As Florida home sale prices rise, a lack of homes makes it tough on buyers
Home sale prices continued to rise both nationally and statewide in April as a prolonged dearth of available homes on the market is making it tough on buyers. A total of 24,804 single-family homes changed hands across Florida last month, up 4.1 percent from a year ago, the Florida Association of Realtors reported Thursday."Not enough for-sale inventory, especially in the range for first-time homebuyers, is an ongoing challenge for many local housing markets," said 2018 Florida Realtors President Christine Hansen. See the report from Florida Realtors, here. Also read more at the Tampa Bay Times and Builder.
Premiums charged by FEMA’s National Flood Insurance Program might surge in two to three years if they start to reflect the risk of sea level rise, according to the chairman of the Miami city government’s task force on rising seas. [Source: The Real Deal]
Earlier, from Florida Trend:
» Sea-level rise and Florida: Present - 2025
Before you pull out your pen to sign the standard agreement, there are numerous pitfalls to keep in mind. In the era of mixed-use, where many Florida commercial real estate transactions involve properties with multiple kinds of tenants and use, a one-size-fits-all approach to contract execution can be problematic. [Source: Daily Business Review]
The Florida Keys real estate market has momentum after Hurricane Irma. “Everyone thought we were going to have a ton of distressed properties,” said David Grego, president of the Middle and Lower Keys Real Estate Association. “The truth is, whatever was available got bought up pretty quickly.” The same sentiment is echoed throughout the Florida Keys chain. [Source: Keys Weekly]
» The Florida Keys post-Irma
Real estate agents in South Florida know that resilient features that help protect homes against hurricane damage are popular with consumers. Resilient homes also tend to be more energy-efficient, helping homeowners save on monthly utility bills. [Source: Palm Beach Post]
› Foreign buyers acquiring most of the units at Fort Lauderdale firm’s Orlando resort [The Real Deal]
Fort Lauderdale-based BTI Partners is selling most of the vacation homes at a resort development in Orlando to Brazilians and other foreign buyers. BTI is developing The Grove Resort & Spa, an 878-unit resort that rents units as vacation homes on behalf of their mostly foreign owners.
› Colliers International hires Danny Rice as managing director [Business Observer]
Colliers International Tampa Bay, Central and Southwest Florida has named a new managing director and market leader to run its sprawling commercial real estate brokerage operation from Tampa to Naples.
› Aztec Group hires retail, industrial expert [Commercial Property Executive]
To expand the company’s expertise throughout Florida, Aztec Group has hired Andrea Molina as director. She will focus on retail and industrial assets, while also facilitating debt and equity placement, investment sales and acquisition advisory.
› Canceled Fort Lauderdale streetcar system disappoints but doesn’t derail developers [The Real Deal]
Cancellation of a streetcar system in Fort Lauderdale disappointed developers but hasn’t derailed real estate developments along the route of the discarded system. Broward County killed The Wave after contractors bid more than the project’s $195.3 million budget to build the streetcar system.