Shifts in buyer behavior reshaping Florida real estate market
Whether you’re buying, selling, investing, or waiting – eyes are glued on the real estate market. In Florida, people are keeping an even closer watch on out-of-state buyers as they continue to flock down to the Sunshine State. We know that the pandemic and its impact on both home and work life fueled people to reconsider where and what they want to call home – coupled with low mortgage rates and no state income tax, Florida’s real estate market has rocketed. [Source: Sarasota Herald-Tribune]
Rising home insurance costs causing some Florida residents to move
Skyrocketing insurance rates and cancellations have frustrated Florida residents this year as the industry tries to deal with recent hurricane losses and rising litigation costs. "It’s not uncommon for people to move or consider moving because of insurance and taxes," said Deidre Newton of The Landmark Group real estate firm. Many Florida homeowners have been left with tough choices in trying to shop around for new insurance or raise deductibles to cut costs. [Source: WPTV]
Florida Realtors: June is National Homeownership Month
June is National Homeownership Month, a time of year when Florida Realtors®, Realtors® across the U.S. and others celebrate the importance of owning a home and the impact it has on the lives of American families, local communities and the nation's economic health. "Every day, Realtors promote housing opportunities and help people realize their dreams of homeownership," says 2021 Florida Realtors President Cheryl Lambert, broker-owner with Only Way Realty Citrus in Inverness. [Source: Florida Trend]
Column: Financial impacts of people migrating to Florida
Florida is experiencing an extraordinary influx of new residents. According to the state’s November 2020 Demographic Estimating Conference, between April 2019 and April 2020, the state’s population increased by 1.83%, or approximately 387,500 people. It’s estimated that between April 2020 and April 2021 Florida’s population grew by 1.38%, or about 298,000 people. That’s an average of almost 1,000 people per day. [Source: Tampa Bay Business Journal]
The city ranked fourth in the nation among housing markets with the largest price gains since 2017. In the past four years here, the median home sale price has grown nearly 58%, according to new data from Realtor.com. Median sale price for homes in Port St. Lucie was nearly $300,000 in the first two months of 2021, data shows. That’s a feat that normally would have taken 10 years to achieve, Danielle Hale, the chief economist for Realtor.com says. [Source: TCPalm]
› How a Rollins music hall became Winter Park’s most luxurious home listing [Orlando Business Journal]
The estate at 1000 Genius Drive today is Winter Park’s most expensive home listing, but there was a time when it was not a home at all. The 96-year-old home was built as a businessman’s club and served as the home of Rollins College’s music department. The varied history shows the lakeside home is a long-sought-after spot in the upscale town of Winter Park.
› 'People are battling each other and they’re willing to pay' in Jacksonville's housing rush [Florida Times-Union]
How much do people want to buy homes in Jacksonville? Dee Bumbarger talks about a cute duplex that went on the market last month in Baymeadows. She couldn’t get an appointment to see the place until the second day it was for sale, and the veteran Realtor had to file a bid by 6 p.m. to even be considered. There were 35 offers, and the winning bidder offered close to 10 percent above the asking price.
› Sarasota real estate company inks deal expanding to the Mall at University Town Center [Florida Trend]
Living Vogue LLC, doing business as Living Vogue Real Estate, a Sarasota-based luxury real estate company, is pleased to announce further expansion in Southwest Florida with plans to open a showroom inside the Mall at University Town Center (UTC), in Sarasota, Florida. The addition further enables Living Vogue to scale operations following record growth in 2020 as the area's fastest-growing real estate brokerage. A large part of the success is due to a uniquely luxurious experience offered to clientele and subsequent attraction of talented agents.
› Feldman Equities buys Fort Lauderdale office complex for $59M [The Real Deal]
Feldman Equities bought the Pinnacle Corporate Park office complex in Fort Lauderdale for $58.9 million. The Tampa-based investor bought the two buildings at 500 and 550 West Cypress Creek Road from a fund managed by DRA Advisors in joint venture with Banyan Street Capital, according to a news release.