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With only a handful of new apartment deliveries in Fort Lauderdale over the past year, growing demand for rentals has started to strain the city’s supply.

A new report from brokerage Marcus & Millichap shows a dearth of new construction helped shrink Fort Lauderdale’s vacancy rate to 3.2 percent in the third quarter. Rents, on the other hand, spiked 8 percent year-over-year to an average of $1,614 per month.

Much like Miami, Fort Lauderdale — and Broward County in general — has seen a wave of demand for apartments stemming from buyers getting shut out from the increasingly expensive housing market, according to the report. Even with the county’s median income rising to an all-time high of $55,200, the report states, Broward’s $293,200 median price for a house means homeownership is still out of reach for many residents.

The growing popularity of neighborhoods like Flagler Village among millennials, who typically favor renting over homeownership, is also contributing to the increased demand.

Development activity is starting to ratchet up in response. Of the 7,300 apartments under construction in Broward with delivery dates spread between this year and 2018, 1,800 are within Fort Lauderdale. Even with that influx of new supply, Marcus & Millichap forecasts that vacancies will continue their gradual fall, causing rents to rise.

~Courtesy of The Real Deal

 

Florida’s wealthiest residents have some new neighbors. An influx of the ultra-wealthy has boosted Florida to third place for popularity among billionaires in the Forbes 400 list.

Nine new billionaires from the Forbes 400 are calling Florida home this year, boosting the state’s roster of the ultra-wealthy to 40. That’s also seven more billionaires on the list than Texas’s 33, the lowest number the state has seen since 2000, according to Forbes.

And as one might expect, many of Florida’s richest made their billions from real estate. By The Real Deal’s count, 19 of those billionaires in the state list their primary source of wealth from properties, financial markets or money management. Although he’s not on the Forbes 400, Starwood Capital founder Barry Sternlicht recently said he and several other executives were also switching addresses to Florida during the CNBC Institutional Investor Delivering Alpha Conference.

Among those who made the move last year: Interactive Brokers Group founder Thomas Peterffy, who became Florida’s richest resident last year when he left the ritzy enclave of Greenwich, Connecticut for Palm Beach. Forbes pegs his net worth at $12.6 billion, ranking him No. 32 on the list.

One of the main factors driving the wealthy to Florida — besides the tired tropes of sun, sand and palm trees — is the state’s lack of state income and estate taxes, Forbes reported. That perk alone saved Tom Golisano, who chairs payroll company Paychex, $5 million when he moved to Florida in 2009.

Apartna Mathur told Forbes that Florida’s attractiveness to the financially savvy can also be chalked up to favorable business conditions and bankruptcy laws, which protect personal personal real estate from seizure. [Forbes]Sean Stewart-Muniz

For more infomation visit Forbes.com

 

As South Florda braces for Hurricane Matthew lines at grocery stores and gas pumps continue to grow. Currently Palm Beach County is under a hurricane warning while Broward County remains under a tropical storm warning. Yesterday Governor Rick Scott declarded a State of Emergency and ordered partial activation of the Florida National Guard. According to the Sun Sentinal the weather service put odds of hurricane force winds of at least 74 mph at 20 to 25 percent. The Florida Power & Light Co. announced it was activating its emerygency reasponse plan, preparing to deploy 4,000 workers to restore power. In light of these looming events we have compiled a list of items that should be in your emergency survival kit to help you weather the storm.

The Core Emergency Survival Kit

• Water – one gallon per person, per day.

• Food – nonperishable and canned foods, along with a non-electric can opener.

• Sanitation and personal hygiene items.

• Flashlights with extra batteries.

• Battery-powered or hand crank radio. If battery-powered, have extra batteries.

• Extra clothing and blankets.

• A first-aid kit.

• Emergency cash and checks – credit cards may not be dependable if there is a power outage.

• Electronic chargers, including chargers that can be used in your vehicle.

• A whistle to signal for help.

• Duct tape.

• Copies of personal documents – including a home inventory list, insurance policies and other important legal and financial documents.

• Bug spray.

• Pen and notebook – use to keep notes, important phone numbers, etc., if power is out and electronic devices are not working.

• Baby supplies – diapers, wipes, infant formula, food and bottles.

• Pet food and extra water for your pets.

• Medications – if you, a family member, or a pet rely on daily medications, be sure
to include at least a three to seven-day supply.

• Copy of your insurance policies – both home and auto.

• Wills, trusts, deeds and birth certificates.

• Account numbers – bank accounts, insurance accounts, etc.

• Personal and family records.

• Copies of licenses and/or ID cards.

• Medical records.

• Legal and financial documents.

• An inventory of your home’s contents.

• Photographs of your home and your belongings.

As we prepare for Matthew and lines grow longer and longer please remember we are all in this together so be kind to one another and help your neighbors and the elderly as best you can. Please make sure you are prepared as well as possible and stay safe!

 

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