Forecasts for the housing market in 2019
In its U.S. economic and housing market outlook for 2019, CoreLogic economists forecast growth in home prices to drop by one percentage point as higher interest rates impact the mortgage market, homeowners have an incentive to retain their current low-rate mortgages and new listings. But Florida’s housing market is projected to do very well next year. [Source: Sarasota Herald-Tribune]
In the last cycle, the Miami-Fort Lauderdale real estate market has given rise to audacious and groundbreaking architecture. Looking to outdo their peers and competitors, some local developers have enlisted the services of global A-list building designers. Even mundane commercial projects such as parking garages and train depots are now getting artistic treatments, making them signature structures in South Florida. [Source: The Real Deal]
The number of vacant homes in Florida was more than 144,000 in the third quarter of the year, a 3 percent decrease over what it was a year ago, according to new real estate numbers reported by ATTOM Data Solutions. Florida had the eighth highest home vacancy rate among the 50 states and District of Columbia in the analysis. [Source: Florida Watchdog]
A federal agency’s refusal to issue new flood insurance policies could jeopardize some home sales in Southwest Florida. The Federal Emergency Management Agency said it will not extend the National Flood Insurance Program during the partial government shutdown, putting a freeze on new and renewal policies. More from the Sarasota Herald-Tribune and the Miami Herald.
The new Miami-Dade County civil courthouse. The upscale E11even strip club. South Florida real estate allegedly used to launder money embezzled from Venezuela’s state-run oil company. And the real estate agent who was fired after a Twitter video showed her mocking Andrew Gillum supporters at an election protest. These are some of the real estate stories that intrigued readers this year. [Source: Daily Business Review]
› Kim and Kanye take Miami? Couple buying condo at Faena House [The Real Deal]
Kim Kardashian and Kanye West are under contract to buy Alex Blavatnik’s unit at Faena House in Miami Beach. The couple is buying unit 5A at the Norman Foster-designed luxury beachfront tower at 3315 Collins Avenue, according to Page Six.
› Commercial growth strong for St. Johns County in 2018; outlook good for 2019 [St. Augustine Record]
By pretty much any measure, 2018 was a good year for commercial growth in St. Johns County. There’s reason to think 2019 will be the same. A still-rising powerhouse for residential growth in recent years, retail, office and other business development has continued to thrive, relative to the size of the county.
› Inventory increases in Bonita Springs and Estero markets [Naples Daily News]
According to the Bonita Springs-Estero REALTORS® (BER) Media Committee, currently available inventory, especially in the condominium market, has increased by 61 units for single-family homes and 74 units for condominiums.
› Orlando real estate buyers accuse sellers of breach of duty [Florida Record]
Two real estate buyers are suing a broker and an agent, alleged breach of duty and negligence. Jorge Perez and Luis Delgado filed a complaint Dec. 5 in Orange County Circuit Court against Walker and Tudhope PA and Luxury Realty Inc., alleging failure to exercise reasonable care in obtaining or communicating important information.