Florida Home Prices Rise “Well Beyond Recent Standards” But May Cool Soon | Florida Trend Real Estate – Florida Trend

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Florida Home Prices Rise “Well Beyond Recent Standards” But May Cool Soon

With the increase in the number of existing homes listed for sale, the Florida seller’s market, which has boosted a 24.3% increase in single-family home costs over the past year, may slow in the coming months. said Brad O’Connor, chief economist for Florida Realtors. “The rate of growth of house prices in Florida could start to slow down somewhat over the next few months,” he said, “although this will also depend on whether the trend in interest rates resumes in the United States. rise. For now, however, the numbers continue to amaze. ” [Source: The Center Square]

The multi-family dynamic is mowing down other sectors

Fueled by population and job growth gains, lower homeownership rates, a lack of single-family home inventory and a desire for mobility, apartment transactions have dominated commercial real estate sales. on the Gulf Coast since 2016. The first half of 2021 was no exception. Eight of the top 10 deals in the nine-county area were for multi-family rentals, as investors clamored to take advantage of rental rate increases and a solid occupancy rate. [Source: Business Observer]

Homeowners from Florida to California are increasing rents at record speed

Soaring prices. Competetion. Despair. The dramatic conditions for home buyers in the United States over the past year are now reverberating in the rental market. Homeowners in Tampa, Florida, Memphis, Tennessee and Riverside, California are increasing rents at record speed. For each advertisement, several people apply. Some tenants are forced to check into hotels while they hunt after losing too many times. [Source: Crain’s]

New bill would ban evictions during natural disasters

U.S. Representative Val Demings from Orlando introduced new legislation last week that would automatically end evictions and foreclosures during federally declared emergencies. If enacted, the Federal Disaster Housing Stability Act of 2021 would end all evictions of rental properties, as well as foreclosures of properties with federally guaranteed mortgages, according to one. press release sent by Demings office. [Source: Bay News 9]

In St. Petersburg mayoral race, development dollars play major campaign role

The next mayor of St. Petersburg is going to have a big influence on the future development of this growing city, which is perhaps not surprising that real estate companies, developers and investors are actively interested in the favorites of the race. Ken Welch and Darden Rice both contributed significant sums to these groups, as did Robert Blackmon to a lesser extent. Thousands more have flocked through political committees affiliated with the candidates, which do not have the $ 1,000 cap on donations that campaign contributions make. [Source: Tampa Bay Times]

STAT OF THE WEEK
30,561
A 30,561 square foot contemporary mansion in a prestigious North Palm Beach enclave that was listed in April is still on the market and available – as long as you have $ 37 million on hand to purchase it. [Source: South Florida Sun-Sentinel]

TREND ALSO:

›Buyers will have to wait to live in model homes in Southwest Florida
People who want to move into a model home in Southwest Florida will have to wait. It’s not like it was a few years ago when builders touted “bring your toothbrush and move in straight”. Now buyers have to wait more than six months to live in a model home. This is because there are no models available in some of Southwest Florida’s more popular communities.

›Despite the obstacles, the $ 94 million rehabilitation of the” Jacksonville Four “complexes is completed
For the past 27 years, Bob Starfas has lived in Valencia Way, an apartment complex formerly known as the Eureka Garden, infamous for its poor living conditions and crime. But its old issues with the resort have changed over the past year after the new owner took over and spent nearly $ 100 million to rehabilitate the resort, along with three others in Jacksonville.

›Rockstar Energy founder Russ Weiner invests $ 35 million in the purchase of waterfront properties in Miami Beach
Russell Weiner, the billionaire founder of Rockstar Energy Drink, paid more than $ 35 million for two waterfront properties on Pine Tree Drive in Miami Beach. Controversial owners of Centner Academy in the Miami Design District sold the historic home at 5011 Pine Tree Drive, as well as the empty lot at 5111 Pine Tree Drive, for $ 17 million and $ 18.1 million, respectively, according to property records. The properties total nearly 3.5 acres.

›A Connecticut company expands its presence in Florida with the acquisition of Sarasota
Connecticut-based William Raveis Real Estate, Mortgage & Insurance (WRRE) recently acquired Sarasota-based Key Solutions Real Estate, a luxury family brokerage with 44 professional sellers. Key Solutions’ offices on Siesta Key and Lakewood Ranch will reopen under the luxury brand WRRE marking the company’s entry into the Sarasota community.

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