Clouds rising over banks? As interest rates stay high, FAU survey handicaps risks for lenders with big books of commercial loans
Rebel Cole surveyed the commercial real estate lending exposures of 157 U.S. banks with at least $10 billion in assets and concluded “more than 60 of the largest banks in the country are at increased risk of failure due to their commercial real estate (CRE) exposures.” [Source: South Florida Sun-Sentinel]
Florida Trend Exclusive
Planned communities: Positive trajectory
Lesley Deutch, managing principal at John Burns Researching and Consulting in Boca Raton, follows all things Florida residential real estate. FLORIDA TREND caught up with her on one of her many travels across the state [Source: Florida Trend]
South Florida boasts 17 millionaire cities. But the title comes with a catch, residents say
Every year, Zillow comes out with a report of the amount of millionaire cities in the United States. This year, there are 550 in the country, and 32 of them are in Florida. Seventeen of them are in South Florida.A millionaire city is defined as a place where the typical value of a house is at least $1 million. But does that high price tag come with a catch? [Source: NBC Miami]
It’s a home run! Boston Red Sox third baseman Rafael Devers picks up $4.6M Florida estate
Boston Red Sox All-Star third baseman Rafael Devers, who has been with the team since 2017, is the proud new owner of a mansion in Miromar Lakes, FL. The slugging infielder recently scooped up the six-bedroom, seven-bath property for $4.6 million. Built in 2014, the 5,100-square-foot spread is a short car ride to downtown Fort Myers and Cape Coral. Fort Myers is the home of Fenway South, where the Red Sox have their spring training facilities. [Source: Realtor.com]
Looking for affordable housing in Palm Beach County? New tool shows what’s available
Nearly 8,000 affordable or workforce housing units either already exist or are planned in Palm Beach County, and current or prospective residents can look through them all in a new county tool, county officials say. On Friday, the county announced the launch of its affordable and workforce housing dashboard. People can use the tool to look for affordable housing opportunities across the county, some of which are already completed and some of which are still under construction. [Source: South Florida Sun-Sentinel]
$410 Million
Florida State Board of Administration (SBA) has made $410m worth of real estate investments through separate account managers as it reshuffles its portfolio, the pension fund disclosed as part of its board meeting document. [Source: IPE Real Assets]
› Tampa ranks among most competitive apartment rental markets in the U.S.
Summer brings the busy moving season, and as the temperature rises, so does the heat of the rental market in Tampa. A recent RentCafe report ranks the Big Guava among the top 20 most competitive rental markets in the nation. According to the data, only 6.6% of apartments in Tampa were available for rent at the start of the rental season, and 65.4% of apartment dwellers renewed their leases (up from 63.5% since this time last year), making apartment hunting a challenge.
› Here's why insurance is changing the way people buy houses in Florida
Real estate agents stick by the adage that “kitchens and bathrooms sell homes.” In Florida, good roofs are also doing some of the selling. The turbulent property insurance market, while improving, has changed the way people buy houses in the Sunshine State. Prospective Florida buyers, already dealing with higher inflation and mortgage rates, are finding they must also be concerned about the age and condition of the roof.
› ‘Not going to take that in our state:’ Corporations buying Florida mobile home parks, raising rates
A state lawmaker says large corporations are buying up mobile home parks in Florida and jacking up the prices. In two weeks, a new law, HB 613, takes effect to try to stop it. State Rep. Paula Stark, who co-authored the legislation, said she did it after hearing dozens of horror stories about unacceptable amenities and rising lot rents. There are about 3,500 mobile home parks across the state of Florida.
› Homes in these 2 Florida cities are going for less than $200,000 on average: report
A new report has compiled a list of potential homeowners who can find homes under $200K. The cities at the top of the list are in Florida. In this housing market, it is very uncommon to find homes listed under $200,000 in most places. As Florida home prices have climbed astronomically over the last couple of years, it would be a shock to some to learn that there are, in fact, homes for sale under $200,000 in the sunshine state. A new report has compiled a list of potential homeowners who can find homes under $200K. The cities at the top of the list are in Florida.