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Steady growth in home prices continued in South Florida and across the country during August, a new report shows.
Prices in Palm Beach, Broward and Miami-Dade counties rose 7.1 percent compared with those in August 2015, according to the S&P CoreLogic Case-Shiller housing index released Tuesday.
Prices rose in all 20 metro areas tracked by the index. Portland, Ore., and Seattle had the highest price gains at 11.7 percent and 11.4 percent, respectively. The national average was 5.3 percent.
South Florida was one of 10 metro areas with a higher annual increase in August compared with July. Prices in the tricounty region rose 7 percent in July from a year earlier.
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http://www.sun-sentinel.com/business/realestate/fl-case-shiller-index-august-20161025-story.html
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South Florida tenants will have to settle for slower rent growth
Beleaguered South Florida tenants still will be paying more in the coming year, but a new forecast shows rent growth is likely to slow.
Rents in the tricounty region are projected to increase 3.2 percent through next August — down from 4.2 percent over the past year, real estate website Zillow said. The national average for the year ahead is 1.7 percent, same as it was this year.
South Florida’s Zillow rent index — the median price paid for renting apartments, condominiums and single-family homes — was $1,885 in August. That’s up 21 percent since August 2011, according to Zillow.
The sharp increases have led to affordability problems.
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http://www.sun-sentinel.com/business/realestate/fl-south-florida-rent-growth-20161014-story.html
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Three years ago, Florida lawmakers earmarked $10 million to provide free housing counseling and financial education services to homeowners facing foreclosure.
But to date, most of that money remains unused.
That’s why the Florida Housing Finance Corp. is launching a public awareness campaign to let homeowners know about the Foreclosure Counseling Program.
The agency partners with federal, state and local governments, nonprofit organizations and other industry groups in all 67 Florida counties to help people at risk of losing their homes.
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Nearly a quarter of all single-family homes in South Florida were occupied by tenants or available for lease last year, according to a report that underscores the changing profile of renters.
In Palm Beach, Broward and Miami-Dade counties, 22 percent of the 904,700 homes were used as rentals in 2015, according to U.S. Census data analyzed by real estate website Zillow.com. That’s up from 19.5 percent in 2014, and it’s the highest percentage since 2005, the first year the figures were calculated annually, Zillow said.
Traditionally, renters have been young, single professionals living in apartments, but more families are turning to single-family rentals because they’ve postponed homeownership or they can’t afford to buy, housing analysts and counselors say.
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http://www.sun-sentinel.com/business/realestate/fl-single-family-rentals-20160923-story.html
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Pines City Center in Pembroke Pines is expected to break ground later this year after the developer announced that it bought a 17-acre tract for $15.9 million.
The Terra real estate firm said the land will be part of the first phase of the 47-acre project at the southwest corner of Pines Boulevard and Palm Avenue. Publix Supermarkets will anchor the 200,000-square-foot first phase, which should open in 2017, Terra said.
The second phase will include 100,000 square feet of commercial space, 385 apartments and a movie theater.
“We’re seeing a surge in demand for new retail and lifestyle offerings in the area,” said David Martin, president and co-founder of Coconut Grove-based Terra, in a statement.
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McCraney Property Co. of West Palm Beach said it secured a $65 million loan from BankUnited to refinance industrial properties across Florida.
Among the properties that will be refinanced are Vista Business Center and Belvedere Business Park, both in West Palm Beach.
BankUnited also provided partial financing for McCraney’s acquisition of 78 acres in Plant City, near Tampa. The company is building a business park there.
McCraney says it has developed about 5 million square feet of industrial space. It’s considered “speculative” development because it’s built without signed leases from tenants.
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Low unemployment and an increase in home loan applications are keeping South Florida’s housing market stable, according to a report Wednesday from mortgage company Freddie Mac.
Still, two other forecasts are more pessimistic about housing after four years of steady growth.
Palm Beach, Broward and Miami-Dade counties scored 91.9 on Freddie Mac’s Multi-Indicator Market Index for June. That’s unchanged from May but an increase of 10 percent from a year earlier.
The index analyzes mortgage applications, delinquencies, employment and affordability in the 100 largest metro areas nationwide. A composite score of 80 or above is considered stable. The ideal score is 100.
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http://www.sun-sentinel.com/business/realestate/fl-freddie-mac-housing-stability-20160831-story.html
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Dunkin’ Donuts has opened inside the BJ’s Wholesale Club in Pembroke Pines — and the two retailers will be teaming up at other locations in South Florida.
The new chain location, at 13700 Pines Blvd., is owned and operated by franchisee Mike Fallah. It will be open from 8 a.m. to 8 p.m. daily, and guests don’t need BJ’s memberships. The menu includes hot and iced coffees, lattes, cappuccinos, teas, sandwiches and baked goods.
A Dunkin’ Donuts spokeswoman said the chain will open other restaurants inside BJ’s in the coming months. Details have not yet been released.
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