November 29, 2021
Florida's sizzling real estate market could ease in summer

Florida Trend Real Estate

Florida's sizzling real estate market could ease in summer

| 7/26/2021

Florida's sizzling real estate market could ease in summer

Summer might finally be your chance to buy a house in Florida’s sizzling real estate market. Competition for homes could ease as part-time residents head north and people take off on vacation, real estate agents say. Open houses could be less packed. Bidding wars could subside. “Maybe this time of year, you are not fighting off five offers. You’re fighting maybe one or two,” said real estate agent Linda Bright of Illustrated Properties in Palm Beach Gardens. [Source: South Florida Sun-Sentinel]

Central Florida homes for under $200,000? It can be done, depending on where you look

Median home prices in the area crossed $315,000 last month, according to the Orlando Regional Realtor Association, putting many homes out of reach for residents of a city that repeatedly ranks at the very bottom of wages. Finding a home that is reasonably affordable is still possible, says ORRA president Natalie Arrowsmith, but buyers need to know where to look and be able to act fast. [Source: Orlando Sentinel]

Updated federal flood maps take effect Aug. 24

Local government officials and insurance professionals are encouraging residents to check the revised federal flood insurance rate map that goes into effect on Aug. 24 to confirm how their properties may be affected. The Federal Emergency Management Administration’s update to the map may cause residents to see a change in their flood zone or base flood elevation, or both, which could affect existing policies and premiums or require more homeowners who don’t have flood insurance now to obtain coverage, said Pinellas County floodplain administrator Lisa Foster. [Source: Tampa Bay Times]

Homebuyers should rent and wait out the housing boom, experts say; high prices set a record in June

Researchers are urging Florida homebuyers to consider renting while they wait for the state’s overheated market to cool as soaring prices in South Florida hit records in June. Statewide, they say, homes are overvalued by 21.76%. creating a risk that buyers could get stuck with overpriced homes for significant periods of time until prices eventually ease. “The across-the-board increase in the premiums paid for housing throughout the state is very worrisome,” Ken H. Johnson, real estate economist and associate dean at Florida Atlantic University’s College of Business, said in a report released Thursday. “Trees do not grow to the sky, and neither do home prices. [Source: South Florida Sun-Sentinel]

Ecuadorian president’s alleged Florida real estate ties raise questions

The South Florida real estate market’s reputation as a magnet for dirty money has made unwelcome headlines around the globe, from Venezuela to Russia. That reputation may now have caused a stir at Ecuador’s presidential palace. Guillermo Lasso, a businessman and banker who became Ecuador’s 47th president this May, is the subject of a report scrutinizing his real estate deals in the Sunshine State. [Source: The Real Deal]

STAT OF THE WEEK
$5,000
Forget the new bathroom fixtures. Just paint the walls light blue and you could make thousands more on your home. So says a new study from Zillow, an online real estate marketplace. Rather than spending thousands on expensive home renovations, something as quick as a new coat of paint can boost your home’s price up by $5,000, Zillow says. [Source: South Florida Sun-Sentinel]

ALSO TRENDING:

› Davie student housing complex scores $62M refi, construction loan
A Davie student housing complex scored a $62 million loan to refinance the completed portion of the project and help pay for the last leg of construction. University Pointe, at 6250-6370 Griffin Road, scored the loan from New York City-based Madison Realty Capital, according to Madison’s press release.

› Can you afford a new roof? If not, you might not be able to find home insurance
Tony Lilly can’t find a private market insurance company willing to insure the house he bought last August because, he was told, at 16 years, the structure’s cement tile roof is too old. It’s a problem millions of Florida homeowners could soon face, thanks to insurance companies’ efforts to avoid paying for skyrocketing numbers of roof replacements. Homeowners will have to shell out tens of thousands of dollars to replace their roofs — regardless of whether or not those roofs are failing — if they want to remain insured.

› On the heels of a $126 million in sales, developer of luxury tower puts penthouses on the market
If you’re in the market for a new place and have a few bucks to spare, there’s a building going up in Tampa that may have what you’re looking for. Hyde Park House at 2103 Bayshore Blvd. has just put two penthouses in its 22-story tower up for sale. These 5,258-square-foot units — the Manor Residences — have four bedrooms, a den and five and a half baths.

› Florida insurer Gulfstream agrees to liquidate
Sarasota-based insurer Gulfstream Property and Casualty Insurance Co. has agreed to liquidate after going insolvent. In an order agreed to by Gulfstream late Thursday, the Florida Office of Insurance Regulation recommended that the state take over Gulfstream. Once approved, Gulfstream customers have 30 days to find new coverage.

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