Coronavirus fears slam real estate stocks amid market sell-off
As coronavirus fears shook markets and led to the steepest stock drop in over a decade last week, usually safe real estate investment trusts tumbled. “We’ve seen massive drawdowns across the entire equity market, and massive panic and sell-offs,” said Alexi Panagiotakopoulos, co-founder of Fundamental Income, sponsor of the NETLease Corporate Real Estate ETF. [Source: The Real Deal]
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Single ladies dominate Florida real estate market, own more homes than single men
All the singles ladies listen up, you now own 1.5 million more homes in 50 of America's biggest metro areas than single men. 'Lending Tree' revealing new numbers from a recent study revealing 4 Florida cities made their top 20 list where single women outpaced single men when it comes to home buying. [Source: FOX 35 Orlando]
Rise in property insurance make commercial real estate investors think twice
A rise in insurance costs is making real estate investors think twice about where and when to buy. Global insurance prices rose nearly 11% in the fourth quarter of 2019, according to a new report by Marsh. It’s the ninth consecutive quarter of price increases. Commercial property in catastrophe-prone areas are seeing the highest increases. That includes places like North and South Carolina that are affected by coastal wind, and Florida that is often plagued by hurricanes. [Source: Mortgage Professional America]
Florida property taxes rank 26th in U.S.
Florida is middle of the road for U.S. states when it comes to property taxes, a new report by the personal finance website WalletHub shows. Florida has the 26th-lowest property taxes in the U.S., according to the report – 2020's Property Taxes by State. The annual tax on a $205,000 home, the median home value in the U.S. in 2018, is an estimated $1,902 in Florida. The median home value in Florida is $196,800. The tax on a Florida home at that value is an estimated $1,827, the report said. [Source: The Center Square]
The owner of a Weston-based brokerage allegedly sent unsolicited spam text messages directing consumers to read home buying articles on her firm’s website, according to a recently filed lawsuit. It’s the latest case brought by a pair of local attorneys targeting brokers and agents who are allegedly breaking federal law that prohibits abusing mass text messaging for unsolicited advertisements. [Source: The Real Deal]
› Real estate firm aims to bring in more agents through million-dollar plan [Business Observer]
A little over a year ago, Mark Coppens started a real estate firm. Now he’s trying to draw more agents to his firm through a program he dubbed the Million Dollar Agent Plan — which aims to turn agents into seven-figure stars. Coppens runs downtown Sarasota-based Living Vogue Real Estate with his wife, Jamie Coppens.
› St. Petersburg wants to charge developers to help build affordable housing [Tampa Bay Times]
City leaders took the first step toward forcing developers to help pay for badly-needed affordable housing. The City Council on Thursday considered charging developers a $1 impact fee per square foot of new residential, industrial and commercial development. The proposal would also charge a 10 cent fee per square foot of new office development.
› Showcasing extraordinary Longboat Key private residences [Sarasota Herald-Tribune]
Five homes that have exceptional appeal for craftsmanship, style, waterfront setting, great outdoor spaces or all of those components will be open to the public for a one-day tour organized by the Longboat Key Garden Club, Saturday, March 7 from 10 a.m. until 4 p.m. Tickets, $30 for all five homes are available at any of the properties.
› This South Florida rental community sold for $58M. Here’s why [Miami Herald]
South Florida’s booming population is helping one real estate firm to buy, flip and sell residential communities for millions. In its latest sale, the real estate development and asset management firm BAR Invest Group sold its townhouse community Serramar at 6701 W. Oakland Park Blvd. for $58 million to the New York-based real estate management firm Milbrook Properties on Thursday.