Cash Offers Fueled a Sharp Growth in the Rental Market | Florida Real Estate Trend – Florida Trend

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Cash supply drives the rental market to skyrocket

If you don’t throw a ton of money on the table, you may be forced to rent out in Florida’s crazy home ownership market. Home buyers looking for a mortgage are finding it harder and harder to find a home when they compete with buyers – many of whom are out of state – who are offering huge amounts of cash. This encourages many people to rent, which only raises the rent. [Source: South Florida Sun-Sentinel]

Florida Real Estate: Billionaires Build Bigger Beach Homes To Avoid Sinking

Palm Beach City is busy adapting to the risks of a warming planet, even if the island appears to have fewer people of concern among buyers and speculative builders. Some of the lowest-lying properties in the United States have some of the highest prices. Real estate website Zillow estimates the value of Peterffy’s home at $ 52 million. This year, a new nine-bedroom mansion with panoramic views was sold to financier Scott Schleifer at a record price of over $ 122 million. [Source: Bloomberg]

Commercial real estate optimism is on the rise

Three well-known commercial real estate groups, along with local experts, believe the industry will grow dramatically in the second half of this year and 2022 and beyond, according to new research by each. The Society of Industrial and Office Realtors (SIOR) in a new survey of its members says 74% of all commercial real estate transactions are on schedule, more than double the percentage in the second quarter of 2020. [Source: Business Observer]

Governor DeSantis Signs Property Insurance Bill Critics Say Will Increase Rates For Clients

Gov. Ron DeSantis signed a controversial property insurance reform bill on Friday that critics say will lead to larger increases in rates for clients of state-backed civil property insurance, but supporters say they will cut back on lawsuits and claims for roof damage. “Unscrupulous business participants,” said State Senator Gene Boyd, “are increasing costs. “We have serious fines and responsibility for them. … And it will reduce costs. ” The law, which takes effect July 1, allows for a larger annual rate hike for Citizens customers, increasing the limit from 10% to 15%. [Source: South Florida Sun-Sentinel]

Florida’s waterfront mobile home park is about to evict

Residents of mobile home park Paradise Park, near fast-growing Allapatt, received a six-month eviction notice last November, just days after the trailer park was bought by Miami-based developers for $ 15 million and about a month before. worst COVID-19 outbreaks in South Florida. Although the park has survived the threat of eviction and demolition in previous years, this time around, all residents will likely have to look for new homes. [Source: Tampa Bay Times]

STATUS OF THE WEEK
$ 22.5 million
The $ 22.5 million Miami Beach penthouse was fully paid for with cryptocurrency. It is the most expensive property that has ever been paid for with cryptocurrency in US history. [Source: WPLG]

ALSO TRENDED:

›Governor Ron DeSantis appoints two to Florida Real Estate Appraisal Board.
On Wednesday June 9th, Gov. Ron DeSantis announced the appointment of Jared Hirsch and Prakash “Paul” Patel to the Florida Real Estate Appraisal Board. These appointments are subject to Florida Senate approval.

›Thinking about moving to Miami? Listen to this real estate expert first
If anything is clear from recent travel trends, it is that Florida has never been more popular. Now that flexible working hours are possible, telecommuters are flocking to South Florida, specifically Miami. Now that the pandemic has subsided, many are reconsidering where they will call home – forever, or at least for the winter.

›Investor Ben Mallah will sell several hotels
After more than a year of financial turmoil in the tourism industry, developer Ben Mallah has four of its hotels up for sale. Mallah said he made the decision to sell several of his hotels after pumping out more than a year of money to keep them open. To maintain hotels, he had to spend about $ 200,000 a month on each hotel, which means a loss of about $ 1 million a month.

›HFZ Capital Off the Hook for $ 6 Million in Failed Shore Club South Beach Deal
HFZ Capital Group refused to pay $ 6 million to the planned South Beach Shore Club operator following a lawsuit over the companies’ failed deal. HFZ Capital Group wanted to convert the 1901 Collins Avenue property in Miami Beach into a condo hotel and signed a contract with the luxury Brazilian hotel brand Fasano to manage the revived project.

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