Homes sales down by third in Florida area hit by storm
A new report shows how much Hurricane Michael has affected home sales in the area of the Florida Panhandle where it made landfall last October. Sales of townhouses and condos were down almost 30 percent in the last quarter. By comparison, statewide sales of single-family homes were up a tenth of a percent year-over-year, and sales of townhouses and condos were up almost 2 percent. More from the AP and the Panama City News Herald.
The continued shortage of qualified labor in construction trades will continue to drive up wages and put a strain on the supply and pricing of new homes in 2019, says Ryan Benson, president of the Collier Builders Industry Association and president of A Vernon Allen Builder in Naples. [Source: Business Observer]
With waterside land scarce in Miami proper, developers are looking north to a small community called Hallandale Beach. Hallandale Beach, once known best for political scandals and a horse-racing track, is sprouting luxury homes and fast-rising prices [Source: Wall Street Journal]
Jorge Pérez is chairman and CEO of Miami’s Related Group. Since 1979, the 300-person firm has built, renovated or managed more than 90,000 units. In a year or two, the senior Pérez, called Miami’s “condo king,” plans to relinquish the president title to his son Jon Paul, but will remain the company’s chairman. [Source: Commercial Observer]
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» Profile: Jorge Perez and his Related Group
Orlando and Palm Beach are two of Florida's most popular destinations, but that doesn't make either of them the best place in the state to buy a home. That's according to financial website GOBankingRates, which used data from real-estate websites Zillow and AreaVibes, to find "the best place to buy a home in every state based on the quality of the area and sort of value you can expect based on the local housing market." [Source: CNBC]
› Tampa real estate brokerage acquires rival, doubles in size [Business Observer]
Pineywoods Realty has acquired Brandon-based Kings Realty & Property Management, doubling its property management portfolio to more than 1,000 doors and adding 10 new property managers to its team.
› Real Estate Matters: What’s behind Southwest Florida's dropping home sales? [WINK News]
Southwest Florida’s once thriving real estate market has taken a turn downward. January existing home sales were the lowest in ten years. Condo sales are down as well.
› Miami-based firm buys office park in Cypress Creek for $29.25M [The Real Deal]
Miami-based YMP Real Estate Management acquired an office park in the Cypress Creek area of Fort Lauderdale for $29.25 million. YMP bought the 237,682-square-foot Lakeshore Business Center from Boca Raton-based Morning Calm Management for $123 per square foot.
› Sleepy South Walton wakes up as growth takes hold [Northwest Florida Daily News]
The once rural area of South Walton is no more. Construction crews and development signs fill the landscape along the approximate 32-mile stretch of U.S. Highway 98 toward the Bay County line.