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Fort Walton Beach Real Estate Law Blog

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.

Residential real estate market in South Florida strong for buyers

The South Florida market appears to be a ripe place for home purchasing over the next 12 months. Recent residential real estate market research indicates that more than 25 percent of people in Miami-Dade, Palm Beach and Broward counties who purchased homes during the past 10 years are prepared to shop for a house again. About 28 percent of them said that they were highly likely to buy new homes; this is a huge jump from last year, when the figure was just 9 percent.

More renters in the area of South Florida are also gaining the confidence needed to buy houses. In fact, the confidence level among renters appears to have grown more quickly than that of existing homeowners. This may be because renters are tired of constantly increasing rents, and they consider homeownership to be more stable in the long run.

Florida commercial real estate development may feature condos

The development of land is often a complicated process, with the developer having to consider whether the new development will generate profits in a particular location. One significant commercial real estate market development taking place in Florida is a high rise featuring 358 units. The high rise in St. Petersburg was originally planned to be used for rental apartments, but the developer is now exploring the idea of converting the building to a condominium.

In St. Petersburg, the 17-story building currently under construction, known as 330 Third, is being seen as ideal for conversion to a condo because of its water views. The building also is being designed with amenities and finishes one would find in condo apartments. The building, being developed by American Land Ventures, offers several advantages, such as being close to a business district and major employment centers. The area is also known for its golf courses and beaches.

Florida residential real estate remains hot among investors

Florida remains a popular state for real estate investment with enjoying a slice of the Sunshine State being a part of many Americans' dreams. Florida residential real estate prices peaked in 2006, right before the Great Recession struck. Although Florida's fall was one of the hardest in the United States, the state's real estate market is now growing stronger.

Several areas of Florida are being touted as some of the best areas in which to invest. For instance, Atlantis, Hialeah Gardens and Lauderdale-by-the-Sea are top areas for flipping homes --  which is essentially renovating and selling homes quickly for a profit. Other areas that may be attractive to investors due other to factors, such as affordability, increasing home values and low unemployment rates, include Miami-Dade County, Bal Harbour and Homestead.

Home sales strong in residential real estate market in Florida

South Florida started off the year strong in the real estate sector, and the market is expected to continue flourishing as the spring season draws near. One specific part of the residential real estate market that saw robust growth was the market for home sales. On the contrary, the South Florida condo market saw somewhat of a dip in sales in January.

Sales of single-family houses showed sturdy growth during the month of January, while sales of condos and townhouses went in the opposite direction. The dip in the condo and townhouse arena was by a little more than 7 percent from last year. However, condo prices are still on an upswing; the media price for one condo/townhouse in South Florida increased by a little more than 5 percent, reaching over $144,000.

Commercial real estate market has positive outlook in Miami

The real estate market in Florida continues to remain hot at the start of the new year, but one area that is drawing special attention is the Miami-Dade region. The commercial real estate market in this area appears especially promising. The outlook regarding the region's market for office space, in particular, is positive, due in part to steady employment growth, as well as brand new office developments.

The average office vacancy in the area was actually expected to fall last year to just under 15 percent. However, this is still much higher than the average of a little over 10 percent cited before the recession that began in 2008. Commercial deals are possible today because Miami area is drawing a large amount of capital from investors who are well-informed about the market.

Florida commercial real estate market rebounding

During the Great Recession of 2008, the residential market plummeted throughout the United States, including in Florida. This, in turn, caused Florida's commercial real estate market to go south as well. However, the state's commercial market has since turned around and appears to be on a huge upswing.

Lending in the commercial real estate market crashed by a whopping 90 percent during the recession. As a result, commercial construction experienced a huge decline. Home sales also saw a decline after 2006 but not as much, only because lenders backed by the government received money to prop up residential sales in the midst of the housing market crisis.