Buyers’ income rises with house prices | Florida Trend Real Estate – Florida Trend

Buyers’ income rises with house prices

A three-year study of homebuyer incomes shows the impetus of rising home prices in many of the country’s hottest cities. A study by Redfin has created a list of the top 10 metros where the median income of shoppers grew the most between 2019 and 2021. Of these, four are in Florida. Nationally, homebuyer revenue increased 6.8%; in these Florida metros, it hovered around 17%. [Source: Florida Trend]

Advice: Don’t count on new arrivals from Florida to go back to New York

The New York Post recently published an article by Steve Cuozzo, titled “Listen, New York, Florida sucks, and you’ll all be back in five years. While it’s old news that New Yorkers of all ages are moving from the tax-burdened Empire State to Florida, what we’ve seen for sure is that the multitude of New Yorkers migrating to Florida from COVID are putting down roots and are here to stay. Contrary to Cuozzo’s article, the migration to Florida is a permanent relocation, not a short-lived honeymoon. [Source: Palm Beach Post]

Will the struggle for property insurance upset the race for governor of Florida?

Florida’s long-simmering property insurance crisis is reaching a boiling point ahead of a closely watched gubernatorial race that could test the mettle of Gov. Ron DeSantis, the Republican with presidential aspirations. DeSantis is the favorite in the Florida gubernatorial race, but in recent weeks he has faced attacks from Democratic challengers, who have sought to persuade primary voters that the incumbent is responsible for the failure of the government property insurance market. [Source: Roll Call]

Florida real estate community weighs in on proposed out-of-state homebuyer tax

A slippery slope. A move in the wrong direction. The potential to do more harm than good. These are some of the skeptical reactions from the Orlando realtor and homebuilding communities to Florida Sen. Randolph Bracy’s recent proposal for a tax on out-of-state homebuyers in the county of ‘Orange. Meanwhile, an affordable housing nonprofit thinks the idea could be beneficial — with a few tweaks. However, the idea is sobering for local real estate professionals who rely on out-of-state buyers as a large portion of their clientele. [Source: Orlando Business Journal]

Where do the rich want to live in South Florida? More are turning to luxury Broward

The county saw an 18% increase in sales of homes and apartments priced over $1 million comparing sales data from the first half of 2022 to 2021, according to the Multiple Listing Service and the latest Keyes/Illustrated report. Luxury. Broward had a total of 1,691 closings, down from 1,387. Miami-Dade, by comparison, saw more deals but slower year-over-year activity. The county saw a 2% drop in transactions, to 3,146 closes from 3,217 during the same period. [Source: Miami Herald]

STATS OF THE WEEK
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Double the mansions, double the fun? Two side-by-side Fort Lauderdale mansions, built for the twin brothers and their families, have just come on the market together for $54 million. The French country-style homes face each other on over 11 acres of lush grounds and are separated only by a man-made lake. [Source: Insider]

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› Meet the commercial brokers who bank in Miami
When Brian Gale took over 830 Brickell four years ago, he felt pretty good about his chances of leasing it. The 55-story tower developed by Vlad Doronin’s OKO Group and Jonathan Goldstein’s Cain International will be the neighborhood’s first freestanding Class A project in about a decade, so there were no rivals to fear. In addition, rents and occupancy rates were up.

› Messy kitchen? Young renters, homebuyers want a modern set of amenities
Messy kitchens. Concierge. Coworking spaces. Connections to local businesses. These and other features are the amenities that housing professionals recommend that builders and developers offer homebuyers in the future. “What consumers want in a community is changing, forcing developers of master plans and rental communities to rethink once-standard amenities and meet changing needs,” says Maegan Sherlock, research analyst at John Burns Real Estate Consulting.

› Kroger sells Manatee County property for $4.3 million to hospital
An air of mystery has surrounded the former Albertsons store in Bradenton, which had been owned by supermarket giant Kroger since late 2020. But now there appears to be no chance of a grocery store coming into the vacant building. Kroger sold the former supermarket property at 75th Street West and Manatee Avenue West for $4.3 million to Manatee Memorial Hospital on June 24, county records show.

› Gainesville Commission Gives First Approval to Eliminate Exclusionary Zoning
A split vote at the Gainesville City Commission meeting on Thursday set the city on pace to become the first in the state to eliminate single-family zoning. It was the first of two necessary votes that took place around midnight after a crowd of nearly 100 showed up to oppose the zoning change, while only a dozen backed it. The 4-3 vote calls for small-scale multi-family housing throughout the city, affecting up to 63% of residential properties in Gainesville.

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