Build-to-rent homes in Florida up more than 300%
Florida’s build-to-rent housing market saw 5,379 new single-family rentals completed in 2024, the highest number on record and a 304.7% inventory increase in the past 5 years, according to data from real estate list portal Point2Homes. Build-to-rent refers to residential properties, typically single-family homes or townhomes, that are built and designed specifically for long-term rental, rather than for sale to individual homeowners. More from Gulfshore Business and the Business Observer]
Florida housing market sees 'buyers on strike' in multiple cities
Agrowing number of unsold homes are piling up in the Florida market as buyers in the state remain "on strike," leading sellers to lose patience and reduce their asking price, according to Wolf Richter, CEO of Wolf Street Corp. Active listings in the Sunshine State jumped by 5.9 percent in March from a month earlier and by 34 percent year-over-year to 177,006 homes, according to Realtor.com data. Not only has inventory gone back to pre-pandemic level, but that's the highest share of active listings tracked by the company since 2016. [Source: Newsweek]
Condo market slumps as prices fall, listings surge — is there hidden potential?
South Florida's once-hot condo market is cooling rapidly, with more units sitting unsold and sellers slashing prices to stay competitive. Condo owners like Michael Leccese are feeling the pressure. His one-bedroom, two-bathroom unit at the Sian on South Ocean Drive has been on the market for over a year and he's dropped the price four times, now listing it at $414,000. "I'm definitely taking a hit economically to support these types of expenses," Leccese said. He's been forced to rent the unit while waiting for a buyer, but rent no longer covers his costs. More from CBS Miami and Moneywise.
‘Granny Flats’ bills making their mark in legislation
Florida's shortage of affordable homes could get a boost as new bills making their way up the ranks in Tallahassee could require city and county governments to allow "granny flats" be erected in single-family residential areas. Formally called accessory dwelling units, an ADU is defined as an independent living space added to homes or properties, which normally have their own kitchen, bathroom and sleeping area. [Source: Islander News]
Florida still most desired destination for out-of-state buyers
Florida was the top destination for out-of-state homebuyers in 2024, driven by tax advantages, affordable housing, and lifestyle appeal. According to a LendingTree study, 13.7% of all mortgage purchase requests nationwide came from individuals seeking homes in different states. Florida topped the list, attracting the most out-of-state interest from nine states, followed by Texas and Washington. More from The Beat Florida and Housingwire.
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Lionel Messi, the Argentine soccer legend and Inter Miami forward, just scored a sweet — and massive — home in South Florida. The global sports icon has entered into an agreement to acquire four residences within the Cipriani Residences Miami. [Source: New York Post]
› Miami set to be one of the hottest buyer’s markets this spring
Miami is one of the top five metros for buyers this spring, based on data from Zillow’s Market Heat Index. Almost 25% of all homes for sale in the city saw a price cut in February and, since homes spend a median of 60 days on the market, Miami buyers enjoy more choice and flexibility than those in tighter markets. “The housing market is improving for buyers nationally,” said Zillow Senior Economist Orphe Divounguy in a report. “Some of the strongest buyer’s markets are in the Southeast, where builders have been able to keep up with demand.”
› HGTV Dream Home in Florida will be on the market: Info about $2 million waterfront home
Want to own the HGTV Dream Home in Florida? It’ll be back on the market soon. Intially, the 2024 HGTV Dream Home winner decided not to move from New York to live in the $2.2 million Anastasia Island, Florida, abode. Marie Fratta, a veteran elementary school teacher from Westchester County, New York, was picked out of 130 million entries for the 2024 HGTV Dream Home sweepstakes.
› Altamonte Springs celebrates opening of new affordable housing development
As housing costs continue to challenge families across Central Florida, Altamonte Springs is making strides to ease the burden. A recent Zillow report ranks the city No. 49 in Florida for affordable housing — the highest ranking in Seminole County. Now, a new affordable housing complex is reinforcing that reputation. On Friday, city and county leaders will gather to celebrate the grand opening of Banyan Eastown Apartments, a 92-unit community designed for working families earning 60% or less of the area median income, which is just over $64,000.
› Opponents press case against Sarasota's tallest proposed building as decision looms
As a 327-foot decision looms over downtown Sarasota, residents are coordinating a last-minute push to persuade city leaders to strike it down. On April 21, the Sarasota City Commission is set to vote on a citizen appeal of The Obsidian, a 14-unit condominium project that, as proposed, would stand as the tallest building in downtown at 18 stories. Opponents of the project are fast-tracking final efforts to banish it. The project has fueled controversy for the better part of two years, persisting through mass pushback and lengthy appeal processes.