Is trouble brewing in Florida’s housing market? Here’s what the data says | Florida Trend Real Estate – Florida Trend
Is trouble brewing in Florida’s housing market? Here’s what the data says
Housing inventory levels in Florida are up the most in the nation on a year-over-year basis (34%), but the bulk of the increase is really concentrated in sections of Southwest Florida. In particular, in markets like Cape Coral and Fort Myers, which were hard-hit by Hurricane Ian in September 2022. [Source: Fast Company]
Why there’s confidence South Florida is (mostly) immune to a commercial real estate correction
Whatever the national real estate market experiences, South Florida’s market overdoes it. That’s the usual playbook. But commercial real estate experts here and elsewhere think the region’s commercial real estate market should be largely immune to the difficulty other areas are experiencing. And there are plenty of worries about commercial real estate and the risks it may pose to the banking industry and economy. [Source: WLRN]
Home foreclosures in Florida rising
New foreclosure numbers from analytical firm ATTOM reveal an uptick in foreclosures in Florida. Depending on the size of certain population statistics, the three biggest areas where foreclosures are on the rise were Lakeland, Orlando, and Miami. According to the South Florida Business Journal, this year’s numbers in South Florida are up nearly 50% compared to February 2022. [Source: Florida Daily]
With a fast-growing population, commercial real estate in Florida is becoming a necessity for home builders
Florida’s commercial real estate (CRE) market presents dynamic opportunities for growth, influenced by its robust economy, population growth, and strategic position as a gateway for international trade. Identifying new growth areas within Florida’s CRE market requires an understanding of regional economic drivers, demographic shifts, and emerging industry sectors. [Source: AZ Big Media]
‘It’s a tale of two cities’: South Florida home prices reach historic highs. Here’s why
South Florida homebuyers may need to dig deeper into their wallets if they want a residence. Single-family home and condo prices are at an all-time high. Miami-Dade County has a median sales price of $650,000 for a house and $420,000 for a condo; Broward saw prices rise to $625,000 for a house and $290,000 for a condo, according to the latest monthly home sales report by the Miami Association of Realtors. [Source: Miami Herald]
$120 million
At the Shore Club, an Auberge-branded luxury condo development on the oceanfront in Miami Beach, a mystery buyer plans to spend more than $120 million, or over $11,000 per square foot, for the penthouse. [Source: The Real Deal]
ALSO TRENDING:
› Florida home with a cameo in ‘Miami Vice’ lists for $29.9 million
A historic Roaring Twenties residence in Florida’s Coconut Grove neighborhood that was one of the locations used in the hit 1980s TV series “Miami Vice” is on the market for $29.9 million after undergoing a $12 million restoration. Reimagined by famed interior designer Bunny Williams, the Miami estate is owned by a limited liability company that purchased it in October 2022 for $14.7 million, according to property records.
› Jacksonville selling market slowing down drastically, homes staying on market longer
Home buyers might be seeing more luck and higher inventory than they have seen in the last few years in Jacksonville. Jacksonville was the sixth slowest metro area for selling homes in the U.S. in 2024, according to a recent study from Creditnews. Three of the slowest selling metro areas on the market were in Florida, including Cape Coral and Deltona.
› Sarasota commercial portfolio on the market for $77 million
A nine-building, 333,000-square-foot commercial portfolio in Sarasota belonging to a Detroit-area investor has been put up for sale with an asking price of $76.8 million. The portfolio includes six properties and are all within a 1-mile radius on Cattleman and Fruitville roads, near Interstate 75.
› Fewer housing permits filed in metro Orlando despite growing demand
As the Orlando population increases, housing permits issued in the region have slowed down despite the expected demand. Estimates released by the U.S. Census Bureau show the Orlando-Kissimmee-Sanford metro has remained stagnant at over 2,000 permits per month after a boom in 2021. Permits do not guarantee housing will be built in an area but are an good indicator.
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