SOUTH FLORIDA NEWS - south florida

Why South Florida's Foreclosure Rate is Among the Highest in the U.S.

Current Foreclosure Rates & Trends

A new analysis from ATTOM, the nation's leading real estate data analytics firm, shows that South Florida still struggles to address one of the highest rates in the nation regarding foreclosures. In August 2024, one out of every 2,429 housing units in South Florida saw a foreclosure filing, putting it 12th among the key metropolitan statistical areas in the United States. Over 1,000 homes throughout Miami-Dade, Broward, and Palm Beach started some form of the foreclosure process.

In August, 422 homes in Miami-Dade County were listed as being in the foreclosure process. This represents one out of every 2,604 units in the county, an increase of 23.28% from July and 8.4% year-over-year.

In total, 312 of 2,270…

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Boca Raton Real Estate Market Update 2025: What You Need to Know NOW

It seems that at the tail end of 2024, the South Florida real estate market had some big changes compared to a year ago. From increased home prices to increased days on the market, here's a closer look at the leading trends shaping buying and selling in the Boca Raton area.

Home Prices on the Rise

• The average sale price is up 23% year-over-year, standing at $1,127,794 in December 2024 from $919,885 in December 2023.

• The median sale price increased by 3%, growing from $580,000 to $594,950 year-over-year.

• Year-to-date, the average sale price rose 24% and the median sale price was up 11%.

This uptick in price is representative of continued demand across all segments but especially within the luxury markets as…

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Camino Square Boca Raton: Retail Plans Shift to 400 New Apartments in Phase 2

Initial Plans for Retail and Mixed-Use Development

The Camino Square development in downtown Boca Raton was supposed to be a mixed-use project targeted at redeveloping the area. The first phase of the project involved the demolition of a Winn-Dixie-anchored retail center in order to make way for a modern complex with 350 apartments across two eight-story buildings. Retail space was the original focus of the project, with the second phase approval given for over 37,000 square feet of retail use. However, market conditions since the application and approval process have shifted this focus.

Location and Significance of the Project

Located at 171 West Camino Real, the Camino Square sits on one of the most prime 9.1-acre sites in the heart of Boca…

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Why South Florida Condo Prices Could Drop by 40%

After years of soaring property values, South Florida’s condo market may face a significant shift. Analysts predict prices could fall by as much as 40%, creating challenges for sellers but potential opportunities for buyers. What’s driving this anticipated change? Let’s take a closer look.

Overview of the South Florida Condo Market

Pandemic-Driven Price Increases

In its wake, the pandemic triggered a real estate boom in South Florida. High-income households moved to the region, snapping up waterfront condos to beat restrictions in other states. The surge drove prices to peak at $379 per square foot in 2024, compared to pre-pandemic levels.

Current Market Trends

However, it lost steam. Sales of condos and townhouses retreated 19.6% on a…

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Top Things to Do in Boynton Beach for Visitors and Locals

While Boynton Beach may not be among your top five South Florida cities to visit, it should be! Here is why: great beaches, memorable restaurants, and lots of outdoor fun. In this article, we will be putting forward a few suggestions on why you should consider visiting or even living here. Further, the city is not being left behind in making Boynton more aesthetically attractive with the Boulevard Streetscape Improvement Project, adding shops, dining, and fun activities. All these changes would only make Boynton Beach a better place to come around and live in.

 Boynton Beach Events and Festivals

The events happening throughout the year bring the community together, and most festivals and celebrations here are an absolute memory that one…

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Why South Florida’s Housing Market Is Booming Despite Record-High Prices

South Florida’s real estate market has been defying national trends and continues to attract deep-pocketed buyers, even as home prices reach unprecedented levels. In an era when rising interest rates and economic concerns have slowed housing activity across much of the country, South Florida’s housing market has surged ahead, particularly in Miami-Dade and Broward Counties.

Despite record-high home prices, affluent buyers are drawn to the region for its unique lifestyle, economic opportunities, and tax advantages. So, why are homebuyers flocking to South Florida, and what makes this market stand out?

 A Resilient Market with Growing Demand

April marked a significant shift in South Florida’s real estate landscape, with a noticeable uptick in home…

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Major Lakeshore Plaza office building sold at $17 million loss in Broward

In a significant transaction that reflects the evolving landscape of the commercial real estate market, Galium Capital recently purchased the Lakeshore Plaza II office building in Sunrise, Broward County, for $17 million. This sale comes at a steep discount, as the property’s value has dropped nearly 50% from its last sale price of $32 million in 2013. The deal highlights the challenges suburban office buildings face as remote and hybrid work models become more prevalent, but it also underscores the potential for recovery through strategic investment.

A Closer Look at the Transaction

The seller, TR Lake Shore Plaza LLC, an affiliate of Charlotte-based Barings Real Estate, was represented by a team from CBRE and Blanca Commercial Real Estate. The…

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Boca Raton Company Aims to Cool Cities with Heat-Absorbing Concrete

As temperatures rise every year, cities, especially in South Florida, are facing intense heat waves that make life increasingly uncomfortable. The hottest day ever recorded was on July 22, 2024, breaking a previous record set in July 2023, according to NASA’s global temperature data. These temperature increases are particularly problematic in urban areas, where dense structures and surfaces like concrete and asphalt absorb and trap heat, creating what’s known as the urban heat island effect.

But a Boca Raton-based company, Carbon Limit, is stepping up with a sustainable solution to help cool down cities and mitigate the effects of climate change. Their newest innovation, CoolCrete, is a concrete additive that not only helps cool urban environments but…

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Sea-to-Lake Estate in Manalapan Hits Market at $85M—More Than Double Its 2020 Sale Price

The barrier island community of Manalapan, once considered a quieter neighbor to Palm Beach, is making waves in the luxury real estate market. The latest property to catch attention is a stunning ocean-to-lake estate at 640 S. Ocean Blvd., which has just hit the market for an eye-popping $85 million—a price that includes furnishings. This listing marks one of the highest-priced residential properties ever listed for sale in Manalapan.

What’s even more striking is that the property, completed in 2019, was sold just four years ago in 2020 for $36.05 million, meaning its price has more than doubled in value. The $85 million price tag is reflective of the dramatic rise in real estate values in Manalapan, particularly during the pandemic, when many…

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West Palm Beach’s Historic District Faces New Wave of Waterfront Development

The historic Northwood Harbor district in West Palm Beach, a community over a century old, is experiencing a surge in waterfront development, sparking both excitement and concern. Once overlooked, this neighborhood along North Flagler Drive has caught the attention of developers eager to capitalize on the growing demand for luxury living, especially following the pandemic’s shift in buyer preferences.

The Rise of New Developments

Within the past year, numerous high-rise luxury condominium proposals have emerged for an eight-block stretch adjacent to Northwood Harbor. Construction has already begun on the 22-story Alba Palm Beach condominium, and adjacent plots are now being eyed for further development.

Alba Reserve, a new luxury project…

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