December 1, 2023
Wall Street and money moved into Florida, driving up prices. Now some residents want to move out.

Florida Trend Real Estate

Wall Street and money moved into Florida, driving up prices. Now some residents want to move out.

| 10/23/2023

Wall Street and money moved into Florida, driving up prices. Now some residents want to move out.

It's a well-known fact that Americans are moving to the Sunshine State. Florida's population has been steadily increasing for decades, and it was the fastest-growing state in 2022, per the US Census Bureau. The pandemic ushered in remote work, allowing Americans to live wherever they want, making Florida a magnet for the wealthy looking to take advantage of the low-tax environment. But with the influx of people — including wealthy northerners and financiers — came more expensive housing and a higher cost of living. Now, locals are feeling the squeeze. [Source: Business Insider]

See also:
» Florida residents flee state as insurance premiums skyrocket up to 900%

Commercial real estate brokers somewhat optimistic — but worries persist

The commercial real estate industry’s outlook on the economy and other economic factors is improving. But that’s only if you look at things from the bright side. The CRE Finance Council last week reported its latest Board of Governors Sentiment Index rose by 5%, from 78.5 in the previous quarter to 82.7. This, the organization says, signals “a cautious uptick in sentiment.” [Source: Business Observer]

Billionaires are driving South Florida home prices to new records

From Palm Beach to Miami Beach, luxury home prices in Florida’s richest enclaves are reaching new records as billionaires and millionaires continue to buy up property. The average sale price of a home in Palm Beach topped $20 million in the third quarter, making it far and away the most expensive market in the country, according to data from Douglas Elliman and Miller Samuel. The average price per square foot of homes sold in Palm Beach reached $4,554, more than 2.5 times more expensive than Manhattan. [Source: CNBC]

Nationwide Hispanic homeownership initiative begins in Central Florida

A new initiative to narrow homeownership gaps among Hispanic people in the U.S. kicked off locally Monday at a roundtable event in the Ana G. Méndez University Metro-Orlando campus. The initiative is called HOME, which stands for Home Ownership Means Equity, on the premise that owning a house is one of the most valuable assets a working family can have. It was launched by UnidosUS, a national nonpartisan organization and the largest to advocate for Hispanic civil rights, according to its website. [Source: WMFE]

Former Tampa home of Derek Jeter, Tom Brady to be torn down and rebuilt

Plans have been released for a new Davis Islands mansion that will replace the home built by former New York Yankees shortstop Derek Jeter. Last year, the fate of the home at 58 Bahama Circle was called into question when a demolition permit was filed with the city. A Friday news release from Ellison Construction confirmed that the original building will be demolished and an even larger, 30,000-square-foot home will be built in its place. Construction is expected to begin next year and will take about three years to complete. [Source: Tampa Bay Times]

$33 million
Atlantic Ocean or intracoastal waterway? With this $33 million Florida home, you don’t have to choose. [Source: Mansion Global]


› Housing market continues cooldown in Miami-Dade as prices fall third straight month
Home prices in Miami-Dade County fell for the third month in a row in September, giving breathing room to aspiring buyers on tight budgets who have waited months on the sidelines. Median sales prices dropped last month to $600,000 for single-family houses and $415,000 for condominiums, from $620,000 and $416,000, respectively, in August, according to the latest monthly housing report released Thursday by the Miami Association of Realtors.

› Ameris Bank reaches DOJ agreement over allegations of redlining in Jacksonville
Ameris Bank and the U.S. Department of Justice announced an agreement Oct. 19 over allegations the bank engaged in redlining in predominantly black and Hispanic neighborhoods in Jacksonville. Ameris agreed to invest $9 million in the Jacksonville market under the agreement, which resulted from a Combating Redlining Initiative launched by the Justice Department two years ago.

› Orlando home sales plunge 8.4% in September as interest rates climb
Orlando home sales fell for the fourth straight month in September as the region faced the highest interest rates in more than two decades, a report released this week found. Sales dropped 8.4% from August, with 2,558 in September compared to 2,792 the month before, according to the Orlando Regional Realtor Association, which looks at sales from Orange, Osceola, Seminole and Lake counties. Sales also were down 5.9% from last September’s 2,717.

› $564M homebuilder sets its sights on new counties, multifamily market
Riverview-based Homes by WestBay, recognizing that there soon won’t be any land left to build on in Hillsborough, its home county, is expanding north, south and east. In addition to geographic expansion, the company is looking into getting into the apartment market.

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