December 4, 2023
New housing study shows most Floridians better off building than buying a home

Florida Trend Real Estate

New housing study shows most Floridians better off building than buying a home

| 4/17/2023

New housing study shows most Floridians better off building than buying a home

A recent study showed that for Florida residents, building a home may well be the most lucrative path to ownership, whereas buying calls for much more investment. But, the study, on the costs associated with building and buying a home across the states, showed Miami-Dade County and Broward County were two areas, among several counties in the Sunshine State, where it was cheaper to buy than build from the ground up because of the much pricier cost of land. [Source: Islander News]

U.S. manufacturing boom has a real estate problem

While the U.S. has plentiful land, there are not that many places to quickly plunk a billion-dollar-plus factory. The factory renaissance could soon hit a barrier because of the scarcity of ready-to-go megasites, according to 25 economic development groups, state and local officials, utilities, and companies interviewed by Reuters. [Source: Reuters]

Commentary: What’s the most likely thing a home warranty will guarantee for you? Headaches

In a recent — and unusually puffy — puff piece in a pay-to-play real estate publication, two agents sung the praises of home warranties. But in truth, home warranties are not warranties at all. They’re service contracts. And if you’re thinking of buying a house that comes with one, you’re likely better off asking the seller to credit you with the cost of the warranty at settlement. [Source: Miami Herald]

Airbnb rentals generate $372 million in tourist taxes for Florida in 2022

Airbnb rentals generated nearly $372 million in tourist taxes in the state of Florida for 2022, the company disclosed in a press release. “We are proud to play a pivotal role in keeping Florida’s economy strong by welcoming millions of guests each year,” said Airbnb spokesman Haven Thorn in a statement. Several years ago, before Airbnb was collecting the tourist taxes, Florida officials complained unlicensed vacation rentals weren’t contributing their fair share and collecting the bed tax that hotels and motels did. [Source: Florida Politics]

Down payments are on the rise in South Florida as rest of the market cools

Despite a slowing market, buyers in South Florida are still putting down higher down payments to get a home than a year ago, a new study shows. Throughout South Florida, the typical down payment on a home has risen between 3% to 5% over the past year, according to Redfin. Nationally, the typical down payment on a home has fallen 10% to about $42,375, the lowest it has been in about two years, according to an analysis by RedFin. [Source: South Florida Sun-Sentinel]

A total of 24 residential projects have either opened since 2018 or are under construction in downtown Jacksonville. They are delivering the best run of housing growth since the city set a goal some two decades ago for 10,000 residents in downtown. [Source: Florida Times-Union]


› Northeast Florida home sales heat up despite interest rates
Higher interest rates apparently aren’t fazing people looking to buy or sell a house in Northeast Florida. Homes sold more quickly in March than the month before, even though more homes were on the market, according to new data from the Northeast Florida Association of Realtors. Homes stayed on the market an average of 40 days, down 21% from February. More than 3,200 homes were newly listed, 33% more than the month before, and the total on the market came to 4,725, up 6%.

› New Osceola community requires solar systems on rooftops
In Central Florida, Tavistock Development Co. is embracing solar as a key component of Sunbridge, a 27,000-acre community now in development in northeast Osceola County. The developer best known for the wildly successful Lake Nona community in southeast Orlando approved deed restrictions for its Weslyn Park neighborhood that mandates all homes must have a solar rooftop system, according to a report in GrowthSpotter.

› Hotel, housing and retail development chosen for Bradenton City Hall site
It was a big week for the NDC Construction Co. and local developer Ron Allen, earning major nods of approval from the city of Bradenton and Manatee County on two major development projects meant to draw more residents to downtown Bradenton — although neither decision has been finalized. Councilmembers seem poised to move forward with plans to sell the Bradenton City Hall property, which is located on prime waterfront property along the Manatee River in downtown Bradenton.

› First-time homebuyers jilted in Miami-Dade. Here’s how to crack pricey housing market
The number of purchases made by first-time homebuyers countywide declined in 2022 from the prior year, according to anecdotal information from real estate experts at Florida International University and the Housing Finance Authority of Miami-Dade. They blame escalating mortgage interest rates and median home sales prices well north of $500,000 for blocking many people from attaining homeownership.

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