South Florida real estate market still booming in 2021
The growth in residential sales is part of an overall economic boom in South Florida, led by technology and venture capital companies moving from more expensive sites in the Northeast or Silicon Valley to benefit from generally lower costs of labor and living expenses. Florida draws the second highest number of immigrants from other states, following only Texas. According to the 2020 Census cited in the Q1 report, Florida gains a net 661 residents every day, one of 34 states where internal immigration is positive. Sixteen states including New York and California are losing population. More from the World Property Journal and the South Floriida Sun-Sentinel.
Skipping mortgage payments? Here’s what you need to know when it’s time to resume
Mortgage servicers took their sweet time last spring advising customers affected by the pandemic about their right to hit the pause button on making payments with no documentation required, and no penalty charged to get back on track. Now that most of those borrowers are preparing to resume making payments, mortgage servicers are again facing criticism for not being straight with their customers about their options for resuming payments when their forbearance period ends. And that’s potentially troublesome for South Florida and Central Florida, where rates of mortgage borrowers allowed to skip payments through a process called forbearance exceed state and national averages. More from MSN and the South Florida Sun-Sentinel.
A teeny bit of royal life: Miniature castle is for sale in Fort Lauderdale
An early 20th century miniature castle in Fort Lauderdale, complete with towers, coral rock and a view of the water, is up for sale. Owned by a brother and sister for 16 years, the home with a rich history in Fort Lauderdale is ready for a new owner as the pair enters their retirement years. “We just used it as a guesthouse and had events there for family and friends over the years because it’s got great grounds,” said Richard Joyner, the semi-retired president of Joyner National Real Estate Consulting. [Source: South Florida Sun-Sentiinel]
With home sales on the rise, don’t fall for moving scams
As the U.S. begins to emerge from COVID-19 pandemic lockdowns, Florida is booming again with more residents moving into the state. According to recent reports, home sales increased 5.6% in 2020, resulting in a 14-year high in overall sales throughout the country. With an increase in home sales comes more demand for movers, and Florida officials are warning consumers to avoid moving-related scams. “Florida is red hot,” Attorney General Ashley Moody said. “Our low taxes, growing economy, common-sense leadership and great weather has people from all over rushing to move here. Couple all that with a booming real estate market and the potential for scams increases. [Source: WJXT]
Rising home prices, tight inventory bring tough times for Orlando house flippers
Justin Stamper, star of the “Zombie House Flipping” TV show, says finding places to renovate and sell in Orlando has become so hard that he sometimes has to dig through court cases in search of properties. “I’ll get word through an attorney about a probate case, call the [homeowner] that day, and they respond, ‘Get off my phone! You’re the 26th person to call me today!’” said Stamper, 31, currently filming the fourth season of his show on A&E. [Source: Orlando Sentinel]
STAT OF THE WEEK
$5.3 million
A St. Petersburg retail and office complex owned by a joint venture that includes the son of a Saudi billionaire has been sold. The 23,000-square-foot center on 4th Street North sold for $5.3 million. Miami-based Limestone Asset Management bought the property in 2016 for $2.6 million. [Source: Business Observer]
ALSO TRENDING:
› With Tampa Bay homes in high demand, should you pay less to sell a house?
In today’s blink-and-you-miss-it real estate market, Realtors are sometimes selling properties before they have time to put the for-sale sign in the yard. With a market that so heavily favors sellers, it can be easy to understand why homeowners might consider listing their house with a lower-cost brokerage, especially in a high-demand market such as Tampa Bay.
› The least expensive zip code in Florida
The median home sale price in the United States was $265,000 in 2020 — $30,000 more than it was the previous year. A quarter of a million dollars, however, is not affordable for many Americans. Still, for those on a tight budget, there are many parts of the country where most homes are selling for far less. Using median home sale prices provided by ATTOM Data Solutions, a real estate and property data company, 24/7 Wall St. identified the least expensive ZIP codes in each state. The 32208 ZIP code, situated along the Trout River just north of downtown Jacksonville, Florida, is one of only 27 ZIP codes nationwide where the price of the typical home sold in 2020 was less than $80,000.
› Orlando buyers increasingly prefer eco-friendly home development, say Realtors
Last year, Eric Rollings was asked if homes planned near the Split Oak Forest wildlife area would be “haunted houses.” These potential homebuyers were not worried about floating specters wandering their hallways. Instead, they were concerned with the ghosts of what was destroyed for the sake of development, said Rollings, a Realtor at Orlando-based Mainframe Real Estate and founder of local nonprofit Foundation for Florida Environmental Protection.
› Citrus County has record-breaking year in real estate
Citrus County experienced a record-setting year in real estate and — except for declining inventory — the immediate outlook looks bright. The median sales price for a single-family home in March was $215,750, the highest it has ever been, according to Kelly Tedrick, president of the Realtors Association of Citrus County.
Previous Real Estate Updates:
Originally Appeared On: https://www.floridatrend.com/article/31211/south-florida-real-estate-market-still-booming-in-2021