South Florida luxury property developer BH3 is now benefitting from one of the US housing market's most significant real estate trends in 2018 -- wealthy tax reform refugees from the northeast seeking residences in Florida's luxury home market.
South Florida's multifamily real estate transactions jumped 8.5 percent year-over-year in 1Q 2018 and per-unit multifamily prices increased in Miami-Dade, Broward and Palm Beach counties.
According to the Florida Association of Realtors, Florida's housing market reported slightly more new listings and higher median prices during the first quarter of 2018.
U.S. builder confidence in the single-family 55+ housing market remained strong in the fourth quarter of 2017 with a reading of 71, up 12 points from the previous quarter. This is the highest reading since the inception of the index in 2008.
Preliminary property loss estimates in Florida from Hurricane Irma, total insured and uninsured loss for both residential and commercial properties, including damage from both flood and wind, is estimated to be between $42.5 billion and $65 billion.
According to Irvine, Ca-based CoreLogic, an estimated 8,456,455 residential and commercial properties in Florida are at either "Extreme," "Very High" or "High" risk of wind damage from Hurricane Irma.
According to Zillow, first-time homebuyers in the U.S. will have better luck in the Southeast if they are looking for a more affordable home.
According to ATTOM Data Solutions' Q1 and March 2017 U.S. Foreclosure Market Report, which shows first quarter foreclosure activity was below pre-recession levels nationwide and in 102 out of 216 metropolitan statistical areas (47 percent) analyzed in the report.
According to Freddie Mac's latest Primary Mortgage Market Survey, the average U.S. fixed mortgage rate moved higher in early November.
The potential exposure to residential property damage from hurricane-driven storm surge flooding is very significant as Hurricane Matthew makes its way toward the U.S. Atlantic Coast today.