Inside South Florida, the latest in the news in residential, commercial in real estate to stay up-to-date, ahead of the curve and get smart in less than 5 minutes.
April 9, 2022
Vacancy Rate
There are more empty homes in Florida than anywhere else, according to a new study of home vacancies across the United States ,nearly 1.7 million homes. Overall, the study found more than 16 million houses sit empty across the country. Florida’s rank among proportion of home vacancies from the study is also high. The Sunshine State has the sixth largest percentage of vacant units in the U.S. Its 17.13% vacancy rate sits behind only five other states, spread across the North, South, Midwest and Alaska.
Top five states for home vacancies across the country:
1,680,844 in Florida
1,248,161 in California
1,216,084 in Texas
955,437 in New York
631,361 in Michigan
Zoom Out
Median home value in Florida is $328,576 according to Zillow (as of Oct. 2021)
Homeowners
$72,000
Homeowners saw their homes make more money than the typical salary in Florida, a new report from Zillow shows. Home values in South Florida on average grew by $72,000 in the course of a year, a larger amount than what the typical salary is in the area, according to the report.
Parks
The team guiding the Underline, a 120-acre park stretching 10 miles underneath Miami’s Metrorail, expects to award a contract in June to create the final and longest phase of the project, the seven miles from Southwest 19th Avenue to the Dadeland South Metrorail Station.
That stretch of the fully-funded $140 million project is now under a Miami-Dade County procurement process.
Phase one, the first half mile from the Miami River to Southwest 13th Street, is already open. Phases two and three are to be open by the summer of 2023 and between 2025 and early 2026, respectively. Read More
Remodeling
According to new findings in the 2022 Remodeling Impact Report, Americans spent 420 Billion in 2020 on Home Remodeling Projects during Covid.
When consumers remodel, it is to upgrade worn-out surfaces, finishes, and materials (30 percent); to add features and improve livability (20 percent), and because it is time for a change (16 percent). Most consumers are pleased with the overall result and 57 percent would tackle the project the same way.
Real Estate Technology
Second Century Ventures, the strategic investment arm of the National Association of Realtors® and the most active global real estate technology fund, announced today the acceptance of 17 companies to the 2022 REACH and REACH Commercial programs. Launched in 2013, this marks the tenth cohort focused on solutions for the residential sector and the fourth cohort dedicated to scaling solutions for commercial real estate. More
New Development
Bentley Motors, in collaboration with Dezer Development, has revealed new renderings of Bentley Residences Miami
Bentley Residences Miami will feature 216 finished residential units, each embracing balance of indoor/outdoor living. Pricing starts at $4.2 million and every unit will encompass an individual balcony swimming pool, unobstructed seascapes, and floor-to-ceiling glass windows seamlessly implemented throughout. Bentley Residences, set to debut in Sunny Isles Beach in 2026.
Miami Global
How do you reinvent a city? The Mayor of Miami, Francis Suarez, is on a mission to turn his city into the world’s foremost tech and financial hub. Anne McElvoy explores whether he can tempt entrepreneurs and investors away from Silicon Valley and Wall Street and how he will improve the lives of Miamians.
Source: The Economist - Play to listen