December 5, 2022
To sell or not to sell? How home sellers are adjusting to a softening market

Florida Trend Real Estate

To sell or not to sell? How home sellers are adjusting to a softening market

| 9/26/2022

To sell or not to sell? How home sellers are adjusting to a softening market

With the frenzied housing market coming to an end, some Florida sellers are considering putting their homes up for rent instead. Rising mortgage rates and lower buyer demand are causing sellers to feel less hopeful about garnering high prices for their homes. As a result, they’re weighing their options when it comes to whether to wait out the market, try to sell now, or consider renting the home out for the interim. More from Yahoo News and the South Florida Sun-Sentinel.

Whatever happened to the starter home?

The disappearance of affordable homes is central to the American housing crisis. The nation has a deepening shortage of housing. But, more specifically, there isn’t enough of this housing: small, no-frills homes that would give a family new to the country or a young couple with student debt a foothold to build equity. The affordable end of the market has been squeezed from every side. [Source: New York Times]

As record home prices eased this summer in South Florida, is the market closer to normal?

The median sale price of homes in South Florida started to soften this summer, another sign that the market is rebalancing after a year of frenzied growth. The housing market, while still strong and favoring sellers, is in a state of flux: Buyers may have more options as inventory levels rose over 20%, but their ability to afford homes has gone down due to rising interest rates, reflected in a 20% decline in sales, according to the latest numbers from the Broward, Palm Beaches and St. Lucie Realtors. [Source: South Florida Sun-Sentinel]

Peter Thiel on Florida real estate: “becoming like California”

Even tech billionaire and Republican mega donor Peter Thiel thinks housing prices and rent are too damn high in Florida. Thiel, a Miami Beach transplant from Silicon Valley, warned conservatives that soaring real estate prices in Florida make the Sunshine State more like California than they would like to admit. [Source: The Real Deal]

Leading Florida real estate agent explains why luxury real estate is trending this year

Roger Pettingell is a leading luxury real estate agent with more than $2 billion in sales. Sarasota, his hometown since moving there in 1983, is one of the nation’s fastest-growing luxury real estate markets. Pettingell’s experience in the field has made him one of Florida’s leading real estate agents, and his market insight can help aspiring real estate agents and luxury real estate buyers know what to expect from the market. [Source: Business Observer]

STAT OF THE WEEK
$1.15 million
A wondrous compound that has a striking shape has landed on the real estate market in St. Petersburg, Florida, for $1.15 million. [Source: Charlotte Observer]

ALSO TRENDING:

› Orlando longtime real estate exec bets big on mid-sized deals
Lawson Dann has more than 30 years of experience in Orlando’s real estate landscape, but his roots in the business go back even further than that. A native Floridian, Dann is the great-grandson of H. Carl Dann, one of Orlando’s early developers and the founder of Dubsdread Golf Course in College Park. Even with that legacy, Dann said he is the first of the Orlando real estate icon’s descendants to return to the commercial real estate business as a career. “I was the only one who came back to it.”

› Hotel Zamora in St. Pete Beach sold for $34.7 million
An upscale boutique hotel in St. Pete Beach is changing hands. Hotel Zamora, which opened in 2014 after years of construction at 3701 Gulf Blvd., has been sold to a Minnesota real estate investor and developer for nearly $34.7 million, according to Pinellas County records. The four-story, 72-room hotel on the Intracoastal side of Gulf Boulevard stands out in St. Pete Beach for its Mediterranean-style architecture and vibe, including Spanish-forward restaurant Castile.

› City permits 1 million-square-foot North Jacksonville warehouse
The city issued a permit Sept. 19 for VanTrust Real Estate to build the speculative 1 million-square-foot Imeson Park South Building 300 in North Jacksonville at a job cost of $51.8 million. Marc Munago, VanTrust Real Estate executive vice president in Jacksonville, said Sept. 20 that VanTrust is working on a tenant, but none is identified on the permit.

› Mixed-income housing project breaks ground in Brickell
A subsidiary of The Related Group and Miami-Dade County broke ground on a 465-unit, mixed-income apartment building in western Brickell last week. Called Gallery at West Brickell, the 304-foot-tall project is being built by Related Urban, the workforce housing wing of Miami developer Jorge M. Perez's The Related Group, on 1.34 acres of county-owned land. It will be adjacent to a seven story K-8 public school that's now under construction that will reportedly include 10 units for teachers.

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