Homebuyers' search for low taxes fuels Florida in-migration
With home costs rising across the country, one-in-five prospective homebuyers cite low taxes as a primary reason for leaving one state and moving into another. And Florida, with no income tax and the nation’s seventh-lowest overall tax rate, benefits through “in migration” – for every seven people who moved into Florida between 2013-20, only one left, according to a recently published analysis by Redfin.com, a tech real estate brokerage firm. [Source: The Center Square]
Florida Realtors launch ballot initiative to restore affordable-housing trust fund, but with changes
After lawmakers voted to permanently divert half of the state’s affordable housing trust fund to other projects, the Florida Realtors Association is pushing back and spearheading a constitutional amendment that would restore the fund — but with a few changes. The proposed amendment would make it so money from the Sadowski trust fund can only be spent “to address affordable housing access and availability,” effectively reversing a law that Gov. Ron DeSantis just signed that allows lawmakers to redirect half of the fund to combating sea level rise and upgrading wastewater infrastructure. [Source: South Florida Sun-Sentinel]
Pandemic spikes U.S. vacation home sales in 2020, Florida top destination
In 2020, the share of vacation home sales to total existing-home sales increased to 5.5% (5% in 2019). Vacation home sales rose by 16.4%, outpacing the overall growth in existing-home sales of 5.6%. From January to April 2021, the share of vacation home sales to total existing-home sales rose to 6.7%. Vacation home sales jumped 57.2% year-over-year compared to the 20% year-over-year growth in total existing-home sales. [Source: World Property Journal]
Renting vs owning: The best choice for a home might surprise you
The choice of whether to rent a home or buy one is becoming tougher in today’s hot real estate market, and renting might be a better choice than you think. The conventional wisdom is that the tax benefits of buying a house make it preferable if you can afford the down payment. When rents are high, buy. When homes cost too much, rent. The decision becomes more complex, however, when median homes prices are as high as they are now and rents are rising swiftly, too. [Source: South Florida Sun-Sentinel]
They are small, simple, shiny and a lot less expensive than a traditional homeless shelter. And The Salvation Army in Orlando wants to raise $1 million to build a community of 50 of them — part of an urgent effort to create new emergency housing for what community leaders expect to be a flood of newly homeless Central Floridians in the coming months. The Pallet shelter units, unveiled by The Salvation Army in a demonstration Friday, are gaining momentum across the country to address the growing homelessness crisis. [Source: The Orlando Sentinel]
› It’s already tough to find an affordable apartment in Delray Beach. It’s only going to get harder. [South Florida Sun-Sentinel ]
With gorgeous beaches and a bustling downtown district, Delray Beach has become one of the most desirable places to live in Palm Beach County. If you can find an apartment you can afford, that is. More than 95% of apartments in Delray Beach cost more than $1,500 per month, with the average price sitting at just above $2,000, a 3% increase from the year before, according to Rent Cafe, a nationwide apartment listing service. In downtown Delray Beach, the average price rises to $2,339 per month.
› Struggling Broward Mall owner throws in the towel after foreclosure [South Florida Sun-Sentinel]
The Westfield Broward Mall in Plantation, once a crown jewel of South Florida retailing, is about to be placed into the hands of a receiver after falling months behind on a $95 million mortgage. Shoppers won’t notice a change, but the mall will be turned over to the lender and managed by a third party, according to a statement from owner Unibail-Rodamco-Westfield.
› New office and commercial construction in the works near downtown Winter Garden [Orlando Business Journal]
Winter Garden land along Colonial Drive may soon transform into commercial space as the fast-growing city continues to expand west. Applicant RCE Consultants LLC discussed with the city of Winter Garden on June 9 a plan to transform 4.3 acres at 14909 W. Colonial Drive into roughly 41,900 square feet of office and other commercial space.
› Software firm Chetu buys Sunrise office property for $25M [The Real Deal]
Software provider Chetu paid $25 million for its new headquarters in Sunrise in Broward County. Chetu, now based in Plantation, bought the office property at 1500 Concord Terrace at the Sawgrass International Corporate Park, according to a news release. Chetu will move its headquarters there in the fall.