High demand for industrial warehouse space in Polk County remains strong
Florida Trend Exclusive
High demand for industrial warehouse space in Polk County remains strong
Gary M. Ralston, managing director of SVN Saunders Ralston Dantzler Real Estate, says the demand for industrial warehouse space should remain strong, thanks to the county’s location between the Orlando and Tampa Bay markets, as well as Polk’s proximity to I-4 and overall growth. Polk’s population, for example, increased 20% from 2010 to 2020, and the research firm Esri forecasts the 725,046 population will grow 15% faster than Florida’s overall growth over the next five years. [Source: Florida Trend]
Condofax safety reports may be here soon
As family and survivors commemorate the one-year anniversary of the deadly Surfside, Fla., condo collapse on Friday, June 24, two Southern California companies are offering new tools to help condo buyers and owners assess the soundness of their own homeowner associations. Their goal is to avoid pitfalls like the ones that may have contributed to last June’s tragedy, when the 12-story Champlain Towers South pancaked into a heap of rubble, killing 98 people. [Source: FloridaRealtors]
Rising mortgage interest rates are depressing sales of existing homes
New housing data shows Florida's housing market had fewer closed sales in May, compared to last year. High inflation, low inventory levels and rising mortgage interest rates combined to negatively impacted the market. Last month, closed sales of single-family homes statewide totaled 28,861, down 6.9% year-over-year, while existing condo-townhouse sales totaled 13,265, down 14.4% from May 2021. [Source: Palm Coast Observer]
The buyer of Florida’s most expensive home, a $173 million mansion, has been revealed as Oracle’s Larry Ellison
Larry Ellison, 77, the co-founder of software company Oracle, purchased a 16-acre property on a barrier island just south of Palm Beach, in an off-market deal through a limited-liability company registered to the address of his foundation. The seller was another tech billionaire, Jim Clark, the 78-year-old founder of several Silicon Valley companies including Netscape. [Source: Mansion Global]
Construction starts on 42-story luxury condo tower Arthouse in St. Pete
Construction is underway on a 42-story, 244-unit luxury condominium tower, the latest in a string of new projects planned for St. Pete’s burgeoning downtown. Delray Beach developer the Kolter Group broke ground on Arthouse Wednesday. The building, located at 200 Central Avenue in St. Pete includes two- and three-bedroom units starting at $1 million. Construction is expected to wrap up in 2024. “We named it Arthouse because we wanted to embrace all that St. Pete has to offer: art, culture, galleries, live music,” said Bryan Van Slyke, regional president for Kolter. “We think it’s fitting, this building being so centrally located.” [Source: Tampa Bay Times]
35,000
NBA legend Shaquille O’Neal, who earlier this year sold his 35,000 square-foot mega-mansion in Florida after three years on the market, could be landing in a much smaller, five-bedroom, six-bath estate in the suburbs of Dallas. [Source: The Real Deal]
ALSO TRENDING:
› Good news for sellers and buyers: Palm Beach County home prices top record; more homes listed [Palm Beach Post]
A streak of record-high median sale prices on Palm Beach County homes continued in May, but dents in the housing bacchanalia could be showing as inventory and mortgage interest rates rise.
› ‘This is not a survivable market.’ Insurance crisis hits FL [E&E News]
On June 29, FedNat will cancel 68,200 homeowners’ policies in the state.
› With new owners, Florida Project motel dwellers must leave [Tampa Bay Times]
Residents of the Magic Castle Inn & Suites - used as the setting for the 2017 film “The Florida Project” - were told the hotel had been purchased and the new owners were forcing everyone out. Because the Magic Castle was a motel, the new owners don’t have to follow the same eviction procedures that a landlord would for removing tenants from a rental apartment.
› Pets become casualties in Central Florida’s rental crisis [Orlando Sentinel]
When his owners of nearly 10 years were forced to move from their Orange County home because of soaring rent earlier this year, an Central Florida dog wound up back at the shelter where he’d been adopted as a puppy a decade ago.