February 24, 2024
Florida real estate's record 2023 helped by new wave of international buyers

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Florida Trend Real Estate

Florida real estate's record 2023 helped by new wave of international buyers

| 12/26/2023

Florida real estate’s record 2023 helped by new wave of international buyers

One in five of all U.S. international home sales happen in Florida and, of those, one in two are in the Miami metro market. In 2023, $5.1 billion worth of homes were sold to international buyers in South Florida, according to a report by Miami Realtors. The state as a whole brought in $12.6 billion in real estate transactions with foreign buyers, according to another report by Florida Realtors. [Source: The Messenger]

Famous faith leader plans affordable housing in Miami

Reverend T.D. Jakes Real Estate Ventures, has announced a partnership with Miami real estate developer New Urban Development, an affiliate of the Urban League of Miami. “We’re constructing hope and opportunity for those often left on the margins,” Reverend Jakes said of planned rental complexes in Miami Gardens and Hallandale Beach. “Our partnership is a testament to the power of purpose-driven real estate, reflecting a commitment to providing affordable housing that not only transforms physical landscapes but also revitalizes the very heart of South Florida communities.” [Source: Miami Herald]

Florida housing market predictions 2024

Big takeaways: Most likely, rates will finally stop climbing and start dropping... And, if you’re concerned about a Florida housing crash in 2024, you can take a deep breath: Because home prices aren’t going to drop substantially in 2024. In fact, prices are actually more likely to go up. [Source: Ramsey Solutions]

D.C. developer poised to buy Ormond Crossings

Ormond Crossings — almost 3,000 acres of mixed-use land south of the Interstate 95/U.S. 1 interchange — is set to be sold to Brad Kline, a Washington, D.C. area developer. Kline currently owns a luxury home in Palm Beach County. Various efforts to develop Ormond Crossing have been in the works for nearly two decades. [Source: Daytona Beach News Journal]

Average long-term U.S. mortgage rate falls to 6.67%

Home loan financing costs eased again, bringing the average long-term U.S. mortgage rate down to a six-month low. The average rate on a 30-year mortgage dropped to 6.67% from 6.95% last week. The latest drop in rates is the eighth in as many weeks — the average rate is now back to where it was this summer. [Source: Florida Realtors]

STAT OF THE WEEK
$2 million
An oceanfront condo with private beach access and an oversized pool. The 2200+ square feet of living space includes ceramic, wood-toned floors, built-in custom cabinetry and 180-degree windows in the living room. [Source: Islander News]

ALSO TRENDING:

› MAP: South Florida’s housing market may be at a peak
The situation for hopeful homebuyers in South Florida has long been bleak — and it’s not projected to improve any time soon.

› High-end pizza slice shop coming to Naples downtown
A young couple relocating to Naples from Long Island plans to bring their high-end, fast casual, New York-style slice shop to The Ingram Building on Naples' 5th Avenue.

› Private equity firm secures $173M for ‘Sundy Village’
Pebb Capital has secured a $173 million construction loan from Monroe Capital & J.P. Morgan for Sundy Village, a mixed-use development spanning approximately seven acres in the heart of Downtown Delray Beach.

› Florida housing market overview
Home prices in Florida were up 3.5% year-over-year in November. At the same time, the number of homes sold rose 0.7% and the number of homes for sale rose 12.2%

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