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Fort Walton Beach Real Estate Law Blog

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.

Tract of Florida land drawing commercial real estate interest

One parcel of land in Florida is gaining attention as a promising area for commercial real estate opportunities. This potential commercial real estate site, located in the northern Florida region, features forests and is slated to bring in excess of $1 billion when sold in 2015. The land spans a whopping 560,000 acres.

This tract, which is going on the market, offers a future buyer the opportunity to either sell development rights or to develop the land. The part of the state is largely uninhabited, but as Florida grows in popularity, this area is expected to also experience a surge of interest. If the property can be developed, significant growth is expected to occur there.

Convenience stores big in Florida's commercial real estate market

In South Florida, convenience stores are currently stealing the spotlight in the world of commercial real estate. Chains in the area are spearheading their commercial real estate expansion plans and are building brand new and larger stores. What makes today's convenience stores stand out is that they have upped the ante, particularly with regard to their unique services and food options.

Gone are the days where customers expected nothing more than a cup of coffee, junk food and gas from a convenience store. Now, South Florida companies are offering ATMs that are surcharge-free and even complimentary Wi-Fi. In addition, they are offering beverages and foods that emphasize health.

Commercial real estate for restaurants booming in Florida

When a city's population grows, there is a good chance that the development of real estate in the area will follow. A commercial real estate development boom is currently taking place in two Florida cities: Fort Myers and Naples. In fact, these cities are a couple of the fastest-growing municipalities in the United States and thus are prime areas for the development of restaurants.

There is currently a huge population growth and more disposable income in these areas of Florida as a result of job creation. This is causing prime real estate for restaurants to be in high demand. A lot of this growth is taking place along major commercial corridors.

Residential real estate in demand in Florida Keys

Florida stands out as an area where real estate remains in high demand, particularly in the Florida Keys. Here, residential real estate prices appear to almost be back to the levels witnessed in 2005 in many areas. In addition, luxury houses are especially being sought after.

The average price for houses valued at more than $2 million and sold in the Upper Florida Keys was over $2.5 million last year, and it was almost $2.30 million in 2012. In 2014, homes for sale in the area ended up being sold in just 260 days -- fewer than the nearly 500 days experienced in 2012. This is the fastest they have been sold since 2005.