Millennial home buyers flocking to South Florida
Millennials represent the largest share of the home buying population in the country, making up about 34 percent of buyers. Florida is among the top 10 states in the country for millennial home buyers and real estate agents believe there is a reason behind that, in the form of no state income taxes. [Source: WPTV]
For real estate owners and developers, being underwater has long been metaphoric shorthand for stressful times, when property debt exceeds property value, or expenses exceed income. But the term now has new meaning: Real estate property could actually be underwater because of future climate change. [Source: Washington Post]
The FBI is looking to clamp down on foreign corruption with a new task force in Miami, a city that has long served as a gateway for illicit money laundering. The squad will concentrate on Miami and on international corruption in South America. The FBI said it often finds people hiding their money in luxury South Florida real estate and and luxury boats. More from The Real Deal and the AP.
Rising commercial rent in downtown St. Petersburg, Florida is forcing some business owners out. Two who spoke to FOX 13 News said they've recently gotten new landlords. Since then, their rents have doubled or tripled and they can't afford to stay. The city said it is trying to help, but businesses say the help is coming too late. [Source: FOX 13 News]
Strong demand for housing last year kept home prices surging, and that means more homeowners are now sitting on more cash in the form of home equity. Homeowners in Western states saw the biggest annual increases in home equity, with Nevada homeowners now about $29,000 richer. Idaho homeowners gained close to $27,000 and Californians just short of $20,000. Washington state, New York and Florida homes also saw big equity gains. [Source: CNBC]
› Central Florida housing advocates push for affordable homes amid rising rents [WMFE]
With rent prices and Central Florida’s population on the rise, many residents are having a hard time finding housing within their budgets. The Sadowski Coalition is a collection of more than 30 statewide organizations that sets aside funds for affordable housing.
› Two of Miami’s top real estate brokers are merging. Meet The Jills Zeder Group [Miami Herald]
Forget the old adage of never mixing business with family. Three formidable families of Miami’s real estate industry are joining forces — and brand names. The Jills, the Miami Beach-based realty brokerage specializing in high-end luxury homes, and The Zeder Team, the mother-daughter-son team that focuses on Coral Gables, Coconut Grove, South Miami and Pinecrest, are merging to form The Jills Zeder Group.
› January sales of Naples homes dropped 6% [The Real Deal]
January sales of houses and condos in the Naples area fell to 588, down 6 percent from last year’s level. The Naples Area Board of Realtors also reported that the area’s inventory of houses and condos listed for sale fell rose to 8,154 in January, a 7 percent increase from the same month last year.
› CBRE buys Florida valuation firm [Real Estate Weekly]
CBRE announced the acquisition of Florida Valuation Group, a commercial real estate appraisal firm that specializes in right-of-way appraisal and litigation support related to eminent domain proceedings across Florida and the Southeast.