Florida down payments plummet as people rush to sell homes
Florida cities have seen some of the biggest declines in home down payments at a time when the state’s homeowners are highly motivated to sell, according to a Realtor.com analysis. The Palm Bay-Melbourne-Titusville region of the state saw the median down payment plunge nearly 41%, a drop of nearly $12,000, in the first quarter of 2024 compared to the same period a year. Ocala, meanwhile, saw a decline of more than 51 percent. (Source: News week)
Exclusive Tendance Florida
Cars and condos
Mercedes-Benz is the latest luxury car maker to lend its brand to a condominium project in Miami-Dade. JDS Development is expected to complete Mercedes-Benz Place in 2028 with 791 units rising 60 stories. The Brickell development sells studio apartments for $550,000 and three-bedroom homes for $4 million. (Source: Trending in Florida)
Florida has 9 of the most overvalued real estate markets. Here’s where and how much
Nine Florida real estate markets, including Miami, are among the most expensive in the United States, according to data from two state universities. All nine Florida markets were listed as overvalued by double digits. Among the 100 largest U.S. metropolitan real estate markets considered overvalued, the Miami metro area ranks 11th at 34.7%. (Source: Miami Herald)
Have Florida Lawmakers Cleaned Up the Condo-Hotel Mess or Created “Dictatorships” for Real Estate Developers?
A court battle over a luxury Miami Beach hotel and condo complex spilled over into the Florida Capitol this year, where lawmakers have given hoteliers and developers the upper hand in disputes with residents over the spaces common in so-called condo-hotels – and potentially undermined a key reform put in place. in place after the collapse of the Champlain Towers in Surfside. (Source: Miami Herald)
Florida Rent Trends: What to Know About Statewide Rental Costs
When it comes to renting in Florida, there’s no easy way to figure it out. Costs remain high even though data indicates they are falling. So what is really going on? Although Florida’s median rent is $2,117, it’s actually decreasing the most each year. Florida’s year-over-year rent change is -8.80% – the most drastic in the country. (Source: Daily News from Naples)
40%
Generation Z and younger Millennials took out 40% of US mortgages in 2023. (Source: red fin)
› Tampa’s Beer Can Island is no longer for sale
Flip flops aren’t just the name of popular island shoes. Three months after putting Pine Key up for sale for $14.2 million and closing it to the public, the popular Tampa Bay boating destination, better known as Beer Can Island, is once again open for business and off market – well, 90% of it, anyway. .
› A ‘low budget’ $400,000 in Northeast Florida’s housing hot spots
Grace Hardy works in special education and her husband Kyle works in IT. The family lives in a three-bedroom, two-bathroom home in southern Duval County with their 4-year-old son. With a second child on the way, they want to move south to St. Johns so their children can attend the county’s top-rated schools. But the Hardys — like many potential buyers whose spending is capped at $400,000 — are realizing that once-sufficient budgets no longer cut it in Northeast Florida’s most competitive real estate arenas.
› Pensacola will advocate for zoning changes to boost affordable housing
Pensacola Mayor DC Reeves expects pushback on reforms to the city’s land development code, which will likely include changes that will make it easier to build affordable rental housing in the city. “As we start to talk about the land use code, it’s going to be a difficult conversation in this community,” Reeves said.
› Orange County rejects controversial senior housing proposal in Waterford Lakes
A developer’s plan to bring a 36-unit senior apartment complex to the Waterford Lakes community has been rejected by the Orange County Planning and Zoning Commission. More than a dozen Waterford Lakes neighbors spoke against moving forward with the project at Thursday’s meeting, fearing it would add even more traffic to an already congested and dangerous intersection.
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