These Florida housing markets changed the most in a decade
These Florida housing markets changed the most in a decade
At the start of the decade, Florida was the epicenter of the foreclosure crisis. But as 2020 arrives, a dramatic turnaround finds the Sunshine State enjoying one of the most robust post-crisis recoveries in the nation, according to a new report from Redfin, a technology-minded real estate brokerage. Leading the charge in South Florida: Broward, where the median home price increased 161% from $106,000 at the beginning of 2010 to $278,000 at the end of 2019, according to Redfin. [Source: Miami Herald]
House votes to lift SALT deduction cap
House Democrats on Thursday passed a bill that would ease the state and local tax deduction cap that shook the residential real estate market in New York and other high-tax states. But the “Restoring Tax Fairness for States and Localities Act” has little chance of getting anywhere in the Republican-controlled Senate. [Source: The Real Deal]
Column: Know the tax benefits of owning rental real estate
Many landlords who hold rental real estate don’t know all the rules or take the time to use that rental real estate to their advantage for tax purposes. For example, pretty much everything that you spend on the rental property is deductible; however, some of those costs need to be capitalized and depreciated over time. [Source: Florida Today]
Will real estate prices continue to climb? Experts offer predictions for 2020
Will 2020 bring a buyer’s market to Miami residential real estate? What is the next hot office market? Will online shopping grow, bringing more demand for warehouses needed to store those goods? See what the experts have to say. [Source: Miami Herald]
Florida SBA approves $188m worth of real estate investments
Florida State Board of Administration (SBA) has approved $188 million worth of new real estate investments. The $205 billion pension fund said, as part of its direct owned separate account real estate portfolio, it has made a $113 million equity investment into MWP Office, a 665,000sqft office building development in Atlanta. Florida SBA said it has also made a $75 million commitment into an unnamed Asia industrial real estate investment fund. [Source: IPE Real Assets]
$875 million
Michael Dell’s MSD Partners paid $875 million for the 1,047-room Boca Raton Resort & Spa. That price tag breaks down to $589.7 million for the resort, including furniture, fixtures and equipment, and $285.3 million for the Premier Club. [Source: The Real Deal]
› South Florida’s top multifamily deals of 2019 [The Real Deal]
Institutional investors continued betting on South Florida’s multifamily market in 2019, paying top dollar for new or recently built rental communities. The buyers, who include the Blackstone Group and real estate investment trust NexPoint Residential, are betting on the region’s continued population growth and a national shift from home-buying to renting.
› St. Petersburg entertains offer for prime downtown real estate [Tampa Bay Times]
The city has owned prime downtown real estate on Central Avenue since the sleepy days of St. Petersburg, before there were high-rises, restaurants and a thriving nightlife scene. Now, with downtown bustling and only getting bigger, city officials want to let that land go.
› Florida real estate developer creates first single family home to receive LEED Zero certification [Environment & Energy Leader]
Pearl Homes, a developer of sustainable smart home communities and a LEED-certified residential developer, recently announced that it has fulfilled the requirements of LEED Zero Energy, as verified by Green Business Certification Inc., for its Hunters Point resort unit in Florida.
› Private Jacksonville investor acquires Regency Point shopping center [Florida Times-Union]
A Jacksonville-based private investor is the new owner of the Regency Point retail center across the street from Regency Square mall, according to commercial real estate firm Franklin Street, who represented the seller, Sand Capital of Phoenix.