Florida homes keep fetching more money than they’re worth, a disturbing development that eventually could put buyers in a bind, according to researchers at Florida Atlantic University and Florida International University.

Mast Capital acquired a majority of the units at La Costa on Miami Beach for more than $100 million in May before the order to evacuate the unsafe structure. They plan to build a luxury tower on the site of the oceanfront condo building that was ordered evacuated by the city.

Meanwhile, the seasonally adjusted purchase index declined 6% from the previous week, the Mortgage Bankers Association reported.

ALINA Residences in Boca Raton secures $52.8 million loan for second phase of construction.

Privately owned housing units authorized by building permits in June came in at a seasonally adjusted annual rate of
1,598,000, down 5.1 % from the revised May rate of 1,683,000, but 23.3% above the year-ago rate of 1,296,000.

July’s reading of 80 was down one point from June, but still signaled strong demand for housing, the National Association of Home Builders said.

Verzasca Group, which is developing the 17-story Aurora Sunny Isles Beach, has hired Compass Development Marketing Group to sell out the residential building’s remaining inventory.

During the four-week period ended July 11, the average weekly share of homes for sale with a price drop passed 4% for the first time since September 2020.

Condos.com launched and is a real estate sales website dedicated to new and pre-construction condominiums.

Meanwhile, the Mortgage Bankers Association’s seasonally adjusted purchase index rose 8% from the previous week.

Home values on the Treasure Coast are booming. This surge is caused by new growth in the area economy including an influx of new companies plus out-of-state residents moving to the area.

The competitive homebuying market showed signs of loosening up last month as bidding wars dropped from May despite being higher than they were a year ago. 

Adjectives reflecting the desire for privacy and physical isolation gained a place of prominence: “private,” “covered,” “quiet,” “separate” and “enclosed” were among the top 100 most-used description terms.

Two of the largest leaders in the real estate market are joining forces to form a new mortgage origination company.

It could take Miami-area renters more than eight years to save for a down payment in today’s market.

This passive-solar structure will have its new owner giving a high-five to Mother Earth, due to the structure’s energy-efficient design.