April 17, 2024
‘Nowhere to go'? High-rises help South Florida grow up

Florida Trend Real Estate

‘Nowhere to go'? High-rises help South Florida grow up

| 2/13/2023

‘Nowhere to go’? High-rises help South Florida grow up

Thanks to multiple years of aggressive development in the form of mid- to high-rise construction projects, both before and after the outbreak of COVID-19, South Florida cities are enjoying a Renaissance in luxury living and new business in the form of professionals relocating from major northern and U.S. cities. Despite inflation, high interest rates and fears of a recession, developers are still starting new high-rise projects, buying land and filing plans to build more. [Source: South Florida Sun-Sentinel]

See also:
» Slideshow: Development demand in South Florida pushing buildings to unseen heights

Florida housing bill moves forward despite questions about local rent control ban

A priority of Senate President Kathleen Passidomo to make housing more affordable for workers started to move forward Wednesday despite some questions about issues such as preventing rent controls. The Senate Community Affairs Committee unanimously backed the wide-ranging bill (SB 102), which would provide incentives for private investment in affordable housing, preempt local government rules on zoning, density and building height in certain circumstances, encourage mixed-use development in struggling commercial areas and bar local rent controls. [Source: Tampa Bay Times]

Look out, Zillow and Realtor.com: There’s a new online listings service on the way to market

Homebuyers could soon benefit from a new listing portal with all the online bells and whistles they’ve come to expect — but with better service on the ground. The new search engine, Nestfully, will offer up-to-the-moment pricing information, plus the ability to search based on your individual needs. You’ll be able to schedule showings, obtain information on recent sales and, most importantly, link up with the agent who listed the property for sale. The site will offer a “differentiated search experience” based on how people actually search for homes, the company claims. [Source: Miami Herald]

South Florida commercial real estate sales plummet 55% in Q4

It was a rough fourth quarter for commercial real estate brokers in South Florida, as property sales plunged 55% compared to a year ago, according to property data firm Vizzda. There were $5.2 billion in commercial real estate sales of at least $1 million each in the tri-county region, down from $11.6 billion in the same quarter a year ago. The number of transactions fell 40% to 631. The average price of each deal also fell. [Source: South Florida Business Journal]

Will Disney, Universal affordable housing projects lead the way for more?

As Walt Disney World and Universal Orlando help build affordable apartments for employees and the public, questions remain about who is going to get to live there and what other local businesses, if any, will follow suit. The developments on land owned by the theme park companies are being constructed and managed by outside organizations but don’t have opening dates yet. Disney and Universal say the 2,300 combined units will have capped rents, making them accessible to low-wage service workers who make up most of their workforces. [Source: Orlando Sentinel]

STAT OF THE WEEK
$593.6 million
Florida State Board of Administration (SBA) has disclosed approving $593.6 million into US real estate deals during the fourth quarter of 2022. [Source: IPE Real Assets]

ALSO TRENDING:

› Rapper Kodak Black turns commercial real estate investor with Pompano Beach deal
Rapper Kodak Black is jumping into commercial real estate investment with a purchase in Pompano Beach, The Real Deal has learned. The controversial rapper, who has appeared on the Billboard 100, bought the property at 1511-1547 Hammondville Road in Pompano Beach. Records show Dina & Eman Inc. sold the 0.7-acre assemblage, which is just west of North Andrews Avenue. The site includes a nearly 3,800-square-foot building and a 4,900-square-foot building. Both are single-story commercial buildings constructed in the late 1950s.

› Florida real estate firm sees $1.6 billion sales volume in 2022
Berkshire Hathaway HomeServices Florida Network Realty has announced that the company achieved $1.6 billion sales volume in 2022. The company celebrated this milestone and its Realtors’ highest honors and achievements at the company’s annual awards celebration. “Our Realtors, managers and support team members are dedicated industry leaders and professionals with an enduring commitment to their clients, the community and our company, and I’m so appreciative of their loyalty and their contributions to our success,” said Berkshire Hathaway HomeServices Florida Network Realty President Ann King.

› David Siegel’s Versailles vs. Marc Hagle’s Winter Park mansion: Which costs more to build?
On two sides of Orlando, power players in real estate and tourism are building massive homes unlike anything that exists in Central Florida. In Windermere, David Siegel — CEO of Westgate Resorts and the Orlando area’s richest resident — and wife Jackie Siegel have been overseeing construction of their 108,381-square-foot Versailles estate for nearly 20 years. In Winter Park, Tricor International LLC CEO Marc Hagle and wife Sharon Hagle, a philanthropist and former commercial real estate executive, have a 40,046-square-foot mansion under construction.

› Workforce housing coming to South Miami-Dade near Key Largo, part of $70M project
On the southern edge of Miami-Dade County, a $70 million apartment development was given the green light to bring some discounted housing options for nearby workers. A 342-apartment development called Card Sound Key Apartments is planned for a 13-acre site at 35800 S. Dixie Highway in Florida City, said developer Michael Wohl, principal of the Coral Gables-based Coral Rock Development Group.

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