Throngs of newcomers flocking to the Treasure Coast recently have culminated in a piping hot and record-breaking residential and commercial real estate market — forcing prices to skyrocket, homes to fly off the market and inventory to dwindle.
The impacts of this unprecedented real estate market have already started to unfold, as native Treasure Coast residents are outbid by out-of-towners vying for limited properties or priced out of the tri-county region entirely.
Here are TCPalm’s latest stories about the Treasure Coast real estate market:
Housing market
- COVID-19 spurs unprecedented Treasure Coast real estate market: Newcomers moving to the region continue to purchase properties in high demand but low supply, conforming to an expensive market that shows no sign of leveling out.
- ‘Sell and rent’ trend emerges amid hot market. Should you do it?: Some Treasure Coast homeowners sought to capitalize on the booming housing market, temporarily renting while listing or after selling their properties for a greater profit.
- Treasure Coast first-time homebuyers outbid by newcomers, cash buyers: Many first-timers are losing bidding wars to house-buying veterans. Their prolonged searches are prompting some to give up and others to spend more money than planned.
- Barndominiums: Has the latest alternative housing trend hit Florida?: “Barndominiums” are a modern country-living trend boasting affordability, versatility and low maintenance, has been growing in popularity as COVID-9 redefines living standards
- Indian River County mansion sells for record-breaking $27 million: A 15,400-square-foot mansion sold for $27 million Nov. 6, apparently the most expensive single-family home sale on record, according to property appraiser data.
- Treasure Coast saw record home sales, prices and inventory shortages in 2021: Here’s how the Treasure Coast’s real estate market fared last year, and the direct effect it has on residents.
- Here’s how much home sale prices increased in these Treasure Coast ZIP codes in 2021: The Treasure Coast reached record highs for its median, single-family home sale prices last year amid the area’s unprecedented real estate boom.
- Zillow-owned homes may be cheaper, but buyers should be wary: Working with Zillow has been difficult, Treasure Coast residents and real estate agents said, citing issues with communications, a lengthy contracting process and much-needed renovations not being addressed.
- Florida homeowners struggle as insurance rates soar. Here’s why: Homeowners insurance premiums are up nearly 25% this year for a few reasons — unrenewed policies, fraudulent roofing schemes, increasing replacement costs and limited legislative oversight.
- Mortgage rates expected to continue rising in 2022. Here’s why, and who it affects: Experts predict rates will escalate throughout the year, potentially into the mid-to-high 4% range. These hikes may deter lower-income and first-time homebuyers and cool the real estate market.
- Are housing lotteries becoming normal way to buy?: A housing lottery held in Port St. Lucie’s new Valencia Walk at Riverland in Tradition forced potential buyers to front a $10,000 deposit only to be chosen at random to select a property lot.
Rental market
- Here’s 3 reasons why Treasure Coast rental prices are skyrocketing: The Treasure Coast’s booming residential real estate market catapulted rental rates due to high demand, low inventory and more new, “luxury” apartments instead of affordable housing.
- Treasure Coast rental rates skyrocketed in 2021, with some areas seeing a 42% increase: The skyrocketing prices were fueled by rising demand throughout the tri-county region that diminished an already low supply of multi-family housing. Here’s how much rates increased by.
- ‘It’s absolutely horrible’: Family lives in minivan, hotels as rents skyrocket: Roxanne Carmona, husband Ian and their four children — aged 8, 5, 3 and 1 — were left homeless amid the area’s drastic rise in housing costs. Ian works full-time as a mechanic and picks up extra work at Amazon Flex, while Roxanne is a stay-at-home mother caring the couple’s youngest child who has an extremely rare and potentially deadly medical condition.
- Martin, St. Lucie ranked 5th ‘most overvalued’ rental market in U.S.: The area had an average rental price of $2,201, about 15.6% more expensive than what it “should be,” according to Florida Atlantic University study.
Development
Catie Wegman is TCPalm’s housing and real estate reporter. You can keep up with Catie on Twitter @Catie_Wegman, on Facebook @catiewegman1 and email her catie.wegman@tcpalm.com.
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