Home prices in Florida and Arizona expected to drop due to COVID-19 “perfect storm”
Despite home prices increasing 4.8% year over year in May, a report by CoreLogic predicts home prices will stall over the summer and estimates a 6.6% decline by May of 2021. “States like Arizona and Florida faced the perfect storm of elevated COVID-19 cases and the subsequent collapse of the spring and summer tourism market, which curtailed home-purchase demand enough to keep a lid on home price gains over the coming year,” CoreLogic said. More from Housing Wire and Barron's.
Companies were planning on moving to South Florida. Then COVID hit
For a moment, South Florida was sitting pretty: Out-of-town real estate deal hunters were coming to the region seeking refuge from the coronavirus pandemic. As the MIAMI Association of Realtors put it in its May release, “The COVID-19 situation has accelerated the trend of home buyers from New York and cold weather and tax-burdened Northeastern states searching and purchasing homes in South Florida. Now, real estate experts say, Florida’s surging coronavirus outbreak has halted the trend in its tracks. [Source: Miami Herald]
Florida enacts uniform commercial real estate receivership act
On June 27, Gov. Ron DeSantis signed the Uniform Commercial Real Estate Receivership Act (UCRERA), which became effective on July 1. The UCRERA codifies existing Florida common law regarding commercial foreclosures as a remedy to stakeholders and provides much needed uniformity. In light of the effects COVID-19 has had on commercial businesses, the UCRERA offers effective remedies and procedures to protect creditors’ interests in commercial real property in Florida. [Source: National Law Review]
Expert: How to get more black representation in real estate
The U.S. real estate industry has been called the "least diverse industry on the planet" by an August 2013 NAIOP report called Focus: Employment in Commercial Real Estate Industry. Of course, that's also a missed opportunity for black Americans, as the lack of diversity excludes them from a profession that generates $300 billion in annual revenue. In addition, experts say commercial real estate can help develop skills to buy property personally, which can build generational wealth. [Source: Orlando Business Journal]
While owning a home is considered one of the most effective ways of building wealth, the high cost of South Florida housing has taken a toll on home-ownership rates. But the rates for Blacks and Latinos have dropped twice as much as whites, according to a new study by online brokerage Redfin. [Source: Miami Herald]
› See how Miami's residential real estate value compares to other U.S. cities [South Florida Business Journal]
Miami ranks among the Top 10 U.S. cities with the highest residential real estate value. The Magic City ranked as the city with the No. 7 most valuable residential real estate, the highest ranking in Florida. Miami has a $774 billion in total residential real estate value with a median value of $297,000.
› Real estate developers won't rename 'plantation' properties in Florida [USA Today]
Developers of several communities in Volusia and Flagler counties that carry the name “plantation” said they have not received complaints, and they do not plan to change the names. Volusia and Flagler counties are home to several “plantation” communities. They include Halifax Plantation, Plantation Oaks of Ormond Beach and in Flagler, Sugar Mill Plantation and Plantation Bay.
› Construction of Seagate’s Burrata model progressing as planned at Miromar Lakes [Naples Daily News]
Seagate Development Group announced that construction of its furnished Burrata model in the Ancona neighborhood at Miromar Lakes Beach & Golf Club is progressing as planned. Miromar Lakes is an award-winning community being developed by Miromar Development Corporation just north of Naples, minutes from Southwest Florida International Airport and numerous dining, shopping, and entertainment venues.
› Palm Beach real estate pros among tops in U.S. for sales volume, report shows [Palm Beach Post]
Palm Beach real estate professionals have once again landed on annual lists that rank the country’s top agents and brokers by sales volume and other criteria. The project used 2019 sales data supplied by the agents and agencies, who paid a $125 fee to be considered. Broken into several categories, the lists were compiled by Colorado-based Real Trends and partner Tom Ferry, a California-based real estate coaching company.