Hurricane Ian rocked Southwest Florida. Nine months later, its real estate market is booming again. | Florida Trend Real Estate – Florida Trend
Hurricane Ian rocked Southwest Florida. Nine months later, its real estate market is booming again.
While the local real estate market took a major hit in the months after Ian, it has been bouncing back, with many claiming the period after the storm has been the best time to invest in real estate there. Proponents argue that investing in real estate serves as a win-win: Investors get a good deal while providing an influx of cash and tax money to the local economy that is trying to rebuild. Since the hurricane, myriad developers have been drawn to a completely blank canvas in hard-hit coastal areas, with an influx of interested parties that would not have been in the area pre-storm. More from Mansion Global and Florida Realtors.
Golden handcuffs lock up Florida’s housing supply
Nine in 10 homeowners with mortgages in Florida have a rate below 6%, per Redfin data shared with Axios. That’s leaving them locked into place and buyers with few homes to choose from. Mortgage holders are experiencing the “golden handcuffs” phenomenon: They might have a great rate now, but likely can’t move without spending a lot more cash, explains Redfin chief economist Daryl Fairweather. [Source: Axios]
What Florida’s property insurance rate hikes mean for deals, markets
Florida real estate experts have characterized Florida’s exploding property insurance crisis as “outrageous,” a “perfect storm” that “kills deals” and — importantly – a variable in which markets still are struggling to price. In this special report, OBJ dives into the numbers behind Florida property insurance troubles and what they mean for the commercial and residential real estate sectors going forward. More from the Orlando Business Journal and WFTV.
Private jet access is the latest weapon in the condo amenity wars
Luxury residential developers often pitch their projects as a lifestyle rather than a property, but now that almost every new project seems to include a state-of-the-art spa, pool, outdoor terrace, fitness center, wine cellar and private chef, developers today are looking to raise their game as high as 30,000 feet. [Source: Bisnow]
These are the 10 most overpriced housing markets in the U.S. — 5 are in Florida
Although the housing market is finally cooling down, there are some areas across the U.S. where the market remains hot, and buyers are still paying much more than homes are actually worth. Florida Atlantic University determined the most overpriced housing markets in the nation by comparing the average expected home values based on historical trends to the average list prices across the 100 largest metro areas and finding the cities with the largest percent differences between the two. More from Yahoo! Finance and Business Insider.
60%
In just half a decade, the median price of a single-family house in Florida rose $150,000 or 60%. The average cost of a home in March 2018 was approximately $250,000. In March 2023, it was roughly $400,000. [Source: Yahoo! Finance]
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› See where Jacksonville ranks among Florida metros in housing permits
This year, Jacksonville has issued the least housing construction permits in Florida compared to the state’s other major metros, according to ongoing housing data from the U.S. Census Bureau. While there was a dip in the number of permits in April 2022 after the Federal Reserve initially started hiking interest rates the prior month, the number has almost recovered. For the first five months of 2023, metro Jacksonville has issued 8,254 housing construction permits. Statewide, there were 78,310 permits in the first five months.
› Saving for a house in Miami takes over a decade
It’ll take Miamians an average of 13 years to save up for a 10% down payment on our area’s typical home, Zillow data shows. Affordability could be a “major driver of cross-country moves” as buyers seek a lifestyle within their means, per Zillow economists. The U.S. average is 8.9 years, with states like Iowa as low as 5.2 and Hawaii as high as 18.4.
› Luxury homes the spotlight of real estate sales in Key Biscayne and Brickell
Real estate sales from the end of June and the first of July featured some extraordinary luxury. Many pricey units in highly sought-after buildings went for near asking prices. It was a sellers’ market, but the buyers were rewarded with their new homes along South Florida’s paradise coast. Expansive square footage and open floor plans create perfect living spaces designed for entertainment and enjoying the tropical beauty outside every window.
› Here’s a list of the most affordable homes you can rent in Palm Beach County right now
Living in South Florida certainly isn’t cheap. And in Palm Beach County, you have to make $100,000 each year to not be considered at risk for rent burden. According to 2022 income data released by the county last July, a yearly salary of $54,000 to $72,000 is considered low-income throughout the Palm Beaches. The per capita income for Palm Beach County, according to the most recent data recorded by the Census Bureau, is $43,733.
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