Florida homes owned by corporate investors: 117,000 — and counting
Many Florida neighborhood are grappling with a broader trend disrupting the real estate industry, once controlled almost entirely by homeowners and mom-and-pop landlords. Corporate real estate investors own more than 117,000 single-family homes across Florida, according to a first-of-its-kind analysis of the state by the Tampa Bay Times. Experts say these investors capitalized on the state’s population growth and minimal renter protections. [Source: Tampa Bay Times]
These Florida hospitals are for sale. Will a dispute over land affect what’s next?
The future of several Florida hospitals owned by a healthcare system in bankruptcy is hanging by a financial and legal dispute. Steward Health Care System, considered to be the largest physician-owned health care network in the country, this week sued Medical Property Trust, one of the largest hospital landlords in the nation. Steward accuses its landlord of “undermining behavior” and tactics jeopardizing the sale of its hospitals. [Source: Miami Herald]
Wealthy Floridians are buying up N.Y.C.’s luxury homes
It was only a couple of years ago that a record number of high-earning New Yorkers fled the Big Apple. Oh, how the times have changed. In 2022, approximately 545,000 New York City residents packed their bags and moved to other parts of the country. However, a new report has revealed that well-to-do Floridians have begun to reverse course and are moving north again in increasing numbers. [Source: Robb Report]
As new homeowners insurance companies come to Florida, Citizens banks on steep rate hike proposal
Florida property owners are wisely shopping around these days as nearly a dozen new private insurance companies have joined the market this past year. The latest is Trident Reciprocal Exchange, announced by Florida Office of Insurance Regulation (OIR) Commissioner Michael Yaworsky. That addition follows eight new property insurers entering the Florida market, along with others from last year. [Source: Islander News]
How West Palm Beach won COVID’s real estate wars
While Miami may grab headlines with blingy condo towers and island enclaves, the bigger urban transformation post-COVID is happening 70 miles north in West Palm Beach — a city of 124,000 that’s becoming a co-mecca for the nation’s wealth. “It almost overnight became an extension of the old Palm Beach,” said Rick Rose, who gives walking tours of that opulent town’s historic Worth Avenue — and owns a vacation rental business in West Palm Beach — just across the Intracoastal Waterway. [Source: New York Post]
$45,000
A typical home in Florida cost about $45,000 in 1980; that is equivalent to $172,000 in today’s dollars. [Source: Yahoo Finance]
› Orlando trending toward a ‘more healthy’ housing market but high prices still a barrier
Home prices hit a record high in the Orlando area this summer, but experts say 2024 has brought some stability to the housing market, with more properties for sale and more buyers securing a home. Still, housing costs have increased more than wages in Central Florida, so many would-be buyers still struggle to find properties they can afford.
› City of Jacksonville seeking to foreclose on Laura Street Trio Downtown
The city of Jacksonville is seeking to foreclose on the historic Laura Street Trio properties at Forsyth and Laura streets Downtown. The city filed a complaint for foreclosure Aug. 19 in the 4th Circuit Court against property owner Laura Trio LLC. The complaint states that Trio ownership owes the city more than $800,000 in unpaid fines for municipal code violations.
› Miami ranks no. 1 in home appreciation, while sales of million-dollar condos jump
It's a good time to own some property in Miami, a new report suggests. Particularly if it's worth over $1 million. Miami ranks no. 1 in annual home price appreciation in the U.S., according to the Miami Association of Realtors, citing real estate data. Sales of condominiums worth $1 million and up, total home transactions and single-family home sales in Miami-Dade County increased year-over-year in July 2024.
› Report: Sarasota, Bradenton real estate market experienced "correction" in July
The Sarasota-Bradenton area real estate market has undergone a "market correction," with conditions more similar now to those before the COVID-19 pandemic, than the supercharged a buying frenzy that resulted after the health crisis eased, with bidding wars and record prices, according to a report on July sales.