Florida Housing approves $250 million in federal funds for housing assistance, what's next?
The state's housing finance agency formally accepted $250 million in CARES Act dollars on Friday. The money will now head to Floridians struggling to pay rent or mortgages. Housing assistance has long been a desire for many after COVID-19's economic shutdown cost hundreds of thousands across the state their jobs More from WPTV.
Researcher: South Florida housing market sees highest overvaluation in eight years
Florida Atlantic University professor and real estate economist Ken H. Johnson found that homes in the Tri-County area were 20% overpriced. The study “Consumers should be careful to avoid cycle’s peak, economist warns” analyzed quarterly reports from the Federal Housing Finance Agency. Published on Monday, the study measured changes from 1982 to the first quarter of 2020. [Source: Miami Herald]
Pandemic fails to slow Southwest Florida’s master-planned communities
Despite the challenges of the coronavirus-induced economic downturn, two master-planned communities in Southwest Florida again ranked among the fastest sellers in the nation. Lakewood Ranch finished second and Wellen Park landed in third place in the midyear 2020 home sales scorecard from real estate consultant RCLCO. [Source: Sarasota Herald-Tribune]
33-story hotel, condo tower in planning stages for downtown Orlando
Summa Development Group has filed plans with the city to build a new mixed-use skyscraper that would bring the first five-star hotel to Orlando’s Central Business District by late 2023, according to a report in GrowthSpotter. The South Florida-based developer has a contract on a 7-parcel assemblage across from its 24-story City Tower apartment building at 101 Lake Ave. Summa completed the $57 million tower in 2017 and has been in due diligence for the new 33-story tower project for more than a year. [Source: Orlando Sentinell]
The massive project to replace the former St. Petersburg Police headquarters in the Edge district has been delayed by the pandemic, pushing back the demolition that was scheduled for this summer to early next year at the soonest. Jay Miller, the president of St. Petersburg-based J Square Development, said the economic uncertainty caused by the coronavirus was to blame. His company is one of the partners in Edge Central Development Partners, which was approved to buy the land from the city for $6.4 million last year. [Source: Tampa Bay Times]
› Clearwater’s Prospect Towers won’t remain affordable senior housing under new owner [Tampa Bay Times]
For the past 50 years, Prospect Towers has been affordable senior living downtown, home to the elderly on fixed incomes and many dependent on housing vouchers
› Apartments near Miami International Airport sell for $13M [South Florida Business Journal]
A pair of apartment buildings just east of Miami International Airport sold for $13.19 million. MIA Airport Villas, managed by Jesper Arnoldsson, and G3 Investment Trust, headed by Stephen Gans, sold the 90 apartments.
› Jon Bon Jovi sells Palm Beach manse for roughly $20 million [Fox Business]
The five-bedroom beachfront house is located on North Ocean Boulevard, just a few blocks from the iconic Breakers Palm Beach hotel and about 4 miles from Mar-a-Lago, President Trump’s private club.
› At least 68 Florida construction companies with government contracts received PPP loans [The Week]
A Wall Street Journal analysis found that several companies judged themselves eligible for the loans despite working on active government projects, a move which has prompted some criticism.