Florida's boiling real estate market could relax in the summer

Summer could finally be your chance to buy a home in the boiling Florida real estate market. Competition for homes could wane as part-time residents move north and people go on vacation, estate agents say. Open houses might be less crowded. Bidding wars could subside. "Maybe you won't fight five offers this time of year. You might be fighting one or two, "said Linda Bright, real estate agent of Illustrated Properties in Palm Beach Gardens. [Source: South Florida Sun-Sentinel]

Homes in Central Florida for Under $ 200,000? It can be done depending on where you're looking

Average home prices in the area exceeded $ 315,000 in the past month, according to the Orlando Regional Realtor Association, making many homes inaccessible to residents of a city that consistently ranks at the low end of wages. It's still possible to find a reasonably affordable home, says Natalie Arrowsmith, president of ORRA, but buyers need to know where to look and be able to act quickly. [Source: Orlando Sentinel]

Updated federal flood maps come into effect on August 24th

Local government officials and insurance professionals are encouraging residents to review the revised federal flood insurance tariff card, which goes into effect Aug. 24, to confirm how their properties could be affected. The Federal Emergency Management Administration's update of the map may result in local residents seeing a change in their flood zone or base flood elevation, or both, which could affect existing policies and premiums, or require more homeowners who now don't have flood insurance to get coverage Pinellas County flood administrator Lisa Foster said. [Source: Tampa Bay Times]

Home buyers should rent and wait for the housing boom, experts say; high prices set a record in June

Researchers urge Florida homebuyers to consider renting while they wait for the state's overheated market to cool off as soaring prices hit records in South Florida in June. Nationwide, they say, houses are overvalued by 21.76%. This runs the risk of buyers getting stuck on overpriced homes for long periods of time until prices eventually drop. "The general rise in home prices across the state is very worrying," said Ken H. Johnson, real estate economist and assistant dean of Florida Atlantic University's College of Business, in a report released Thursday. "Trees don't grow into the sky, and neither does property prices. [Source: South Florida Sun-Sentinel]

The Ecuadorian president's alleged real estate relationships in Florida raise questions

The reputation of the South Florida real estate market as a magnet for dirty money has made nasty headlines around the world, from Venezuela to Russia. This reputation may now have caused a stir in the presidential palace of Ecuador. Guillermo Lasso, a businessman and banker who became the 47th President of Ecuador in May this year, is the subject of a report examining his real estate business in the Sunshine State. [Source: The Real Deal]

STAT OF THE WEEK
$ 5,000
Forget about the new bathroom fittings. Just paint the walls light blue and you could do thousands more to your home. That's what a new study by Zillow, an online real estate marketplace, says. Instead of spending thousands on expensive home renovations, something as quick as getting a coat of paint can add $ 5,000 to the price of your home, says Zillow. [Source: South Florida Sun-Sentinel]

ALSO IN TREND:

›Davie Student Housing Development Receives $ 62 Million Refi, Home Loan [The Real Deal]
A student housing complex in Davie received a $ 62 million loan to refinance the completed portion of the project and pay for the final phase of construction. According to Madison's press release, University Pointe at Griffin Road 6250-6370 received the loan from Madison Realty Capital of New York City.

›Can you afford a new roof? If not, you may not be able to find home insurance [South Florida Sun-Sentinel]
Tony Lilly can't find a private insurance company willing to insure the house he bought last August because he was told when he was 16 that the building's cement-tile roof was too old. It's a problem that millions of Florida homeowners could soon face thanks to the efforts of insurance companies to avoid the cost of the skyrocketing number of roof replacements. Homeowners have to spend tens of thousands of dollars to replace their roofs – whether those roofs fail or not – if they want to stay insured.

›After $ 126 million in sales, developer of luxury tower launches penthouses [Business Observer]
If you're looking for a new place to stay and have a few dollars to spare, there is a building in Tampa that may well offer what you're looking for. Hyde Park House at 2103 Bayshore Blvd. has just put two penthouses up for sale in its 22-story tower. These 5,258 square foot units – the Manor Residences – have four bedrooms, a den, and five and a half baths.

›Florida insurer Gulfstream agrees to liquidate [Tampa Bay Times]
Sarasota-based insurer Gulfstream Property and Casualty Insurance Co. has agreed to liquidate following its bankruptcy. In an order that Gulfstream agreed to late Thursday, the Florida Office of Insurance Regulation recommended that the state take over Gulfstream. Once approved, Gulfstream customers have 30 days to find new cover.

Tags: real estate eNews

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source https://seapointrealtors.com/2021/07/26/floridas-sizzling-real-estate-market-could-ease-in-summer-florida-trend-real-estate-florida-trend/

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