April 13, 2024
Florida condo sales plummet despite falling prices and rise in 'motivated' sellers

Florida Trend Real Estate

Florida condo sales plummet despite falling prices and rise in 'motivated' sellers

| 3/11/2024

Florida condo sales plummet despite falling prices and rise in 'motivated' sellers

Florida's condo market is in the doldrums, in a troubling sign for the Sunshine State's housing market after years of booming sales. In January, condo sales were down 6.8 percent statewide in Florida from a year ago, with pending sales down 3.5 percent on the year, according to data from brokerage firm Redfin. In most of Florida's major markets, condo sales are down despite falling prices, in contrast to the rest of the US, where prices are rising and sales are holding steady. More from the Daily Mail, the Miami Herald, and Yahoo Finance.

See also:
» An early fall: Florida housing sales drop in February compared to 2023

Florida Trend Exclusive
Commercial real estate: Overcoming obstacles

There’s no mistaking the redevelopment appeal of the 800,000-sq.-ft. Galleria at Fort Lauderdale. The lagging mall sits in a prime spot to capture the dollars of tourists and affluent homeowners nearby with its front on heavily traveled Sunrise Boulevard, between Federal Highway (U.S.1) and beach road A1A, just across the bridge from the famed city beach. The local audience, however, presents the hitch in the Galleria’s prospects: Buyer beware the neighbors. [Source: Florida Trend]

Changes are scrapped to a controversial law restricting people from China from owning Florida land

The proposed changes, which were opposed by Gov. Ron DeSantis, could have affected which people and businesses are subject to the restrictions. For example, the bill sought to better draw distinctions between people or businesses with “controlling” interests in property and people or businesses with “de minimis,” or minor, interests. Supporters of making changes have argued that confusion about how the restrictions apply has caused problems in completing real-estate deals. [Source: News Service of Florida]

Florida’s hottest markets where your income goes far — or not far at all

How far does Florida renters’ income go toward paying everyday expenses? A new study shows the South Florida region falling short in affordability when compared with other parts of the United States. Out of nearly 200 cities reviewed, Fort Lauderdale and Miami were among the lowest ranked in how much renters get out of their income: Fort Lauderdale ranked 129th and Miami ranked 159th. [Source: South Florida Sun-Sentinel]

In Florida, skyrocketing insurance rates test resolve of homeowners in risky areas

In the last seven years Florida has weathered five major hurricanes. Michael, which made landfall in 2018 in the Panhandle, was the first category 5 hurricane to strike the continental United States since Andrew in 1992. If the disasters sharpened Floridians’ resolve, in the immediate aftermath, to build back stronger and better, another crisis may be causing some to rethink where they live and the rising risk as the global climate warms. [Source: WUSF]

STAT OF THE WEEK
0.8%
The median home in Duval County listed for $322,400 in February, up 0.8% from the previous month's $319,900, an analysis of data from Realtor.com shows. Compared to February 2023, the median home list price increased 0.8% from $315,321. [Source: Florida Times-Union]

ALSO TRENDING:

› St. Johns approves pair of residential developments
A site where a previous proposal for 92 homes was denied has now earned approval from the County Commission for 110 homes. The project, called Mills Workforce Housing, earned the approval through a 3-2 vote on Tuesday. It won over those three commissioners, it part, because of changes made since a 3-3 vote by the Planning and Zoning Agency, which is a board that offers recommendations.

› Orlando moves to control 6,300 acres of Sunbridge development
Orlando is preparing to annex nearly 6,300 acres of the long-planned – and enormous – Sunbridge development being built by Tavistock on both sides of the Orange/Osceola County line. The proposed annexation of land currently in unincorporated Orange County would give the city control of a hugely lucrative project that will have enormous environmental impacts. But Orlando’s move caught Orange County leaders who would lose their jurisdiction by surprise.

› How much South Florida homebuyers need to earn to afford a house
Monthly mortgages in South Florida are 121% higher than they were four years ago, a recent report from Zillow indicates. The typical monthly mortgage payment on a home in the Miami metropolitan area was $3,018. That is 121% higher than monthly mortgage payments in January 2020, said Tyrone Law, senior public relations specialist for the Zillow Group.

› Public-private partnership addresses affordable housing crisis in Tampa
A drive-in movie theater in Tampa is being converted into an affordable housing community, with $12 million from the city. Finding housing that’s affordable in Tampa continues to be an issue with a household needing to earn $150,000 per year in order to afford a median-priced home.

Tags: Real Estate eNews

Previous Real Estate Updates:

Real Estate Video Pick

She was priced out of St. Augustine. Now, this mother is finally getting a home of her own with the help of a nonprofit
She was priced out of St. Augustine. Now, this mother is finally getting a home of her own with the help of a nonprofit

Housing affordability is something that’s on everyone’s mind. New research shows that home prices have increased two times faster than inflation since 2013. It’s a big reason why many Americans can’t afford a home in 2024.

 

Real Estate Videos | Viewpoints@FloridaTrend

Ballot Box

Do you think recreational marijuana should be legal in Florida?

  • Yes, I'm in favor of legalizing marijuana
  • Absolutely not
  • I'm on the fence
  • Other (share thoughts in the comment section below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701
727.821.5800

© Copyright 2024 Trend Magazines Inc. All rights reserved.