Florida Trend | Florida's Business Authority

Some of Florida's biggest housing markets are now overvalued

Some of Florida's biggest housing markets are now overvalued

Home prices have been rising steadily since the recession, but the gains are suddenly accelerating as spring demand heats up in an already highly lean and competitive market. Prices surged 7 percent higher in March compared with a year ago, according to CoreLogic. That is the biggest gain since May 2014. Half of the nation's 50 largest markets are now considered overvalued, meaning home prices are at least 10 percent higher than the long-term, sustainable level. Miami and Orlando are overvalued, as is Las Vegas, San Francisco, Denver, Los Angeles, Houston and Washington, D.C. See the news release from CoreLogic, here. You can also sign up with CoreLogic to download the full report, and read more at CNBC.

See also:
» Central Florida home prices rise again in March, reaching 'overvalued' status
» Home prices rising across nation, 3.4% in Sarasota-Manatee
» With more ‘equity rich’ homeowners in Tampa Bay, could subprime loans be back?

South Florida mortgage applications denied at higher rate than most of US

Homebuyers in South Florida get turned down for mortgages at a higher rate than most other metropolitan areas in the U.S., a new study shows. About 11 percent of mortgage applications in 2016 were rejected across the region, which is higher than the 8 percent national average. [Source: Daily Business Review]

Tallahassee commercial and residential development picks up pace

Drive around Tallahassee and construction work isn't hard to spot. From downtown, the Gaines Street district, the northeast and the south side, cranes are in the air. Permits for grand and small-scale commercial and residential projects are inundating the city's Growth Management Department, showing no immediate signs of receding. [Source: Tallahassee Democrat]

Why was real estate season so busy in Palm Beach?

If the Palm Beach real estate market were a magnum of Dom Perignon, you would surely have heard a loud “pop” this season. That’s because the bottleneck holding back single-family sales over the past couple of years finally broke with a rush of closings. [Source: Palm Beach Daily News]

See also:
» Palm Beach County Realizes Dramatic Increase in The Sale Of Homes In $300,000 Category

National Retail Properties: First quarter earnings snapshot

National Retail Properties (NNN) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations. The real estate investment trust, based in Orlando, Florida, said it had funds from operations of $102.9 million, or 67 cents per share, in the period. [Source: ]

The statewide median sales price for single-family existing homes last month was $250,800, up 8.2 percent from the previous year. [Source: Citrus County Chronicle]


› Century 21 Florida franchise acquires Pembroke Pines firm
Century 21 JWC Florida Realty acquired Pembroke Pines brokerage Cooperative Real Estate Group, marking another sign of increased consolidation within the industry.

› Sarasota real estate giant hires tech director
Sarasota-based real estate firm Michael Saunders & Co. hired Charles Willits as its new director of information technology. Willits will direct the company's IT department supporting 24 branch offices, over 650 agents and nearly 200 staff members, according to a press release.

› VHT Studios buys Florida real estate photography competitor, Inviso USA
Rosemont, Illinois-based VHT Studios, the real estate photography and image management services company, has acquired Inviso USA, a central Florida provider of professional photography services to the real estate industry.

› Orlando's top CBRE exec Bill Moss retires, replacement named
A big leadership change was announced on May 1 for Central Florida's largest commercial real estate brokerage. Longtime Orlando's Senior Managing Director Bill Moss, who founded the local office for the firm in the 1980s, announced his upcoming retirement.