December 5, 2022
Florida rental prices remain overvalued despite relief in other states, study says

Florida Trend Real Estate

Florida rental prices remain overvalued despite relief in other states, study says

| 11/7/2022

Florida rental prices remain overvalued despite relief in other states, study says

The inflated costs to rent an apartment or home might be cooling off somewhat in the U.S. — just not in Florida. Rental costs in the Sunshine State remain among the nation's most overvalued, according to researchers at Florida Atlantic University and two other schools. The study released Friday said that Miami metro area, which includes Palm Beach County, leads the U.S. with renters spending 18.22% more than they should, based on past leasing price history. Five other Florida markets are among the top 10 in most overpriced rental premiums. More from  WPTV and WPBF.

Are NFTs the future of real estate? One Florida realtor is betting yes

The explosion of NFTs or “non-fungible tokens” in the past couple of years has left many Americans scratching their heads, wondering why anyone would pay millions of dollars for a picture of a cartoon ape. Though digital art has been one of the most popular applications for this technology, pretty much anything can be turned into an NFT. Earlier this year, an unassuming 4-bedroom home in Gulfport made headlines when it became the first U.S. property auctioned as an NFT. Since then, a handful of other local homes have been turned into NFTs including one for sale right now in St. Petersburg. [Source: Tampa Bay Times]

Soaring prices make programs for first-time homebuyers irrelevant in South Florida

Since Miami-Dade County’s first time homebuyer program was created in 1995, nearly 8,000 families have received local government assistance purchasing their first homes. For years it was normal for hundreds of families to receive help making a down payment and help in finding financing for their homes. But data obtained by WLRN shows that since the housing market crash of 2007, the number of families accessing the assistance in South Florida has plummeted. More from WLRN and WFSU.

Expert says Hurricane Ian left behind a 'city of mold' and home insurance inspectors aren't catching it

It’s been more than a month since Hurricane Ian pummeled Southwest Florida. While many homes may look okay from the outside, residents are now finding out that a dangerous mold is growing on the inside of their walls and underneath their floors, and it may not show up on an insurance inspection report. [Source: WFTS]

Insurance deductible fund may not be enough to meet southwest Florida demand

Lee County has started accepting applications for a state-funded insurance deductible program. In October, Gov. Ron DeSantis awarded $5 million to six counties. However, it may not be enough to meet demand. "There may be more demand and more need for the program than is currently allocated," said Trey Price, Florida Housing Finance Corporation's Executive Director. The money is split between six counties: Lee, Charlotte, Collier, Hardee, DeSoto and Sarasota. [Source: WFTX]

STAT OF THE WEEK
140
A Hillsborough County church and a Tampa affordable housing developer are partnering on a 140-unit apartment building on an unused portion of the church’s property. [Source: Business Observer]

ALSO TRENDING:

› Palm Beach County's $200 million housing bond ballot question - what you need to know
South Florida continues to rank high among the least affordable housing markets in the country. In Palm Beach County, voters casting their ballots in the general election are being asked to approve a countywide tax increase to finance a new program aimed at addressing the county’s housing affordability and supply crisis.

› As mortgage rates hit 20 year high, Tampa Bay housing market braces for a cool down
A home-buying frenzy triggered by historically low mortgage rates helped elevate Tampa Bay from a hidden gem to a real estate hot spot over the past two years. But now that rates have shot back up, experts say buyers are finally hitting the brakes. “Consumer confidence is down,” said Kristine Smale, senior vice president for the real estate analytics company Zonda. “People are afraid to buy at the top of the market.”

› Hotel executive vows to rebuild iconic property from millions in Ian damage
The company behind one of the more well-known resorts on Fort Myers Beach, Pink Shell Beach Resort & Marina, plans to rebuild the property and come out stronger and better than before Ian. Officials with Boykin Management Co., which owns the Pink Shell, says they hope to be open by Thanksgiving to provide housing for Ian-damage recovery workers. A full opening of the resort is projected by 2024.

› Air paying $471M for South Florida apartments
Air Communities is spending big bucks on South Florida multifamily projects. The Denver-based real estate investment trust is paying $471 million for two apartment properties in Miami Beach and in Fort Lauderdale’s booming Flagler Village neighborhood. Air’s purchase, which closed in the third quarter, pencils out to $494,000 per unit.

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