What kind of house can you buy for $250,000 or less in Florida? The range may surprise you
A low inventory of homes for sale and low interest rates are fueling a fast-paced, red-hot housing market throughout Florida. Homes are lasting just days before a single offer beats out the rest. Sometimes, sellers don’t even have to list their homes on the market. Realtors are even cold-calling content homeowners to gauge their interest in off-loading their house. But despite median sales prices creeping up — sometimes exploding — each month, not all homes are going for bloated prices. More from the Palm Beach Post and the Tallahassee Democrat.
Should you drop your home insurer and go to state-owned Citizens?
State-owned Citizens Property Insurance Corp. is becoming the go-to insurer for Florida homeowners besieged by high prices and wishy-washy private market property insurers. One day your insurance company wants you and offers you a great deal to sign up. The next day it’s jacking up those rates, or declining to renew your policy. Who needs that? Citizens, owned by the state of Florida, can seem like a better choice. [Source: South Florida Sun-Sentinel]
Soaring real estate market is killing dreams of buying a home — and even squeezing renters
The dream of buying a home is fading for more people in South Florida as the hot real estate market sends prices soaring out of reach. Just 18% of households in Palm Beach County can afford the median price of a home, according to an assessment by the Jorge M. Pérez Metropolitan Center at Florida International University. The numbers are even bleaker to the south, where about 15% of Broward County households and 9% of Miami-Dade County can afford the median home price. [Source: South Florida Sun Sentinel]
Florida real estate investor has huge week with nearly $99 million in property sales
Hot on the heels of a $44 million deal to sell a pair of Bal Harbour, Fla., properties to WeWork founder Adam Neumann, Florida investor Joseph Imbesi has made another major sale. Mr. Imbesi closed on a nearly $55 million deal to sell a 2-acre parcel of land on a peninsula at the mouth of the Bal Harbour Yacht Club marina, according to the local multiple listings service. It is one of the highest prices ever paid for land in the area, records show. [Source: Wall Street Journal]
The collapse of the Champlain Towers South condo building has had a devastating personal impact on the residents of Surfisde, and it could also have an economic impact. Real estate professionals say buying and selling condos at other Surfside buildings — and all along the beachfront — could take a hit, because buyers are fearful it could happen to them. [Source: WPLG]
› Vacation home sales boom in Cape Coral, other parts of Lee County [WINK News]
A top vacation spot is right in our backyard in Southwest Florida. People are picking Lee County to call their home away from home, taking Fort Myers and Cape Coral to the number one spot in the country for vacation home sales. So we looked at how this boom in sales is shaping Cape Coral. There are fewer for sale signs, and those who want to sell don’t wait long. A real estate agent in Cape Coral says inventory is moving faster than ever, creating hot competition in the housing market.
› Pebblebrook buying Margaritaville Hollywood Beach for $270M [The Real Deal]
Pebblebrook Hotel Trust is buying Margaritaville Hollywood Beach Resort for $270 million, which would be the biggest South Florida hotel sale this year. The real estate investment trust is in contract to acquire the 369-key Jimmy Buffett-inspired resort at 1111 North Ocean Drive in Hollywood, according to the company.
Many buyers priced out as Orlando home values boom; experts have ideas to boost inventory [Orlando Setinel]
For homeowners, the Orlando Regional Realtor Association’s report that median home prices in the area hit $300,000 in May might sound like a boon. But for aspiring homeowners such as Robby Gibson, it means her dream is getting farther away. “I wouldn’t say it’s impossible if you have a budget over 300k,” Gibson wrote in a Facebook message. A student services assistant with Valencia, she has been house-hunting since March with a budget under $220,000.
› Sentinel acquires Florida office building for $43M [Real Estate Weekly]
New York-based Sentinel Real Estate Corporation has acquired Preserve VII, a Class-A, 115,000s/f office building in Tampa, Florida, from Highwoods Properties, Inc. Sentinel paid $43 million for the building, which is fully leased to MetLife Corporation through October 2031.