Could coronavirus change future office needs?
COVID-19 is slowing activity in South Florida’s office and retail markets, according to local brokers. And the impact may last beyond a few weeks. “There’s more of a short-term effect on the retail market. Less people are going to be shopping and dining out. That will bounce back,” said Ken Krasnow, the vice chairman of institutional investment services for Florida for Colliers International. “We are starting to hear about long-term impacts on the office market.” [Source: Miami Herald]
Reinsurance costs are going up. Here’s what that means for property owners
Here’s a grim note for the budget: the cost of insuring real estate is going up. Again. A sure sign: Reinsurance companies — the ones that sell insurance to insurance companies — have increased rates between 10% to 60% for insurance companies in South Florida, local insurance experts said since 2018 . [Source: Miami Herald]
This weekend’s open house? You’ll have to tune in via livestream
You can forget about having Purell and booties at the door. A growing number of startups and agents are embracing video tours and virtual houses amid the global coronavirus outbreak. According to Keyo CEO Kiran Bellubbi, the company had been offering video tours on an as-need basis, but launched video tours for all of its exclusives in recent week. The tours are conducted via Keyo’s proprietary app. [Source: The Real Deal]
Rubio wants to increase scrutiny of foreign home buyers in Miami with new legislation
Miami residents are competing for housing with foreign and out-of-state buyers, who are often able to pay cash and above asking price, and their ability to keep pace is dwindling as local wages remain stagnant. In response, Florida Republican Sen. Marco Rubio is introducing a bill that would reduce foreign speculation of residential real estate in urban centers like Miami by increasing the tax rates of real estate sales by foreign investors. More from the Miami Herald and Florida Daily.
It’s possible you may see fewer for sale signs and more sold signs out in front yards. Local realtors say the coronavirus has not affected their business. In fact, realtor Jerry Osinski says it’s been his best month this year. With fears of corona virus spreading, real estate agents are actually selling more homes in Southwest Florida [Source: WINK News]
› Gainesville market enjoys high student housing demand [GlobeSt.]
Availability of high-quality student housing often tips the scale when students are deciding which college to attend. Tom Godart, managing director of Fort Lauderdale-based Godart Florida Real Estate Investments, tells GlobeSt.com that the current trend in student housing is leaning toward coed dorm communities, meaning coed residential floors, and sometimes even bathrooms.
› A familiar face spent $2.3M on a Gables retail space. He’s banking on the future [Miami Herald]
The rise of Plaza Coral Gables, the largest mixed-use project in Gables history, has motivated one real estate investor to buy more commercial real estate in the neighborhood. He dropped $2.3 million on a former dry cleaners location with a long-term plan for redevelopment.
› Palm Beach real estate pros upbeat, say minor slowdown possible [Palm Beach Post]
After a week during which fears about coronavirus-related illness soared while the stock market reeled, Palm Beach real estate professionals were remarkably calm Friday, by and large hopeful that the island’s enduring property values will help it weather both storms. But, they cautioned, it’s too soon to predict the ultimate effects of the fallout — economic and otherwise — from COVID-19, the illness caused by the novel coronavirus.
› Equity grows for Sarasota-Manatee homeowners [Sarasota Herald-Tribune]
Rising home values are helping Southwest Florida homeowners feel a little wealthier these days. Homeowners throughout the state gained an average $6,735 in home equity over the year, according to data provider CoreLogic. But that was less than the $7,343 added by the average U.S. homeowner.