Sunshine State still leads U.S. as top spot for foreign home buyers
Foreign buyers continued to pull back from buying homes in the U.S., even during the pre-coronavirus days. For the second straight year, foreign investment in U.S. residential real estate declined. Those buyers purchased $74 billion worth of existing homes here from April 2019 through March 2020, the period covered in the latest report by the National Association of Realtors. [Source: Sarasota Herald-Tribune]
Florida allows eviction moratorium to expire
DeSantis announced the ban, which only applied to the final action of foreclosures and evictions, would not be renewed, citing the Centers for Disease Control’s mandated federal eviction ban. The CDC’s order is in effect through the end of December, and prevents tenants from being evicted if they submit a valid declaration to their landlords regarding their inability to pay rent. More from the Real Deal, FOX 35, and MSN.
Could Disney's layoffs impact real estate in Florida?
Disney is a major contributor to the economy in both Orlando and Anaheim, and its reach extends far beyond the parks themselves. These locations host restaurants, hotels, shops, and other services that cater to tourists. Disney is also currently Central Florida's largest employer. In Orlando, the median listing price is $275,000, but currently over 5,100 homes are for sale and over 2,200 homes for rent. The average rent for a studio apartment in Orlando is currently $1,140, a 13% decrease compared to the previous year. [Source: MSN Money]
These are challenging times for the commercial real estate business in Bradenton-Sarasota area
Stan Rutstein’s “Let’s Talk” signs on prime real estate seem to be everywhere in the Bradenton-Sarasota area, inviting potential commercial real estate developers to take a look and run the numbers. Seven months into the COVID-19 pandemic, Rutstein is still ready to talk. But the pandemic has had a dampening affect on commercial real estate, much as it did initially on single-family home sales. The difference is that residential sales bounced back quickly, super-heating the market, and bringing multiple offers and record prices to sellers. [Source: Bradenton Herald]
Almost two million homes are at “extreme risk” of wildfires that are currently raging across the western U.S., according to a new “Wildfire Report” released by CoreLogic this week. The report notes that: “As the U.S. population increases and residential development extends farther from metro areas, more homes and business will face the threat of wildfires.” In the past two years, 96% of the total number of acres burnt by wildfires in the U.S. were centered in 13 western states, plus Florida and Alaska, the report said. [Source: Realty Biz News]
Featuring leading industry voices, the 26thAnnual Real Estate TRENDS Conference is being delivered virtually Nov. 12-13. Organized by the Florida State University Real Estate Center, conference sessions discuss the 2021 economic outlook; conditions in the real estate debt and equity markets; new ideas, platforms and rising markets; and strategies for the future. Register now at FSUTRENDS.com.
› 'A quiet force in real estate': Longtime friends start new business in Gardens [Palm Beach Post]
While not an ideal time to launch a new business amid a global pandemic, longtime friends Steve Mathison and Charles Siebrecht forged ahead with it anyway. The South Florida natives, along with partner Brig Edwards, opened Professional Real Estate Advisors over the summer.
› Related Group proposes $92 million development at River City Brewing Co. site [Jacksonville Daily Record]
Miami-based Related Group is the company behind a proposal to demolish and redevelop the River City Brewing Co. restaurant on the Downtown Jacksonville Southbank. The Downtown Investment Authority provided a draft project report and term sheet Oct. 2 that shows restaurant parent company Maritime Concepts entered a contract with Related Group to sell its interest in the property and buy out the remaining 77 years in its long-term lease with the city.
› Canadian investor buys Publix-anchored center for $7.1M [Business Observer]
A Canadian investor has acquired Town & Country Plaza, a 55,160-square foot Publix-anchored retail center in Port Charlotte, for $7.1 million. The buyer of the center, at 4265 Tamiami Trail, is Bayshore Village US Inc., Charlotte County records show, which is managed by Stephen Briggs of Ontario, Canada, according to Florida Department of State records.
› Equestrian estate features special spot for tortoises [South Florida Sun-Sentinel]
A five-acre estate in West Boca, with a total of seven bedrooms and seven baths, hit the market on Sept. 17, priced at $4 million. Like many other luxury properties in South Florida, it features a gourmet kitchen, exercise room, pool and lush landscaping. But in addition to facilities that would make any horse owner envious, the property has a feature not likely to be found at any other property in the area: its own tortoise farm.