Florida home sellers cut prices after shooting for the moon | Florida Trend Real Estate – Florida Trend

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Florida home sellers cut prices after shooting for the moon

Some home sellers are getting greedy in the scorching housing market, and it backfires. Many are setting their prices too high, trying to squeeze every dollar from buyers who are willing to pay well above the asking price, often in cash. A growing percentage of salespeople are quickly learning that they will have to get real. Some 9.4% of homes on the market in August had discounted prices, up from 8.6% in July, according to Zillow, an online listing service. In May and June, the price drops were 7.8% and 7.7% respectively, indicating that the excess rush has spread. [Source: South Florida Sun-Sentinel]

The cost of insuring expensive waterfront homes is about to skyrocket

Florida’s version of the American dream, that even people of relatively modest means can aspire to live near water, depends on a few crucial things: white sand beaches, gentle ocean breezes, and federal flood insurance that is heavily subsidized. But starting October 1, communities in Florida and elsewhere around the country will see these grants start to disappear in a national experiment to adapt to climate change: forcing Americans to pay something closer to the true cost. their risk of flooding, which increases as the planet warms. [Source: NY Times]

A pandemic space race: self-storage is back in force

Before the pandemic, the sector was averaging 3.5% annual growth for more than 30 years, said Roger Morales, head of commercial real estate acquisitions at investment firm KKR. After a decline in the first half of 2020, self-storage has made a strong comeback, supported by Americans who have created space for home offices or classrooms, as well as those who have left centers. urban to overcome the pandemic in their parents. Occupancy rates and rents are at record highs. [Source: South Florida Sun-Sentinel]

Real estate stocks fall as China scares investors

The Chinese real estate sector has angered investors this week, as the country’s second-largest real estate developer missed the payment deadline for its overseas bondholders. Evergrande, which has built residences in each of the regions of China, now has 30 days to settle the coupon payment before it defaults. Investor uncertainty over China has grown since regulators scuttled the Blackstone Group’s $ 3 billion deal to acquire real estate developer Soho China as part of a political crackdown on wealthy executives including including billionaire founders of Soho China Pan Shiyi and Zhang Xin. [Source: The Real Deal]

New luxury condos are reaching for the sky – and have dizzying prices to match

For many high-rise condo dwellers looking to move away from their old buildings, the swap can be difficult to make. Fancy new skyscrapers on the drawing boards or about to open are sold above levels that many middle to upper income groups can afford. Meanwhile, prices and sales of existing condos continue to move north from year to year, according to recent figures released by Broward, Palm Beach Beaches and the St. Lucie Realtors Group. [Source: South Florida Sun-Sentinel]

STAT OF THE WEEK
19%
The Daytona Beach subway, which includes Volusia and Flagler counties, ranked 15th in the country in a Business Journals analysis of data from Zillow Group Inc. released on September 17. one year ago. [Source: Orlando Business Journal ]

TREND ALSO:

›Dubai developer revealed as $ 120 million bidder for Surfside collapse site
Damac Properties, a Dubai-based developer, is the bidder for the Champlain Towers South collapse site in Surfside, The Real Deal has learned. East Oceanside Development LLC, a publicly traded Damac-related Delaware company, signed a contract to pay $ 120 million for the beachfront property.

›San Marco townhouses for sale early next year
Toll Brothers announced on September 23 that Terraces at San Marco, its 27-unit luxury townhouse community next to East San Marco, will open for sale early next year. “This community represents a unique opportunity for home buyers looking for the latest in contemporary new home designs with an urban appeal,” said Steve Merten, division president of Toll Brothers in North Florida, in a statement from hurry.

›Joe Biden chooses South Florida real estate mogul Michael Adler as ambassador to Belgium
President Joe Biden appealed to a South Florida real estate mogul, longtime Democratic donor and former chairman of a Biden presidential campaign to become the new US ambassador to Belgium. The White House announced Wednesday that Biden has appointed Michael Adler, chairman and CEO of Miami-based real estate firm Adler Group, to replace the Chicago-based businessman and Donald Trump-appointed Ronald Gidwitz in that role.

›West Palm Beach warehouses developed by billionaire Jeff Greene sell for $ 60.6 million
A pair of warehouses near West Palm Beach developed by billionaire Jeff Greene sold for $ 60.6 million. The 317,499 square feet of warehouses located at 1673 and 1715 Meathe Drive in Palm Beach were sold by 2104 Cahuenga Partners LP and 1520 Vista Partners LLC, affiliates of Greene, to Green Spaces Property Owner, a subsidiary of Dalfen Industrial , based in Dallas. The buyer secured a mortgage of $ 54.7 million from Morgan Hills Group, which was entrusted to Square Mile Capital Management.

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