Dowd Law Firm
Call to Schedule an Appointment
Fort Walton Beach: 850-502-8334

Fort Walton Beach Real Estate Law Blog

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.

Residential real estate appreciating in Florida

The state of Florida has one of the highest-valued real estate markets in the United States. The area of Miami particularly has an overvalued residential real estate market, meaning that the home prices are 10 percent or more above the level considered to be sustainable long term. This part of Florida is one of 14 of the top 100 markets nationwide that are overvalued.

The biggest driver of the overvaluation of an increasing number of residential real estate markets is supply. Builders are not producing enough homes, so they are focusing primarily on the market's upper end rather than on the lower and middle ends since they are concentrating more on margins instead of scale. Also, all of this is happening at a time when the prices of homes are rapidly increasing.

Florida commercial real estate market booming in retail area

South Florida's retail growth is on an upswing. Part of the reason that this part of the commercial real estate sector is booming is because of a tourism boom along with a population growth. The housing market's recovery is also contributing to retail growth in this part of the Sunshine State.

Out of all of the retail markets in Florida, the market in South Florida is considered to have the greatest momentum. As a result, the future of this area looks bright. One of the new developments in South Florida that is garnering attention is the Mall at Miami Worldcenter. This facility spans a whopping 765,000 square feet and includes entertainment, restaurants and retail space. There is also the Brickell City Centre, which is a Miami mixed-use development that is slated to feature a shopping center spanning 565,000 square feet.

Residential real estate market in South Florida deemed stable

The housing market in South Florida is currently considered the state's most stable one. This is good news not only for homeowners but also for people interested in buying homes in the region's residential real estate market. The South Florida area that scored high on a market index recently includes the area of Miami-Dade, Palm Beach and Broward counties.

The index used to measure real estate market stability was the Freddie Multi-Indicator Market Index. Based on this index, the South Florida counties scored over 82 back in June, which is an increase of 14 percent from last year. A score of 80 or higher is deemed stable or favorable, while 100 is considered an ideal score.

Florida ranks high in residential real estate jumbo volume

The latest winter season appears to be one of the best things ever to have happened to Florida in the area of residential real estate. The state currently ranks high in jumbo loan volume for its residential real estate. Both primary homes and secondary homes are in demand.

Jumbo lending is being driven by markets such as Miami Beach, where the median home price is nearly $3 million. Here, a waterfront estate can sell for as much as $40 million. Other areas with a high volume of jumbo lending include Naples-Marco Island and the Fort Lauderdale area.

Florida commercial real estate project involves two tall towers

One potential real estate project in Florida is drawing attention because it would place Tampa on the map of cities with some of the world's largest skyscrapers. The commercial real estate project involves the construction of two towers of 75 stories each. This project is valued at $1.5 billion.

Once the towers are erected, they will be similar in height to those of the cities of Kuala Lumpur, Dubai and Hong Kong. Towers this tall will have a larger number of floors than 50 percent of the 100 tallest skyscrapers in the world. In addition, they would have the same quantity of floors found in One57, the second highest residential tower in Manhattan. A condo there was sold for a hundred million dollars back in January.

Residential real estate market in Florida unlikely to bust

The housing market in Florida appears to be booming these days -- quite the opposite of the condition of the market around the time of the recession in 2008. This leaves questions about whether the residential real estate market will end up bursting again like it did nearly a decade ago. Fortunately, experts say that a repeat of the housing market bust is unlikely moving forward.

When the housing market plummeted years ago, it fell hard and fast. The fall has been likened to a Slinky bouncing down the stairs, as housing prices in the market fell in a series of jolts that were seemingly unpredictable. Prices finally hit bottom in the early part of 2012.

Florida a hot spot for residential real estate

The United States in general is currently viewed as a real estate hot spot by investors from throughout the world. The residential real estate market in Florida is particularly attracting attention globally. The focus being placed on this state's market does not appear to be going away anytime soon.

Many real estate investors are especially interested in the concept of flipping properties in Florida and along the West and East Coasts. Flipping is the process of purchasing a property that is run down and then improving it or restoring it. This is all done in an effort to make a profit.