The worst housing market in America is now Florida’s Cape Coral
They came in droves via Zoom. Thousands found an inexpensive slice of paradise in Cape Coral, a city with more canals than anywhere else in the world. Househunters were so taken with this boating community on Florida’s west coast that many purchased homes sight unseen during the early years of the pandemic. Now, three years later, “For Sale” signs line every other block. Open houses are deserted for hours. Foreclosures are ticking up. Home builders are listing half-built shells at discounts as they abandon projects to cut losses. [Source: Wall Street Journal]
Florida’s ‘Forgotten Coast’ attracts homebuyers looking for a vacation retreat
Beyond Florida's glitzy billionaire destinations like Palm Beach and Miami, affluent homebuyers are flocking in droves to some of the Sunshine State's lesser-known enclaves in search of holiday retreats. Nestled along the Gulf Coast, Gulf County and Walton County last year experienced a boom in second-home sales, outperforming more elite and celebrated spots. [Source: Realtor.com]
Florida ends sales tax on commercial leases
Florida businesses pay a 2% sales tax on their rent or lease for commercial spaces, whether in a downtown office building or a suburban strip mall. But not after Oct. 1. Gov. Ron DeSantis signed House Bill 7031 on June 30, officially ending Florida’s business rent tax. In place since 1969, the tax gradually dwindled from 6% to 2% after 2017. Florida is the only state that charges a statewide sales tax on commercial leases, though some cities across the U.S. have similar local taxes. [Source: Gulfshore Business]
More seniors in South Florida are choosing rent over own
More seniors are stepping away from the burdens of owning a home and, instead, are using home equity or retirement savings to support alternative living arrangements, such as renting, especially in South Florida. Researchers at Point2Homes, an online real estate marketplace, analyzed the 75 most populous U.S. metro areas and found that renting has become more common among older adults today than it was a decade ago. In fact, all 75 metros showed increases in renters in the 65+ age category, according to the report. [Source: Islander News]
DeSantis again includes full funding for two affordable-housing programs in the Florida budget
Affordable housing projects in Florida are not solely dependent on money from the federal government. Gov. Ron DeSantis fully funded a pair of programs that Florida Housing Coalition’s Ashon Nesbitt said could fill in the gap by subsidizing developers. "We're very fortunate in Florida to have those programs in place, to have infrastructure in place, that we can invest more in to further fill gaps,” Nesbitt said. The programs are the State Housing Initiatives Partnership (SHIP) and the State Apartment Incentive Loan (SAIL). Both are funded by the Sadowski Trust Fund, which was established in 1992. [Source: WUSF]
1%
The city of Miami boasts the largest condo market in Miami-Dade, and the values of units built before the start of 2024 dropped 1% as this year began. That’s compared to a 9% spike in values for existing condos the previous year. [Source: Miami Herald]
› Hundreds of new homes are advancing through Boca Raton’s development pipeline
More than a dozen development projects in Boca Raton are under review, which could mean hundreds more residences and thousands of square feet of new shops, restaurants and office space in the city. Some of the projects propose only 20 residential units — such as Briskel Pointe at 6800 N. Federal Hwy. — while others, such as the Modera Boca along Dixie Highway, pitch a more than 300-unit building, according to city documents.
› Sarasota County affordable housing: New studies, developers in Manatee show a path forward
As the Sarasota County Commission plans to sit down early this fall to tackle a raging housing crisis, it will do so armed with plenty of feedback on what works, some of it from affordable housing developers that are having an impact in Manatee County. First and foremost, the commission will have in hand a recently released report dubbed the Sarasota Housing Action Plan, which outlines the scale and scope of a housing emergency that is pricing out seniors as well as teachers, nurses, and restaurant workers, and forcing many families with school-aged children to move, couch surf or sleep in cars.
› Proposed housing development near Paynes Prairie puts park’s future in question
Paynes Prairie Preserve State Park is a savanna larger than 20,000 acres that sits between Micanopy and Gainesville. It was designated a National Natural Landmark in 1974 and is home to two endangered species. Maronda Homes LLC, a residential construction company, is requesting a zoning change, which would subdivide 73 acres of land in an effort to construct 134 new homes.
› Atlantic Beach property shatters records with $15.5 million sale
A beachfront property in Atlantic Beach has just sold for a record-breaking figure. The residence, located at 1725 Beach Ave., closed on July 1 for $15.5 million after over 100 days on the market. Named the Fish House by the sellers, the custom-built 7,551-square-foot home has six bedrooms and 5 1/2 bathrooms. The property also has a carriage house, known as the Fishtail House.