Home flipping is at highest rate in nearly a decade
Last year, the home flipping rate across the country was down to its lowest levels in three years amid a slowing housing market. Today, the housing market is still stuck in neutral but the home flipping has definitely picked up. The new findings suggest that home flippers may be looking to exit the market before it softens any further. [Source: The Real Deal]
When it comes to renting a place to live, Miami-Dade is one of the most expensive large counties in the nation, according to U.S. Census data. In 2017, Miami-Dade renters spent more than 38 percent of the median household income on rent. That made renting here more expensive than the counties that are home to Los Angeles, Brooklyn, N.Y., and Chicago. [Source: Miami Herald]
Florida’s real estate license renewal fees will be reduced for two years according to a June 5 press release by Governor Ron DeSantis and the Department of Business and Professional Regulation (DBPR). The Florida Real Estate Commission (FREC), a professional regulation board, recently approved the two-year reduction of biennial license renewal fees for certain active licenses beginning with the renewal cycle for licenses expiring September 30, 2019. See the announcement here and read more from the Navarre Press.
Palm Beach County’s iconic Boca Raton Resort & Club has been sold for nearly a half-billion dollars. The buyer is a New York company affiliated with computer-maker Michael Dell, the billionaire entrepreneur who founded Dell Technologies. [Source: South Florida Sun-Sentinel]
For the first time since 2012, home prices are falling in metro Orlando, new data and real estate experts say. After seven years of month-over-month increases, the median price of a Central Florida home dropped in May, according to real estate tracking service Zillow. It ends an incredible 86-month streak where the value of the median home shot up 94% to $239,200, Zillow said. [Source: Orlando Sentinel]
› Once king of foreclosures, David Stern loses money on Hillsboro Beach sale [The Real Deal]
Florida’s former foreclosure king sold a home in Hillsboro Beach at a loss for $7.5 million. David J. Stern, a disbarred lawyer, sold the 5,275-square foot home at 925 Hillsboro Mile for $1,421 per square foot, records show. Thomas O. Katz of Boca Raton bought the home.
› Amazon Ruskin sale shows investors remain bullish on Tampa-area industrial properties [Business Observer]
A surge in population along the Gulf Coast, combined with macro-economic changes in the way goods are distributed to consumers, is fueling a wave of new entrants into the region’s industrial property market. Most recently, the trend manifest in Industrial Logistics Properties Trust’s $123 million deal for an Amazon-occupied fulfillment center in Ruskin.
› Growth of Sarasota-Manatee home prices lags state, U.S. [Sarasota Herald-Tribune]
Home prices in the Sarasota-Manatee have again fallen short of gains in the state and nation. Single-family home prices rose 3.15% in April over the year in the two-county region, real estate database CoreLogic reported Tuesday. That lagged behind the Florida increase of 4.0% and the U.S. hike of 3.6%.
› Florida Realtors, Federation of All Real Estate Associations of Turkey sign cooperative agreement for the future [Sarasota Magazine]
Florida Realtors and the Federation of All Real Estate Associations of Turkey (TEMFED) signed a joint memorandum of understanding in Davie, FL. The memorandum establishes the cooperation of the two realtor organizations in developing a mutually beneficial relationship for their respective members, setting the stage for increased business opportunities on a global scale.