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Fort Walton Beach Real Estate Law Blog

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.

Residential real estate sales going up in Florida

Home sales continue to skyrocket in South Florida as well as other areas of the United States. This is true even as residential real estate agents and buyers are complaining about not seeing many houses being listed for sale. Broward County, in particular, totaled more than 1,700 sales in June – an increase of 21 percent from the year before.

The number of single-family homes sold in Broward County this past June is the biggest number seen in one month since 1993. The median price of a home in June was a little over $302,000. This is an 8 percent hike from the year before and is the highest price since 2008.

Many Florida residential real estate properties paid for in cash

The housing market continues to take off in Florida, both in individual metro locations as well as statewide. In fact, new research shows that Florida's residential real estate market in April had the most homes being paid for in cash compared with other residential real estate markets throughout the United States. With regard to individual areas, a total of four out of five top regions for cash purchases in the nation were in the Sunshine State.

The areas of Florida with the most cash sales include the West Palm Beach area and the North Port region. Other high-cash areas include Cape Coral and Fort Lauderdale. The shares of cash sales in these parts of Florida ranged from nearly 57 percent to over 59 percent.

Residential real estate remains hot in Florida

One area of Florida where the real estate market has been sizzling hot is Palm Beach. In particular, the residential real estate market has recently experienced many sales of high-dollar properties. Since late May, five homes were sold at a price tag of $6.5 million to $13 million.

Another five homes were sold at prices topping $14.5 million. The largest home sale was for a home that sold for $31 million. These numbers are comparable to sales figures from this same period in 2014, although real estate sales overall were up more than 7 percent this year over one year ago.

Commercial real estate project slated for 6 acre area

One large real estate project is slated to break ground soon in Florida. The commercial real estate project is known as Mediterranean Village, which is a mixed-use project. Construction will begin in less than a year since city officials in Coral Gables have approved it.

This project will be located on more than six acres. It will feature more than 200 residential units and 180 hotel rooms. In addition, it will include office space spanning 290,000 square feet as well as retail space encompassing 289,000 square feet. There will also be 29,000 square feet for restaurants. In addition, an underground parking area will hold nearly 3,000 vehicles.

Residential real estate remains top target for investors

Many investors throughout the world who have high net worth are ready to invest in real estate properties, and properties in North America -- including those in Florida -- remain on their radar. When it comes to residential real estate as well as commercial real estate, more than half of private bankers and wealth managers recently surveyed said they expected their clients to boost how much money they allocate to real estate during the upcoming five-year period. Just nine percent of these respondents said they expected their clients to trim their investments in real estate.

Residential real estate appears to be the most in-demand area for investors. More than 70 percent of managers of wealth are expecting clients to purchase residential properties. In addition, it is expected that over half of clients will keep hold of the properties they have already purchased.

Self-storage a promising part of commercial real estate market

One area of the commercial real estate industry that appears to remain in high demand is self-storage. A self-storage commercial real estate property is fitting today in Florida with many people owning more things than they are able to store at their homes. One out-of-state investor recently spent millions of dollars on a storage facility in Florida.

The self-storage facility, known as Value Self Storage, was sold to the buyer for nearly $6 million. The building spans 63,000 square feet and sits on a lot of almost three acres. It is located near well-known businesses such as Applebee's, Advance Auto Parts and PNC Bank.