When Baby Boomers die, their homes hit the market. Nowhere more than Tampa Bay
When Baby Boomers die, their homes hit the market. Nowhere more than Tampa Bay
Baby Boomers keep getting older, and that has consequences for the economy. The huge number heading toward — or already in — retirement has already left a lasting impact on the job market. Now come questions about what will happen as they sell their homes, due to downsizing or death. Ground zero for the trend: Tampa Bay. [Source: Tampa Bay Times]
See also:
» Boomers likely to gridlock the housing market in 2020
This $4.2 million downtown Miami luxury loft is state of the art
Now that you’ve bought the perfect pieces at Art Basel, you’ll be needing a home in which to display them — and this $4.2 million luxury loft in downtown Miami would be a great palette for any art collector. The 7,110-square-foot tri-level unit has five bedrooms and five baths. It’s in a six-story building called Parc Lofts, which consists of 72 loft-style units, and is at 1749 N.E. Miami Court. [Source: South Florida Sun-Sentinel]
Real estate events this week aim to aid investors, developers, general contractors
Real estate discussions happening this week in South Florida focus on investors as well as construction trends in the region. One featured event: The Millionaires Real Estate Investment Group, a Davie-based private investment group and consultancy firm, will host a free workshop on real estate investment tips on Wednesday. [Source: Miami Herald]
This Old House: It tells the story of Tampa Bay’s boom-bust-boom real estate market.
As Tampa Bay cycled through boom, bust and back to boom, 360 houses in Pinellas and Hillsborough Counties sold at least five times between 2005 and this November, property appraiser records show. None tells the story of the bay area’s turbulent real estate market better than a certain house on Pineview Avenue in Clearwater. [Source: Tampa Bay Times]
Hedge fund billionaire buys Florida mansion for $111 million, setting state record
Hedge fund billionaire Steven Schonfeld and his wife bought a sprawling Palm Beach estate for $111 million, making it the most expensive home ever sold in Florida. The estate, sold by hair-care mogul Sydell Miller, has more than 70,000 square feet of living space, with 11 bedrooms, 22 bathrooms, a bowling alley, salon, spa, ice cream stand and candy parlor. It had been listed for $200 million. [Source: CNBC]
$7.9 million
Music producer/rapper Timbaland has added another mansion to his portfolio of Miami residential properties. The Grammy award winner paid $7.9 million for a seven-bedroom, eight-bathroom, 8,600-square-foot spread in the Coral Gables gated community of Hammock Lakes. [Source: Miami Herald]
› Aventura investor sells Southwest Florida apartments for $65.2M [Daily Business Review]
Value-add real estate deals are getting more difficult to find, so one Aventura investor got creative. Meyers Group bought a new multifamily community in Southwest Florida over three years ago for $55 million and sold it after upping rents for $65.2 million.
› Related Cos. revives plans for West Palm office tower [The Real Deal]
The Related Companies is bringing back plans to build a 25-story office tower in downtown West Palm Beach. Related, led by Miami Dolphins owner Stephen Ross, will go before the city’s Downtown Action Committee on Wednesday.
› Home price growth cools in Sarasota-Manatee [Sarasota Herald-Tribune]
Home price growth in Southwest Florida again failed to keep pace with state and national gains. Single-family home prices grew a modest 1.25% in October over the year in the Sarasota-Manatee region, real estate database CoreLogic reported Tuesday. That was slower than the home price increases of 3.9% in Florida and 3.5% across the U.S. It also was well off the 4.2% annual gain posted in October 2018.
› Miami Beach “ban” on short-term rentals ruled illegal [National Law Review]
In recent years, online platforms like Airbnb and HomeAway have made it easier for property owners to enter into the short-term rental market, which allows property owners to generate supplemental income and defray the cost of maintaining their real estate. The emergence of this “industry,” however, has faced resistance from neighboring property owners and local governments over concerns that transient occupancy negatively impacts property values, as well as general concerns for the health, safety, and welfare of the community.