Cash offers lead to spike in rental market | Florida Trend Real Estate – Florida Trend
Cash offers lead to an increase in the rental market
If you can’t put a pile of cash on the table, you may be pushed into renting on Florida’s insane real estate market. Home buyers in need of a mortgage find it increasingly difficult to get a home when they compete with buyers – many from overseas – who are offering huge amounts of cash. That drives a lot of people to rent, which only drives rents higher. [Source: South Florida Sun-Sentinel]
Florida Real Estate: Billionaires Build Bigger Beach Homes To Avoid Doom
The city of Palm Beach is busy adjusting to the risks of a warming planet, even if buyers and speculative builders on the island seem less concerned. Some of the lowest-lying properties in the US have the highest prices. Real estate website Zillow estimates the value of Peterffy’s house at $ 52 million. That year, a new nine bedroom, direct view mansion was sold to financier Scott Shleifer for a record price of over $ 122 million. [Source: Bloomberg]
The optimism of the commercial real estate industry is increasing
Three prominent commercial property trading groups, along with local experts, anticipate the industry will recover dramatically in the second half of this year and through 2022 and beyond, according to new surveys everyone has conducted. The Society of Industrial and Office Realtors (SIOR) says in a new survey of its members that 74% of all commercial real estate transactions are on schedule, more than twice as much as in the second quarter of 2020. [Source: Business Observer]
Governor DeSantis signs a property insurance bill that critics say will raise tariffs for customers
Governor Ron DeSantis signed the controversial property insurance reform bill on Friday that critics say will lead to major rate increases for government-backed citizen property insurance customers, but supporters say it will reduce roof damage claims and lawsuits. “Unscrupulous actors in business,” said Senator Jin Boyd, driving up costs. “We have significant penalties and responsibilities for them. … and it will cut costs. ”The law, which goes into effect July 1st, allows larger annual rate increases for Citizens customers, and raises the cap from 10% to 15%. [Source: South Florida Sun-Sentinel]
Residents at Paradise Park Mobile Home Park, near the fast-growing Allapattah, received a six-month eviction notice last November, just days after the trailer park was bought by Miami-based developers for $ 15 million and about a month before the worst COVID-19 outbreaks in South Florida. Although the park has survived the threat of evictions and demolitions in recent years, this time all residents will probably have to find a new home. [Source: Tampa Bay Times]
STAT OF THE WEEK
$ 22.5 million
A $ 22.5 million penthouse in Miami Beach was paid for in full in cryptocurrency. It is the most expensive property ever paid for in cryptocurrency in US history. [Source: WPLG]
ALSO IN TREND:
›Governor Ron DeSantis appoints two members to the Florida Real Estate Appraisal Board
On Wednesday June 9th, Governor Ron DeSantis announced the appointment of Jared Hirsch and Prakash “Paul” Patel to the Florida Real Estate Appraisal Board. These appointments are subject to confirmation by the Florida Senate.
›Are you thinking of moving to Miami? Hear from this real estate expert first
With recent travel trends, one thing is clear: Florida has never been so popular. With flexible work arrangements now possible, teleworkers are flocking to South Florida – especially Miami. Now that the pandemic is subsiding, many are pondering where to call home – either permanently or at least for the winter.
›Investor Ben Mallah sells several hotels
After more than a year of financial losses in the tourism industry, real estate developer Ben Mallah has put four of its hotel properties up for sale. Mallah said he made the decision to sell several of his hotels after “bleeding to death” money for more than a year to keep them open. To keep the hotels up and running, he had to spend about $ 200,000 a month per hotel – and losing about $ 1 million a month.
›HFZ Capital off the hook for $ 6 million in failed Shore Club South Beach deal
HFZ Capital Group has been released from paying $ 6 million to the proposed operator of the Shore Club in South Beach following a lawsuit related to the companies’ failed business. HFZ Capital Group wanted to convert the 1901 Collins Avenue property in Miami Beach into a condo hotel and signed the Brazilian luxury hotel brand Fasano to manage the revitalized project.
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