Florida study: $5 billion return on $423 million affordable housing investment | Florida Trend Real Estate – Florida Trend
Florida Study: $ 5 billion return on $ 423 million affordable housing investment
Governor Ron DeSantis’ proposed fiscal 2022 (FY22) budget recommendation of $ 96.6 billion fully finances affordable housing programs with $ 423.3 million. A study published Tuesday will bring economic benefits of $ 5 billion nationwide. “An Economic Analysis of Florida Housing Programs,” prepared by Regional Economic Consulting (REC) Group for the Sadowski Coalition, analyzed the economic impact of using affordable housing trust funds solely for affordable housing – a rarity in Florida until this year – and determines that each US $ 1 in residential trust funds return US $ 1.40 in income for state and local government. [Source: Center Square]
Are we trapped in another housing bubble? A rapid rise in house prices has worried some experts
Amid a raging COVID-19 pandemic with millions of Americans still unemployed and with the possibility of eviction and foreclosure, the United States is experiencing a housing boom unlike anything it has seen in 15 years. Real estate prices are rising practically everywhere. From Augusta, Maine, to Phoenix and from Sarasota, Florida, to Aberdeen, Washington, prices have risen in double digits. [Source: USA Today]
Home insurance benefits could shrink in order to overcome the “spiral towards collapse”.
Florida’s home insurance market “is turning towards collapse,” warns a newly published study. You can help avoid this fate by starting saving money to pay for part of your next roof replacement. To reduce the financial incentive for lawyers to sue them and prevent consumer tariffs from skyrocketing, insurers are pushing for changes to state laws to stop the full cost of replacing damaged roofs are wearing. Lawmakers are discussing surprising new data that illustrates the price consumers pay for rampant insurance disputes. [Source: South Florida Sun-Sentinel]
The sizzling property market in southwest Florida is facing a shortage of inventory
Property sales in most of the region’s markets outpaced the nationwide trend in 2020, with the Naples-Immokalee-Marco Island market leading. Single-family home sales in Naples rose 24% per unit at the MSA level, according to Florida Realtors. That is more than four times the nationwide growth rate of 6%. And those houses weren’t bought cheap, as the median sales price in Naples hit nearly $ 500,000 (versus $ 290,000 across the state), up 15% year over year. [Source: Business Observer]
Miami is cheaper to rent than Fort Lauderdale thanks to a flurry of apartment units in the Magic City. The median rent in Miami fell 9.1% from January 2020 to January 2021, while the median rent in Fort Laudedale rose 3%, according to the latest national rental report from rental company Zumper. The result: Miami’s median is $ 1,600 per month for a one bedroom unit versus $ 1,690 in Fort Lauderdale. [Source: Miami Herald]
STAT OF THE WEEK
$ 140 million
A once vacant oceanfront lot in Palm Beach, FL that sold for $ 37 million in 2017 now has a brand new home. Given the locale, it’s no surprise that the finished product is now Florida’s most expensive home. Listed for a whopping $ 140 million, the mansion toppled the long reign of the $ 115 million Ziff family compound in nearby Manalapan, FL. [Source: SFGate]
›Super Bowl City Development Boom: Tampa is reaching for its real estate moment
While Jeff Vinik, Bill Gates and Ian Schrager weren’t eligible for Super Bowl LV on Sunday, the trios are key players in a $ 3.5 billion mixed-use project set to transform the host city’s downtown waterfront. And with residential property sales carried by a Florida market where buyers have moved south due to the climate, room, lighter taxes, and less stringent Covid regulations, Tampa has drawn a crowd that is long after the big game will remain.
›The real estate company Sarasota has 2020 sales of 3.49 billion US dollars
Michael Saunders & Co. reported annual sales of $ 3.49 billion in 2020 with a market share of 24.12% in the luxury market and 12.38% in the total all-price point market. After a strong start to 2020, the residential property market came to an abrupt standstill due to the pandemic and protection orders. It saw a robust recovery later in the year, according to a press release.
›The Tides Hotel on Ocean Drive is about to foreclosure. It could end with a new owner.
The dramatic tourism downturn caused by the COVID-19 crisis could soon bring new owners to The Tides Hotel, a South Beach landmark that has been closed since Hurricane Irma 2017. Safe Harbor Equity, the Miami Beach-based private equity firm that owns the hotel’s debt, this week opened foreclosure proceedings against The Tides Hotel South Beach after acquiring the hotel’s debt from Ocean Bank in January.
›Tampa to Naples homebuyers are increasingly coming from new states
Real estate agent Jeff Shelton spent a week with two buyers – one from Chicago and one from California – who wanted to move to Florida. How Shelton spent his week is representative of what is happening on the west coast of Florida in a broader sense: traditional feeder markets in the northeast and midwest such as Illinois, Ohio, Pennsylvania, and New York still bring shoppers to the area, but so do from late California to Texas and many in between are also becoming frequent sources of buyers.
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