April 13, 2024
Nowhere in Florida can minimum wage afford a ‘fair market rent' 2-bedroom home

Florida Trend Real Estate

Nowhere in Florida can minimum wage afford a ‘fair market rent' 2-bedroom home

| 7/19/2021

Nowhere in Florida can minimum wage afford a ‘fair market rent’ 2-bedroom home

For the second year in a row, a group studying the chasm between declining wages and soaring rents found that nowhere in the U.S. can a minimum-wage worker afford a two-bedroom apartment at the fair market rent. According to the report, Florida is one of the states where the gap between the minimum wage and what’s actually necessary to afford modest housing is widest. The state minimum wage is $8.56, equivalent to $17,804 a year and, after Amendment 2 was passed last November, will increase to $10 in September. But to be able to afford a two-bedroom unit at the $1,290 fair market rent, you’d need to make $24.82 an hour, which amounts to $51,619 for a yearly salary. [Source: Orlando Sentinel]

New Disney campus expected to create housing boom in Lake Nona

New Homes. New Builds. New construction. It’s nearly everywhere you look in Lake Nona. With Disney slated to move hundreds of jobs from California to Central Florida, Lake Nona is expected to see continued growth. Disney’s new regional campus is expected to be completed in the next 18 months. It will house some of the theme park division’s administrative offices and will be home to cast members, Imagineers and other company employees. [Source: Spectrum News]

Palm Beach is running out of mansions for sale

Prices in Florida’s ultra-rich Palm Beach community hit an all-time high in the second quarter, as brokers grappled with a record-low number of mansions to sell. The average price for a single-family home in Palm Beach hit $11.7 million in the quarter, up 38% from a year earlier and marking a new high, according to Douglas Elliman and Miller Samuel. Brokers say the flow of wealthy hedge funders, private equity chiefs and other executives in finance moving from New York and other finance capitals has created a sharp rise in demand and prices for a market already known for its outsized wealth. [Source: CNBC]

Georgia is rivaling Florida as a retirement destination

About five years ago, Realtor Dorrie Love noticed that retirees were making up more and more of the out-of-town home buyers in her Atlanta suburb. “There’s been an influx from California and the Northeast,” says Love, an agent at Harry Norman Realtors in Peachtree City and president of the Georgia Realtors. She sees a number of reasons that Georgia is rivaling Florida as a retirement destination: “Four seasons, the mountains, the beach, an airport to go see children or grandchildren.” [Source: McClatchy-Tribune]

High-rise insurance shakeup coming after Surfside, CEO says

Florida’s insurer of last resort is bracing for changes in the commercial market regarding high-rise towers following the deadly condominium building collapse last month in Surfside. Citizens Property Insurance Corp. President and CEO Barry Gilway said Wednesday that the June 24 partial collapse of the 12-story Champlain Towers South is expected to result in an increase in safety inspections throughout the state. [Source: Miami Herald]

An elegant and customized condominium on the fifth level of the modern Jewel has come onto the market for $4,149,000 and is being offered by Kelly Mooney and Betsy Sublette of Coldwell Banker. Except for art, the home is being sold turnkey. [Source: Sarasota Herald-Tribune]


› The Four Seasons Hotel Miami has a new owner with plans for the property
The Four Seasons Hotel Miami has a new owner, one with a plan to upgrade the tower in Miami’s financial center. Fort Hospitality Group, a branch of the Fort Lauderdale-based development firm Fort Partners, has acquired the 70-story tower, according to a press release from the firm. Although a spokesperson declined to comment on the sale amount, The Real Deal reported that Fort Hospitality Group dropped $130 million on the deal.

› Orlando hosting workshops to help residents apply for rental assistance ahead of moratorium’s end
This week, the city of Orlando is hosting a series of workshops to help residents apply for rental assistance before the federal eviction moratorium expires at the end of the month. According to a news release from the city, each session will be about an hour long and will include a brief overview of the program and a chance to ask questions. Residents who attend one of the in-person workshops can upload documents required to participate in the program using the city’s computers and scanners.

› First Coast home renovations face delays and material shortages post-pandemic
Many First Coast residents who were stuck at home during the pandemic are upgrading their residence, which has caused backlogs in parts of the home improvement industry. “Right now, if you want to get a backyard [project] through us, you have to wait in line,” said Derek Pratt, co-owner of Pratt Guys Inc., a Jacksonville company that builds outdoor living spaces, cabanas, kitchens and swimming pools.

› Luxury Builder nears $100M in annual sales volume
After a little more than six months of sales, Stock Custom Homes, the custom home building division of Stock Development, is approaching $100 million in sales volume for the year. "The sales momentum we've experienced has been exceptional," Stock Custom Homes President Matt Sellick says in a statement. "I'm incredibly proud of our team and their diligent work to maintain our reputation for building quality custom homes during such a busy time."

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Housing affordability is something that’s on everyone’s mind. New research shows that home prices have increased two times faster than inflation since 2013. It’s a big reason why many Americans can’t afford a home in 2024.


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