Home sales plummeting in five Florida markets faster than rest of the nation
Year over year, home sales during a recent four-week period fell faster in five Florida markets than any other across the nation. Laurie Stark has been a mortgage broker in Florida for more than two decades. “The market is going up, interest rates are going up, and then no one is able to buy," Stark said. "These properties are just going to be sitting there because we don’t have anyone who is able qualify purchase one of these homes.” More from WPBF, the Daily Mail and WPTV.
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» Study shows number of Florida homes bought decreasing due to hurricanes
Will anything more be done about Florida's property insurance in 2025?
The cost of property insurance in Florida is expected to be a topic of discussion when lawmakers convene in Tallahassee next year. But it's still up in the air if anything new might happen. "Do we have a perfect solution for it? No," incoming Speaker of the House Daniel Perez, R-Miami, said. "But are we going to discuss it and continue to try and find a solution that can better that problem, absolutely." [Source: WPTV]
Rising costs of homes push Florida families to rent over buying
As Florida home prices and costs of living soar, many families are choosing to rent instead of buying. With rising insurance rates and property taxes, renting is often more affordable. Samuel Andrade, a Doral resident with a growing family, explained the tough financial reality younger professionals face, even with high-paying jobs. "I could stretch myself thin and buy a home, but at what cost? I'd own a house but afford nothing else. Renting and saving seems like the smarter choice," Andrade said. [Source: CBS Miami]
Bad news for South Florida home sellers. Region's pending home sales are nation's fastest falling
A new report about pending home sales nationwide includes some bad news for home sellers in South Florida. Pending home sales are falling fastest in the market of Fort Lauderdale, where it’s down 15.2% year over year during the four weeks ending November 10, according to Redfin, a tech-powered real estate firm. That represents the biggest decline among the U.S. metropolitan areas analyzed by Redfin analyzed. [Source: WLRN]
Northeast Florida homes sales show a slowing market; building permits rise
The inventory, months supply and days on the market for single-family homes in Northeast Florida all rose in October – along with median prices. The median price of $395,000, rose 1.5% from September and 4% from a year ago, according to a Nov. 15 report by Northeast Florida Association of Realtors. [Source: Jacksonvile Daily Record]
$62 million
A Texas-based real estate private equity firm paid $62 million for a South Florida gas facility owned and operated by a New York-based energy company. [Source: South Florida Business Journal]
› South Florida apartments in high demand, outpacing rest of Florida
South Florida's rents aren't climbing as much as they used to, but unlike other major metro areas in the Sunshine State, they're still going up. According to newly released reports from Berkadia, the effective rent for multifamily apartments averaged at $2,520 a month in the third quarter of 2024 in the tri-county area. That is just 0.3%, or $8 higher, from last year's third quarter.
› Here's how much empty office space is costing Orlando
Office vacancy rates are at their highest point in 45 years, with Orlando reaching a local high of 16.1% in the second quarter of 2024, according to a report from CBRE. That amounts to 5.7 million square feet of vacant office space as of mid-year, with an expected lost rent value of $154 million.
› Developer behind St. Petersburg’s tallest building plans new Mirror Lake tower
The developer behind the Residences at 400 Central, downtown St. Petersburg’s tallest building, plans to build a new tower overlooking nearby Mirror Lake. City officials previously approved plans for a 23-story mixed-use development at the corner of Fifth Street and Third Avenue North. However, construction stalled at the 0.94-acre site across from the historic Mirror Lake Community Library.
› Miami senator’s bill targets rigged foreclosure auctions
Taking aim at what she called “predatory practices,” a Miami state senator filed a bill this week to close loopholes that allowed a South Florida attorney to manipulate condo foreclosure auctions. Sen. Ileana Garcia, R-Miami, said the Miami Herald’s “Rigged” reports earlier this year dissecting the maneuvers of South Florida attorney Brad Schandler provided the framework for her proposed legislation.