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

Fort Walton Beach Real Estate Law Blog

Florida commercial real estate market growing in hospitality area

In South Florida, one area of real estate that is booming is the hospitality sector. Hotel investment, management and development firms are springing up because investors are regaining confidence in this aspect of commercial real estate. It appears that the flourishing Florida tourism industry is contributing to this trend.

Some of the areas that are growing in terms of tourism include Monroe, Miami-Dade, Broward and Palm Beach counties. This has been taking place for a long time, and there are no signs that this demand will slow down anytime soon. Broward County, in particular, had 56 straight months of growth with regard to hotel occupancy. The figure for Palm Beach County is 50. In addition, room rates have increased in both of these counties.

Real estate dispute occurs between county and seafood restaurant

In Florida, a major battle is occurring between a 17-year-old seafood restaurant called Flash Beach Grille and county officials. The seafood diner, which is also a catering business, is owned by a couple that claims their dream restaurant has recently become a nightmare because of a real estate dispute. They said they are facing daily fines of $1,000 for reportedly violating a land easement; however, this easement was never recorded by the county, the couple said.

The dispute revolves around a relatively small area located behind the eatery; the land is about 40 feet by 70 feet in size. However, the fight is far from being a small one. The outcome of this dispute may put an end to the couple's business, might affect areas that are environmentally protected and possibly even impact property values.

Commercial real estate market appears strong for landlords

Renting expenses take a larger chunk of people's paychecks in the southern part of Florida than they do almost anywhere else in the United States. The area's rental prices continue to increase as well. This may be encouraging news for people who are interested in making the most of Florida's commercial real estate market by selling their commercial rental properties.

Renters in Florida's southern section spend more than 40 percent of their earnings on where they live. The average nationally is just 30 percent, based on research. South Florida's rental burden has actually jumped nearly 30 percent in the past decade, while the burden nationwide has climbed just 15 percent.

Florida residential real estate market offers promise

When an individual is attempting to purchase property in Florida, the process may be complicated and even overwhelming at times. This is especially the case if the parties on both sides have different ideas about what a property is worth. However, buying residential real estate may be one of the best moves a person chooses to make in our state at this time.

It appears that now is a stellar time to buy real estate because of what is known as zombie properties. A Zombie property is a vacant home where a homeowner has moved out but the bank hasn’t gone through with the foreclosure process yet. These types of properties are often easy to identify because they feature overgrown yards and neglected pools.

South Florida's residential real estate market is still hot

Florida’s blazing housing market experienced a cool-down between April and June. However, the state’s market remains relatively strong when compared with markets in other parts of the country. South Florida, in particular, is looking promising in the residential real estate market.

Single-family homes in the area of Fort Lauderdale and Miami had a median price that rose more than 7 percent earlier this year from the year before, jumping to $270,000. Last year actually saw higher price spikes in the double digits. However, even though this year’s second-quarter spike was only in the single digits, it is still outpacing national price increases.

Six commercial real estate buildings to be sold in South Florida

A huge property sale -- one of South Florida’s most expensive deals – is currently in the process of being completed. This is just another indicator that the state’s commercial real estate industry is soaring. The large property sale involves a portfolio of six buildings for more than $340 million.

Terranova Corp., which is based out of Miami Beach, and Acadia Realty Trust -- its investment partner -- are selling the retail properties located along a pedestrian promenade. They were initially bought in a couple of parcels in 2011 and 2012 for more than $190 million. If the transaction goes through, the sellers will realize a whopping $150 million-plus in profit, or profit of almost 80 percent, in a little more than three years’ time.

Commercial real estate development to replace roller coaster

Developing land with the goal of erecting a new building can be both exciting and challenging. For instance, the parties on both sides of a commercial real estate transaction may find it difficult to mutually agree on certain terms of the deal. A new development in Florida is on the way and is expected to take the place of a long-time roller coaster in the state.

That wooden roller coaster is called the Hurricane, and it sits on property that numbers 100 acres. This acreage is now being assembled to build a new shopping center development called DaniaLive Marketplace. This center will span more than a million square feet and will include large stores, apartments, restaurants and a hotel.

Commercial real estate such as condos rising in Florida

Commercial real estate in Florida these days is on the rise, literally. Condo skyscrapers are expected to be in greater demand in the state, specifically in the Southwest Florida commercial real estate market. This is because inventory is tightening and the economy is improving.

One development group called Ronto Group has begun to market a project known as Towers at Bonita Bay, which involves two buildings and is being planned out right now. In addition, WCI Communities is planning the building of a brand-new tower in the region. Tower projects are slated to be introduced more and more during the next two years in premier areas of Florida where the real estate market has experienced a recovery. These premier locations are those featuring lifestyle amenities along with water and sand.

Recovery of residential real estate market in Florida is unique

Although real estate took a major dip during the recent economic downturn, it is rebounding. This is particularly true in the state of Florida, and it is especially true now in the northern part of the state. Residential real estate sale prices, combined with the quality of sales, have gone up in most sectors.

The recent recovery appears to be the most atypical recovery reported over the past several decades. There has been strong appreciation in some areas, while other places are experiencing flat appreciation. During past recoveries, there appeared to be more consistency in this area, but this is not the case for the current real estate market.

Florida residential real estate market drawing foreign interest

Florida’s current real estate market isn’t just attracting local people and individuals around the country. The residential real estate market in the Sunshine State is actually putting the state on buyers’ radar worldwide. The state captured more than 20 percent of international purchases in the United States recently, researchers said.

Foreign buyers are highly interested in the United States in general these days. Their purchases increased 35 percent at the end of the year ending this past March. The total value of these sales was more than $92 billion during this period, a huge increase from the more than $68 billion counted the previous year.