Florida residents make plea for rent control as housing costs become unaffordable
As rental rates reach unprecedented levels in Florida, the calls for rent control are growing louder. But some experts say it would only make matters worse for renters and those looking for housing. Florida Atlantic University real estate economist Ken Johnson said rental caps could lead to economic trouble. "Because what rent controls do is actually tell the developer that we are going to control your revenue stream after you build the property, so naturally builders, developers stop developing units or cut way back on the amount they are going to develop," Johnson said. "Rent controls would actually shrink the number of units that are available." [Source: WPTV]
Luxury home sales have plateaued after steep pandemic upswing
After a soaring real estate market throughout most of the pandemic that saw record highs, luxury sales for single-family homes have leveled off for three straight quarters. According to data from the Keyes/Illustrated Luxury Report, South Florida (spanning Miami-Dade County up to the Treasure Coast) luxury sales, meaning single-family homes selling for $1 million and up, have essentially remained stagnant since the third quarter of last year. [Source: South Florida Sun-Sentinel ]
Investors mass purchase homes in Central Florida, local buyers discouraged
Investment firms are purchasing thousands of single-family homes around the U.S. and in Central Florida, which has made it harder for local buyers to close on homes. Kenneth Wilder, a real estate agent with Creegan Group, said his clients have been on the hunt for homes, but lately it has been tough to close a deal. [Source: Click Orlando ]
How much do realtors actually make? The truth about 2022’s hottest career path
Following an uptick in homebuyer demand which resulted in less inventory, the real estate industry has been booming and listing prices have reached record levels. Between the draw of being your own boss and the lure of earning sizable commissions, people from all walks of life are trying their hand at selling houses. [Source: Fortune]
The Federal Reserve announced a .5% interest rate hike on Wednesday aimed to combat skyrocketing inflation. Many are wondering what impact rising rates will have on the booming housing market, if any. According to experts, it’s a mixed answer. For moderately priced homes, it will likely not slow down sales in the near future, they said. [Source: WFLA]
› South Florida’s most dynamic real estate ZIP codes have shifted, and their values are soaring [South Florida Sun-Sentinel]
With mortgage rates rising and home prices soaring, homebuyers are turning to more affordable areas for home purchases, according to new data. Opendoor, a digital platform for selling residential real estate, analyzed ZIP codes in South Florida to see where the most single-family home transactions took place within a 90-day period of listing from Jan. 1 to March 31 in 2022.
› United Real Estate to host reunited national conference in Orlando [RIS AMedia]
United® Real Estate is bringing together its national broker and agent network in Orlando, Florida next week after a two-year separation due to the COVID-19 pandemic. United is celebrating its 10th anniversary and ascent to becoming the seventh-largest residential brokerage operation in the nation. The conference will be the largest and best-attended United has ever held, the company reports.
› Surfside collapse site officially goes up for auction [Local 10]
The site of Champlain Towers South, the property involved in the tragic Surfside collapse, is officially up for sale. A South Florida judge approved the sale of the oceanfront property where the collapsed condominium building once stood to benefit victims of the deadly disaster that happened last June.
› Tampa Bay has the 3rd most ‘overvalued’ rent prices, study finds [Tampa Bay Times]
Florida is the center of the national rental surge, new research has found. The Florida Atlantic University College of Business, in partnership with researchers at Florida Gulf Coast University and the University of Alabama, analyzed U.S. rental markets to find which ones were the most overvalued, or priced above its historical trend, according to a media release.