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South Florida Real Estate Blog
Category: Market Updates
Luxury Home Boom in South Florida Fueled by Refugees Fleeing High Tax-Law Areas
August 10, 2018
After seeing the U.S. tax overhaul passed last December, many high-net-worth individuals are packing their bags and moving to South Florida to soak up the sun and serious tax savings. Luxury home prices have been surging ever since the tax law went into effect. The second quarter of 2018 saw a 16 percent jump from the previous year. Additionally, prices for the top 5 percent of properties rose at the fastest pace in 5 years.
Just Released, 2Q South Florida Elliman Market Reports – The Market is Heating Up.
July 26, 2018
Douglas Elliman just released their second quarter 2018 “Elliman Reports” for the South Florida sales markets. According to the reports, the overall assessment of the South Florida markets based on price, sales and inventory trends were considerably favorable this quarter. Standout markets were Delray Beach and Fort Lauderdale with both rising prices and sales.
New Yorkers Fleeing the Tri-State Area in Favor of Lower Tax Options, like Florida.
July 16, 2018
States like Florida and Texas have been wooing businesses and wealthy residents with promise of warm weather, zero state income tax and relatively low property taxes for years. It looks like their time has finally come as the states are drawing a wave of Wall Street investors, real estate executives and other wealthy residents from New York and the tri-state area.
Home Foreclosures are on the Rise in the First Half of 2018.
July 12, 2018
According to a new report released by Attom Data Solutions, twenty-two U.S. states posted increases in the number of new foreclosure filings for the first half of 2018, compared to the same period a year ago. Some experts believe the loosening of lending standards may be among the reasons why some of the nation’s hottest real estate markets are seeing a rise in their foreclosures.
Zillow Looking to Raise $650 Million Via Public Offering for Company Expansion
June 28, 2018
The Seattle-based listings giant, Zillow released their regulatory filing statement on Wednesday. In it, the company stated they are looking to raise $650 million via concurrent offerings - $325 million in stock and $325 million in convertible bonds.
Fed Raises Interest Rates and Signals More Increases to Come
June 14, 2018
On Wednesday, the Federal Reserve raised interest rates and signaled that at least two more increases could be on the way later this year. Fed chairman Jerome Powell, in a news conference Wednesday, said the U.S. economy had strengthened enough for borrowing costs to rise without choking off economic growth. He noted that the economy had strengthened significantly since the financial crisis of 2008 and was approaching a normal level that could allow the Fed to step back and play less of a role in encouraging economic activity.
The Current Real Estate Market is Tough, but Prospective Buyers Aren’t Giving Up
June 4, 2018
It is no secret the housing market has been tough for quite a long while now. In fact, according to the National Association of Realtors, the listings for homes for sale have dropped year-over-year for 34 consecutive months. Yet, according to the most recent Housing Trends Report, prospective home buyers aren’t giving up on looking for a new home.
Construction Delays Generating Lawsuits at Ritz-Carlton Residences, Miami Beach
May 17, 2018
Since March, three separate civil lawsuits have been filed against the Ritz-Carlton Residences, Miami Beach development group, 4701 North Meridian LLC. The group is a partnership between Lionheart Capital and Elliott Management Corporation. The plaintiffs are suing the developer over the project’s construction delays and are seeking to get their deposits refunded.
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