A report from Builder Online on Florida. "Metrostudy’s 2Q16 survey of the Tampa housing market shows that 2,034 single-family units were started in the quarter, a 1.9% increase from 2Q15. The annual rate of 8,191 starts showed a 24.2% increase compared to last year. Single-family quarterly closings totaled 1,855 units, 8.6% higher than 2Q15. The annual closings rate was 7,277 units, 21.2% above the annual closings rate for the twelve months ended 2Q15. 'The 2Q16 quarterly starts pace of 2,034 units was the second single best quarter for starts since 1Q07, closely following the strong performance of 2,097 starts last quarter,' said Tony Polito, Director of Metrostudy’s Tampa market. 'Competition, especially at the low end, comes from apartments. Townhomes are an attractive alternative to renting and there was a 54.4% increase in the annual starts pace for townhomes during 2Q16 versus 2Q15, up from 890 annual units to 1,374 units.'"

"In 2Q16, total single-family inventory – units under construction, finished vacant and models – equaled 4,647 units on the ground, a 7.7-month supply. Inventories grew by 24.5% compared to 2Q15. 'Tampa’s new housing inventory is also showing a significant trend: although the market added 111 FV units during 1Q16, FV inventory was only reduced by 24 units in 2Q16,' said Polito. 'The result was that Months of Supply held level at 2.2 months in June not only compared to March 2016 but also June 2015. Ideally the supply of FV units would be nearer to 1.5 months. The backlog of under construction remains strong and points to solid closing numbers in 3Q and 4Q 2016. With 2,899 units under construction, close attention should be paid to cancellation rate as this could push FV supply even higher.'"

The Miami Herald. "While the Miami condominium market can be unpredictable, it is also very cyclical. Real estate experts and insiders often can see what’s coming next. And what’s next could be bulk buys. As the market cools, investors can oftentimes buy 10 or more units — and sometimes even entire buildings — at a discount. Of seven conditions that typically lead to bulk buys, we are already seeing signs of six of them."

"Commissions and incentives to brokers are increasing. The practice started in late 2015 and has spread. In March, one developer announced it was raising commissions to 10 percent on two Miami projects and lowering deposit requirements. Another developer upped its commission from 6 percent to 7 percent while also offering Realtors car leases or jet skis as additional incentives and other projects promptly followed suit."

"Sales prices are flat or falling. A report released by Miami’s Downtown Development Authority at the beginning of August showed that downtown Miami condominium prices dropped for the first time in five years. The report focused on resale prices, which declined 4 percent, a phenomenon representative of the entire Miami market. Which leads to resales in new buildings. The same DDA report compared listings from May 2014 to May 2016. There were 1,900 listings then; there are 3,000 now. Over that same period, monthly sales fell 43 percent."

"New inventory builds up. According to the Integra Realty report released by the DDA, more than 2,500 units were available in any given month over the past two years. This May, the number topped 3,000. Because of long lead times, nearly 7,500 condos were under construction in the second quarter of 2016 with another 1,550 being marketed in the pre-construction phase."

"Developers and investors begin looking for financing against their unsold or all cash units. This is where we are right now. For example, the demand for hard money lending to foreign buyers has never been higher. All of these steps could eventually lead to…Off-market opportunities. If history repeats itself, we could start to hear developers whispering about blocks of units for sale. Although we have not seen this yet, the practice became common in the last cycle when velocity slowed and buyers stopped showing up for closings."

"Between July 2008 and August 2009, nine bulk sales in Miami-Dade County totaling 613 units averaged $199 per square foot, according to Condo Vultures. One buyer bought 10 units at Brickell on the River South Tower at a 43 percent discount. Another buyer paid less than $200 per square foot for 21 units at Marina Blue. Over the next two years, bulk sales were recorded at a Fontainebleau project, Regent Hotel, 900 Biscayne Bay, Downtown Dadeland and others."

"Will we get to Step 7 this time? This is not 2008-09."

The Real Deal. "Commercial property brokerage Marcus & Millichap announced the bulk sale of 188 condominium units in Orlando for $8.084 million, or $43,000 per unit. The units are part of a 200-unit property called Los Robles Condominiums. Michael Donaldson and Nicholas Meoli in the Tampa office of Marcus & Millichap secured and represented the buyer, which plans to rent the 188 condo units acquired in the bulk sale. Meoli said in a written statement that Los Robles underwent conversion to condo units in 2007 and 'will prove to be one of the most attractive rental communities in the sub-market.'"

From First Coast News. "A Jacksonville family says they feel trapped in their own home. The couple says there has been a rash of car break-ins at their Arlington apartment complex and they want something done about. The couple have lived at Sorrel Luxury Apartments off of Kernan Boulevard N. for a little more than a year. In that time, they said their truck has been broken into three times. The most recent time was Friday night. The couple said the thief ripped their car apart, leaving behind thousands of dollars in damages. The couple said eight other cars were also broken into and vandalized that night."

"According to the couple crime is an on-going problem at the luxury complex and they want out but management isn't budging. 'They wont let us get out of our lease. They said it's not grounds to break a lease, even with the amount of criminal activity that goes on here,' said Sara Obadia."