November 26, 2021
Real estate slowdown? Not so fast — Florida homes continue to be overvalued

Florida Trend Real Estate

Real estate slowdown? Not so fast — Florida homes continue to be overvalued

| 11/1/2021

Real estate slowdown? Not so fast — Florida homes continue to be overvalued

Homes in South Florida are growing more overvalued, suggesting that the housing market may not be slowing down anytime soon. A housing index released this week by researchers with Florida Atlantic University and Florida International University indicates that homes in the region were 16% overvalued compared to their long-term pricing trends in September, an uptick from 14.29% in August. “These results are contrary to the reports that housing markets are slowing down across the country,” said Ken H. Johnson, a real estate economist with Florida Atlantic University. [Source: South Florida Sun-Sentinel]

Bezos’ Blue Origin pitches “mixed-use business park” in space by end of decade

Jeff Bezos’ latest venture, a “mixed use business park,” won’t show up on LoopNet listings anytime soon. Bezos’ Blue Origin said this week that it plans to build what would undoubtedly be the most exclusive commercial space in the solar system — a space station in orbit around Earth. [Source: The Real Deal]

As COVID-19 looms, workers turn to real estate careers

During the second surge of the pandemic, the trend of people reevaluating their careers continues. Nowhere is this more prevalent than in South Florida, where people are exploring real estate as a career due to the historically hot market. During the last year and a half, we’ve seen people leave jobs with new priorities. [Source: South Florida Sun Sentinel]

Cyber thieves target real estate deals; Florida victims lose thousands

Two Central Florida victims have lost hundreds of thousands of dollars when buying and selling homes. What’s worse, the U.S Secret Service said it happens all the time. Central Florida’s red hot real estate market has a nasty downside: cyber thieves hi-jacking hundreds of thousands of dollars out of thin air. [Source: Click Orlando]

FIU Business No. 1 in the world for real estate research productivity

FIU Business has been ranked No. 1 in the world for real estate research productivity by the Journal of Real Estate Literature. FIU surpassed the well-known National University of Singapore for the top spot internationally in the just-released rankings, following six consecutive years in one of the top two spots. [Source: FIU News]

STAT OF THE WEEK
5
Among all the markets in Florida, only one ranked in the top five for overall real estate prospects in the Urban Land Institute’s 2022 Emerging Trends in Real Estate report, which looks at nationwide data. The Tampa/St. Petersburg market was listed as No. 5 in overall prospects in the country, while ranking No. 2 in homebuilding prospects. [Source: Bradenton Herald]

ALSO TRENDING:

› Midtown Tampa lures architecture firm Gresham Smith from Harbour Island
Midtown Tampa has inked another major tenant. Renowned Nashville architecture firm Gresham Smith will relocate its Tampa office to the new $500 million development’s boutique office building, The Loft at Midtown Tampa, developer Bromley Companies announced Thursday. Gresham Smith will move from an office on Harbour Island into an 18,000-square-foot space on the third floor of The Loft, which has 70,000 square feet in all.

› We know Miami rents are rising. Now we know where they rank nationally. Spoiler: Higher
South Florida renters are already living in one of the priciest markets in the country. And, according to a new study, it’s only getting more expensive. The median rent rose by about 18% for the City of Miami, to $2,070 a month from $1,750 a month for one-bedroom units, over the last year, according to the October 2021 Zumper National Rent Report. Rents also jumped by 18% for two-bedroom units, to $2,730 a month from $2,310 a month, in that same time frame from October 2020 to October 2021.  

› Jacksonville reviewing permit for $70.8 million Southbank apartment construction
The city is reviewing a building permit application and plans for Related Group’s proposed 326-unit RD River City Brewery apartments on the Downtown Southbank at a job cost of $70.84 million. Plans prepared by engineering and planning firm GAI Consultants Inc. include drainage, demolition and the master site plans for the Miami-based developer’s proposed replacement for the former River City Brewing Co. restaurant.

› 'Anti-timeshare' developers build buzz for project
Almost two years after announcing a plan to build villas and a resort lodge at the Heritage Harbour Golf Club and Eatery in east Manatee County, club owners have identified ResClubs as a development partner in building the Heritage Harbour Golf Resort and Lodge. Mark Bruce, the club's manager handling the development project, recently joined with ResClubs CEO Craig Williamson to host an open house to explain how people can own or rent time in furnished vacation villas and lodge suites on the property.

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