August 11, 2020
Florida No. 1 for foreign homebuying for 12th straight year

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Florida No. 1 for foreign homebuying for 12th straight year

| 8/10/2020

Florida No. 1 for foreign homebuying for 12th straight year

Foreign buyers living in the U.S. bought $41 billion worth of property, down 8% from the previous year, while those living abroad bought $33 billion, down 1% year over year. Florida was the top state for foreign buyers for the 12th year in a row, accounting for 22% of all the international purchases. Followed by California at 15%, Texas at 9%, New York at 5% and New Jersey at 4%. [Source: Miami Agent Magazine]

Desantis's amended executive order speeds up foreclosures, evictions

Florida Gov. Ron DeSantis recently extended Florida’s statewide moratorium on evictions and foreclosures — but the executive order isn’t as straightforward as it first appeared. Amended language in the executive order is opening the door for broader interpretations of the law, according to legal experts and Floridians who are now seeing their eviction and foreclosure cases moved forward in the courts. [Source: Bay News 9]

See also:
» Landlords hoping for state assistance as rent forgiveness continues

Industrial development, rents and leasing stable in South Florida, but uncertainty remains

The industrial sector, a bright spot in South Florida’s real estate market, is seeing shifting strategies, experts say. Some developers are launching new projects, while slowing down in other parts of the country. “There is still this ball of confusion as to what the future looks like," says Jason Tenenbaum, leasing manager for Prologis. [Source: The Real Deal]

Getting ready: How hurricane season can affect real estate transactions

The annual arrival of hurricane season in Florida requires more than just a home readiness review: shutters, flashlights, batteries, etc. It is also the time to weather-proof your planned real estate transactions with a close examination of the requirements and deadlines of commercial (and residential) purchase and sale agreements. [Source: Daily Business Review]

Steep homeowners insurance rate hikes on the way

Florida homeowners are in the cross-hairs of private insurance companies as many are raising property insurance premiums to offset record losses. Some homeowners are feeling sticker shock. “I don’t think we have a choice because we need the insurance,” says Heidi Epstein, who owns half a duplex in Jupiter. The Florida Department of Insurance allowed some companies to raise premiums from 12-40% but Epstein’s rates may double. Her insurer will soon stop doing business in Florida. [Source: ]

STAT OF THE WEEK
$24 million
A South Florida investor bought one of the few remaining pieces of land at Miami Worldcenter. Sankesh Abbhi, the founder of the Coral Gables-based Abbhi Capital, spent $24 million on 1.15 acres at Miami Worldcenter. [Source: Miami Herald]

ALSO TRENDING:

› Fisher Island is more affordable than you might think. Some homes cost less than $1M
Some of Miami Beach’s pricIest real estate is now a relative bargain — even in the billionaire enclave of Fisher Island. Palazzo Del Sol and Palazzo Della Luna, completed in November 2019, added 93 newly constructed units on Fisher Island — the first in 12 years. Owners of older units are struggling to compete.

› Engel & Völkers continues East Central Florida expansion with new shop in Indialantic
Engel & Völkers today announced its latest franchise expansion in East Central Florida with Engel & Völkers Melbourne Beachside; marking the company’s third location in the region. Local market expert, Marcie Bolt will lead the new brokerage as License Partner and Broker. Bolt is already the License Partner of Engel & Völkers Melbourne Central. According to local vernacular, "beachside" encompasses the communities of Satellite Beach, Indian Harbour Beach, Indialantic, and Melbourne Beach.

› Zillow is back in South Florida
After pausing its iBuyer program in response to housing market uncertainty and health concerns related to COVID-19, Zillow Offers has resumed buying homes in the South Florida market. “Starting today, homeowners in all 24 Zillow Offers markets once again have a way to sell their home with more certainty and control, and with more peace of mind around health and safety,” said Zillow President Jeremy Wacksman.

› Home prices in Sarasota-Manatee fail to keep up with state and national gains
Home prices in the Sarasota-Manatee region lagged behind the latest state and national gains. Local home prices rose 2.8% over the year in June, slower than the increases of 4.6% in Florida and 4.9% throughout the U.S., according to a new report from real estate database CoreLogic. Sarasota-Manatee ranked 90th lowest for price growth among the 403 U.S. metros studied.

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