• Sun. Aug 7th, 2022

Real estate brokers brace for ‘flood’ of wealthy overseas buyers as travel restrictions lifted | Florida Trend Real Estate – Florida Trend


Real estate brokers brace for ‘flood’ of wealthy overseas buyers as travel restrictions lifted

Wealthy overseas property buyers are expected to descend on the nation’s luxury housing markets on Monday, giving a second boost to demand for high-priced apartments and mansions. The big question, especially in South Florida, is whether there are enough homes at the right price for overseas buyers. In Miami and Palm Beach, prices have skyrocketed during the pandemic and inventories are at historically low levels, especially for single-family homes. More CNBCand WPTV.

This is the average cost of a house in Florida

As of August 2021, a typical single-family home in the United States costs $ 303,288. Of course, home values ​​are not uniform across the country, and in some states the typical home costs significantly more than the national average, while in others homes cost significantly less. According to estimates from Zillow, a Seattle-based real estate data company, the value of a typical single-family home in Florida is $ 313,217, more than the national average. Across Florida, the value of a single-family home increased 20.1% during the one-year period from August 2020 to August 2021, compared to the national appreciation of a home’s value. year by 17.7%. [Source: The Center Square]

Retail space hard to find in South Florida thanks to restaurant migration

Lack of Covid-19 restrictions in the Sunshine State is attracting a “relentless migration” of restaurants to South Florida, according to the latest retail market reports from Collier International (CIGI). This migration, in turn, pushed up retail prices in Miami-Dade, Broward and Palm Beach counties. It has also made it extremely difficult to open new restaurants and stores in high traffic areas, said Jonathan Rosen, director of retail services for Colliers in South Florida. [Source: South Florida Business Journal]

In Florida’s trending real estate market, $ 30 million mansion hits record-breaking sale price twice this year

A mega-house by the water in Highland Beach has sold twice this year, and each time it has raised the bar for this South Florida town which has become one of the real estate markets. hottest in the state. Located in the eastern part of Palm Beach County, Highland Beach is just over 1 square mile. As real estate prices rise rapidly in the small town, buyers may see an opportunity as the price per square foot is lower than what homeowners pay near Palm Beach and Miami Beach. [Source: CNBC]

Which areas of Northeast Florida have the fastest rising house prices? Who climbs the least?

House prices have risen all around Jacksonville, but have risen much faster in some neighborhoods than in others. Between January and September, the housing market, which raised the median sale price in Mayport and Jacksonville’s North Beach by 5.4% from the previous year, pushed prices up 50.9% in an area between downtown Jacksonville and the Trout River, according to data from the Association of Northeast Florida Realtors has shown. [Source: Florida Times-Union]

STAT OF THE WEEK
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Orion Real Estate Group, a Miami company with a portfolio of over $ 800 million, has purchased 11 Friendly locations across Massachusetts in recent weeks for a total of $ 17 million. [Source: Mass Live]

TREND ALSO:

›Housing partnerships in Tampa Bay create affordable housing amid historic rising rents
The hands of the Tampa Bay housing market are tightening their grip on renters. Some are fortunate enough to survive the skyrocketing rents, but others are driven from the homes they have lived in for years. “People need a place to live,” said Antoinette Hayes Triplett, CEO of the Tampa Hillsborough Homeless Initiative.

›Miami Herald uses AI to cover real estate sales
The Miami Herald’s newest real estate reporter is hammering out copies at a robotic pace – mainly because he’s, well, a machine. The Miami New Times reported this week that its Pulitzer Prize-winning competitor has used artificial intelligence – known as the Miami Herald Bot – to take on the very human job so far of covering up real estate. rise of the city. Marlet.

›Zillow to sell hundreds of homes in Orlando after home buying division collapses
Real estate data giant Zillow Group Inc. plans to offload nearly 500 homes in the Orlando metro area after announcing it was shutting down its home buying operations. Seattle-based company related Zillow Homes Property Trust owns at least 454 homes in Lake, Orange, Osceola and Lake counties, according to data from real estate appraisers in each county.

›The Season of Sharing campaign kicks off amid a major housing crisis in Sarasota-Manatee
The 21st Annual Season of Sharing fundraising campaign begins today during a difficult time for thousands of families and local individuals. The ongoing pandemic and a scorching real estate market resulting in skyrocketing rents and sky-high house prices have put many on the economic edge. “It has become absolutely unaffordable for the people who live here,” said Chris Johnson, CEO of the Suncoast Partnership to End Homelessness.

Tags: Electronic Real Estate News

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