Even though we are currently in the middle of September, it's important to remember that hurricane season here in Florida lasts all the way through the end of November. While we've been incredibly fortunate to go without a hurricane for quite some time now and appear to be on course for another (hopefully) quiet year, we are nevertheless always at risk of some type of severe weather, including bring torrential rains, high winds and damaging hail.
For decades, the construction industry here in Florida offered workers a certain level of job security thanks to a consistent demand for new residential and commercial real estate.
As thrilling as the decision to build a home or undertake an extensive remodel can be, it's important to understand that the process itself can sometimes be fraught with indecision and even some frustration. Regarding the former, you may not be entirely confident in your decision regarding things like cabinets, lighting or paint color, while regarding the latter, you may be hit with things like construction delays and other unforeseen costs.
Every day, hundreds of construction contracts are inked across the nation, including right here in Florida. While many of the parties involved in these contracts -- developers, owners, suppliers, general contractors, subcontractors, sureties, etc. -- may view this as a purely perfunctory process, merely substituting different names or numbers, this is not the view they should take.
In our last post, we discussed how a state law permitting developers and investors to purchase foreclosed or otherwise empty condominium units in bulk and convert them to rental properties has become increasingly problematic.
In the wake of the Great Recession, Florida found itself with a surplus of unwanted condominiums that had fallen into a state of general disrepair after their owners were foreclosed upon, as well as buildings that simply sat largely empty with unsold units.
As we've discussed before, breaking ground on a new building project is far from a simple process for developers. Indeed, the land on which the structure is to be built must be secured, the proper bids submitted, the proper permits secured and a host of other complex legal issues must be addressed before even the first shovelful of dirt can be moved.
It may seem hard to believe, but next Monday marks the official start of the Atlantic hurricane season. While this likely won't generate too many headlines given that no major storm is currently forecast to hit Florida, the news never fails to resonate with residents, particularly those who have lived here for the last decade.
Most residential real estate developers will go above and beyond in order to make their dwellings as desirable as possible to prospective buyers. For example, most understand the need to invest in those amenities that have been proven to have broad appeal such as granite countertops, hardwood floors and new appliances.
After years of uncertainty, it can safely be said that the economy is not only back on firm ground, but also showing signs of sustained growth. Indeed, consumer spending is increasing, hiring numbers are climbing, home prices are rebounding and, of course, real estate development is up.