As Florida house prices climb, demand increases for manufactured homes
To Jim Ayotte, it just makes sense to build a home in a factory. You wouldn’t drive to a location and try to coordinate the schedules of different subcontractors to build a car in a driveway. So why do it with a house? Ayotte is the executive director of the Florida Manufactured Housing Association, a group based in Tallahassee that advocates for builders, retailers and other parts of the industry statewide. Manufactured housing used to be a synonym for rectangular mobile homes, but Ayotte said it now encompasses much more than that. [Source: Tampa Bay Times]
South Florida homes are overvalued, but does that mean we’re headed for a crash?
New data from a monthly housing assessment released Thursday shows that the South Florida housing market is overvalued compared to its long term trends, though nowhere near as high as it was just before the last housing bust. The research, conducted by Florida Atlantic University and Florida International University, shows that at the peak of the 2007 housing boom, homes in South Florida were almost 80% overpriced compared to their long term pricing trend. Today, overvaluation is at 18%. [Source: South Florida Sun Sentinel]
Insurance will get more expensive as risks increase in Florida, experts say
Insurance experts presented a gloomy forecast for anyone hoping that the cost to insure homes and businesses in Florida might stabilize or even fall anytime soon. Already reeling from skyrocketing rate increases, nonrenewals and withdrawals by insurers from high-risk markets like South Florida, homeowners can expect to pay even more in premiums over the next decade if losses cannot be significantly reduced, several speakers said at the Florida Chamber’s annual insurance summit in Tampa on Thursday. [Source: Orlando Sentinel]
Despite Surfside tower collapse, buyers snap up condos along Miami-Dade coast
Miami-Dade’s coastline condominiums drew a stampede of buyers in the three months after the June high-rise tower collapse in Surfside, exemplifying the condo market’s resilience despite the tragedy. Third-quarter condo sales figures for the eight beachfront communities showed a sharp increase of buyers closed purchases along the coast, seemingly undeterred by the collapse. [Source: Miami Herald]
Vanilla Ice is back with a brand new show. The South Florida-based rapper, actor and professional home flipper is partnering with BrandStar Studios to launch “The Vanilla Ice Home Show." The show, based in South Florida, is expected to be picked up by a network by the second quarter of next year. Vanilla Ice, whose real name is Robert Van Winkle, said each season will be 13 episodes long, and the show will rely heavily on virtual and mixed reality technology. [Source: The Real Deal]
› Tampa, Sarasota home prices rise over 25%, bigger increase than majority of US [WFLA]
Housing prices in the United States rose 18.5% from July to September, but Florida’s housing market got even more expensive compared to last year. From fiscal quarter to fiscal quarter, American homes got 4.2% more expensive. Across the state of Florida, home prices increased between 20.5% to 34.7% percent. In the middle of those price increases sits Tampa Bay.
› Florida real estate firm collecting for Toys for Tots [Ponnte Vedra Reporter]
Berkshire Hathaway HomeServices Florida Network Realty is accepting donations for its annual Toys for Tots collection, supporting the program run by the U.S. Marine Corps Reserve. The real estate firm’s Ponte Vedra Beach/Nocatee branch office is collecting new, unwrapped toys for children of all ages, newborn to 17 years old, until Dec. 13.
› A six-acre compound on Florida’s Jupiter Island wants $90M [The Real Deal]
A six-acre oceanfront compound on Florida’s Jupiter Island is on the market for $90 million. A 7,400-square-foot main residence anchors the estate, according to the Wall Street Journal. It is by far the priciest property on the market on the island.
› Florida real estate firm invests big for Akron/Cleveland industrial portfolio [Crain's Cleveland]
Following a sale of 12 industrial properties by affiliates of Premier Development Partners of Cleveland in a more than $185 million deal, the region has gained another major player named Aurora Industrial LLC, operated by the Morning Calm real estate firm based in Boca Raton, Florida.