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Fort Walton Beach Real Estate Law Blog

South Florida's residential real estate prices on the rise

A real estate market where home prices are rising can be welcoming news to homeowners who are trying to sell their homes. It can also be encouraging for home buyers who would like to buy in a residential real estate area that appears to be on the upswing. Recent data shows that South Florida's home prices increased by 11 percent during the month of July when compared with July 2013.

July's increase is the second largest increase nationwide, researchers said. The price index that revealed this information measured current home sales occurring in 20 big cities. The South Florida area includes Miami-Dade, Broward and Palm Beach counties.

Florida commercial real estate may be in high demand in future

A state's demographics can have a huge impact on the success of local business. These same demographics can affect the state's commercial real estate market. Right now, Florida's demographics appear to be stellar, so the state's future will likely be bright.

It is projected that Florida this year will surpass the state of New York in terms of population. It is expected to have more than 19 million people. If this happens -- if it hasn't already taken place -- Florida will be behind only Texas, with 26 million people, and California, which has 38 million.

Commercial real estate market to grow in Florida

According to economists, Florida is expected to experience economic growth over the next several years. In particular, about four or five years of economic growth will likely take place in the commercial real estate market, as rents are slated to rise and occupancy rates will probably be lower. This is just one piece of positive recent news for the state's real estate market.

The main reason that market growth is expected include increased tourism and a surging population. This will cause retail spending to go up and will result in greater demand for distribution centers, warehouses and office spaces. The state's retail market is actually expected to outperform the entire U.S. retail market.

Residential real estate prices skyrocket in Orlando area

Several counties in Central Florida have been outperforming the whole state in terms of home prices, according to new data. The successful counties are particularly those along the corridor of Interstate 4. This may be welcome news to those who are interested in selling or buying residential real estate in this part of Florida.

The four counties around Orlando saw home prices increase by more than 7 percent during the 12 months leading up to August. The midpoint home price is $185,000. Throughout the state, house prices increased by 4 percent during the same period, reaching a $181,000 median price.

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.