October 4, 2022
Inflation is hitting the housing market, forcing Florida buyers and sellers to change course

Florida Trend Real Estate

Inflation is hitting the housing market, forcing Florida buyers and sellers to change course

| 1/10/2022

Inflation is hitting the housing market, forcing Florida buyers and sellers to change course

As inflation rises across the country, some buyers and sellers in South Florida are adjusting their home process to compensate. With the market in the region already red hot, real estate agents say they have been dealing with sellers who want to bump up their sell date, to take advantage of higher prices in case inflation slows the market while some buyers are also accelerating their buying process to take advantage of interest rates before they climb. [Source: South Florida Sun-Sentinel and CBS 12]

Two for 2022: A look at commercial real estate in the new year

The start of a new year comes with optimism, with feelings that anything is possible and change is on the horizon. But the reality, once the champagne wears off, is the new year is just a designation on the calendar, a continuation of the previous year. That designation, though, is a powerful one, allowing for both reflection and for a look forward. [Source: Business Observer]

Need to make a cash offer to compete in the real estate market? These companies offer possible solutions

Many Florida buyers are relying on financing and, in today’s competitive real estate market, losing out on their dream home. One solution might be a relatively new crop of companies, such as HomeLight and Better, that are helping middle-income buyers offer cash for homes. Typically, these companies purchase the home using their funds, then sell it back to the buyer using a mortgage. [Source: South Florida Sun-Sentinel]

Millennials are supercharging the housing market

Housing analysts say the pandemic and the advent of remote work have added momentum to already building millennial home-buying trends. CoreLogic calculates that millennials constituted 67% of first-time home purchase mortgage applications and 37% of repeat purchase applications in January through August, and those numbers could grow even more as the largest percentage of millennials turned 30 this year. [Source: Florida Trend]

As South Florida condos age, more owners are willing to sell

For some South Florida condo dwellers, that tap on the shoulder could lead to the deal of a lifetime. The tri-county’s white hot real estate market is prompting developers to take stock of the region’s older beach front high-rises as potential buyout candidates for redevelopment. While not new, the trend has taken on greater importance as vacant land disappears and more out-of-state residents move to South Florida in search of luxury digs. [Source: AP]

STAT OF THE WEEK
$13.125 million
Record and movie producer Jon Landau has listed his Plantation Key home for the nearly $14 million. If it sells at that price, it would break a record for the Florida Keys, which is currently $13.125 million. [Source: The Real Deal]

ALSO TRENDING:

› Thousands of South Florida renters facing eviction
As the housing market continues to boom, thousands of people in South Florida are facing eviction. Realtors say some landlords are making unethical and, at times, unlawful decisions. “People who have lived in their homes 15 years, 20 years, now they’re being told you have 30 days to move,” says Rosa Decarlo, a Realtor with Keller Williams Realty Partners SW.

› Developer makes Florida debut with luxury waterfront project
A Chicago area real estate development firm that says it’s focused on the Midwest and Southeast recently announced plans for its first project in Florida: Gulfside Twelve, a 12-unit, waterfront luxury residential project in South Fort Myers Beach. The developer, Dublin Real Estate Investment Group, under the entity Carousel Beach Redevelopment LLC, paid $4.5 million for the land for the project in a deal that closed Oct. 8, Lee County property records show.

› Orlando lands at No. 9 on Zillow’s top 10 hottest housing markets for 2022
The housing market in Central Florida is hot and Zillow agrees. Zillow released its predictions for 10 hottest housing markets of 2022 and Orlando is ranked No. 9 out of the 50 largest U.S. metro areas. Orlando joins two other Florida cities on the list with Tampa coming in the hottest at No. 1 and Jacksonville at No. 2.

› Affordable housing tops 2022 agendas for Southwest Florida chambers
Southwest Florida and Tampa Bay area chamber aspirations for the 60-day 2022 state legislative session that begins Jan. 11 are consistent with previous years. “The ‘buckets’ are not going to change: affordable housing, workforce development, childcare, water quality and obviously, transportation, transportation, transportation,” Tampa Bay Chamber Vice President for Advocacy Nicholas Glover says. What has changed, however, is urgency.

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