Home sales down statewide in January
Sales of single-family homes around the state were down in January, as were sales of townhouses and condos, when compared to January 2018, according to new data published by Florida Realtors. In January, the organization recorded 15,526 home sales, down 6.2 percent from a year prior, and 6,739 townhouse and condo sales, down 10.9 percent from a year prior. See the press release from Florida Realtors and read more from Sarasota Magazine, Builder Online, and National Mortgage Professional Magazine.
» Pinellas County home sales plunged in January to lowest level in at least four years
» Palm Beach County home sales fall to slowest pace in years
» South Florida home sales off to sluggish start in 2019
Starting in 2023, no new building permits will be issued in the Florida Keys, a stipulation of a 1970s state mandate aimed at controlling development in the environmentally sensitive archipelago and ensuring timely evacuation of tourists and residents in the path of hurricanes. More from the Miami Herald and the AP.
As Venezuela descended into economic turmoil in recent years, real estate values plummeted and investors looked elsewhere, including to South Florida. Eventually, that too dried up, as the government’s grip tightened and the country grew more isolated. Now, as Venezuela’s opposition leader vies for control amid a humanitarian crisis, some of those investors are turning their attention back to the country, sensing or hoping for a light at the end of the tunnel. [Source: The Real Deal]
In Florida, you will see a bewildering mix of optimism, opportunism and denial in the real estate market: luxury condominiums going up in flood-prone South Beach, and property values rising in the vulnerable Keys, post-Hurricane Irma. And though the House of Representatives passed a bill to require real estate agents to disclose flood risks, the Senate has not reviewed it, and a culture of “systemic, fraudulent nondisclosure” persists in high flood risk areas. More from Archinect and the Guardian.
Here’s how to start off your new year with a bang: Since Jan. 1, brothers Tal and Oren Alexander, who oversee a 10-person team of brokers at Douglas Elliman Real Estate, have worked on three deals worth nearly a half-billion dollars. In just 10 years, the Alexanders have established themselves as major players in an industry that often takes decades to crack: The competitive world of ultra-high-end real estate.[Source: Miami Herald]
› Tampa firm buys Lakeland apartments [Business Observer]
A Tampa firm has set a new pricing record with its $50 million purchase of a Polk County apartment complex, property records indicate. Blue Roc Premier’s acquisition of the 352-unit Victoria Landing apartments — since rebranded as the Park at Palazzo — is the third Lakeland multifamily rental property it’s purchased.
› Downtown Sarasota retail complex fetches $24.62 million [Sarasota Herald-Tribune]
A subsidiary of New York Life Insurance Co. has paid $24.62 million for The Shoppes at Sarasota Row, the retail complex that is home to downtown’s Whole Foods Market. Consolidated-Tomoka Land Co., the seller, listed the 3.9-acre property at 1451 First St., which is fully leased with 59,341 square feet of space, in November.
› Family of the late Wayne Huizenga to offer his riverfront estate in 3-day online auction [The Real Deal]
An auction is scheduled for a riverfront estate in Fort Lauderdale owned by the family of the late billionaire H. Wayne Huizenga. Soon after the death of the businessman and sports team owner in March 2018, his family listed the estate with an asking price of $26.95 million.
› Real estate deal ushers fast-growing Compass into Palm Beach [Gainesville Sun]
After eight years in business, Hall Real Estate has become the latest independent brokerage in Palm Beach to join a national real estate company looking to expand its presence in South Florida. New York City-based Compass late last week closed a deal with broker Stephen Hall to effectively dissolve his Hall Real Estate agency.