December 8, 2023
Floridian home prices increased 73.5% over past five years

Florida Trend Real Estate

Floridian home prices increased 73.5% over past five years

| 3/6/2023

Floridian home prices increased 73.5% over past five years

Florida was neither first nor last in a study that showed how much home prices have shot up over the past five years. In fact, it was nearly 20% less than the state with the biggest increase. (That state was Idaho, with a 91.9% increase in home prices.) Still, the fact that home prices in Florida have increased 73.5% over the past five years, according to Colorado real estate broker Boulder Home Source, analyzing Zillow data, is quite the feat. [Source: Business Observer]

New Yorkers are the No.1 movers to Florida. Find out why.

Watch out, New Yorkers! Florida is coming for you. A large kiosk at the mall in Hudson Yards in Manhattan beckons you to experience Tampa Bay, NYC subway ads showcase the pristine beaches of St. Petersburg, and billboards in Times Square tout the hashtag #MovetoMiami. But looking at migration numbers, one wonders if Florida needs to even bother advertising. Since at least 2016, the Empire State has topped the list for sending its residents to the Sunshine State, data from the Census Bureau shows. [Source: USA Today]

Heading to the 'burbs: New offices may pave the way for the urbanization of suburbia

Companies have long been in a mad dash for quality office space in South Florida that will impress potential clients, foster collaboration among employees, and help recruit new talent. Over the past decade, that race to secure Class A space has taken place primarily in the region’s urban cores: Miami’s Brickell Financial District and downtown Fort Lauderdale and West Palm Beach. But that particular race may be nearing the finish line, as more companies seek to lease space or build offices in suburban areas, where more of the region’s workforce lives. [Source: South Florida Business Journal]

There’s a potential solution to Florida’s insurance mess. Here’s why it hasn’t happened

Florida’s property insurance market was in free fall in 2006 after a series of hurricanes. Premiums were rising. Insurers were going out of business or threatening to leave the state. In response, a group of St. Petersburg businessmen and lawyers came up with a sweeping solution: Have the state offer hurricane insurance. Let private insurers offer everything else. Armed with data and political connections, group members flew private planes to Tallahassee on repeated trips to meet with then-Gov. Charlie Crist, lawmakers and the state’s insurance regulator. Instead of being welcomed, they found their idea was “a political hot potato,” one member said. [Source: Tampa Bay Times]

Commercial real estate continues to get pummeled

Commercial real estate continued to take it on the chin last week, and brokerages are preparing for even rougher times ahead. CBRE, JLL, Colliers and Cushman Wakefield, among others, are moving forward with cost-cutting measures, including layoffs as property sales and leasing eat into their profits. [Source: The Real Deal]

$6.27 million
The Commons at Collier in Naples has sold. The 12,601-square-foot shopping center was bought by Bryer Properties and Bryer Investment Properties for $6.27 million. [Source: Business Observer]


› Mexican firm buys Brickell condo dev site
In its second purchase in Miami’s Brickell neighborhood, a Mexican development firm scooped up a development site with plans for a high-end condominium project. Menesse International paid $6 million for 0.4 acres at 1870 Brickell Avenue, according to a company news release. Records show the Carlos Saenz family trust sold the property, which is largely considered the last grass lot along Brickell Avenue.

› St. Pete woman’s dream home turns into a nightmare after she finds code violation
St. Petersburg resident Megan McGee loved her starter home, but by the start of 2021 she decided she and her two kids needed a bigger place. Selling the house was a breeze. It only took one day. But the pressure quickly mounted as McGee scrambled to find a new place in an extremely competitive real estate market. When she closed on a spacious home in the Disston Heights neighborhood, “it felt like this was the end of our struggle,” she said. That relief was short-lived though.

› Record $35M mansion deal signals emergence of ‘ultra-luxury’ Orlando housing market
Former Orlando City owner Flavio Augusto da Silva's $35 million sale of his Windermere mansion set a Central Florida record, but it's part of a recent trend in local real estate. That's according to luxury Realtors, who told Orlando Business Journal the Feb. 18 home deal is an example of the growth of the region's "ultra luxury" market, defined as homes that trade hands for $10 million or more.

› Lack of affordable housing 'out of control' in Martin County, according to Habitat for Humanity
According to rent research company Zumper, the cost of rent for a studio apartment in Stuart increased by 147% this year compared to last, as of February. Martin County Administrator Don Donaldson said the issue began when an influx of people started moving to Martin County during and after the pandemic.

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