Florida Trend Real Estate
Real-estate brokers brace for ‘flood' of wealthy buyers from overseas as travel restrictions lift
Real-estate brokers brace for ‘flood’ of wealthy buyers from overseas as travel restrictions lift
Wealthy real-estate buyers from overseas are expected to descend on the nation’s luxury housing markets Monday, giving a second boost to demand for high-priced apartments and mansions. The big question, especially in Southern Florida, is whether there are enough houses at the right price for overseas buyers to buy. In Miami and Palm Beach, prices have soared during the pandemic and inventory is at historic lows -- especially for single-family homes. More from CNBCand WPTV.
This is the average cost of a home in Florida
As of August 2021, a typical single-family home in the United States costs $303,288. Of course, home values are not uniform across the country, and in some states, the typical home costs far more than the national average -- while in others, homes cost far less. According to estimates from Zillow, a Seattle-based real estate data company, the value of a typical single-family home in Florida is $313,217, higher than the national average. Across Florida, the value of a single-family home across increased by 20.1% over the one year period from August 2020 to August 2021, compared to the national one-year home value appreciation of 17.7%. [Source: The Center Square]
Retail space is hard to find in South Florida thanks to migrating restaurants
The lack of Covid-19 restrictions in the Sunshine State is attracting an "unrelenting migration" of restaurants to South Florida, according to the latest retail market reports from Collier International (CIGI). That migration, in turn, has jacked up retail rates in Miami-Dade, Broward, and Palm Beach counties. It's also made it extremely difficult for new restaurants and stores to open in high-trafficked areas, said Jonathan Rosen, Colliers' director of retail services in South Florida. [Source: South Florida Business Journal]
In Florida’s hot real estate market, a $30 million mansion fetches a record sales price twice this year
A waterfront megahome in Highland Beach has sold twice this year, and each time it has raised the bar for for this South Florida town, which has become one of the hottest real estate markets in the state. Located in the eastern part of Palm Beach County, Highland Beach is just over 1 square mile. While real estate prices are quickly rising in the small town, buyers may see an opportunity as the price per square foot is less than what homeowners are paying in nearby Palm Beach and Miami Beach. [Source: CNBC]
What parts of Northeast Florida have the fastest-rising house prices? Who's rising least?
House prices have been rising all around Jacksonville, but they’ve gone up a lot faster in some neighborhoods than others. Between January to September, the housing market that raised the median sales price in Mayport and Jacksonville’s North Beach by 5.4% from a year earlier ratcheted up prices a jaw-dropping 50.9% in an area between downtown Jacksonville and the Trout River, data from the Northeast Florida Association of Realtors showed. [Source: Florida Times-Union]
Orion Real Estate Group, a Miami company with a portfolio of more than $800 million, purchased 11 Friendly’s locations across Massachusetts over the last few weeks for a total of $17 million. [Source: Mass Live]
› Tampa Bay housing partnerships create affordable living amid historic rent surge
The hands of Tampa Bay's housing market are tightening their grip on tenants. Some are lucky enough to survive the rent surges, but others are getting squeezed out of homes they have lived in for years. "People need a place to live," Antoinette Hayes Triplett, CEO of Tampa Hillsborough Homeless Initiative said.
› Miami Herald brings on AI to cover real estate sales
The Miami Herald’s newest real estate reporter is pounding out copy at a robotic pace — mainly because it is, well, a machine. The Miami New Times reported this week that its Pulitzer-prize-winning competitor has enlisted the help of artificial intelligence — known as Miami Herald Bot — to take on the up-until-this-point very human job of covering the city’s booming real estate market.
› Zillow to sell off hundreds of Orlando homes after homebuying division crumbles
Real estate data giant Zillow Group Inc. plans to offload nearly 500 homes in metro Orlando after it announced it will shut down its homebuying operations. The Seattle-based company’s related firm Zillow Homes Property Trust owns at least 454 homes in Lake, Orange, Osceola and Lake counties, according to property appraiser data from each county.
› Season of Sharing campaign kicks off amid major housing crunch in Sarasota-Manatee
The 21st annual Season of Sharing fundraising campaign kicks off today during a time of hardship for thousands of local families and individuals. The ongoing pandemic and a red-hot real estate market driving skyrocketing rents and exorbitant home prices have put many on the economic edge. “It’s just become absolutely unaffordable for people who are living here,” said Chris Johnson, CEO of the Suncoast Partnership to End Homelessness.
Previous Real Estate Updates:
- How climate change is causing housing market chaos
- Real estate's popularity as investment tumbles to 5-year low
- How would-be homebuyers are struggling despite a lull in mortgage rates
- More insurance changes are in store from the Legislature
- Business rent delinquency rate hits nearly 40%
- As more multimillion-dollar homes enter market, Realtors look to cash in
- New housing study shows most Floridians better off building than buying a home
- Home sweet home? In South Florida, people stay longer in their homes. Here's why