Higher property tax bills could bring more financial pain during coronavirus pandemic
A bigger-than-expected tax bill couldn’t come at a worse time for people facing a cash crisis because of the new coronavirus. Property values in Florida did well overall in 2019, which could translate to higher property tax bills. The economic fallout from the coronavirus already has resulted in historic unemployment numbers. How much it’ll hurt property values, if at all, won’t be known in the immediate future. More from the South Florida Sun-Sentinel and the Miami Herald.
“We must do better”: Real estate leaders move to address discrimination in industry
Some leaders in the real estate industry — long criticized for its lack of diversity — have begun donating and directing funds to minority-owned companies and civil rights groups, in an effort to provide greater opportunity. Some companies have said they would look internally to make changes, too. [Source: The Real Deal]
A wave of ‘Build for Rent’ communities coming to Florida
With growing demand expected for rentals, companies are looking to South Florida and other parts of the U.S. to cash in on the trend of “Build for Rent” housing — single-family homes developed in groups for the purpose of being rented out instead of sold. Developers such as Toll Brothers, Neal Communities, and ERC Homebuilders are all growing BFR portfolios. “Build for Rent” can apply to a company that builds or manages a whole stand-alone community of single family houses or acquires houses on scattered lots. [Source: Florida Weekly]
Real estate ad dollars vanished as pandemic spread
Eyeballs were looking for real estate to ogle online, but developers pulled back on hawking their properties. The amount developers were willing to spend in April was 26.7 percent lower than in the same month in 2019, a report from real estate advertising agency Knightsbridge Park found. The number of inquiries, known in the industry as goals, from consumers fell by 7 percent. [Source: The Real Deal]
Good news: Rents have dropped. Bad news: South Florida rents are still among the highest in the United States. The Miami area ranked No. 10 out of 100 U.S. metros in the June 2020 Zumper National Rent report. Based on May 2020 data, the median rent for a one-bedroom, one-bathroom unit is $1,750 per month in the metro area, Miami-Dade, Broward and Palm Beach counties. [Source: Miami Herald]
› Tervis puts campus on the market as result of coronavirus [Florida Trend]
Tervis has engaged Ian Black Real Estate as the exclusive listing agent for the drinkware company’s 118,849-square-foot manufacturing campus at 201 Triple Diamond Blvd. in North Venice. “When Tervis went remote due to COVID-19, we learned some valuable lessons,” said Tervis President Rogan Donelly. “Our team members proved to be efficient and productive working from home. And more importantly, they were happy.”
› Fairstead buys Section 8 seniors project in South Florida [Globe St.]
Fairstead, a New York-based real estate firm that specializes in affordable and mixed-income housing, has purchased a 123-unit Section 8 housing development for the elderly in South Florida for $29.5 million. Fairstead plans invest in a multimillion-dollar rehabilitation of the complex at 5010 N Nob Hill Road in Sunrise, Florida, in Broward County, including renovations of the apartments to include new kitchens, baths, flooring, windows, and air conditioning.
› Luxury real estate firm Douglas Elliman launches new group in St. Petersburg [Tampa Bay Times]
Luxury real estate mega-firm Douglas Elliman is forming a new group as part of its St. Petersburg operation, it announced this week. The DiMartino Krawczyk Group will be led by Jim DiMartino and Lauren Krawczyk, and will be comprised of agents who were formerly in the Strickland Group, which was bought by Douglas Elliman in January 2019.
› Northwest Florida Fairgrounds for sale? [Northwest Florida Daily News]
City officials eventually might try to sell the property that contains the Northwest Florida Fairgrounds. At a workshop on Tuesday, the City Council discussed the possibility of declaring that parcel and nine others around the city as “surplus” properties, or ones the city might not have a need for any longer. Revenue from the sale of such parcels would be used to help pay off the debt borrowed to build the city Recreation Center and, more recently, to develop the field office complex.