Florida Trend Real Estate
Florida housing inventory increases alongside prices
Florida housing inventory increases alongside prices
Over the third quarter of 2022, Florida’s housing market saw nearly 70,000 single-family homes sell. While prices rose 15.4%, the number of sales was down by over 22%. Nowhere in Florida had sales increase in the past quarter. Tampa, however, was once again the largest market for home sales in the state. Despite the higher proportion of sales compared to the rest of the state, its drop in sales numbers was higher than Florida overall. Overall, Tampa home sales made up 15.4% of all sales in Florida. More from WKRG and WFLA.
The complicated history of Florida’s population growth—despite a wildly inhospitable climate
Over 22 million people currently live in Florida. That’s about 37% more than the 16 million who resided in the state in 2000. And demographers project that the population will continue increasing, to about 25 million within the next decade. Florida consistently ranks as the top destination for Americans who relocate to another state. But many Florida residents spend only the winter months there, returning when the climate warms up back home. [Source: Fast Company]
Real estate donors favoring DeSantis over Crist
Real estate titans are doing their part to bankroll Florida Gov. Ron DeSantis’ bid for a second term. Meanwhile, the same kind of love isn’t being shown to his opponent, Democrat and former governor and congressman, Charlie Crist. Heading into the Nov. 8 general election, DeSantis is riding a wave of near invincibility with some polls showing the governor with a double digit lead. [Source: The Real Deal]
FEMA kicks off direct housing mission in Florida
FEMA announced that it has approved the state of Florida's request for direct temporary housing in Charlotte, Collier, DeSoto and Lee counties, providing travel trailers and larger manufactured housing units to help eligible Hurricane Ian survivors get a safe roof over their head. Additionally, more than $1.4 billion in federal grants, disaster loans and flood insurance payments has been provided to the state and households to help survivors jumpstart their recovery after Hurricane Ian. [Source: Florida Trend]
The number of unused or unoccupied office spaces around Jacksonville, which jumped during the COVID-19 pandemic, is decreasing at the tail end of 2022. About 20% of Jacksonville’s office spaces were vacant in the third quarter of the year, according to the latest Jones Lang LaSalle Office Insight Report for the area in October. The report from JLL, a commercial real estate services company, described Jacksonville as “the fastest growing metro in the state.” [Source: Florida Times-Union]
› New Orlando mortgages nearly doubled in last year, study finds
New Orlando mortgages nearly doubled in the past year as home prices and interest rates both moved substantially higher, adding to the strain on housing affordability in the region. The amount new mortgage holders paid in metro Orlando was up 94% in September year-over-year, a study from real estate website Zillow found. The average mortgage payment for a 30-year, fixed-rate loan reached $2,074 per month, compared with $1,069 last year. That was the third-highest annual increase in mortgage payments in the country, according to Zillow, and the fifth-highest rate of growth.
› Town homes fill budget niche in Northeast Florida
The dream of purchasing a first home conjures thoughts of a detached home with a fenced yard, two-car garage and maybe a covered patio. Prospective homebuyers today are waking up to the reality of inflation and rising interest rates. Those previously qualified may have to navigate the qualifying process again because they can no longer afford the cost of a starter home on their budget.
› Tampa, Miami reported highest annual home price increases in US
Florida housing is tight. It’s been a topic of concern across both sides of the political aisle, even making it into the recent Florida governor debate. A new S&P CoreLogic Case-Shiller Home Price Index report showed prices in Florida have gone up, at times higher than anywhere else, and it’s just a continuation of previous trends. The index is a measure of how U.S. real estate prices change over time. It’s used to track changes in the value of residential properties across the country.
› Cutler Bay approves $100M senior living mixed-use project
An AJP Ventures-led development team can move forward with a $100 million mixed-use complex featuring senior living apartments in Cutler Bay. Last week, the Cutler Bay Town Council unanimously approved The Contemporary & MedSquare, a project with 42,000 square feet of medical office, 19,000 square feet of retail and 196 apartments for individuals 55 and older.
Previous Real Estate Updates:
- When will housing affordability improve? Spoiler alert: It will take some time
- Florida lawmakers consider future without property taxes
- Court blocks Florida law barring Chinese citizens from owning property
- Florida seniors worry they'll lose homes over skyrocketing insurance
- Major legal fights over longstanding commission practices may upend Florida's real estate business
- After the Surfside collapse, Florida is seeing a new condo boom