Dacra, and Musk will collaborate with Brookfield Asset Management to install solar-powered roof tiles and battery storage units in homes inside Brookfield’s Easton Park master-planned community, which is under development.

› Cape Coral ranks in top five best places for first-time homebuyers [FOX 4 Now]
Cape Coral topping the charts as one of the best cities for first-time homebuyers, according to Wallet Hub. Each city was ranked based on its affordability, real-estate market and quality of life. The data factors include the cost of living, real-estate taxes and property-crime rate.

› DeSantis action puts Pinellas in the hunt for two land preservation grants [Tampa Bay Times]
For much of this year, state officials could not give away millions of dollars available for land preservation grants because the board responsible for distributing the money didn’t have enough members to meet and vote. Now that Gov. Ron DeSantis filled the vacancies, the five-member Florida Communities Trust Governing Board is scheduled to meet on July 27 to discuss the 16 applicants from the 2021 budget cycle, including two Pinellas County projects.

› Jacksonville home prices too high, FAU report says [Source]
Blurb

Tags: Real Estate eNews

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