Florida remains a hotspot for commercial real estate development
It’s not just your imagination: Florida is booming. The state ranked fifth in the U.S. for all commercial real estate development, according to an annual survey by an affiliate of the National Association of Industrial and Office Parks. The Sunshine State trailed only Texas, New York, California (perhaps no surprise there) and a sleeper — Tennessee. In all, Florida commercial real estate projects pumped $20 billion into the state’s economy last year and supported more than 161,000 jobs. More from the Business Observer.
Prospective investors from the Indian subcontinent (India and Pakistan) have recently demonstrated very high levels of interest in Miami and South Florida real estate, but economic and logistical realities are keeping a true groundswell of investment at bay — for the moment. Each year, the Miami Association of Realtors announces the list of foreign countries that searched for residential properties on its web site, and India was a surprise at the No. 2 ranking for 2018, with Pakistan close behind at number five. [Source: Miami Herald]
The world of AI and technology, especially in the housing industry, is altering how many view real estate agents and the role they play. A Harris Poll from April 2019 found that 72% of Americans believe the real estate commission of 6% is too high, and 74% of Americans would like to have an alternative to traditional real estate agents. This alternative might be something we use every day—technology. [Source: The M Report]
What’s in a name? The Florida Real Estate Commission wants you to know. New advertising regulations enacted this month require agents to adhere to a slew of new rules concerning team names — including one that requires the company logo to be at least as large as their own team. Effective July 1, the FREC rules allow agents to call themselves a “team” or “group,” but prohibit the words “agency,” “associates” or any other word “suggesting the team or group is a separate real estate brokerage or company.” [Source: The Real Deal]
Homeownership may be famed for its headaches, from bidding wars to get in the door to the constant drumbeat of repairs around the house, but renters don’t have it easy either. In fact, renters are the ones with more regrets, according to a recent Zillow Housing Aspirations Report. One of their biggest regrets is being a renter in the first place. In this semiannual survey of 10,000 homeowners and renters in 20 of the country’s largest metro areas, 45% regret renting rather than buying, which is more than five times the share of homeowners (8 percent) who regret buying instead of renting. [Source: Tampa Bay Times]
› Independent Southwest Florida realtors find a better model to sell homes [Business Observer]
Veteran Southwest Florida real estate brokers Greg and Kathy Zorn faced a business-altering decision in 2017: continue as the independent, dual office Florida Home Realty they had operated for decades or disrupt their business model by aligning themselves with a national brand.
› Study: It's now even harder to find affordable housing in Florida [WJCT]
Floridians must work the equivalent of three full-time minimum wage jobs just to afford a modestly priced two-bedroom apartment in the state. The number of hours someone earning Florida’s minimum wage must work to afford the rent on such a home increased from 104 work hours per week in 2018 to 108 hours this year, according to the National Low Income Housing Coalition.
› Florida city wants homeowners to raise their homes to protect against flooding [Realty Biz News]
Government officials in flood-prone areas are trying to make it cheaper for homeowners to raise their properties in order to help protect them against the threat. Flooding is one of the major threats to homes in low-lying coastal areas, and the problem is being compounded by increasing federal flood insurance premiums.
› Historic Tampa home that once showcased Princess Diana's dresses is on the market for $2.9 million [Tampa Bay Times]
It is one of Tampa's most eye-catching houses, a stately red Victorian seen by thousands of motorists a day heading to Davis Islands or Bayshore Boulevard. The Anderson-Frank House, built in 1901 and on the National Register of Historic Places, has served as a Red Cross shelter, a ladies' club, a showcase for Princess Diana's gowns and most recently, a combination residence and law office.