South Florida real estate’s international investment appeal is very strong, according to data released recently by the Miami Association of Realtors and the National Association of Realtors, particularly in Latin America and Canada. The NAR survey once again showed that foreign buying activity is mostly limited to three states, as Florida (19 percent), California (14 percent) and Texas (9 percent) remained the top three destinations for foreign buyers to purchase. The Miami Association of Realtors® reports that Colombia led searches for Miami homes for the fifth straight month. After Colombia, the next four nations searching for Miami real estate are Venezuela, Canada, Pakistan and Argentina. Read more at GlobeSt.com.
3 of the 5 fastest-selling residential developments are in Florida
A national survey shows that three of the five fastest-selling residential developments are in Florida. The Villages, a retirement community in Central Florida, is the fastest-selling residential development in the nation, according to RCLCO a real estate consulting firm based in Maryland. [Source: The Real Deal]
Ring plundered $1.2 billion of Venezuelan oil money, laundered it in South Florida real estate, feds charge
A web of former Venezuelan officials and businessmen was charged in Miami Wednesday with operating a massive $1.2 billion international money-laundering racket funded with stolen government money that was invested in South Florida real estate and other assets. “Venezuela’s state of social, political and economic crisis, in which multibillion-dollar corrupt and criminal ecosystems thrive, drives rivers of criminal proceeds through South Florida,” says a Homeland Security Investigations affidavit filed with the complaint in Miami federal court. Read more at the Miami Herald.
Commercial real estate data points to Miami as next office space hotspot
Miami remains the economic engine of South Florida, but Southwest Broward continues to attract corporate tenants due to its highway access and growing residential base. Downtown Fort Lauderdale is seeing thousands of new residential units constructed and is one of the few places where a major seaport, airport and downtown converge. [Source: Propmodo]
Most Tampa Bay home values still haven't bounced back from recession
It's been 10 years since the Great Recession, but most home prices in the Tampa Bay area still haven't reached their pre-recession peak, according to numbers released this week by the real estate website Zillow. [Source: WTSP]
STAT OF THE WEEK 27 Number of projects under construction in downtown Jacksonville, totaling $719 million worth of investment. Last year saw 25 projects, or $128 million worth, complete construction. [Source: Jacksonville Business Journal]
› Home prices decelerate in Sarasota-Manatee [Sarasota Herald-Tribune] Home prices in Sarasota-Manatee rose at a slower pace than the national average during the second quarter. Single-family homes and condominiums sold for a median $250,000 in the April-June period, 4.6 percent higher than one year earlier, real estate database ATTOM Data Solutions reported.