Florida home sales brisk with dwindling supply boosting median sales prices
Florida single-family home/condo sales are rebounding dramatically after COVID-19 shutdowns stymied spring transactions while the state’s median home prices increased for a 103rd straight month in July, according to Florida Realtors’ monthly report. “All indications are Florida will continue to see home sales surge through the end of the summer and perhaps beyond, with our biggest near-term issue being a severe lack of single-family inventory,” Florida Realtors’ Chief Economist Dr. Brad O’Connor said. [Source: The Center Square]
Governor likely to extend moratorium on evictions and foreclosures, but those at risk still worry
The moratorium is intended to suspend evictions or foreclosure for those economically-impacted by the COVID-19 pandemic. Unlike earlier stays on evictions, however, the current order was signed with a narrower scope of protections for renters and homeowners. It now only limits protections to single-family homeowners and renters who are “adversely affected” by the COVID-19 pandemic. More from Florida Politics and WINK News.
‘Unprecedented’: Florida Keys residential real estate sales jump 50% in July
At the beginning of June, Realtors in the Florida Keys were banking on something they called “pent up demand.” Sales were down that month by more than 20% compared to 2019 numbers. A month later, sales exploded. In Monroe County, sales of residential properties jumped 50% over 2019 numbers. In 2019, 191 homes sold. In 2020, the number soared to 286. In terms of dollar volume for the entire Florida Keys, that represents $209 million in sales, an increase of $72 million just for the month of July 2020 over July 2019. [Source: Keys Weekly]
Ask a real estate pro: Is it a bad idea to buy a foreclosed home from the bank?
Foreclosed homes sold by lender's "REO" or real estate owned department can be bought at a favorable price, but there can be some downsides. The same can be said for foreclosed homes bought by real estate investors on the courthouse steps. If you take these potential issues into account, you could end up paying an excellent price for your new digs. [Source: South Florida Sun-Sentinel]
Hedge fund billionaire Ken Griffin — who bought the most expensive home in America last year and owns luxurious properties around the world — is continuing to expand his already massive real estate empire. Griffin is founder of Citadel Securities, a market making firm that’s been operating a temporary trading room in Palm Beach during the pandemic. More from the Real Deal and the New York Post.
Are you ready to Dream Big and Imagine Florida in a virtual world? It is time to register for the 2020 Florida Planning Conference, APA Florida’s first ever virtual annual conference, Sept. 9-11! FPC20 offers so many ways for you to wander the halls, attend some great sessions, chat with old friends, meet up with clients, check out the exhibit halls and talk to exhibitors, and make new friends! Register now!
› Open a resort in the middle of a pandemic? These developers are giving it a go [Orlando Sentinel]
THesis Hotel first came off the drawing board seven years, when pandemic was still a sci-fi theme. The developers of the Paseo de la Riviera condo saw it as a much-needed amenity for the lodging desert on the southern edge of Coral Gables, near the University of Miami. The upscale, 254-room hotel would complement the residences and restaurants on South Dixie Highway, near the University Metrorail Station.
› Foreclosure filings likely to hit Palm Beach County homeowners next year if unemployment persists, experts say [Palm Beach Post]
The phones aren’t ringing, foreclosure defense attorneys say. The mortgage defaults aren’t happening, analysts agree. But don’t get complacent, they warn. In a year, the pandemic-induced recession could lead to massive foreclosures in Palm Beach County. “Judgment day is coming,” said Gary Nagle, a Juno Beach lawyer and attorney for the Palm Beach Board of Realtors.
› Foam sweet foam: Florida builder makes houses with plastic foam [Tampa Bay Times]
While it’s not technically Styrofoam — which is a brand name — it’s a polystyrene foam just like it, six inches deep and sandwiched by steel plates painted white. The foam panels serve as both insulation and structure of the home, making it more energy efficient, according to the Wesley Chapel home-building company called KHP Homes.
› South Florida construction starts show short-term recovery in July [The Real Deal]
South Florida construction starts showed a monthly recovery in July, but were still a far cry from life before Covid-19, according to a recently released report. In July, total construction starts for Miami-Dade, Broward and Palm Beach counties totaled $619.1 million, according to Dodge Data & Analytics, a Hamilton, New Jersey-based commercial construction project data analytics firm.