South Florida’s international real estate appeal
South Florida real estate’s international investment appeal is very strong, according to data released recently by the Miami Association of Realtors and the National Association of Realtors, particularly in Latin America and Canada. The NAR survey once again showed that foreign buying activity is mostly limited to three states, as Florida (19 percent), California (14 percent) and Texas (9 percent) remained the top three destinations for foreign buyers to purchase. The Miami Association of Realtors® reports that Colombia led searches for Miami homes for the fifth straight month. After Colombia, the next four nations searching for Miami real estate are Venezuela, Canada, Pakistan and Argentina. Read more at GlobeSt.com.
A national survey shows that three of the five fastest-selling residential developments are in Florida. The Villages, a retirement community in Central Florida, is the fastest-selling residential development in the nation, according to RCLCO a real estate consulting firm based in Maryland. [Source: The Real Deal]
A web of former Venezuelan officials and businessmen was charged in Miami Wednesday with operating a massive $1.2 billion international money-laundering racket funded with stolen government money that was invested in South Florida real estate and other assets. “Venezuela’s state of social, political and economic crisis, in which multibillion-dollar corrupt and criminal ecosystems thrive, drives rivers of criminal proceeds through South Florida,” says a Homeland Security Investigations affidavit filed with the complaint in Miami federal court. Read more at the Miami Herald.
Miami remains the economic engine of South Florida, but Southwest Broward continues to attract corporate tenants due to its highway access and growing residential base. Downtown Fort Lauderdale is seeing thousands of new residential units constructed and is one of the few places where a major seaport, airport and downtown converge. [Source: Propmodo]
» CRE startup Truss launches in South Florida
It's been 10 years since the Great Recession, but most home prices in the Tampa Bay area still haven't reached their pre-recession peak, according to numbers released this week by the real estate website Zillow. [Source: WTSP]
› Your coastal property has already lost value to sea rise. This site can tell you how much [Miami Herald]
Miami-Dade County property values are up — again — this year, but new research shows that growth could have been even larger if thousands of homes weren’t at risk of regular flooding from sea level rise.
› LNR Partners auctions 18-story office building in downtown Jacksonville for $24.47M [The Real Deal]
Special servicer LNR Partners sold an 18-story landmark in downtown Jacksonville for $24.47 million. Talara Investment Group LLC bought paid $85 per square foot on the Ten-X auction platform for the repossessed BB&T Tower, which has a 63 percent occupancy rate.
› Doral awaits residential projects approved before this year [Miami Today]
Almost every block in Doral awaits a new residential and mixed-used project approved prior to 2018. The centralization of a live-work-play lifestyle only fuels a higher demand for a growing inventory.
› Home prices decelerate in Sarasota-Manatee [Sarasota Herald-Tribune]
Home prices in Sarasota-Manatee rose at a slower pace than the national average during the second quarter. Single-family homes and condominiums sold for a median $250,000 in the April-June period, 4.6 percent higher than one year earlier, real estate database ATTOM Data Solutions reported.