Florida Trend Real Estate
More than 144,000 Floridians at risk for eviction
More than 144,000 Floridians at risk for eviction
The federal moratorium on evictions, instituted by the Centers for Disease Control and Prevention, ended on Sunday. With the end of that protection, hundreds of thousands of Americans, including more than 144,000 Floridians, could be at risk of becoming homeless. A recent eviction forecast study by Zillow estimated that 481,630 eviction filings could be filed once the moratorium ends. From those 481,630, the company projected that 261,945 would be evicted. [Source: WFLA]
Study: Florida homes overpriced by over 20%
In today’s red-hot housing market – properties can get scooped up in a flash. “Depending on the area, depending on the price. If you put a property for sale, that listing will last 24 to 72 hours. No more than a week,” said Frank Rodriguez, a realtor with Miami Metro Realty. Prices are being driven up in part by a supply shortage, record-low mortgage rates and Florida's rapid population growth, but a new study co-authored by professor Ken H. Johnson of Florida Atlantic University found if you buy now, you may end up with some buyer’s remorse. [Source: NBC Miami]
Florida has disbursed 2 percent of rent aid as eviction moratorium ending
The state of Florida has received more than $870 million from the federal government to make landlords whole and keep renters in their homes during the pandemic, and expects to receive a grand total of more than $1.56 billion as more money is distributed. It’s given out around 2 percent of what it’s gotten so far. Florida used its money to establish a statewide rental assistance program called OUR Florida. As of July 13, the state had distributed just $3.9 million, according to a news release sent out by the Florida Department of Children and Families, which is overseeing the program. [Source: Tampa Bay Times]
Opinion: On Florida condo reform, doing nothing is not an option
After the 1981 Harbour Cay condominium collapse in Cocoa Beach killed 11 construction workers, lawmakers beefed up inspections of tall buildings. After Hurricane Andrew destroyed more than 25,000 homes in 1992, local and state officials tightened up Florida building codes so houses would be built stronger. The collapse of the Champlain Towers in Surfside on June 24, and the deaths of 98 people living there, will require a legislative response as well. Maybe directly related to the underlying cause, but that’s impossible to know until the cause is determined. [Source: Orlando Sentinel]
Attorney General Ashley Moody is warning Floridians of an increase in moving scams as home sales skyrocket in Florida. According to Florida Realtors, closed sales of single-family homes statewide in June totaled 34,165, up 23.6 percent from June 2020, resulting in a 14-year high in overall sales throughout the country. With an increase in home sales comes more demand for movers, and Moody is issuing a Consumer Alert to help consumers avoid moving-related scams. [Source: Patch]
The FSU Real Estate Center presents the 27th Real Estate TRENDS Conference, a world-class forum that highlights emerging trends and issues facing the real estate industry. This annual event is organized to strengthen professional contacts and present a broad range of career opportunities to our students.
› Marble-clad mansion in Southwest Florida sells within hours
A marble-clad mansion in Naples has changed hands. The French Colonial-inspired estate — at 111 Fifth Ave. S. — sold within hours of hitting the market, fetching $12 million. While the price might not sound so impressive for swanky Naples, it's nothing to bat an eye at in the historic neighborhood.
› AutoLenders CEO buys waterfront Boca Raton estate for record $25M
The head of a New Jersey car dealership and lending firm has a new South Florida driveway to park his cars. Property records show Michael J. and Mary Louise Wimmer bought the seven-bedroom, 8,664-square-foot mansion at 144 West Coconut Palm Road in Boca Raton for $24.5 million. Michael Rolnick, trustee of 144 W Coconut Palm Road Land Trust, sold the property along with his wife Yuliya.
› Duke Realty signs major lease at TRIP
Duke Realty Corp. has signed an e-commerce company to a 112,000-square-foot lease in its Tampa Regional Industrial Park, a deal that will complete the three-building industrial development early next year. The build-to-suit project replaces a planned 442,000-squatre-foot building at TRIP, at 6180 Big Bend Road in Gibsonton.
› Builder of collapsed Surfside condo was a partner in Broward project that went bust
Long after he built the Champlain Towers South in Surfside, developer Nathan Reiber became a partner in a company that converted a 377-unit apartment complex in Coconut Creek into condominiums. While that project did not suffer the same tragic fate as the Surfside collapse, it did not end well for the investors or for the dozens of buyers who soon found themselves in foreclosure.
Previous Real Estate Updates:
- New study warns of ‘climate insurance bubble.' Is that driving costs up in Florida?
- More Florida homeowners are self-insuring amid property insurance crisis. Here's what that means
- Florida homeowners market: back from the abyss?
- Fewer homes sold last month across Florida than in 2022
- Is Florida's insurance industry beyond repair?
- Soaring mortgage rates hit 22-year high, potentially cooling Florida's housing market
- Florida's housing crisis leaves residents suffering