Sales of older multifamily complexes in Florida have fallen

Sales of older multifamily complexes in Florida have fallen

Updated building codes have slowed the number of transactions of multifamily properties in Florida built before 1992. That’s the findings of a report issued Jan. 21 by the structured finance, commercial real estate and banking research firm Trepp. According to the report’s authors, the evolution of building codes after Hurricane Andrew in 1992 and updates following the collapse of the Champlain Tower in 2021 have helped lead to a recent slowdown on the sales volume for older properties. More from the Business Observer and Trepp.

Quebec snowbirds fleeing Sunshine State in droves due to high costs, weak Canadian dollar

Many Quebec snowbirds living in Florida are listing their properties for sale, citing the high cost of living and a beneficial exchange rate due to the declining value of the Canadian dollar. The value of the Canadian dollar sits at around $0.70 US, the lowest it's been in five years. While this is troublesome for many, for some, it presents a favourable exchange rate. [Source: Canadian Broadcasting Corporation]

‘Citizens insurance for all’ among insurance proposals filed for spring legislative session

Citizens windstorm insurance for all. Closing loopholes for a “bad-faith” insurance claim. Creation of an insurance advisory council. Requiring mediation before policyholders can sue their insurer. They are among proposed insurance law changes that will face scrutiny in the Florida Legislature this spring. More are likely to follow with five weeks left before the session’s scheduled March 4 start. [Source: Orlando Sentinel]

Cities with the fastest-growing home prices in Florida

The real estate frenzy spurred by the coronavirus pandemic continues, though at a slower pace. Buyers are still competing for a limited supply of housing, driving up prices for affordable properties. Increasing mortgage rates have slowed growth, with prices even declining in some places. But some areas are still seeing price jumps compared to the year before. [Source: Stacker]

This $285 million Florida mansion is poised to become the most expensive home in the U.S.

The tony South Florida enclave of Manalapan is home to some of the nation’s priciest real estate, including an ultra-modern megamansion at 1960 South Ocean Boulevard that is poised to become the most expensive home ever sold in the United States. Though ground has not yet been broken, the waterfront property has nonetheless hit the market with Nick Malinosky of The Exclusive Group at Douglas Elliman for a whopping $285 million. [Source: Robb Report]

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› Home availability rose in Northeast Florida in 2024, and so did prices [Jacksonville Daily Record]
The “supply and demand” model usually dictates that when supply is up, prices go down. That was not the case in the single-family housing market in Northeast Florida in 2024. The median sales price in 2024 rose to $400,000, an increase of 3.9% over the December 2023 price of $385,000, according to data provided by the Northeast Florida Association of Realtors.

› South Florida’s foreclosure rate among highest in the nation, report says [South Florida Business Journal]
South Florida had the 14th highest foreclosure rate last year, a recent report stated. According to Irvine, California-based property data company Attom, one out of 247 housing units and properties in the Miami-Fort Lauderdale-West Palm Beach metro area were under foreclosure in 2024, a 4.14% increase from last year. That amounts to 10,696 properties that had some kind of foreclosure filing last year out of more than 2.64 million housing units.

› Study pinpoints the huge demand for new housing as Palm Beach County keeps growing [South Florida Sun-Sentinel]
More than 200,000. It’s going to take that many new homes and rental apartments added to Palm Beach County’s housing supply by 2034 to fully address the county’s affordable-housing demands, a new study says. The newly released study, conducted by researchers at Florida International University, has surfaced that key figure. The goal: to have a specific number of what’ll be needed in the county in the coming years, serving as a foundation for how the county will help respond to the high demand.

› 100-unit South Tampa affordable housing development opens this week [Tampa Bay Business Journal]
A much-anticipated affordable housing development will soon open its doors in South Tampa. Casa Bel Mar will feature 100 affordable units — 63 one-bedroom units and 37 two-bedroom units — for those making between 30% and 80% of the area median income. It is located at 4003 South Manhattan Ave. and was built on the former Bel-Mar Presbyterian Church site.