Housing sales, inventory trending up in Florida
Florida’s housing market reported more closed sales, rising median prices and more new listings in October compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 22,272 last month, up 8.5 percent compared to October 2017. More data in this report from Florida Realtors, includes video about the research.
Rising interest rates are having a ripple effect across the housing market as the Federal Reserve increases borrowing costs. Analysts expect the Fed to raise rates again in December and possibly a few times in 2019. Areas with strong job or population growth, like Florida, may be able to weather higher mortgage rates, analysts say. [Source: US News & World Report]
So long are the days of scrambling to find a notary, or inviting a stranger into your home to notarize a deed or mortgage. George Trepanier is the first Southwest Florida resident to complete a real estate transaction completely online. He was able to video chat with a notary, sitting in a different office in a different state helping to complete the process. [Source: WBBH]
Florida has nearly 1.8 million federal flood insurance policies in place — the most of any state. And it would seem to have much to lose in delayed home sales. However, two Southwest Florida veterans in real estate and lending are reasonably confident that calamity will be averted. [Source: Fort Myers News-Press]
When Triple Five Group gained approval from Miami-Dade County commissioners earlier this year to build the largest mall in America, the news brought national interest to South Florida’s real estate market. Now a number of other major developments are in the works. [Source: The Real Deal]
› How Aventura is preparing for the next 10 years of growth in real estate [Miami Herald]
Over the past five years, major upgrades to quality of life in Aventura have set the stage for another decade of growth in residential and commercial properties, and a population increase as the quality of life rises again.
› Orlando area remains in the #2 spot for Florida’s international homebuyers [The Apopka Voice]
Orlando was Florida’s second most desired destination of foreign homebuyers in 2018 and captured 9.4 percent of the state’s market share (11 percent in 2017 and 12 percent in 2016). Only the Miami-Fort Lauderdale-Miami Beach area, which drew a whopping 53.7 percent of all Florida international transactions, topped Orlando. The Tampa-St. Petersburg-Clearwater area came in third with 9.0 percent.
› Compass Florida launches Cape Coral office [Cape Coral Daily Breeze]
This week, Compass Florida announced that it will open its newest location in Cape Coral. After the success of opening its Naples location this past summer, the firm recognized a demand for a second office in Southwest Florida.
› Another developer buys land in Wynwood — and could bring the neighborhood its first hotel [Miami Herald]
Real estate investment in Wynwood continues to accelerate, with yet another major firm plunking down big money for land in the neighborhood. Quadrum Global, an international investment management firm headquartered in London, has paid $8.5 million for an assemblage of three parcels.