This section of the BRIC Group news covers the latest developments and news in Florida that are relevant to our investors. Here you will find articles about the economy, tourism and the property market in the Sunshine State generally. News about the economic situation cover GDP growth, median incomes and unemployment rates. Articles on tourism look at the latest visitor figures, the creation of tourism-related employment and changes in tourist tax collection. Florida property market news includes regular updates on house price rises, inventory levels and fluctuations in sales figures. This information, particularly monthly and quarterly property data, is generally sourced from Florida Realtors.
While many news articles examine the situation in the Sunshine State generally, others look at the particular metropolitan statistical areas relevant to our investment products. These include Orlando, Tampa, Jacksonville and Northport, the locations for turnkey properties. Other articles cover news for Sarasota and Charlotte County, the areas nearest Englewood, home to BRIC Group Florida land investment.
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Ever-rising property prices and lack of supply mean that more and more households in the US are renting instead of buying. As a result, demand for single-family rentals in the US rose sharply in Q2 2020 to reach an all-time high.
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Data compiled recently from 2019 reveals that condo properties in the US appeal strongly to millennials and first-time buyers, to the extent that supply dropped to just 4 months at the end of the year. Prices continue to rise across the country with Florida one of the hotspots for investment in this type of property.
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The long-awaited figures for the Florida property market in Q2 2020 show a mixed bag. On the one hand, median prices rose as did pending sales, but on the other, supply plummeted. The lack of available single-family homes leads experts to augur strong bidding wars over the next few months.
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With staycations acting at the mainstay for most tourist industries this year, holiday let properties are at a premium. Discover where the best places are for US vacation rental homes in 2020.
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A recent survey reveals a sharp twist in trends among tenants and a strong potential for buy-to-let in the US. With 23% of renters now claiming they will never buy their own home, buy-to-let investment appeals even more. Find what the new trends are and what their implications for the buy-to-let market as a whole.
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Florida real estate registered rises in both pending sales and house prices in May, indicating strong pent-up demand with the market. Property prices saw their 101st consecutive month of increases and supply levels dropped to a new low for single-family homes.
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Despite a quiet few weeks with no viewings, the US property market has recently seen in surge in demand for single-family homes, particularly in suburbia. This plus the shortage of supply has also led to a rise in the number of new-build starts and permits.
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The busiest period in the US property market is generally the spring, but the summer looks set to be the more active this year. Buyer appetite is strong and would-be homeowners are taking full advantage of the country’s low mortgage rates. Analysts believe that many buyers see the current situation as an opportunity rather than a challenge.
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Traditionally, the spring season is the busiest for property in Florida, but would this year’s stay-at-home recommendations in April change things? Two studies for early spring show they haven’t and online searches for homes have soared. Among the most sought-after areas in the US were several Florida metros with enquiries for Jacksonville the third highest in the country.
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A new study looking at the impact of new-home builds reveals its potential to lead the way in the US economy. The sector is set to have particular relevance as the nation moves forward in containing the covid-19 pandemic. One of the biggest advantages that new-home builds offer is their scope for the job market and by extension, the US economy.