June 6th , 2022
Alert: Online housing scams
⛔️Due to the current, unprecedented housing market in South Florida, cybersecurity experts say online housing scams are on the rise. Read More
The Market
The most affordable beach towns 🏖 in the US according to Realtor. com
Four U.S. housing markets are overvalued by more than 60 percent, while 11 others are overvalued by more than 50 percent, according to the latest study from researchers at Florida Atlantic University and Florida International University Miami - Fort Lauderdale ranked in 49 place with 29.8%.
Florida Ranking
Economic calendar 👀
Wednesday -MBA Mortgage Applications week ended June 3 (-2.3% during prior week)
Thursday - Household Change in Net Worth 1Q ($529.7 billion)
Friday - Consumer Price Index, month-over-month May (0.7% expected, 0.3% during prior month); Core CPI, month-over-month May (0.5% expected, 0.6% during prior month); Consumer Price Index, year-over-year May (8.3% expected, 8.3% in during prior month)
Miami-Dade
The County plans to generate new revenue by doubling down on water sustainability.
The county partnered with Olea Edge Analytics to launch a four-month pilot program that deploys smart sensors to 25 commercial water meters in the area. That technology will help the county recover lost water revenue from large commercial users – such as airports or manufacturing facilities – by ensuring they are billed correctly. Source: MiamiInno
New Projects
LCOR real estate investment, development and management firm, announced the acquisition of 1775 Biscayne Boulevard, a soon to be 40-story, 540-unit residential building ( studio to two bedrooms ) located on the border of the A&E District and Edgewater neighborhood of Miami. The new project will begin in early 2024 and is slated for completion and delivery in 2026.
A US$ 67M construction financing has been provided for the implementation of the Aventura Park building project that is developed by AMAC Holdings and ROVR Development. With 290 units at 17990 West Dixie Highway, along the Oleta River and directly across from Greynolds Park. Last year, an AMAC-affiliated corporation paid $10.3 million for the almost 3-acre empty development site. The project is expected to be completed in early 2024.
Under Construction
Diesel Wynwood: Bel Invest, an international real estate investment and development firm with projects in Italy, Spain, Germany and the U.S., is partnering with the global Italian fashion and lifestyle brand Diesel to build this eight-story project with 159 condos in the heart of Miami’s Wynwood arts district.
Number of Units: 159
Price Range: $400,000 to $6 million
Developer/Architect: Bel Invest/Zyscovich Architects
Residence sizes: The units will range from micro-studios with one bathroom to three-bedroom units with three full bathrooms and one partial bathroom, from 395 to 4,105 square feet.
Inside South Florida, the latest in the news in real estate to stay up-to-date, ahead of the curve in less than 5 minutes.