Realtors release report detailing 2025 housing market predictions
Realtors release report detailing 2025 housing market predictions
As the housing market for 2024 comes to a close, predictions for what 2025 will bring are underway. Mortgage rates also are expected to improve slowly in 2025 but likely won’t move the needle toward a seller’s market. Instead, buyers should expect to pay more due to high mortgage rates and home prices but be able to experience a “friendlier, less competitive housing market than in past years.” [Source: Florida Times-Union]
Condo prices are rising in Florida even as deals decrease. Why that’s happening
South Florida’s housing market is defying the odds. Sales prices for condos and single-family houses increased in November compared to a year ago as the number of deals dropped and inventory went up. Prices continue to climb thanks to wealthy buyers buying on the high end, leading to big transactions that affect the overall numbers. Budget-conscious buyers may have to continue to wait on the sidelines. [Source: Miami Herald]
Here are South Florida’s top office sales of 2024
The biggest deal was in Miami’s booming Brickell Financial District, while properties in the suburbs traded at a discount amid an elevated interest rate environment. In the leasing frenzy of the past four years, Brickell was a top choice among out-of-state companies expanding or moving to South Florida, and investors dropped hefty sums for Brickell towers. [Source: The Real Deal]
Central Florida reaches balanced housing market for first time in years
Central Florida is seeing a balanced housing market for the first time in over a decade, according to the November report from the Orlando Regional Realtor Association. Rose Kemp, the ORRA president, said 2024 has been the year of stabilization in the area’s housing market. “I feel, based on our numbers, that this is the most balanced market we’ve had since prior to the pandemic,” Kemp said. [Source: WESH]
Wind or water damage? Ian court cases show what policyholders face in challenging insurers
More than two years after landfall, Hurricane Ian property insurance disputes are now hitting the courts and the first to be heard in the state’s hardest-hit county clashed over a point that could be key in damage disputes from this year’s set of storms. Is the source of drenching damage the result of wind or water? It’s an important question because the answer could well determine whether some policyholders get any money at all to fix what nature’s fury flattened or damaged. [Source: Gainesville Sun]
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› Affordable housing projects in Central Florida get financial help from millions in grants
Affordable housing projects in Orlando, Kissimmee and Sanford received nearly $2.8 million Thursday when the Federal Home Loan Bank of Atlanta awarded more than $55 million in grants to help build thousands of homes across the country.
› See what South Florida real estate got seized after a $54 million Medicare fraud plot
A gang of four — two men from Broward County and two from Palm Beach County — pulled off a Medicare fraud scheme that cost the federal agency more than $54 million. After getting caught and convicted, all four lost their freedom. However, one of them also lost four pieces of residential real estate in Broward County and Miami as well as two Sea-Doos and Cartier, Royal Oak and Rolex jewelry and watches.
› Median home prices in Northeast Florida climb 0.5% in November
The median price of a single-family home in Northeast Florida rose 0.5% in November to $392,000, its fourth-consecutive month increase, according to a report from the Northeast Florida Association of Realtors. While prices are up, inventories continued to climb while sales volume is down in the market that comprises Duval, Baker, Clay, Nassau, Putnam and St. Johns counties.
› Going once, going twice: ‘Cursed’ Coconut Grove townhouses finally sold
Nine of 12 townhouses built in Coconut Grove by a developer accused of running a real estate scam have been sold to bidders who capitalized on the homes’ tarnished past to buy them for hundreds of thousands of dollars below their listed prices. The houses were auctioned off Friday during a three-and-a-half-hour Zoom hearing overseen by Miami-Dade Circuit Judge Thomas Rebull.
