Foreign investment in residential real estate drops in Florida
Foreign buyers spent $22.9 billion between August 2017 and July 2018, down 5 percent from the previous year. They made up 19 percent of the market, compared to 21 percent a year earlier, and purchased 15 percent fewer homes, down to 52,000 properties. See the full 2018 Profile of International Residential Real Estate Activity in Florida and read more from The Real Deal and Miami Agent Magazine.
Hurricane Michael simultaneously devastated the local real estate market and set the stage for the most robust real estate market Bay County has seen in years. The canopy of trees that set the area apart mixed with the 155-mph winds Michael wrought has created a housing crisis in the community. [Source: Northwest Florida Daily News]
Chinese investors who invested $7.3 million through the EB-5 visa program in an office development in Royal Palm Beach want a court-appointed receiver to complete the development. The 13 investors claim the Royal Palm Beach project was a fraudulent scheme to raise capital through the EB-5 program. [Source: The Real Deal]
As soccer grows in popularity in America, so too does the opportunity for real estate investors to seek out new, attractive projects that may be located at some of the more prestigious academies. For buyers and investors, there are a lot of golf properties to choose from in Florida and other places, but not as many soccer-front properties. [Source: Forbes]
After arresting four people — including the owner of a Miami-area realty firm — authorities in Argentina appear to have unraveled the mystery of a $65 million property empire that included luxury condos in South Florida and New York City, as they pursue a major corruption case against ex-president Cristina Fernández de Kirchner. [Source: Miami Herald]
› Florida apartment buyers: Big and bigger [Globe St.]
Tampa-based American Landmark Apartments/Electra America, which calls itself one of the fastest-growing multifamily owner-operators in the US, acquired its 21st and 22nd apartment communities in South Florida.
› 15-story 'micro' housing could rise for Fort Lauderdale's working poor and homeless [South Florida Sun-Sentinel]
The AIDS Healthcare Foundation, an international organization that owns land in Fort Lauderdale, is proposing a 15-story building with affordable housing for low-income residents, and “those previously unsheltered or homeless."
› Jacksonville leads housing forecasts among Florida’s major cities [Home Buying Institute]
Florida’s statewide Realtor association recently issued an overall rosy assessment of the state’s real estate market. Forecasts from other industry groups suggest that home prices in Jacksonville could rise by double digits over the next year, outpacing most other Florida cities.
› Jeff Greene revives One West Palm as real estate deals sizzle [Palm Beach Post]
Palm Beach billionaire Jeff Greene is starting to build One West Palm, a 30-story, twin-tower project that’s been on again/off again for the past two years. The $300 million complex will feature offices, suite-style hotel rooms and apartments.