Oct 23, 2024
Glenstar Logistics and Columnar Investments have sold Tri-County 75, a 72-acre industrial park in Fort Myers, Florida. The park consists of four buildings totaling 818,000 square feet and is 95% leased to multiple Fortune 500 tenants, including American Bottling Co., Ferguson Enterprises, and Costco Wholesale. The development was completed in late 2023 and quickly leased due to its easy access to I-75 and Southwest Florida International Airport. While industrial demand remains positive in the Fort Myers area, recent completions have outpaced absorption, though vacancy rates are still below the national average.
Oct 21, 2024
About $749 million of its general office loans are for properties in the New York City market, representing about 14% of its total office loan book. The New York loans are about evenly split between offices located downtown and in the suburbs. The bank’s second-largest market for general office loans is Washington, D.C., where all properties are in the suburbs. Citizens holds $467 million of general office loans in the Washington market.
Oct 17, 2024
Hurricane Milton made landfall on October 9 near Sarasota, causing heavy rainfall and flooding across Tampa Bay, particularly in Pinellas and Hillsborough Counties. This followed the devastation from Hurricane Helene, which brought significant storm surges less than two weeks earlier. The multifamily housing sector appears to be the most affected, with numerous properties experiencing flood damage, particularly on first floors. Construction delays are expected, and short-term spikes in leasing may occur as displaced residents seek temporary housing. However, these gains could be temporary, similar to trends observed after Hurricane Ian in 2022.
Oct 2, 2024
As climate change continues to impact coastal regions, Florida is taking steps to protect homeowners and buyers. The Sunshine State’s latest legislative effort, CS/SB 484: Flood Disclosure in the Sale of Real Property, aims to bring more transparency to the real estate market when it comes to flood risks. This new bill could significantly change how properties are bought and sold in Florida, a state known for its beautiful beaches and occasional hurricanes.
For Buyers
This bill is good news for people looking to buy a home in Florida. Here’s what it means for you:
- You’ll get more information about flood risks before you buy a house.
- The seller must tell you if the house has ever had flood damage.
- You’ll know if the house is in a flood zone.
- The seller has to share if they have flood insurance.
This information can help you make a smarter choice when buying a home.
For Sellers
If you’re selling a house in Florida, this bill means you’ll need to do a few new things:
- You must tell buyers about any past flood damage to the house.
- You have to share if the house is in a flood zone.
- You need to let buyers know if you have flood insurance.
- You must give this information to buyers before they sign a contract.
These new rules mean you’ll need to be more open about flood risks when selling your home.
Sep 27, 2024
Invitation Homes, the largest U.S. single-family rental landlord, settled a $48 million case with the FTC over allegations of deceptive practices, including hidden fees, unfair eviction policies, and improperly withholding security deposits. The settlement, aimed at refunding harmed renters, requires the company to improve transparency in lease pricing and security deposit handling. The FTC alleged Invitation Homes overcharged renters with undisclosed fees and engaged in unfair eviction practices during the COVID-19 pandemic. Despite the settlement, Invitation Homes maintains it committed no wrongdoing and continues to focus on improving customer experiences. This case highlights growing scrutiny of corporate landlords amid rising housing costs.
