October 3, 2022
Florida housing prices remain high, while other regions decline

Florida Trend Real Estate

Florida housing prices remain high, while other regions decline

| 8/29/2022

Florida housing prices remain high, while other regions decline

Home sales prices peaked this summer in more than two dozen areas of the country, where costs are now coming down, but South Florida remains burdened with more properties and lean inventory. According to a Florida Atlantic University and Florida International University of July housing price review that compared historical trends, many of the cities that saw a decline in value or value were in the western states, including California, Colorado, Oregon and Utah. No Florida city was among the 27 markets that experienced declines. More from the Service and the Palm Beach Post.

Florida invests more than $56 million in additional land conservation efforts

The Florida Cabinet approved spending more than $56 million on seven parcels of land totaling 19,897 acres within the Florida Wildlife Corridor for acquisition or conservation easement made possible by the state’s Florida Forever Program and Department of Agriculture’s Rural and Family Lands Protection Program. The overwhelming majority of the properties, more than 98%, are within the Florida Wildlife Corridor, a mix of native and working lands that provide habitat for key Florida species including the Florida panther, Florida black bear, swallow-tailed kite, and gopher tortoise, among others. [Source: The Center Square]

How home prices once surged in Florida, creating new boomtowns

The pandemic-fueled phenomenon of remote white collar workers, suddenly free to work from home, leveraging their higher salaries to buy homes in cheaper areas, dramatically changed Florida's west coast. All those remote workers drove up home prices in formerly inexpensive areas, turning Cape Coral and others into "pandemic boomtowns." Rents surged, too. [Source: Axios]

Installing rooftop solar panels can get your home insurance canceled

As electric bills surge and the federal government offers generous tax incentives for renewable energy investments, more and more Florida homeowners are seriously considering rooftop solar systems. But in calculating system costs vs. electric bill savings, many would-be solar owners are neglecting to consider how a solar system will affect their home insurance bill — or how difficult it might be to find a company that will insure them at all. [Source: South Florida Sun-Sentinel]

What would potential home buyers give up to reduce costs? You might be surprised

Some renters would give up a bedroom in their current place and rent a smaller unit if it meant they could save more quickly for a down payment on their first home. Whether to settle for a three-bedroom house instead of four is a choice buyers have to make, and that will continue in the months ahead especially if housing costs and mortgage rates remain stubbornly high. [Source: Miami Herald]

STAT OF THE WEEK
9,000
Square footage of new corporate headquarters for fitness company Barry’s, which has relocated from Los Angeles to Miami’s Wynwood neighborhood. [Source: The Real Deal]

ALSO TRENDING:

› The housing crisis pushes this city to declare an emergency. Will it pave the way for rent control?
Commissioners with the city of Lake Worth Beach have declared a state of emergency over the housing crisis in their area — a method that could pave the way for rent control. The recent decision came after hours of listening to terrified renters, who packed the room of a city meeting with the hopes of demanding protections as they faced unprecedented rent hikes. One man said he only narrowly escaped making the choice between eating and keeping a roof over his head, while a single mother said she wasn’t sure how she could continue keeping a roof over her four children’s heads.

› Demand cools for Miami-Dade’s coastal condos, a year after deadly high-rise collapse
Total condo sales fell by 1% in coastal communities, when comparing data from January through June 2022 to the same period of 2021, according to figures from the Multiple Listing Service and Miami real estate consultancy firm Condo Vultures Realty LLC. Fisher Island, Miami Beach, Surfside, Bal Harbour and Sunny Isles Beach recorded 3,077 condo sales in the first half of this year, down from 3,119 closings at midyear 2021.

› Invitation Homes offers insight into how it runs Northeast Florida business
In March, “60 Minutes” featured a report on real estate investment trusts buying houses that otherwise would have been bought by prospective individual homeowners. The premise was that those firms were driving the spike in prices and rents. It featured Jacksonville. Amid rising home and rental prices, the report focused on Tricon Residential, but it also mentioned another player, Invitation Homes.

› Orlando apartment builders want governments to speed up project approvals
At a time when thousands of more rental units are needed across Central Florida to meet the growing housing demand, local developers say they are baffled by how long it’s taking governments to give final approval to multifamily projects. And as some elected leaders scramble to address rising rent rates with controversial measures, those same developers say the protracted governmental process contributes directly to the high costs ultimately handed to tenants, according to a report in GrowthSpotter.

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