Mother’s Day is better known as “Landlord’s Day” for many millennials
This Mother’s Day could conceivably double as “Landlord Appreciation Day” for many millennials who still live at home. To celebrate the holiday, Zillow studied where millennials — defined as people aged 23 to 37 — live with their mothers across 50 major U.S. regions. According to the study, Riverside and San Bernardino counties in California topped the rankings with 35.4 percent living at home. Miami-Fort Lauderdale was a close second with 34.8 percent. [Source: The Real Deal]
One in 487 properties in Florida started the foreclosure process during the first quarter of the year -- the fourth highest foreclosure rate in the nation, according to an ATTOM Data Solutions analysis of property data. A total of 2,014 properties in the state had foreclosure filings during the first three months of 2019, the data showed. [Source: Florida Watchdog]
A Florida developer is drawing up plans for a project aimed at aging baby boomers who want to live in downtown Chicago. Called Vertical Medical City, the project highlights a broader trend in real estate that’s well underway. Investors and developers have been pouring money into senior housing, assisted living facilities and medical offices, betting demand for the properties will grow as boomers get older. [Source: Crain's Chicago Business]
A tech-oriented Florida independent brokerage on Wednesday unveiled a years-in-the-making software platform for its agents as it plots an expansion across the Sunshine State. Mainframe Real Estate‘s platform, called Automated Back End, or ABE for short, has been in the works since 2012, company founder and CEO Sean Frank told Inman. [Source: Inman]
The nation's fourth largest real estate firm, New York-based Douglas Elliman, announced in February that it was moving into the Tampa Bay market through the purchase of St. Petersburg's Strickland Property Group. The acquisition boosted Elliman's presence in Florida to 22 offices — all on the east coast except for St. Petersburg — with more than 1,100 agents. Total sales volume last year was $4.7 billion. [Source: Tampa Bay Times]
› In metro Orlando, housing prices hit teachers especially hard, new study shows [Orlando Sentinel]
In the metro Orlando area, more than a quarter of teachers who are the primary wage earners for their families are now “cost-burdened” – meaning they spend more than 30 percent of their income on housing.
› South Florida office market has upside potential for developers [The Real Deal]
South Florida office vacancy rates are likely to remain low this year as the area’s inventory of office space grows at a moderate pace, a panel of commercial real estate experts said Wednesday.
› Seven developers want to build on former St. Petersburg police station property [Tampa Bay Times]
City officials received seven proposals to redevelop the former police station headquarters, which is being vacated as the department moves into its new station across the street. Details of the proposals, which were due by 10 a.m. Friday, were not released, though officials provided the names of the developers.
› LAB Miami partners launch $50M proptech fund [The Real Deal]
The partners behind the LAB Miami, a co-working space, are launching a proptech fund with the goal of raising $50 million, The Real Deal has learned. Thomas “Tigre” Wenrich, CEO of the LAB Miami, and his partners, Juan Pablo Cappello, Marco Giberti and Eduardo Barco plan to announce the fund at their Future of Real Estate Tech Summit next week.