June 20th, 2022
Miami take the prize for fastest-growing hotel rates
According to hotel market data provider STR, hotel prices increased by around 33% across the US over the last year, based on national averages from April and May, the most recent months when figures were available. But individual destinations, both stateside and abroad, paint vastly varying pictures.
Miami
Average price in 2019: $237.41
Average price in 2022: $369.51
Price change: 55.64%
Ease of access, a dynamite food scene, and a reputation for pre-pandemic normalcy have all fueled the biggest-ever tourism boom to Magic City. It’s also worth noting that hotel prices here only rarely reach the stratospheric highs of many of the other destinations on this list—and those prices top out in December, around Art Basel and the winter holidays, rather than the muggy summer months. That means that as much as prices have climbed, mid-July splurges remain comparably reasonable, with Faena charging $534, the Betsy charging $417, and the Setai at $717 for studio suites. Source: Bloomberg
📝 Nice article about Miami as destination from Condé Nast Traveler: Why There’s Never Been a Better Time to Visit Miami
Miami and Tampa Top relocation destinations
Homebuyer migration remained at an all-time high in April and May, with 32.3% of Redfin.com users nationwide looking to move to a different metro area, according to a new report. The percentage is unchanged from a record set in the first quarter but up from about 26% before the pandemic began.
Homebuyers aren’t just chasing preferred destinations, they also make moving decisions based on an area’s housing costs.
-Miami – 33.8% of searches from outside, top feeder market is New York
-Tampa – 50.3% of searches from outside, top feeder New York
New Developments
Swire, and Ross’ Related Companies announced a joint venture to develop One Brickell City Centre, an office tower that will rise 1,000 feet at 700 Brickell Avenue and 799 Brickell Plaza in Miami.
Source: The Real Deal.
JDS Development Group got a $86 million acquisition and construction loan for its massive 64-story, mixed-use project 1 Southside Park in Miami’s Brickell district, which is set to include 1,175 rental apartments, 190,000 square feet of offices and 10,000 square feet of retail, as well as a 1,400-car parking garage. The project will encompass a full city block between Southwest 11th and 12th streets. Source: Commercial Observer
👉Check our last report Market Trend Reports from Brickell and Miami Downtown
South Flagler House, real estate investment firm, Frisbie Group, and global real estate company, Hines, today announced the launch of sales for South Flagler House located on the intra-coastal along the Gold Coast in West Palm Beach, Florida. Designed by Robert A.M. Stern Architects (RAMSA), it will be the globally renowned architecture firm’s first luxury residential high-rise in Florida. Prices start at $10 million for a three-bedroom unit and roughly $75 million for the duplex penthouse in each of the project’s 28-story towers.
The Market
Available inventory of unsold single family homes on the market rose another 5.6% this week to 419,000. We have 18 percent more homes on the market now than last year at this time.
The median price of single family homes in the US is $454,000 this week. That actually ticked up from last week and is still 13% higher than last year. The end of June is usually the peak of home prices, so it should be no surprise that we’re still at record highs.
Layoffs in Real Estate
Major layoffs are coming to some of the nation’s largest real estate companies.
Redfin and Compass, two of the country’s biggest real estate brokers, say they’re cutting their workforce by eight percent and 10 percent – which is more than 500 employees.
They say the demand to buy homes have been low recently.
Several people scammed out of purchasing new apartment in Miami Beach
Victims paid a deposit for a new apartment only to later realize they had been ripped off.
🚨 Before meet, sign anything, check the agent License at DPBR
We also talked about it at Inside SL-10 - Alert: Online housing scams
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