May 17, 2022
Not enough houses: a look at why South Florida is suffering from a severe lack of inventory

Florida Trend Real Estate

Not enough houses: a look at why South Florida is suffering from a severe lack of inventory

| 5/2/2022

Not enough houses: a look at why South Florida is suffering from a severe lack of inventory

A severe shortage of housing has plagued South Florida home buyers, helping fuel the insane real estate market. Rising demand from out-of-state buyers and local residents have only added more pressure to a market that has been severely underbuilt for years. Why is the region behind, and is there any hope of a more balanced market? It’s complicated. More from the South Florida Sun-Sentinel and WPTV.

'It's insane': Florida's frustrating home insurance situation stands as barrier to buying for many

Not only are more and more homeowners across the state dealing with canceled insurance policies or pricy premiums, but now the state's complicated insurance market is affecting people who are trying to buy or sell a home. To make matters more complicated, there are fewer options for home insurance compared to just a few years ago. [Source: WESH]

No, really, he's a keeper: Florida real estate listing includes ex-husband

A new listing in Panama City, Florida, comes with a little more than the average buyer may be willing to bargain for. Seller Crystal Ball, 43, has listed her three-bedroom, two-bathroom home, which includes a patio, a pool, a hot tub and one ex-husband named Richard, for the savvy buyer interested in a potential discount on the sale. More from Inman and WFLA.

Are investors driving Central Florida’s housing crisis?

Data shows investors bought nearly a quarter of the available homes for sale in the metro Orlando last year -- well above the national average. An analysis of the numbers shows a trend that affects not only prospective homebuyers but also renters. The market is particularly challenging for homebuyers now as they’re competing with investors or even corporations who are often willing to pay cash. Many times, those investors are turning the properties around as rentals with sky-high rates. [Source: WFTV]

How can brokerages create an anti-burnout culture

Over the past few years, professionals in all fields have faced upheaval and uncertainty, and this has put the problem of burnout front and center. But in real estate, this problem is exacerbated. Not only are agents facing the same uncertainties as everyone else, but these same uncertainties have created frenzied real estate markets where housing supply can’t keep up with buyer demand. [Source: Inman]

STAT OF THE WEEK
969
Number of feet a tower must reach to claim “supertall” status (or above 300 meters). Nine of these projects are being planned in Miami. [Source: The Real Deal]

ALSO TRENDING:

› Who was Miami’s first Black millionaire? Hint: He made his money in real estate
Growing up in Overtown, the Black Archives Foundation founder Dr. Dorothy Fields was familiar with the work of the late Black businessman and philanthropist Dana Albert Dorsey, considered Miami’s first African-American millionaire. Before he became a millionaire, D.A. Dorsey worked on the Henry Flagler Florida East Coast Railroad and bought land to provide Black railroad workers with places to live. Born in Fulton County, Georgia, as a sharecropper’s son, he moved to Miami around 1896.

› Nashville housing model might help thousands in Sarasota-Manatee, experts hope
Amid skyrocketing rents and surging calls for help, local housing advocates are pursuing an innovative Nashville model for increasing housing access that could potentially assist thousands of local families facing homelessness. The Nashville project, titled Low Barrier Housing Collective, is a collaboration between social service agencies and private property owners who receive incentives in exchange for lowering or removing rental obstacles that often confront low-income individuals and working families.

› Northeast Florida housing market continues to favor the sellers
Sellers continued to find the residential real estate market in their favor in the first quarter of 2022. The median sales price was up, sellers scored their listed price or more, and houses sold on average in less than three weeks. The Northeast Florida Association of Realtors compiles monthly home sales data for the six-county region of Baker, Clay, Duval, Nassau, Putnam and St. Johns counties.

› As Orlando home prices soar, investors buy into Black neighborhoods, sparking concerns
For decades, the West Lakes section of Orlando was largely ignored by major corporate investors. But as downtown’s growth stretched into the area, those banking on a lucrative payout started showing up. Now, activists worry that the influx of investors and their increasingly higher cash offers will bring down homeownership rates and make the neighborhoods unaffordable to longtime residents.

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