May 20, 2024
Real estate pros say Florida's future looks bright

Florida Trend Real Estate

Real estate pros say Florida's future looks bright

| 4/8/2024

Real estate pros say Florida's future looks bright

As Florida sellers slash the prices of their properties in an attempt to attract reluctant buyers, local realtors say this might be the right time to purchase a home in the Sunshine State. While home prices in the Sunshine State remain high compared to the country level, the vertigo-inducing growth that characterized the pandemic year has lost pace, presenting a good opportunity for aspiring homebuyers waiting for the right time to buy. More from Newsweek, Florida Realtors and WBBH.

How much do you need to make to buy a house in Florida?

It’s possible to comfortably buy a Florida home in 2024, but it will be a high mountain to climb given rising home prices and continued low inventory, according to a recent study. A Bankrate study found that a Florida homebuyer must make at least $114,771 a year to afford a median-priced home of about $403,500, which is a 57% increase within the last couple of years. [Source: WTSP]

See also:
» Want to buy a ‘starter’ home? Here’s how much you’ll need to earn in South Florida

Regional bankers like their odds in Florida as rates test risky real estate bets

Regional banks that led the pandemic-era commercial real estate boom in markets like Florida have been thrust under a microscope after news of credit trouble at New York Community Bank led to a billion-dollar fundraising rescue in early March. Regional bank executives are eager to dispel the narrative about a looming commercial real estate debt crisis. Florida’s market fundamentals are among the strongest in the U.S., and that’s softening the blow of higher interest rates. [Source: Tampa Bay Business Journal]

Its name is ‘Pirate Island’ for a reason — and its bungalows are for sale in Florida

Samuel Bellamy had a reputation on the high seas, once upon a time. It wasn’t the usual reputation of violence and thievery that pirates in the 1700s tended to receive. The man known as Black Sam was a hero of sorts who treated his crew equally and just, and would only rob the rich. Today, he’s known as the “Robin Hood of the Sea” who would “fight smart, harm few, score big.” And now there are prime real estate opportunities on the island named in his honor in Gulf County, Florida. [Source: Miami Herald]

Florida's insurance commissioner hopeful market moving 'into recovery'

Florida's Insurance Commissioner reaffirmed Thursday that things were getting better for the state's ailing property insurance market. That is despite many Floridians not seeing it reflected in their premiums. After years of grant programs and reform, including cutting down insurance lawsuits to ease prices, Insurance Commissioner Michael Yaworsky said changes were showing signs of working. [Source: WPTV]

See also:
» 8 new home insurers can enter Florida market

STAT OF THE WEEK
5-7%
As of 2024, Sarasota and Manatee counties stand out in Florida's luxury real estate scene. The allure of these counties is expected to fuel continued demand for high-end properties, with a forecasted price increase of 5-7% year-over-year, due to a sustained influx of affluent buyers from across the nation. [Source: Florida Realtors]

ALSO TRENDING:

› Pensacola rent sees 4.2% decrease since last year but still up 23% since COVID-19
If you browse local social media groups long enough, you’re bound to run across a few posts showcasing a home for rent flooded with comments about the price. While it may be fun to grab some popcorn and watch the train wreck unfold in slow motion, you might wonder whether the price is really as outrageous as those comments might imply. How much has rent increased in Pensacola since the pandemic? And are there any signs that there are better times ahead?

› ‘A game-changer for South Florida:’ High-tech builder opens factory to create bunker-like storm-resistant homes
At some point in the not too distant future, hard-pressed Broward and Palm Beach County residents yearning for affordable, storm-resistant homes may find a technologically advanced selection in a new community near them. More than three decades after Hurricane Andrew blasted its way across southern Miami-Dade County in 1992, a Texas-based homebuilding firm called Onx has set up a factory in Pompano Beach to produce key components of homes that it says can withstand Category 5 hurricanes and winds of up to 175 mph.

› $58M sale extends Scientologists’ control of downtown Clearwater
Two landowners have sold an office tower and seven other properties to companies managed by developer Moises Agami in a deal that broadens control of the city’s downtown by Church of Scientology members. Agami is a longtime Scientology parishioner, and the sellers — Daniels Ikajevs and Festus Porbeni — were among the last private landowners in the downtown core not connected to the church.

› Tampa City Council working to address housing crisis through several programs
When it comes to addressing Tampa's housing crisis, Councilwoman Lynn Hurtak said that a "one-size-fits-all" approach simply won't work. "We're basically willing to try pretty much everything because that's the way we reach everyone," she said. In February, the council held a workshop that was focused on figuring out what should be done to fix the problem. And the public didn't hold back their opinions.

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