Home prices in Florida cities jump 32%, biggest U.S. gain | Florida Trend Real Estate – Florida Trend
Florida city home prices rise 32%, largest US gain
Lakeland and Winter Haven, Florida saw the largest average U.S. house price gain among U.S. cities since the earliest days of the pandemic, up 32% in June year over year, according to HouseCanary. The average price for homes in the adjacent cities east of Tampa was $ 230,781, down from $ 174,385 in June 2020, the real estate data company said in a report that tracks the country’s largest metropolitan areas. Buffalo, New York and Jacksonville, Florida came in second, up 31%. Orlando, Florida followed with an increase of 30%. [Source: Forbes]
South Florida renters are nearly $ 5,000 behind in payments each
According to new estimates, renters in South Florida will need about $ 5,000 per household to make up for overdue payments. According to data from the US Census Bureau analyzed by Surgo Ventures, a nonprofit organization, between 13% and 17% of tenants in the tri-border region are behind. In Palm Beach County, about 13% of renters are behind on rent. Estimates show that it’s about 16% for Broward County and a little under 17% for Miami Dade. [Source: South Florida Sun-Sentinel]
Treasure Coast Real Estate: Properties with high demand but low supply are fueling an unprecedented market
The throngs of newcomers to the Treasure Coast this year have peaked in a hot residential and commercial real estate market. The problem is, there isn’t enough stock to adjust, which is causing prices to skyrocket. Historically, this would deter buyers and cool the market. But not this time. People keep buying property and are entering an expensive market that shows no signs of flattening anytime soon. [Source: TCPalm]
These Miami properties play cameo roles in Cocaine Cowboys: The Kings of Miami
Cocaine, Money, and Real Estate. This was the holy trinity that Miami high rollers worshiped from the late 1970s to the early 1990s. And the Popes were two Miami Senior High School dropouts named Augusto Guillermo Falcon and Salvador Magluta, known simply as Willy and Sal or Los Muchachos (the boys). The relationship between drug trafficking, money laundering and real estate is one of the overarching themes in Cocaine Cowboys: The Kings of Miami, the recently released six-part Netflix documentary. [Source: The Real Deal]
Bidder Offers Up To $ 120 Million For Collapsed Florida Condo
A private bidder is offering up to $ 120 million to purchase the oceanfront property in the Miami area that once housed the collapsed Champlain Towers South building. The offer was announced on Wednesday during a hearing before District Judge Michael Hanzman. He oversees the dozen of lawsuits filed since the condominium collapsed on June 24, killing 98 people. [Source: AP]
STAT OF THE WEEK
$ 21.6 million
Steven Cohen, owner of the New York Mets and billionaire hedge fund manager, paid $ 21.6 million for a waterfront home in South Florida. The 31,000-square-foot, seven-bedroom property sold for $ 19 million just five months earlier. [Source: The Real Deal]
ALSO IN TREND:
›Orange County plans to raise $ 100 million to buy environmentally sensitive land while it can
It’s been eleven years since Orange County bought an acre of environmentally sensitive land as part of its decade-old Green PLACE initiative. The program’s advisory committee, which was created to assess and prioritize potential land purchases, has not met since 2012. “In a growing county and state, having a conservation plan is becoming increasingly important,” said Orange County Mayor Jerry Demings after the environmental protection division announced a restart of the program earlier this year. “God no longer creates a country.”
›Southwest Florida real estate company expands portfolio with massive lease purchase
Benderson Development continues to expand its west coast and mountain real estate portfolio with the company’s recent acquisition. The real estate company, based in University Park, East Manatee County, recently acquired the lease on Plaza Santa Fe in Santa Fe, New Mexico. According to a statement, the square is a 450,000 square meter market on around 33 hectares.
›Gas station chain Speedway is auctioning properties in Florida
Speedway LLC, a chain of convenience stores and gas stations, is auctioning five properties in Florida that either used to be gas stations or are vacant lots. Earlier this year, Marathon Petroleum Corp (NYSE: MPC) sold the Ohio-based Speedway chain of stores to 7Ã ¢ ‘Eleven Inc., the largest chain in the convenience retail industry, for a reported $ 21 billion.
›First renderings of St. Regis Longboat Key Resort published
The architect for the long-planned St. Regis Longboat Key Resort and Residences has released the most detailed renderings yet of what will replace The Colony settlement on the barrier island. The St. Regis Longboat Key Resort and Residences is planning a groundbreaking in the fall of 2021, during which a five-star hotel with 166 rooms and 69 private luxury condominiums will be built by Unicorp National Developments. The plan is for construction to be completed and for the resort to open its doors by spring 2024.
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