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Fort Walton Beach Real Estate Law Blog

Florida's residential real estate market makes strides

In Florida, the real estate market appears to be making a comeback. In fact, today's residential real estate market in the Sunshine State is unlike what real estate and land development professionals have seen in the past. The state is growing so much that it is expecting to get a whopping 300,000 new residents next year.

One big game changer this year includes a generation of people who are delaying buying homes. Another one is the fact that lands that are environmentally sensitive and that were previously off limits have suddenly become available. These two situations are expected to continue to change the game of real estate in the future as well.

Residential real estate booming in Northeast Florida

South Florida has developed a reputation for having a robust housing market, but it is not the only part of Florida where the housing market is booming. Northeast Florida's residential real estate market is also continuing to improve and draw the interest of homebuyers. This area witnessed a 10 percent rise in sales during the month of October, compared with the same period last year.

More than 2,240 deals were completed in October of this year, compared with a little over 2,000 last year. The number of pending sales has gone up more than 17 percent from 2014. During the past seven months, the area has been a seller's market, which means home prices have been increasing.

Residential real estate communities drawing buyer activity

Florida's real estate market continues to be robust this fall, with the TwinEagles development particularly drawing strong sales activity. This residential real estate community, which is under development by The Ronto Group, features three new neighborhoods that are generating solid homebuyer traffic. These neighborhoods are gated and offer views of nature preserves, golf courses and lakes.

The TwinEagles community has carriage homes with price tags in the mid-$200,000 range, as well as estate residences valued at more than $2 million. One of the neighborhoods is Lake Estates, which has a total of 19 lakefront home sites and residences from 3,500 square feet. These homes range from $1.5 million to more than $2 million in price and provide homeowners with the opportunity to do shoreline fishing.

Residential real estate market professionals optimistic

The confidence in the real estate market remains high in Florida. A recent survey showed that professionals involved in the residential real estate industry are extremely optimistic about the market and have not been this optimistic since 2006. People in the field expect rents and occupancy rates to stay steady through the rest of 2015.

Back in August, a total of 24,000 residences were sold in Florida, an increase of 9 percent from the previous year. The time that homes spend on the market has decreased, and inventory remains low. In addition, houses that are at both the market's high end and low end are being sold quickly.

Residential real estate market getting stronger in America

The housing market in the United States, including in Florida, appears to be strong these days. Mortgage applications continue to climb in number, and homebuilder confidence has returned to the level it was at 10 years ago. As a result, residential real estate is being developed at the quickest pace since the beginning of the last recession.

The strengthening of the housing market is contributing to a boost in the American economy, as well as in the stock market, rather than dragging them down, as the housing market has done in recent years. Even so, the modern market is different from the pre-recession one. U.S. home purchasers are aging, and their homes are increasing in size. A homebuyer's median age today is 43, while the age was 35 back in 1985. 

Buying residential real estate is cheaper than renting in Florida

In South Florida, buying a house appears to be more financially beneficial than renting one for millennials. This is because buying residential real estate is 43 percent less costly than renting one in the Miami-Dade County area. Purchasing a house is also 44 percent less expensive in Broward County.

In the Miami-Dade area, the median rent currently stands at $1,955. Some individuals may be surprised that buying a house is better than renting simply because home prices have risen over the past four or so years. However, rents have been going up simultaneously during this period.

Spa retailer to occupy commercial real estate property

A new retailer of spa, makeup and skin care products will debut in Central Florida in 2016. The company, called Bluemercury, will occupy commercial real estate spanning more than 2,200 square feet. It will become a part of one of the most well-known shopping districts in the region.

Bluemercury, which has ties to Macy's, already has stores in Jacksonville and Tampa Bay. Macy's acquired the spa and beauty concept earlier in 2015 for $210 million. The new store will open in the second quarter of 2016 in the space formerly occupied by a Penzeys Spices store.

Residential real estate price increases slowing down in Florida

Home prices continue to rise in the area of South Florida. Even better news is that the residential real estate price increases are starting to slow down. This means the working and middle classes in this part of the state might see more affordable properties over the next few years. The working and middle classes have essentially been locked out of Florida's housing boom up to this point due to the fact that home prices are soaring above wages.

Housing prices in the counties of Palm Beach, Miami-Dade and Broward increased by almost half a percent in July over the previous month. These prices were up more than 7 percent from last July. When the housing market was robust in 2013, prices increased by a whopping 2 percent a month or more.

Facena House residential real estate property breaks price record

The real estate market in South Florida is steaming, but a certain recent sale is a record breaker. This residential real estate market transaction involved the Faena House, which is an 18-story luxury penthouse. The Miami Beach property sold for a whopping $60 million.

The house is situated in an area known as the Faena District. This penthouse features a multitude of perks, including nine bathrooms. It also has a pool that is 70 feet long, as well as a terrace that wraps around the home with a view of the Miami skyline. Residents can also see the Atlantic Ocean and Indian Creek from the property.

New commercial real estate project in Florida is luxury condo

The real estate industry in Florida remains hot and is expected to continue to thrive even during the cooler fall and winter months. One commercial real estate project that is particularly gaining attention is a new luxury condo project. This project will be built in the Bay Harbor Islands area near Miami Beach.

The seven-story condo is known as Bijou Bay Harbor. It will feature a total of 41 units that will be between 900 square feet and 2,000 square feet. The prices start at around $350 a square foot.