You’ll need almost two decades to save up for a house in South Florida | Florida Trend Real Estate – Florida Trend

It will take you nearly two decades to save for a South Florida home

Rising house prices mean it takes the average South Florida renter 17 years to save on a down payment to buy a home – far longer than in many other parts of the country, new analysis shows. According to Zillow, an online real estate marketplace, the nationwide average is just over 13 years. Zillow analyzed 24 metropolitan areas to see how long it would take to save a 10% down payment at current property prices. [Source: South Florida Sun-Sentinel]

Overpriced Florida homes raise fears of market instability

Florida real estate markets continue to be plagued by rampant overpricing that penalizes potential buyers to the point that they may be better off deferring home ownership, according to researchers at Florida Atlantic University and Florida International University. On May 31, homes across the Sunshine State were selling for a 19.24 percent markup above their long-term price trend, up 17.17 percent in late April. [Source: FAU News]

Thousands in South Florida could face foreclosure if federal protection ends

Time is running out for thousands of families in South Florida facing foreclosure of their homes due to the COVID-19 pandemic. For some, the nightmare began more than a year ago but was stalled by government officials’ willingness to prevent banks from pushing people out during an unprecedented public health crisis. [Source: South Florida Sun-Sentinel]

Underground garages enrich builders, but cause homeowners expensive problems

Nobody in South Florida has a basement. So why do builders use the water level to build underground garages a few meters below the surface, structures that require expensive maintenance and make a building prone to decay? The answer is money. Moving all of the parking spaces to underground parking allows builders to use the above-ground floors of their project for condominiums that they can sell. This decision to squeeze the maximum number of condominiums presents future owners with the daunting and expensive problem of defending their underground parking lot against water. [Source: South Florida Sun-Sentinel]

Construction company calls for new property insurance law

A case in which a new Florida property insurance law was challenged by a Hillsborough County construction company has gone to federal court. In the case, which was heard by Senior District Judge Mark Walker on Friday, Gale Force Roofing and Restoration, LLC argues that the new measure violates the First Amendment. As of Saturday morning, Judge Walker had not published a verdict on court records. [Source: Florida Politics]

STAT OF THE WEEK
$ 38 million
TSG, Lineare Group and Bridge Investment Group received a construction loan of nearly $ 38 million for an apartment building project in an opportunity zone in Wynwood. [Source: The Real Deal]

ALSO IN TREND:

›Design District Developer works with Elon Musk to build solar powered homes
The developer of Miami’s upscale Design District works with Elon Musk, CEO of Tesla, to develop the most sustainable community in the country in Austin, Texas. Craig Robins, CEO and President of Miami-based development company Dacra, and Musk will partner with Brookfield Asset Management to install solar-powered roof tiles and battery storage in homes in Brookfield’s Masterplaned Community in Easton Park, which is under development.

›Cape Coral ranks among the top five spots for first-time home buyers
Cape Coral tops the charts as one of the best cities for first-time home buyers, according to Wallet Hub. Each city was rated on its affordability, property market and quality of life. The data drivers include the cost of living, property tax, and real estate crime.

›DeSantis campaign puts Pinellas on the hunt for two land conservation aid
For much of that year, state officials were unable to spend millions of dollars on land conservation grants because the board of directors responsible for distributing the money did not have enough members to meet and vote. After Governor Ron DeSantis has filled the positions, the Florida Communities Trust’s five-person board of directors is scheduled to meet on July 27 to discuss the 16 applicants for the 2021 budget cycle, including two projects in the Pinellas district.

›House prices in Jacksonville are too high, says FAU report
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