Florida real estate record 2023 helped by new wave of international buyers
One in five international real estate sales in the United States takes place in Florida, and of those, one in two is in the Miami metropolitan area. In 2023, homes worth $5.1 billion were sold to international buyers in South Florida, according to a report from Miami Realtors. The state as a whole generated $12.6 billion in real estate transactions with out-of-state buyers, according to another report from Florida Realtors. (Source: The messenger)
Famous religious leader plans affordable housing in Miami
Rev. TD Jakes Real Estate Ventures announced a partnership with Miami real estate developer New Urban Development, an affiliate of the Urban League of Miami. “We are creating hope and opportunity for those who are often left on the margins,” Rev. Jakes said of the planned rental complexes in Miami Gardens and Hallandale Beach. “Our partnership is a testament to the power of purpose-driven real estate, reflecting a commitment to providing affordable housing that not only transforms physical landscapes, but also revitalizes the very heart of South Florida communities.” ” (Source: Miami Herald)
Florida Real Estate Market Forecast 2024
The bottom line: It’s very likely that rates will finally stop rising and start falling… And if you’re worried about a Florida housing crash in 2024, you can take a deep breath: because housing prices real estate prices are not going to decline substantially in 2024. 2024. In fact, prices are actually more likely to increase. (Source: Ramsey Solutions)
DC Developer Set to Buy Ormond Crossings
Ormond Crossings – nearly 3,000 acres of mixed-use land south of the Interstate 95/US 1 interchange – is expected to be sold to Brad Kline, a Washington, D.C.-area developer. Kline currently owns a luxury home in Palm Beach County. Various efforts to develop Ormond Crossing have been underway for nearly two decades. (Source: Daytona Beach News Journal)
The average long-term mortgage rate in the United States falls to 6.67%
Home loan financing costs fell again, bringing the average long-term mortgage rate in the United States to a six-month low. The average rate on a 30-year mortgage fell to 6.67%, down from 6.95% last week. The latest rate cut is the eighth in as many weeks – the average rate is now back to where it was this summer. (Source: Florida Real Estate Agents)
2 million dollars
An oceanfront condo with access to a private beach and an oversized pool. The 2,200+ square foot living space features ceramic and wood floors, custom built-in cabinetry, and 180-degree windows in the living room. (Source: Islanders News)
ALSO TRENDY:
› MAP: South Florida real estate market could be at its peak
The situation for hopeful homebuyers in South Florida has long been bleak — and it’s not expected to improve anytime soon.
› High-end pizza shop coming to downtown Naples
A young couple moving to Naples from Long Island are planning to locate their upscale, fast-casual, New York-style slice shop in the Ingram Building on 5th Avenue in Naples.
› Private equity firm secures $173 million for ‘Sundy Village’
Pebb Capital has secured a $173 million construction loan from Monroe Capital and JP Morgan for Sundy Village, a mixed-use development spanning approximately seven acres in the heart of downtown Delray Beach.
› Florida Real Estate Market Overview
Florida home prices rose 3.5% year-over-year in November. At the same time, the number of homes sold increased by 0.7% and the number of homes for sale by 12.2%.
Previous real estate updates:
