July 2, 2022
Preparing for the surge: Rising real estate values meet rising seas

Florida Trend Real Estate

Preparing for the surge: Rising real estate values meet rising seas

| 6/6/2022

Preparing for the surge: Rising real estate values meet rising seas

While environmentalists increasingly warn of the imminent perils linked to sea level rise, that hasn’t dampened buyers’ enthusiasm for South Florida real estate. The surge in real estate values in coastal communities has been great for property investors. But the fact that homes are worth more also creates greater risks for insurance companies, which could cause insurers to flee the market or sharply raise rates. [Source: South Florida Business Journal]

Florida housing program Hometown Heroes launches

The Hometown Heroes Housing Program aims to makes homeownership affordable for eligible law enforcement officers, firefighters, educators, healthcare professionals, childcare employees, and active military or veterans. The program provides down payment and closing cost assistance to first-time, income-qualified homebuyers, so they can purchase a primary residence in the community in which they work and serve. [Source: WPTV]

Frenzy over, but still no bargains: what a slowing housing market means for Central Florida

Rising interest rates have cut the number of people willing to purchase a home, including first-time buyers who find themselves unable to make the monthly payments to investors who see less opportunity without being able to offer all cash. It has given the housing market breathing room and significantly lowered the number of bidding wars, but eal estate agent Ray Lopez said conditions are still hotter than normal. If normal was zero and the peak of the craziness was 10, he estimated the current market hovered around a six. [Source: WFTV]

Demographics of homebuyers from outside the state are changing

Midwest U.S. buyers historically favor southwest Florida. We are seeing come changes in migration, however. As noted recently by Roger Pettingell, the No. 1 individual Coldwell Banker Realty agent in Florida, northeast buyers that typically focus on the Atlantic coast of Florida are now buying in greater numbers on the Gulf Coast. California buyers have also been seeking a sunny lifestyle in Florida that comes at a lower cost than in their home state. [Source: Sarasota Herald-Tribune]

This small Florida town is one of the most affordable places to buy a beach house in the U.S.

South Florida's picture-perfect oceanfront landscapes and sun-kissed beaches have always been a draw for vacationers and second home buyers. But for the past two years, the real estate market in the Sunshine State has been sizzling hot with demand for prime beachfront real estate at an all-time high, driving home prices in popular destinations into the stratosphere. But that doesn't mean owning a vacation home in Florida is completely out of reach. [Source: Travel and Leisure]

STAT OF THE WEEK
$15 million
Sergio Leonel Agüero, the all-time top goal scorer for Manchester City, broke a new record — this time in the world of real estate. Property records show Slak Casa Miami, an entity led by Agüero, paid $15 million for the waterfront mansion in Hollywood, doubling the previous single-family record price set in the city. [Source: The Real Deal]

ALSO TRENDING:

› ‘Real estate is on fire’: South Florida property valuations soar — but so could taxes
Propelled by scorching demand, rising prices and a torrent of new construction, South Florida’s property values have escalated steeply, providing a boon to owners of homes and commercial and industrial real estate — but also raising the prospect of big tax hikes and a deeper housing affordability crunch. Preliminary estimates of taxable property values released on Wednesday by Miami-Dade and Broward counties show valuations for all types of property rose more than 10% overall in both counties as of the end of 2021 compared to the previous year.

› Home buyers go to (bidding) war over Pasco County property
Tampa Bay home sellers don’t have to live near downtown Tampa or St. Petersburg anymore to make big-time bank. Sale prices have exploded in communities that barely qualify as suburbs, such as Odessa, a town of about 8,000 people in Pasco County that’s a 40-minute drive from Tampa.

› Munch’s, a St. Petersburg icon, is for sale
Munch’s, which has reigned for decades as “South St. Petersburg’s Favorite Breakfast spot and gossip center,” is for sale. The restaurant at 3920 6th St. S and several surrounding properties were listed for $2,700,000. “I’m getting old and I have no kids to leave it to,” said owner Larry Munch, who turns 68 in August. “I put it on the market to see if I could sell it because I am getting close, and we’ll just see where it goes from there.”

› Facing eviction? Miami experts share tips
Zaina Alsous, managing director of Miami Workers Center, said it is important for tenants to know their rights when dealing with landlords. “There are quite a few illegal evictions that happen in Miami-Dade County,” Alsous said. “If a landlord forces you out without following the process of notice, like changing the locks on you without going through with filings in court, you can sometimes challenge the validity of eviction and get it dismissed.” 

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