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Fort Walton Beach Real Estate Law Blog

Interest in residential real estate sales increasing in Florida

In the state of Florida, residences are currently in short supply. However, there is no shortage of individuals in Florida who want to broker deals between buyers and sellers in the potentially promising residential real estate market. In 2015, more than 28,500 individuals passed the Sunshine State's real estate examination and became licensed in sales.

The number of people who entered the real estate sales industry last year is the largest number in nine years. In addition, it represents a jump of more than 140 percent from the low witnessed in 2010. The drastic increase last year gives the state a whopping 221,000 agents now.

Commercial, residential real estate appears to be promising

In Florida, it is expected that the next five years will be filled with a variety of new opportunities in real estate. This goes for both commercial real estate and residential real estate in different parts of the state. However, lending standards are expected to tighten once again this year, which may cause a little pullback in the market but nothing similar to what has been seen in the recent past.

All Florida markets are expected to feature infill projects. In addition, one area that is particularly drawing attention is Lee County, where the housing supply ended up outstripping demand by a factor of two during the Great Recession. Moving forward, all of the markets are balanced except for those areas known for their high seasonal populations.

New Florida commercial real estate development to span 96 acres

Florida continues to be a hotspot for commercial real estate projects. One commercial real estate project that is underway in the Sunshine State is a mixed-use development that spans 96 acres. This development is being built in an Orlando suburb.

The $60 million development is slated to feature a residential rental community comprising townhomes and apartments. This community will have 350 units. Meanwhile, the project's commercial component will span 130,000 square feet.

Waterfront residential real estate in demand in Florida

It may be hard for many people in the United States to think about sunny skies and beaches in Florida right now, especially those who are in the midst of using their snowblowers on their front walks. However, now is an ideal time to start thinking about purchasing beachfront homes -- residential real estate they can use all summer long and perhaps even sneak away to for a winter vacation. These homes can also be rented out to pay their mortgages and even provide extra income.

Buyers typically have a lot more leverage during negotiations as well as more real estate options during the off-season. Although the total inventory happens to be lower at the moment, the number of buyers is also lower. That gives serious buyers the upper hand. The off-season is also a better time to hire local contractors to take care of necessary upgrades and repairs. This is particularly important for those who are planning to lease out their Florida homes.

Residential real estate market in 2016 may look like 2015 market

Insiders in the real estate market in Florida expect that 2016 will be an extremely strong year for the southern portion of the state. This is in spite of slowing sales as well as price gains in Florida's condo market. This information regarding the Sunshine State's residential real estate market was recently released based on a survey in which contractors, lenders, investors and Realtors participated.

It is anticipated that the year 2016 will look similar to 2015. Some people wonder whether Florida is currently in a housing bubble that will eventually burst, which is what happened during the Great Recession of 2008. However, the market indicates otherwise.

Restaurants strrong in Florida commercial real estate market

The commercial real estate market continues to show promise in Florida, particularly in Palm Beach County. One aspect of the commercial real estate market that is especially promising are restaurant properties. This is because increased demand combined with rising prices is attracting many different types of eateries.

Demographics in the area -- a heavy middle class and high-end class -- are ideal for restaurant owners. In addition, the population in this part of Florida is on the rise and so is tourism. The economy is also bustling here.

Florida residential real estate attracting foreign buyers

The real estate market in Florida remains hot as 2015 draws to a close. Residential real estate is drawing a great deal of attention in Tampa Bay. One investor who is especially interested in this area is an entrepreneur from the eastern part of the world, named Bo Wu.

Wu and the limited liability companies tied to him have bought a minimum of 37 residential properties in cities such as Tampa and St. Petersburg since March 2014. A majority of these transactions took place in 2015. This year, Wu spent over $1 million for a number of buildable lots in popular neighborhoods.

Florida residential real estate market seeing fewer foreclosures

Florida remains on the list of the top five states as far as foreclosure rates go. However, it has hugely improved from the mid-2000s, which was a dark time for the state in the area of foreclosures on residential properties. Not just Florida, but rather the entire nation, has witnessed an improvement when it comes to the residential real estate market and the number of foreclosures.

Recent statistics show a monthly drop of 15 percent in foreclosure starts in November nationwide. This is the lowest figure for starts since May of 2006. This falling trend has occurred for nearly half of the year of 2015, and the numbers of scheduled auctions are among the lowest they have been since 2005.

Luxury residential real estate market thriving in Florida

In Florida, particularly Miami Beach, the luxury real estate market is flourishing. Those who purchase residential real estate here are considered to have the cream of the crop in the industry nationwide. This is based on research on the market for 2015's third quarter.

In the third quarter, luxury houses sold for about $6.3 million on average. This is nearly 12 times the average price of a regular home there, at $522,000. In other major markets throughout the United States, luxury houses sell for anywhere from five times to six times the price of a typical home.

South Florida's commercial real estate market reaches milestone

The real estate market in South Florida recently reached a milestone. The 50th and 51st condo buildings erected east of Florida's Interstate 95 during the current real estate cycle that started in 2011 were completed in November. This shows that the commercial real estate market is continuing to flourish in this part of the state.

The 50th condo building is part of phase two of a project featuring six buildings located west of a medical center. The building project's first phase was completed back in July. The first deed for phase two of the six-building real estate project was recorded in November.