June 30, 2022
Which Florida housing markets are seeing the biggest price increases?

Florida Trend Real Estate

Which Florida housing markets are seeing the biggest price increases?

| 2/28/2022

Which Florida housing markets are seeing the biggest price increases?

Home prices are skyrocketing everywhere, but two of the areas with the most shocking price jumps last year are right here in the Sunshine State. On average, home prices rose 18.8% year-over-year in 2021, according to the S&P CoreLogic Case-Shiller US National Home Price Index, which tracks 20 cities across the nation. "This is the highest calendar-year increase in 34 years of data," Craig J. Lazzara, Managing Director at S&P DJI., said in the report, "and substantially ahead of 2020’s 10.4% gain." [Source: Sarasota Herald-Tribune]

Know what kind of real-estate agent you’re enlisting, especially in Florida

Amid a white-hot housing market, the National Association of Realtors hit its highest membership count ever last year at nearly 1.6 million. No doubt, some of the 101,000 folks who joined up are experienced agents and brokers who hadn’t previously seen the need to associate with the giant trade group. But many of them are probably rookies who decided to cash in on an “easy money” market. [Source: Miami Herald]

Russians in Florida's 'Little Moscow' worried about buying real estate

Sunny Isles, Florida, has long been an escape for Russia's wealthy and elite, who have purchased so much luxury property in the area that it's become known as "Little Moscow" and "Moscow by the Sea." They're worried sanctions could prevent them from buying real estate. Experts say it's likely they won't be severely affected.  [Source: Business Insider]

Florida Trend Exclusive

Limited inventory and soaring prices make owning beachfront property a tough sell for the working-class

What’s true of real estate in general — limited inventory, soaring prices — is true of beachfront and then some. CONDOS: With exceptions — very expensive exceptions — Florida’s beachfront market is a condo market. Condos made up nearly 80% of Florida oceanfront-oceanview listings last October, according to Zillow. [Source: Florida Trend]

Publix real estate exec to retire after three decades of service

Publix Super Markets VP of Real Estate Strategy Bob Balcerak will retire, effective March 31. Balcerak, 61, began his Publix career in 1993 as a meat cutter in Orlando, Fla. After working in various positions within the meat department for a few years, he was promoted to meat manager and in 1999 to assistant store manager. A year later, he was named real estate manager. In 2011, he was selected as director of real estate strategy, and in 2017 he was promoted to his current role as VP of real estate strategy. [Source: Progeressive Grocer]

STAT OF THE WEEK
469,830
Constellation Brands, a Fortune 500 company that is among the nation’s largest beer distributors, signed a long-term lease for a 469,830-square-foot warehouse in Imeson Industrial Park. [Source: Jacksonville Daily Record]

ALSO TRENDING:

› Negotiating a better deal: Real estate attorney shares advice on lowering your rent
Finding affordable and workforce housing continues to price many renters out of paradise. But a real estate expert has some advice to try and lower the price as costs skyrocket. Palm Beach County leaders have said that monthly rent is on the rise by as much as 50%. Real estate attorney Adam Seligman, an equity partner at Ward Damon Law in West Palm Beach, is now offering advice to negotiate a better deal.

› What’s being done about Miami’s housing crisis?
Miami has become the most unaffordable housing market in the country. Full stop. It’s currently more unaffordable than New York or San Francisco. Long before anyone had ever heard of COVID-19, Miami’s affordability problem had been getting worse each year since the Great Recession. Whereas affordability rebounded after the crash in many cities, Miami’s home prices and rents continued to rise out of sync with employment or income.

› Does influx of northeastern buyers to Sarasota real estate market push prices up?
Sarasota and Manatee counties' luxury property has never been in higher demand or sold for so much money as it does today. Part of the reason for the increase in prices is the overall hot market, local real estate experts tell the Herald-Tribune, due to a dearth of homes for sale combined with an increase in demand.

› Stonemont to construct six industrial facilities in Central Florida
Stonemont Financial Group, a private real estate investment firm specializing in industrial development and net lease assets, announced today that it closed on the land acquisitions for two major industrial developments in Central Florida. Totaling 1.3 million square feet, the Class A projects include two warehouses in North Tampa and four in Lakeland, Florida, marking the latest chapter of Stonemont’s rapid expansion across the state.

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