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Fort Walton Beach Real Estate Law Blog

Self-storage a promising part of commercial real estate market

One area of the commercial real estate industry that appears to remain in high demand is self-storage. A self-storage commercial real estate property is fitting today in Florida with many people owning more things than they are able to store at their homes. One out-of-state investor recently spent millions of dollars on a storage facility in Florida.

The self-storage facility, known as Value Self Storage, was sold to the buyer for nearly $6 million. The building spans 63,000 square feet and sits on a lot of almost three acres. It is located near well-known businesses such as Applebee's, Advance Auto Parts and PNC Bank.

Condos a popular part of Florida commercial real estate market

Condos continue to be a popular investment in South Florida, with buyers having paid nearly $2 billion on fewer than 1,750 brand new units on the east side of Interstate 95 during the past few years. The condos recently completed in the Palm Beach, Broward and Miami-Dade County areas' commercial real estate markets have been purchased for more than a million dollars per unit. Individual deals ranged from under $150,000 to almost $18 million.

It appears that foreign investors are heavily participating in the transactions involving new condos. Back in 2011, investors from throughout the world were interested in South Florida for several reasons. These included increasing rental rates that landlords were being paid, high exchange ranges for foreign currency against the U.S. dollar and low prices for real estate.

Residential real estate development targets high-end buyers

Housing in South Florida continues to increase in demand. In fact, one project involving residential real estate is planned east of the Florida Turnpike on a parcel of land covering 33 acres. Here, a total of 225 homes are expected to be built in the future.

The housing development builder, Central Communities, paid more than $7 million for this stretch of land. It is zoned for more than 160 townhouses, as well as 64 single-family residences, although this mix could end up changing. The development will feature a trail for walking, playground, pool and cabana. In addition, the community's entrance is adjacent to a brand new park.

Florida enjoying rapid increase in residential real estate value

Despite the housing bubble that helped spark the so-called Great Recession, Florida's housing market seemed to recover better than most. After enjoying several years of near continual gains in residential real estate, things are still looking up for some homeowners. As the desire to live in certain areas of Florida increases, some homes are predicted to rise in value approximately 41 percent. 

Granted, this is a generous prediction that might be otherwise unprecedented, but there is good reason behind it. Southwestern Florida in particular is becoming a popular place for buyers who can -- and do -- shell out cash for the home that they want. Additionally, if a buyer has the ability to pay cash for a house, he or she likely will not have to deal with potential economic downfalls to which other people might be more prone.

Florida residential real estate attracting small investors

Florida is teeming with real estate opportunities, particularly for investors interested in residential properties. In fact, the residential real estate market is increasingly attracting the small investor, especially in the southwestern part of the state. These small investors are able to pick up several rental properties, including attractive condos, and then lease them out for cash flow each month.

Many small investors have been able to find appealing deals even with the supply of foreclosure homes decreasing and with home prices rising rapidly in Florida. They are paying cash for the properties they find and are then converting these homes to rentals. This is being done in order to feed the demand of people who are simply uninterested in purchasing homes.

Commercial real estate development on the rise in Miami area

The commercial real estate market in Florida is on the rise -- literally. In particular, the commercial real estate project that has long been dormant is slated to bring high-rise condominiums, as well as upscale retail this summer to suburban Sunrise, located in the Miami area. The project spans 65 acres.

The mixed-use project's first phase is supposed to open in the early part of 2017. This will feature a residential tower with 263 units and allow residents to view the Everglades. A mall spanning 480,000 square feet and anchored by a luxury cinema, office space, an apartment complex and two hotels will also be part of this massive project's first phase.

Residential real estate market competitive in many states

Florida is one of several states where the housing market is filled with competition among buyers. It is a sign of the tremendous promise in the Sunshine State's residential real estate market. Sellers especially can stand to benefit most from the current housing market conditions.

Inventory continues to be fairly low in markets throughout the United States. This means that there is a higher chance that a seller will be able to unload his or her property; in fact, it is now common for a seller to receive several offers on a home the first day it is placed on the market. In addition, mortgage rates are still low, thus putting pressure on homebuyers to complete their residential real estate transactions before borrowing for a home becomes more costly.

Florida commercial real estate deal involves CocoWalk mall

One popular Florida mall was recently sold, and there is a chance that what has long been considered an eyesore will get a much-needed face lift. The mall is called CocoWalk -- an outdoor mall located in the Miami area. The commercial real estate establishment was sold for a total of $87.5 million.

The parties who bought the mall include an investment trust, a local developer with multiple projects underway and a developer who focuses on retail and is heralded for his Miami Beach work. A representative of the trust said that the area was attractive since it was one of only a few areas in Miami that were considered walkable and authentic. The area surrounding the mall appears to be resurging.

Huge hikes in residential real estate sales occur in Florida

The state of Florida is witnessing major growth in home sales in 2015. In fact, the residential real estate market in March saw a double-digit hike in sales in the southern part of the state. This is especially true for sales of single-family houses.

More than 4,300 single-family houses in South Florida were sold in March, an increase of more than 21 percent from one year ago. In addition, the median sales price increased almost 4 percent, going up to a total of $275,000. The area witnessing the greatest growth includes Miami-Dade, Broward and Palm Beach counties.

Commercial real estate tower in Miami exudes luxury

Miami, Florida, has certainly been picking up steam in the world of real estate recently. As evidence of that fact, one of the latest commercial real estate developments to generate buzz worldwide is Miami's REGALIA Tower. It is a residential tower featuring 46 stories and located on an oceanfront parcel on Sunny Isles Beach.

The REGALIA Tower has a total of 39 residences, including a penthouse and a beach house. The building stands out because it features a shape inspired by ocean waves. The tower also includes wrap-around terraces, as well as flowing glass balconies, private elevators and designer cabinets from Italy.