A corporation took over their condo. This Florida law made it possible
You wouldn’t know it from the broken security gate and weather-worn buildings, but at one time, the Grande Oasis condominium in Carrollwood was “a garden of Eden,” said resident Etty Segal. “Not anymore.” Like Adam and Eve, she and about 70 other owners may soon be forced out by a Florida law that gives one company power to seize the entire property. [Tampa Bay Times]
Commission rule change is costing real estate agents money, especially younger ones
Just a few weeks into the aftermath of the class-action settlement that rocked the real estate world, sales commissions have shrunk. That’s the major finding of a recent survey of some 1,300 agents and brokers. Earlier this year, a settlement was reached between the National Association of Realtors and disgruntled homebuyers in Illinois (and later Missouri) who believed they were forced to pay their agents too much. [Source: Miami Herald]
Florida first-time homebuyer guide 2024
Buying a house in the Sunshine State comes with unique challenges, from rising demand and increased home prices to difficulty in getting homeowners insurance. But it also has unique opportunities for borrowers — including a booming number of new homes, a variety of top lenders and homebuying assistance programs to help with a down payment, closing costs and more. [Source: CNBC]
Florida housing market cooling down amid high insurance rates, active hurricane season
Hit by setbacks such as the back-to-back hurricanes and high property insurance costs, the Florida housing market is cooling down, according to a new report by the Redfin Real Estate brokerage. "We're in a very slow market, and now that we're coming to holidays, it's going to be even a little slower, except for those are vacation rentals because we always receive snowbirds," said Lindsay Garcia, a Redfin real estate agent based in South Florida. More from WESH and Florida Daily.
FEMA to Florida cities hit by hurricanes: Rebuild higher or lose your flood insurance
The Gulf of Mexico invaded thousands of homes on Florida’s west coast this year, and many will have to be gutted and rebuilt higher — some a full story off the ground. The process makes communities safer the next time a storm comes aground, but it’s expensive and painful for the people who have to foot the bill, often without much financial help from the government. [Source: Miami Herald]
$20.6 million
Terreno Realty Corp. sold a Doral warehouse for $20.6 million, more than quadrupling in value from its last trade. [Source: South Florida Business Journal]
› Here's how much empty office space is costing Jacksonville
Office vacancy rates are at their highest point in 45 years. Commercial real estate insiders predict one-quarter of existing American office space could be vacant by early 2026. And currently, 11 major metros have at least $1 billion worth of empty space. In Jacksonville, more than 4.4 million square feet of office space were vacant as of mid-year, with an expected lost rent value of more than $100 billion.
› Rare mansion on its own peninsula is back on the market near Orlando
A rare private estate on its very own peninsula is back on the market near Orlando with luxurious amenities and never-ending waterfront views. The nearly 15,000-square-foot home, located at 4200 Down Point Lane in Windermere, comes with six bedrooms and eight baths. The home sits on a 2-acre peninsula in the Butler Chain of Lakes.
› Big-box store closures reshape South Florida's retail scene
Big-box, convenience and discount store closures are escalating nationwide, a trend that has significant implications for South Florida’s commercial landscape. National chains like Macy’s, Bed Bath & Beyond, Walgreens, Big Lots, Tuesday Morning and CVS have shuttered multiple locations throughout Miami-Dade, Broward and Palm Beach counties in recent years, prompting questions about how these large vacant spaces will be repurposed.
› Pinellas OKs $12.6M to convert Largo apartments into affordable housing
An aging apartment complex in Largo will soon provide 258 affordable homes for low-income residents with Pinellas County’s $12.16 million investment. The Oasis at Bayside currently features 304 units at 305 Glades Circle. The apartments lack any affordability restrictions. However, Washington, D.C.-based Gravel Road Partners will transform the 16-acre property into an upgraded affordable housing development.