The red-hot housing market means you’re probably in for a tax increase
One year into the COVID-19 pandemic, you’re about to see an unexpected toll: a higher tax bill. Property values are skyrocketing across Florida, which means taxes may rise for most people next fall even if governments keep the same tax rates. With more people working from home and reconsidering where they should live during the pandemic, many out-of-towners are scooping up homes across the region. Some of the growth is spurred by a significant number of newcomers who’ve moved to Florida. [Source: South Florida Sun-Sentinel]
Who’s behind a thorny Florida property rights bill? A real estate empire
A bill in the Florida Legislature that would bolster a state property rights law — one critics say already scares local governments away from protecting the environment — was written by representatives of a major development business that has donated to its Senate sponsor. Sen. Ray Rodrigues, R-Estero, said he worked with a lobbyist for the Barron Collier Companies and Collier Enterprises Management to draft the proposal. [Source: Tampa Bay Times]
Developer plans to build 500 homes on defunct Florida golf course
The shuttered Bonita Springs Golf and Country Club, a key piece of land for controlling storm water flooding, could become a 500-home community near Naples, Florida. The development would be single-family homes, connected multi-family homes and townhouses. Nothing taller than 35 feet would be permitted. Developers need to follow strict guidelines when redeveloping golf courses in Bonita Springs. [Source: Golfweek]
Hot housing market: Are Tampa Bay homebuyers competing with public and private corporations on bids?
If you’re thinking about buying a house in the Tampa Bay area, expect some stiff competition. The Tampa housing market is on fire, and the competition likely includes some heavy hitters. The question is could homebuyers be competing with big public or private corporations on bids? Suzanne Lanyi Charles, an assistant professor at Cornell University, said it’s possible. “As you’re out on the market looking for a house, you may very well be competing with an institutional investor,” she said. [Source: WFLA]
The National Association of Realtors identified the top 10 commercial real estate markets for 2021. Fort Myers/ Cape Coral is among them. “The top commercial real estate markets that are expected to outperform the rest of the nation are generally affordable and able to draw new residents with a greater flexibility to work from home,” said NAR’s Chief Economist Lawrence Yun in a NAR report. “These growing markets also offer much lower office and retail rents and are, therefore, able to attract new and expanding businesses.” NAR selected the top 10 markets after considering 25 indicators on an area’s economic, demographic, housing and commercial market conditions in the multifamily, office, industrial, retail and hotel property sectors. [Source: Florida Weekly]
› Tampa real estate finance firm promotes executive [Business Observer]
NorthMarq Capital, a Minneapolis-based commercial real estate firm that provides debt and equity financing, has promoted Cody Mizelle to vice president in its Tampa office. In his new role, Mizelle will place both debt and equity capital and join the company’s Associate Producer program, which launched in 2013 and focuses on “bringing a new generation of talent to the ranks of producers,” according to a statement. The company says the program benefits executives by training them through in-house experts.
› 'Red-hot' housing market on Space Coast marked by record prices and low inventory [Florida Today]
Scott Miller has been in the real estate business for 27 years, but he's never seen anything like this. Even throughout the coronavirus pandemic, "the market remains red-hot for single-family homes in Brevard County," said Miller, senior vice president of sales and community development at The Viera Co. And that holds true for both new homes like those going up in Viera and existing homes that are being sold throughout the county almost as soon as they go on the market.
› Florida real estate company buys NY bank [Real Estate Weekly]
A real estate company in South Florida has agreed to buy Sunnyside Bancorp in Irvington, N.Y. DLP Real Estate Capital said that DLP Bancshares, an affiliate based in St. Augustine, Fla., would pay about $12.3 million in cash for the parent of the $96.6 million-asset Sunnyside Federal Savings and Loan Association of Irvington. The deal is expected to close in the fourth quarter.
› Pinellas to open federal rent relief to low income residents March 31 [Tampa Bay Times]
Help is on the way for low income residents in Pinellas County who have struggled to pay rent due to hardships in the coronavirus pandemic. The county will begin accepting applications on March 31 for its Emergency Rental Assistance Program, part of the federal housing aid program funded by the Congressional spending bill passed in December.