January 26, 2022
Home prices shoot up and big demand makes it ‘very difficult' for buyers to win

Florida Trend Real Estate

Home prices shoot up and big demand makes it ‘very difficult' for buyers to win

| 11/29/2021

Home prices shoot up and big demand makes it ‘very difficult’ for buyers to win

Home prices in South Florida continue to rise, with the market expected to grow even more competitive as the winter season starts. Winter is South Florida’s busiest time of year, as snowbirds migrate south. Additionally, people are becoming more comfortable with traveling, and the federal government eased pandemic-related international travel restrictions earlier this month. As a result, some real estate agents are bracing for an even busier than usual winter season. [Source: South Florida Sun-Sentinel]

In Orlando, Hispanic residents spend more on rent than anywhere in the country

Hispanic residents in metro Orlando pay a higher percentage of their income on rent than anywhere else in the country, according to a study by real estate website Zillow. The average Hispanic household pays more than 42% of their income on rent in metro Orlando, compared to 34.9% for Black households and 29.7% for Whites. [Source: Orlando Sentinel]

Selling Tampa cast: Meet the ladies of Netflix’s new real estate series

A new real estate series is coming to Netflix this December – Selling Tampa. From the makers of the popular Selling Sunset, the new series will see an all-Black, all-female real estate agency, Allure Realty, selling luxury properties in Florida’s Suncoast. Armed with ambition and energy, these ladies are determined to dominate the lavish world of luxury waterfront real estate. So, just who are they? [Source: Radio Times]

Trends in Florida's luxury real estate market as 2022 nears

All year we’ve talked a lot about Florida’s housing market but what about the luxury market — homes with a price point of $1-million and above? The Institute for Luxury Home Marketing said demand is outpacing supply. This month alone has seen 55% more sales than listings according to the Institute’s Luxury Market Report. So what trends should we expect as we close out the year and head into a new one? [Source: WPTV]

Housing market trends fuel single-family home rental growth

Homebuilders and other real estate companies are increasingly betting that would-be homebuyers frustrated with a shortage of homes for sale and runaway prices will settle for renting their slice of the American Dream. While individual homeowners and mom-and-pop investors still account for the vast majority of single-family rental homes, homebuilders have stepped up construction this year of new houses being built for rent. [Source: AP]

STAT OF THE WEEK
$410,000
Median home prices in Sarasota hit a record level in October, breaking a mark set earlier this year and helping elevate the two-county region into elite company statewide. [Source: Your Observer]

ALSO TRENDING:

› Investors buying Tampa Bay homes at record rate, creating steep competition
For Lou Brown, a Realtor with a firm in Midtown St. Petersburg, it used to be unusual to represent a prospective buyer who lost their desired house in a bidding war to an investor. Now, it’s harder to think of instances where that hasn’t happened. “It’s very hard for regular home-buyers ... to actually compete with the investors that are swinging in with their higher offers,” he said. “That’s just what time it is.”

› Miami's mini condos offer investors a small slice of a hot market
IT is not just home sales that are sizzling in Miami. Investors eager to play in the hot property market are also buying up tiny condos that can be rented out as hotel rooms. Developers are giving them a lot to choose from: There are 2,770 short-term units - micro condos that can be rented out daily - planned or under construction in greater downtown Miami, according to data from Related ISG Realty. That compares with just 779 that were built from 2012 to 2020.

› Commercial Development Outlook: ‘The Jacksonville industrial market is on fire’
Vacancy rates are down, asking rental rates are up and strong demand continues for industrial and warehouse space in Northeast Florida. “The Jacksonville industrial market is on fire,” says Colliers in its 21Q3 Industrial report. “We see no reason that the Jacksonville industrial market should slow any time soon.” E-commerce, especially Amazon.com, is a major driver of tenants seeking warehouse space.

› Boca Raton may brace for more growth: New plan calls for 1,000 new residences, stores, restaurants and a hotel
A new proposal in Boca Raton calls for transforming more than 100 acres — once the former headquarters of IBM — into a destination that offers 1,000 residences as well as a restaurants, stores and a hotel. The idea is envisioned for the Boca Raton Innovation Campus, a 125-acre site situated just west of Interstate 95 between Yamato Road and Spanish River Boulevard. The region, in the northwest part of the city, has seen gradual changes in development through the decades, but may see its biggest transformation yet amid the hot housing market.

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