Tag Archives: broward county real estate

South Florida tenants will have to settle for slower rent growth

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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Single-family rentals on the rise in South Florida

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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Developer pays $15.9 million for land to build Pines City Center

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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http://www.sun-sentinel.com/business/realestate/fl-pines-city-center-for-real-estate-col-20160921-story.html

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Developer refinances industrial properties

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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http://www.sun-sentinel.com/business/realestate/sfl-developer-refinances-industrial-properties-20160908-story.html

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South Florida housing still healthy, but challenges remain, reports say

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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South Florida’s ‘seriously underwater’ mortgages drop in second quarter, RealtyTrac says

South Florida homeowners continue to regain equity lost during the last decade’s housing crisis, as the number of “seriously underwater” mortgages has declined sharply over the past three years.

At the end of the second quarter, 17.3 percent of homeowners with a mortgage — 262,591 people in Palm Beach, Broward and Miami-Dade counties — owed at least 25 percent more than the property was worth, according to the RealtyTrac Inc. research firm in Irvine, Calif.

While that’s still higher than the national average of 11.9 percent, it is down from 22.4 percent (332,186 homeowners) at the end of the second quarter of 2015, RealtyTrac said.

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http://www.sun-sentinel.com/business/realestate/fl-underwater-mortgages-realtytrac-20160813-story.html

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Annual housing starts increase across South Florida

Home construction remains steady across South Florida, even as builders struggle to find available land, a new report shows.

Annual housing starts in Broward County — the total over the past four quarters — is 1,352, up 10 percent from the same period a year earlier, according to the Metrostudy research firm. Broward had 389 starts in the second quarter, 5 percent higher than a year ago.

In Palm Beach County, there were 2,179 starts over the past four quarters, an 8 percent increase from the prior year. However, starts dropped 21 percent in the second quarter, to 489 from 617.

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http://www.sun-sentinel.com/business/realestate/fl-second-quarter-housing-starts-20160809-story.html

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