July 2, 2022
Some Florida homes selling faster — and for more money — than ever before

Florida Trend Real Estate

Some Florida homes selling faster — and for more money — than ever before

| 3/7/2022

Some Florida homes selling faster — and for more money — than ever before

Eight Florida markets rank among the top 50 nationally in a residential real estate category that, while lucrative for sellers and their agents, doesn’t bode well for the long term. The data point? Highest premium paid on an average home sale. The report, from Florida Atlantic University’s College of Business, studied 100 markets. And to little surprise, a key takeaway was demand for housing surged sharply in 2021, with homes nationwide selling considerably higher than historical data would predict. [Source: Business Observer]

Realtor weighs in on how crisis in Ukraine may impact housing market in Florida

With the crisis unfolding in Ukraine, some experts said the economic sanctions and inflation nationwide will have an impact on real estate in Florida. "The trend of unaffordability is going to continue," Nathaniel Crawford, a broker with Black Luxury Realty, told WPBF 25 News. "The disruption in supply chain and the increased oil prices are going to contribute to already increased costs when it comes to construction." [Source: WPBF]

New study measures rent spikes in three Florida markets

Florida's emerging rental crisis is playing out in three major markets, with rents well above where they should be and sharp increases occurring just in the past year, according to a new study. Ken. H. Johnson, Ph.D., of Florida Atlantic University; Shelton Weeks, Ph.D. of Florida Gulf Coast University; and Bennie Waller, Ph.D., of Longwood University say skyrocketing rents for homes and apartments in the Tampa, Fort Myers and Orlando metros are the result of rental supply shortages and the recent population surge across the Sunshine State. [Source: Phys.org]

Inside Florida's 'Little Moscow,' where Russian money flows through real estate

Welcome to "Little Moscow." Like its namesake city, it's home to many Russian elites. Unlike it's namesake city, it's located on a small strip of land near Miami: Sunny Isles Beach, Florida. Russian money has brought a real-estate boom to the region over the years, but now these power players are afraid they might not be able to enjoy the Miami sunshine much longer. [Source: Business Observer]

Pickleball courts are the trendy new luxury real estate addition

First came the infinity pools, then the steam baths, and then the bespoke golf courses. Luxury real estate developers have always spared no expense to obtain the most highly coveted symbols of sophistication and wealth. According to new data, there's a new trendy addition to their worldly, cosmopolitan arsenal of amenities: pickleball courts. Seriously, pickleball courts? Seriously. Pickleball courts. [Source: The Motley Fools]

STAT OF THE WEEK
$162,918
Those who bought a home long ago in South Florida, when prices were super low, have been stunned to see their home values as much as quadruple in the past decade. When the housing bubble of 2006 and 2007 burst, the market dropped precipitously, with values reaching their lowest levels around 2012. The typical home value in South Florida in 2007, for example, peaked at $339,171 before falling to $162,918 in the beginning of 2012. [Source: South Florida Sun-Sentinel]

ALSO TRENDING:

› Saddlebrook Resort, Pasco’s celebrated tennis mecca, sold to Miami investors
Saddlebrook Resort, the 480-acre Wesley Chapel getaway renowned for its world-class tennis facilities, has been sold. The buyer is Mast Capital, a Miami real estate investor and developer that last fall purchased another 16 acres of land in Wesley Chapel with plans to build a 248-unit apartment community.

› Florida is set to pass stricter condo rules after Surfside collapse
Florida lawmakers are poised to pass legislation that would stiffen inspection and funding requirements for condo buildings, a move aimed at preventing a repeat of the Surfside, Fla., tower collapse last June that left 98 people dead. The disaster was one of the deadliest building failures in U.S. history and highlighted the vulnerabilities of condo ownership, where unit owners are collectively responsible for a building’s upkeep.

› How much Florida homeowners pay in property taxes each year
Property taxes are the lifeblood of local governments and municipalities across the United States, accounting for over 70% of all local tax revenue. Property taxes - such as taxes levied on homeowners and landowners - go to fund schools, parks, roads, and other public works and services. While states typically impose a minimum property tax, property taxes are mostly determined at the local level - and are often a percentage of a property or home's overall value. Depending on where you choose to buy a home, property taxes can range from negligible amounts to nearly matching a mortgage payment.

› Auto parts store in small rural town sells for $3 million
It’s not just big city properties that are bringing big prices. An O’Reilly Auto Parts occupied building in Immokalee has sold for $3 million. The 7,205-square-foot building, which was just built, sits on 1.04 acres at 1004 N. 15th St., the main thoroughfare in the small rural town on edge of the Everglades in east Collier County. It is near a 50,000-square-foot Winn-Dixie, the only large grocery store in town.

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