January 26, 2022
New study finds vacation rentals spur long-term housing construction

Florida Trend Real Estate

New study finds vacation rentals spur long-term housing construction

| 11/22/2021

New study finds vacation rentals spur long-term housing construction

A major new study has found vacation rental homes spur long-term development of new housing in cities that do not have strict vacation rental regulation. The study concluded cities that restrict vacation rental properties stymie development, while those that have growing vacation rental markets see new and upgraded housing development grow faster. The study also suggested reduced regulation of vacation rental homes — called short-term rentals or STRs in the study — can be used to foster housing growth in distressed communities. [Source: Florida Politics]

‘Affordable luxury’: Here’s where you can find it in North Miami and more is planned

Villa Solé opened in November and about 28 of its 184 units are already leased, according to Richard LeFrak, a co-developer of the project and CEO of the New York-based LeFrak. The 6-story rental building is a component of the Solé Mia project based at 2201 SoLé Mia Square Lane, which opened in 2019 with the twin rental building The Shoreline. More living options are on the way — another 6-story rental building. Units at Villa Solé range from an approximately 700-square-foot one bedroom for $2,450 per month to 1,200-square-foot two bedroom unit for $3,600 per month. Renters slated to move in as early as December will have access to a heated outdoor pool, tanning shelf, yoga studio, pet spa, gaming area and co-working spaces. [Source: Miami Herald]

Florida remains a strong market for new construction

The demand from homebuyers across the nation, historically low mortgage rates, and rising equities for homeowners has allowed the real estate market to flourish in new ways following the uncertainty of the pandemic. On the other hand, limited inventory of existing homes amidst an enduring high level of demand has led to an increase in home prices that has left some people exhausted in their home search. The new construction and development industry is also facing some challenges. [Source: Sarasota Herald-Tribune]

The Standard hotel-branded condos are coming to Midtown Miami

The Standard hotel group is branding its first residential development, which will be built in Miami’s Midtown neighborhood, The Real Deal has learned. Developer Carlos Rosso of Rosso Development is partnering with Alex Vadia’s Midtown Development and Standard International to build the 12-story, 228-unit condo project, Rosso confirmed. It marks his first major ground-up development since leaving the Related Group more than a year ago. [Source: The Real Deal]

This wealthy dog is 'selling' a Miami mansion that Madonna once owned

As crazy as it sounds even by Florida's standards, Gunther VI, a German shepherd, inherited his vast fortune, including the eight-bedroom waterfront home once owned by the "Material Girl" singer, from his grandfather Gunther IV. At least that's what the handlers who manage the estate say. The Tuscan-style villa with views of Biscayne Bay went on sale Wednesday for $31.75 million — a whopping markup from the purchase two decades ago from the pop star for $7.5 million. [Source: NPR]

STAT OF THE WEEK
#34.8 million
More than 5,000 members of the 55-plus community were locked in a class action lawsuit since 2017 against Solivita developer Avatar Properties, which they allege improperly collected HOA fees. On Nov. 2, Polk County Circuit Judge Wayne Durden awarded $34.8 million to the residents. [Source: Orlando Sentinel]

ALSO TRENDING:

› Teddy Sagi enters Joint Venture with Related Group and BH Group to invest in luxury development in North Miami
Billionaire real estate mogul Teddy Sagi, development powerhouse Related Group, and BH Group are teaming up to acquire the site of the former White House Inn located at 2305 NE 123rd Street in North Miami.

› In Florida, a Gut Renovation in Shades of Grape
The overwrought moldings in their neo-Classical home had begun to feel stuffy, so they redid the whole thing — with an emphasis on food and wine.

› Rent hikes are becoming the norm in South Florida. Is there any way to fight back?
If your lease is up soon in South Florida, brace yourself for a rent increase. The region has become one of the toughest in the nation for those looking to renew a lease, and renters are often left with very little protections or options at fighting astronomical price hikes.

› Tampa’s Channel Club apartment tower sells for $136 million
The Channel District building is anchored by a ground-level Publix.

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