November 24, 2022
Skyrocketing prices dash dreams of owning waterfront property for many

Photo: Ryan Gamma

$20 million: An eight-bedroom 13,553-sq.ft. Casey Key house with a boat dock on the Bay side and the Gulf on the other

Florida Trend Real Estate

Skyrocketing prices dash dreams of owning waterfront property for many

| 2/14/2022

Florida Trend Exclusive

Skyrocketing prices dash dreams of owning waterfront property for many

While many come to Florida dreaming of a home on the beach, starting prices for waterfront property have gone through the roof. Florida Trend canvassed real estate agents and property listings to see what it costs to live on the water in Florida these days. The cheapest beachfront house we found was on Alligator Point in Franklin County in Florida’s Big Bend. The one-story, 925-sq.-ft., two-bedroom Cape Cod-style house was built in 1947 on a quarter-acre lot. List price: $479,000. [Source: Florida Trend]

Americans move to Florida, Texas, and Alabama as more work from home since COVID

Some do it for the cost of living. Others do it for comfort, to be closer to loved ones, or for that new job. Whatever the reason, Americans were still on the move in 2021, the first full year lived during the COVID-19 pandemic, several reports show. Pew Research says 26.5 million people moved from one home in the U.S. to another between March 2020 and March 2021. [Source: USA Today]

Condo owners, buyers face sticker shock following Surfside tragedy

After the collapse of the Champlain Towers South condo in Surfside last year, the cost of living safely in a condominium has never been more of a focus in Florida. "Buyer beware" is an important rule of thumb as owners of condominiums and other multi-family complexes make necessary repairs, either voluntarily or under state mandate. [Source: WPTV]

Florida’s west coast cities ranks among top emerging real estate markets

Florida’s west coast property market is heating up, boosted by remote work and sunny weather. Naples ranked No. 1 and North Port was No. 2 in the Wall Street Journal/Realtor.com’s Emerging Housing Markets Index. Three other Florida markets also made the top 20: Cape Coral, Punta Gorda and Sebastian, a city on the state’s east coast. [Source: The Real Deal]

Here's why home insurance costs continue to rise in Florida

Florida homeowners are still getting sticker shock from their property insurance premiums in 2022. The average yearly cost to keep a property insurance policy in this state is nearly double what it is in the rest of the country. The Insurance Information Institute reports statewide premiums are up nearly 25 percent this year. The reason? Experts say there is a myriad of issues. [Source: WPTV]

STAT OF THE WEEK
$355 million
The Florida Housing Coalition is tracking the progress of more than a dozen affordable housing bills this legislative session. But the main concern of its CEO is whether an affordable housing trust fund – expected to collect $355 million – will remain intact. [Source: South Florida Business Journal]

ALSO TRENDING:

› After big growth year, Jacksonville housing market 'close to the peak,' academics say
The Jacksonville area’s booming housing market has left home values a little inflated, say a pair of academics warning that flush times for home-sellers across the state could be ending. “If you’re buying a home in these metros across Florida … it’s imperative that you know you’re buying close to the peak of the market,” said Ken H. Johnson, an economist at Florida Atlantic University who has been researching home prices nationwide with Florida International University professor Eli Beracha.

› Prime Property: French Country estate has separate space for everyone
Homebuyers looking for the utmost privacy or an opportunity for multi-generational living should check out a property recently listed for $29.5 million in the Coconut Grove neighborhood of Miami. The 7,500-square-foot main house, originally built in 1934 and renovated in 2008, has five bedrooms, five full and one half baths, a grand foyer, a fireplace, a formal dining room, a stainless-steel kitchen with a large cooking island and a primary suite with a sitting area, private terrace, spa-like bath and three walk-in closets.

› NFT house sells for $654k in historic auction — Tampa condo up next
A house in Gulfport auctioned off as a non-fungible token on Thursday sold for $654,310, or about 210 ethereum. It’s a first for U.S. real estate, according to real estate transaction firm Propy. A user named “A.J.” bought the house during an hour-long extension of the auction. The buyer’s first name is Amanda and the person is U.S. based, said Propy CEO Natalia Karayaneva.

› A familiar name in Wynwood is building high in the hipster haven. Here’s what’s planned
Miami’s hipster haven is slated for more office space, adding to the continued evolution of the up-and-coming neighborhood. Behind the project: The neighborhood’s pioneering developer. An eight-story office building with enough room for up to 18 firms will sit at 390 NW 25th St., said Scott Srebnick, CEO of Wynwood-based Goldman Properties. It will replace a surface parking lot and two warehouses on a 28,000-square-foot, L-shaped site.  

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