Real Estate, Community News & More from My Desk to Yours

Monday, August 25, 2014

Existing condos challenged by new condo competition



MIAMI – Aug. 25, 2014  Three years into South Florida's impressive housing recovery, demand for existing condos is showing signs of sputtering, even as single-family home sales chalk up new highs.
Blame the condo headwinds on stiff competition from a wave of glittering new-condo construction that is remaking the skyline and cementing South Florida's place as a magnet for foreign money.

Meanwhile, prices on existing condos have skyrocketed, making them less attractive to investors. And traditional home hunters face tough mortgage guidelines even more stringent for condos than for houses.

In Miami-Dade County, the volume of existing condo sales fell 8.8 percent in July to 1,403 units from 1,538 a year earlier; and they were down 2.8 percent from June, the Miami Association of Realtors said.

Year-over-year sales of existing condos in Miami-Dade have declined every month since February, though sometimes by small amounts.

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Tuesday, August 12, 2014

First-Time Buyers Shut Out of Expanding U.S. Home Supply

An inventory crunch for entry-level houses has only worsened during the past year as discounted foreclosures become scarce and cash-paying investors snap up affordable listings to convert to rentals. Properties at the lower end of the market are also the most likely to have underwater mortgages, keeping would-be sellers from moving.

Read more at Bloomberg.

Monday, August 11, 2014

Florida finances expected to remain in good shape


Florida economists are projecting that the state's economy will continue to remain in good shape over the next few years.

State economists met Thursday to predict how much the state is expected to collect in taxes. Gov. Rick Scott and legislative leaders rely on these forecasts to determine whether the state has a budget surplus.

Preliminary forecasts show that the state's main budget account could grow nearly 4 percent during the fiscal year that started in July. The preliminary estimates show a roughly 4 percent growth in the fiscal year that starts in July 2015.

That's a slight dip from March forecasts. One big reason is there has been a drop in corporate income taxes.

SOURCE:  See more at TALLAHASSEE (Associated Press)
      

Miami's High Line? A Ten-Mile "Linear Park" Could Come to South Florida

If a South Florida group has their way, Miami is about to get a whole lot greener. The Greenlink Project would create the largest linear park ever, one that would stretch 10 miles long from Brickell to Dadeland right underneath the Metrorail.

"The vision is to connect eight transit stations to one linear park," Meg Daly, Greenlink Park's founder, tells CBS Miami.



The proposed park, which has been described as Miami's answer to NYC's High Line, has already drawn about $2 million in commitments so far, Daly says. The High Line, to be fair, cost about $180 million to build. In turn, it's generated an estimated $3 billion in real estate investment for the New York area.

Beyond funding, others have raised worries that an FPL plan for 100-foot new towers along U.S. 1 could also imperil the idea, though FPL says the two projects aren't necessarily incompatible.

"I know some people have suggested that the transmission line would basically rule out the park being there," FPL spokesman Peter Robbins told the Miami Herald earlier this year. "That's just flat out wrong. Whoever suggested that, unfortunately is misinformed or they are spreading information that's wrong. Projects just like the GreenLink make sense."

Daly says that in a best-case scenario the project could potentially break ground later this year and finish be done in five-to-ten years.

By Ryan Yousefi  Published Wed., Aug. 6 2014: 

Friday, August 1, 2014

20% of Florida Home Shoppers Could Enter the Market Soon

CHICAGO – July 30, 2014 – A conducted by Pollara survey and released by BMO Harris Bank found that 68% of Florida homeowners believe the value of their home will go up over the next 12 months, and 13% expect the value of their home to go down.

Over the past year, 61% of Floridians felt their home's value had increased, and 24% thought it had gone down.

"Market prices overall continue to indicate that we are in a recovery, and this was reflected in our survey results with buyer optimism," says Sheila Blom, head of Florida mortgage sales for BMO Harris Bank. "We've seen this reinforced by an increase in home buying activity this year."



Florida homebuyers
30% of those planning to buy say market activity caused them to delay a purchase.  20% say current market activity will likely cause them to buy a new home sooner than they otherwise would.

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