Author: Florida Real Estate News

Florida is currently leading the nation in foreclosure cases, a troubling trend that is disproportionately affecting senior homeowners. Behind the statistics are individuals like Janor Farthing, a 67-year-old retiree whose dream of a "forever home" is now threatened by mounting financial pressures. Key Takeaways Florida has the highest number of foreclosure cases in the United States. Senior citizens are particularly vulnerable to these foreclosures. Sudden increases in HOA fees and assessments are a primary driver of the crisis. The Growing Foreclosure Problem in Florida Recent data from ATTOM, a property data and real estate company, indicates that Florida has surpassed…

Miami-Dade College is appealing a judge’s ruling that temporarily halted the transfer of a prime downtown Miami property intended for Donald Trump’s presidential library. The legal challenge centers on allegations of violating Florida’s open government laws during the initial vote to gift the valuable land. Key Takeaways Miami-Dade College is appealing a court injunction blocking the transfer of land for the Trump Presidential Library. A lawsuit alleged violations of Florida’s Government in the Sunshine Law due to insufficient notice for a special meeting. The nearly 3-acre property is valued at over $67 million and is considered a prime development site.…

West Palm Beach-based Sterling Organization has acquired the Bristol Plaza, a significant shopping center in Bristol, Connecticut. The 263,000-square-foot property, anchored by Stop & Shop and featuring national retailers like T.J. Maxx and Burlington, was purchased on behalf of the company’s $600 million value-add fund. Sterling Organization plans to leverage its expertise to increase the plaza’s value and enhance its offerings for the community. Key Takeaways Sterling Organization, a Florida private equity real estate investment company, has acquired Bristol Plaza in Bristol, Connecticut. The 263,000-square-foot shopping center is anchored by Stop & Shop and includes tenants such as T.J. Maxx,…

Billionaire tech mogul Larry Ellison has reportedly established his official residence at a sprawling estate in Manalapan, Florida. The move places the Oracle co-founder in close proximity to former President Donald Trump’s Mar-a-Lago resort, signaling a significant shift in his primary domicile from his long-held Hawaiian base. Key Takeaways Larry Ellison has officially changed his residence to Palm Beach, Florida. His new estate is located in Manalapan, near Donald Trump’s Mar-a-Lago. This marks a departure from his previous primary residence in Hawaii. A New Florida Base Ellison’s new Florida home is a significant property, acquired for a reported $173 million.…

Existing-home sales experienced a notable decline of 8.4% in January, marking a challenging start to the year for the housing market. This downturn was observed across all regions, both month-over-month and year-over-year. Despite the drop in sales volume, a silver lining emerged as housing affordability improved for the seventh consecutive month, offering some relief to prospective buyers. Key Takeaways Existing-home sales fell by 8.4% in January. Affordability improved across all regions for the seventh consecutive month. The median existing-home price saw a slight annual increase. Inventory levels increased, providing a larger supply of unsold homes. Mortgage rates continued to trend…

A Tampa-based real estate investment firm, RAD Diversified REIT Inc., and its owners, Brandon “Dutch” Mendenhall and Amy Vaughn, are currently under investigation by Florida Attorney General James Uthmeier’s Office. The probe centers on allegations of deceptive practices and potential violations of state laws governing trade. Key Takeaways RAD Diversified REIT Inc. and its owners are being investigated for potential violations of Florida’s Deceptive and Unfair Trade Practices Act. The Attorney General’s Office has received multiple investor complaints regarding an inability to retrieve returns or principal investments. Subpoenas have been issued, demanding documents and communications related to the firm’s operations…

The Florida House of Representatives has passed a proposed constitutional amendment that could lead to the complete elimination of non-school property taxes for homesteaded properties starting in 2027. The measure, approved along party lines, now faces an uncertain path in the Senate, with significant implications for local government funding and services. Key Takeaways The Florida House passed a joint resolution (HJR 203) to place a constitutional amendment on the November ballot that would end non-school property taxes for homesteaded properties by January 1, 2027. The vote was 80-30, with all Republicans supporting and all Democrats opposing the measure. The proposal…

Proper Hospitality, in collaboration with Rosso Development and Midtown Development, has revealed plans for Midtown Park Residences by Proper, a new luxury condominium tower set to grace the downtown Miami skyline. This 28-story development will offer 288 residences and penthouses, with completion anticipated in 2028. This marks Proper Hospitality’s second residential venture, following the successful sell-out of Austin Proper Residences. Key Takeaways A 28-story luxury condominium tower named Midtown Park Residences by Proper. Located at 2901 Northeast First Ave. in downtown Miami. Features 288 residences and penthouses, with prices ranging from $700,000 to $2.7 million. Completion is scheduled for 2028.…

The Florida real estate market is showing signs of significant cooling, with several major cities experiencing notable price declines and a slowdown in sales. Experts are warning of a potential bubble deflation, particularly in South Florida, which is being called the "epicenter of housing weakness" in the U.S. Key Takeaways South Florida, including Miami, Fort Lauderdale, and West Palm Beach, is experiencing the steepest declines in pending home sales nationwide. Homes are staying on the market longer in these areas, with median selling times more than double the national average. While the U.S. housing market overall shows modest price growth,…

Oracle co-founder Larry Ellison has officially relocated his primary residence from Lanai, Hawaii, to Manalapan, Florida, establishing a significant presence just a short drive from Donald Trump’s Mar-a-Lago estate. This strategic move, involving substantial real estate investments totaling hundreds of millions of dollars, signals a shift in the billionaire’s focus towards proximity to political power and potential business opportunities. Key Takeaways Ellison has moved his official residence to Manalapan, Florida, from his Hawaiian island. He has invested approximately $450 million in Florida real estate since 2022. His primary estate in Manalapan was acquired for $173 million. The new Florida base…