• Driftwood Capital started building an oceanfront Element Hotel under Westin Hotel brand in Melbourne, Florida

    The vertically integrated Driftwood Capital specializing in high-yield commercial properties in the hospitality industry started building an extended-stay Element Hotel with 130 rooms, located on the oceanfront in Melbourne, Florida. This is a beach town on the state’s popular Space Coast where Cape Canaveral is located. After the property is...

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  • House prices are growing particularly fast in Southwest Florida

    According to the Florida Association of Realtors, the median selling prices of both single-family houses and townhouses / condominiums in Southwest Florida surged rapidly over the first eight months of 2022 compared to the same period last year. For instance, the average selling price of single-family houses in Forty Myers and Cape Coral reached...

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  • Florida cities are rapidly recovering after Hurricane Ian

    Florida authorities are still calculating the damage from the devastating Hurricane Ian but already claiming that the state’s tourist industry is ready to welcome visitors. Mr. Minich, CEO at Experience Kissimmee agency in the extremely popular tourist city of Kissimmee, is saying that some residential districts and non-tourist areas are still...

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  • Increasing numbers of buyers and sellers take into account climate change when making real estate transactions

    In August 2022, Redfin agency surveyed about 1,000 respondents who intended to purchase or sale homes within the next 12 months. The survey shoed that almost two thirds (62%) of all US residents hesitated about moving to an area famous for natural disasters, extreme temperatures, or rising sea level. The share of such buyers was higher among the...

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  • Existing housing sales in the south of US are declining

    According to the statistics by the Redfin agency, the share of listed US homes whose prices were reduced reached record highs this July. Such cases are likely to become more numerous in the future. In May 2022, sales of existing residential properties dropped to a minimum level since June 2020. After a decline caused by the COVID-19 pandemic, the...

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  • Average rent in Florida is above the market

    A study by Professor Ken Johnson from the Florida Atlantic University and researchers from other universities showed that the average rent in the Fort Myers region ($2,186.47 in August 2022) and Sarasota ($2,409.21) exceeds the market price by a higher margin than in all other parts across the USA. In Fort Myers, the premium was 17.59% (the second...

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  • Housing availability level in the USA is at the minimum since 2006

    According to the recently published statistics, the availability of residential property has hit the record low since 2006. This is caused by the growing mortgage rates and an unprecedented hike of house prices. In summer 2022, the National Association of Realtors reported that the housing affordability level (an indicator that takes into account...

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  • Rating of Florida cities with the most expensive real estate

    The analytical platform Stacker conducted research and published a list of cities with the most expensive residences in Florida based on data from the multiple listing service Zillow. They used the Zillow Home Values Index of residential properties for August 2022. A standard home in this rating’s most expensive city costs $8,453,650, which is...

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  • Seasonal housing prices in South Florida are likely to grow because of Hurricane Ian

    Hurricane Ian that devastated Florida’s west coast will likely force more wealthy retirees from colder regions to go to the southern part of the state. During the fall season, many northerners are trying to rent a home in Florida for a short term, from two weeks to six months. Carolina Barefoot from Sotheby’s International Realty says that...

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  • Buyers from other countries pay increasingly more for Florida real estate

    Data from the industry group Florida Realtors suggests that the median price paid by foreign buyers of Florida residential properties was $347,300 in 2021, which is 33.1% more than a year before. According to the group’s statistics, last year Canadians were at the top of foreign nationals purchasing homes in this state. They accounted for 19% of...

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