Home prices in Florida cities jump 32%, biggest U.S. gain
Lakeland and Winter Haven, Florida, posted the biggest U.S. median home price gain among U.S. cities since the pandemic’s earliest days, with a 32% surge in June from a year earlier, according to data from HouseCanary. The median price of homes in the adjacent cities east of Tampa was $230,781, up from $174,385 in June 2020, the real estate data firm said in a report tracking the nation’s biggest metropolitan areas. Buffalo, New York, and Jacksonville, Florida, were tied for second, with gains of 31%. Orlando, Florida, was next, with an increase of 30%. [Source: Forbes]
South Florida renters behind on payments by almost $5,000 each
South Florida renters will need about $5,000 per household to catch up on past-due payments, according to new estimates. Between 13% and17% of renters in the tri-county area are behind, according to U.S Census Bureau data analyzed by Surgo Ventures, a nonprofit organization. In Palm Beach County, about 13% of renters are behind on rent. For Broward County, it’s about 16% and in Miami Dade, a little under 17%, estimates show. [Source: South Florida Sun-Sentinel]
Treasure Coast real estate: Properties in high demand, but low supply, spur unprecedented market
Throngs of newcomers to the Treasure Coast this year has culminated in a piping hot residential and commercial real estate market. The problem is there's not enough inventory to adapt — forcing prices to skyrocket. Historically, that would deter buyers and cool the market. But not this time. People continue to purchase properties, conforming to an expensive market that shows no sign of leveling out any time soon. [Source: TCPalm]
These Miami properties play cameo roles in “Cocaine Cowboys: The Kings of Miami”
Cocaine, money and real estate. This was the holy trinity that Miami high-rollers worshipped from the late 1970s to the early 1990s. And the popes were a pair of Miami Senior High School dropouts named Augusto Guillermo Falcon and Salvador Magluta, who were simply known as Willy and Sal or los muchachos (the boys). The nexus between drug trafficking, money laundering and real estate is one of the overarching themes in “Cocaine Cowboys: The Kings of Miami,” the recently released six-part documentary Netflix series. [Source: The Real Deal]
A private bidder is offering up to $120 million to purchase the Miami-area oceanfront property where the collapsed Champlain Towers South building once stood. The offer was revealed Wednesday during a hearing before Circuit Judge Michael Hanzman. He’s overseeing the dozens of lawsuits that have been filed since the condominium collapsed June 24, killing 98 people. [Source: AP]
› Orange County wants to mark $100 million to buy environmentally sensitive land while it can [Orlando Sentinel]
It’s been 11 years since Orange County bought an acre of environmentally sensitive land under its decades-old Green PLACE initiative. The program’s advisory committee, created to evaluate and prioritize potential land buys, hasn’t met since 2012. “In a growing county and state, it becomes increasingly more important to have a preservation plan in place,” Orange County Mayor Jerry Demings said after the environmental protection division unveiled a reboot of the program earlier this year. “God is not making any more land.”
› Southwest Florida real estate firm expands portfolio with massive ground lease purchase [Business Observer]
Benderson Development continues to grow its portfolio of real estate holdings in the West Coast and mountain regions with the company’s latest acquisition. The real estate company, based in University Park, east Manatee County, recently acquired the ground lease of Plaza Santa Fe located in Santa Fe, New Mexico. The plaza is a 450,000 square foot market sitting on about 33 acres, according to a statement.
› Gas station chain Speedway puts Florida real estate up for auction [Orlando Business Journal]
Speedway LLC, a chain of convenience stores and gas stations, is auctioning off five properties in Florida that either used to be gas stations or are still chunks of undeveloped land. Earlier this year, Marathon Petroleum Corp (NYSE: MPC) sold the Ohio-based Speedway chain of stores to 7Ã¢?'Eleven Inc., the largest chain in the convenience-retailing industry, for a reported $21 billion.
› First renderings released of St. Regis Longboat Key Resort [Sarasota Herald Tribune]
The architect for the long planned St. Regis Longboat Key Resort and Residences has released the most detailed renderings yet of what will replace The Colony development on the barrier island. St. Regis Longboat Key Resort and Residences plans a fall 2021 groundbreaking that will see a five-star hotel with 166 rooms and 69 private luxury condominiums built by Unicorp National Developments. Plans call for the construction to be complete and the resort to open its doors by spring of 2024.