Florida Trend Exclusive
Florida Trend's 2024 Floridian of the Year: The new company housing
Housing affordability is an issue across the nation, though a relatively newer issue in Florida. The state once enjoyed an edge over other parts of the country when it came to home prices and rent. A decade ago, the ratio of median home price to median income was better in Miami than in New York, Boston and Seattle. That advantage has disappeared. Higher rents and house prices are not only hard on renters and home buyers but also impact employers in recruitment and retention. High housing costs form a barrier to Florida’s economic growth, the Florida Council of 100 business executive group said in a January report. [Source: Florida Trend]
Nautica, a 3-tower project with yacht valet, sails through approval in Fort Lauderdale
This particular three-tower project, with its maritime theme and yacht valet, was tailor-made for Fort Lauderdale, its developers say. Hence its name: Nautica. The project, first unveiled in 2022, won commission approval Tuesday night after a brief discussion that drew a handful of supporters and not one single critic. “You’ve got a lot of development going on over there — nothing as significant as this,” supporter Dan Lindblade told the commission before the vote. [Source: South Florida Sun-Sentinel]
Miami homes suffer 'Monumental Collapse' in demand
Home sales in Miami, Florida, have plummeted by almost 50 percent over the last three years, the latest sign that what was once a property hotspot may be losing its appeal among property buyers. Since November 2021, the number of homes sold in Florida's second-most populous city has fallen by 48.2 percent, marking the largest recorded drop in buyer demand of any large metro area, according to data from Redfin. [Source: Newsweek]
Sarasota County closes $19M deal for former fruit orchards
The former Albritton fruit orchards east of Interstate 75 near Clark Road are now owned by Sarasota County, which purchased the land this fall for $19 million. The seller was Albritton Groves, which previously operated fields there for blueberry picking from mid-March through the end of May. Sarasota County will use the land for soil needed to cover waste at the Central County Solid Waste Disposal Complex, which is also on property the county bought from the Albritton family. [Source: Business Observer]
What’s next for the 2025 real estate market? We may see better prices and more inventory
Whether you’re a renter, homeowner or potential buyer in South Florida, the new year may present you with some favorable changes in the housing market, according to real estate experts. This could include better prices in 2025, as well as more options to choose from when deciding where to live, whether that’s renting an apartment or buying a house. [Source: South Florida Sun-Sentinel]
$33.9 million
If American Eagle Outfitters CEO's Key Biscayne penthouse fetches that price, it would set a condo-sale record for the barrier island. [Source: The Wall Street Journal]
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› Ultrawealthy and their private jets spark boom in Florida’s luxury housing market
Florida’s luxury housing market is booming, and that’s thanks in part to the popularity of private jet travel in the state. This week, seven of the 10 most expensive home listings in the country are on Florida’s southern coasts. Spanning President-elect Donald Trump‘s Palm Beach territory to the Northeast-transplant hot spot of Naples on the Gulf side, Florida is ruling the rankings.
› TV personality sells waterfront mansion in St. Petersburg
Actress and HSN personality Rhonda Shear has sold her home in St. Petersburg's Snell Isle neighborhood for $6.8 million. Shear and her husband Van Fagan first listed the property for sale in 2021 at a price point of $9.8 million. It was listed again in 2023 and 2024 for about $13 million and $11 million, respectively. She bought the mansion for $3.2 million in 2011, according to property records.
› What’s being built there? 42 luxury homes will be built on former church land in Wellington
DiVosta, the luxury-home brand offered by PulteGroup, closed on Nov. 21 on 22.5 acres of unused church land for a new development of 42 luxury homes called Canter. It’s an equestrian-inspired name for the horse gait that’s faster than a trot but slower than a gallop. Canter will be in a gated community, and the homes will be one-story and two-story luxury farmhouses and coastal-style homes ranging from 3,301 to 5,376 square feet.
› Naples, Florida, commercial real estate sectors ending 2024 with mixed results
Fundamentals waning across all sectors as population growth stalls. Naples is the southernmost market in the southwest Florida region. The market is one of the most affluent in Florida and is known as a retirement destination.