July 19th 2022
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.
Single-family rental demand varies by market
Miami and West Palm Beach +7% (Source: John Burns Real Estate Consulting)
International Buyer and Real Estate
According National Association of REALTORS , U.S. home purchases by international buyers are at their lowest on record.
The annual number of home purchases in the U.S. by foreign buyers was the lowest on record in the 12 months from April 2021 to March 2022, the report shows. International buyers purchased 98,600 U.S. homes in that time, marking a 7.9% drop from the previous year and the lowest number since NAR began tracking such data in 2009.
Despite fewer sales, the overall dollar value of foreign home purchases in the U.S. has spiked because of record-high home prices. Foreign investors purchased $59 billion worth of U.S. real estate from April 2021 to March 2022, an 8.5% increase from the previous year, according to NAR’s report.
Top Buyers
Canada: 11% of foreign buyers, $5.5 billion in residential sales
Mexico: 8%, $2.9 billion
China: 6%, $6.1 billion
India: 5%, $3.6 billion
Brazil: 3%, $1.6 billion
Colombia: 3%, $1 billion
Top U.S. destination for international buyers
Florida: 24%
California: 11%
Texas: 8%
Arizona: 7%
New York: 4%
North Carolina: 4%
Redfin Report
1 out of 3 (32.6%) people doing a home search on Redfin’s site looked beyond their metro area, and four of their top 10 preferred destinations are located in Florida.
No. 1 - Miami: 33.3% of searches came from outside metros (31.5% in 2021). Top origin state: New York
No. 2 -Tampa: 36.3% from outside metro areas (37.5% in 2021). Top origin state is New York City, though the top outside metro searching was Orlando.
No. 6 -Cape Coral: 67.1% from outside metro areas (74.9% in 2021). Top origin metro is Chicago.
No. 8 -North Port: 66.8% (75.8% in 2021) Top origin metro is Chicago.
The Shops at Mary Brickell Village in Brickell
Rockpoint Sells The Shops at Mary Brickell Village for $216M. The 541,449-square-foot shopping center offers about 200,000 square feet of leasable space. Read more
Parterre 42, a 500,000-square-foot office and retail building in the Design District.
New York City-based Helm Equities, to design the five-story building with floor plates ranging from 70,000 to 86,000 square feet. The building will also include up to 80,000 square feet of outdoor space that will bring fresh air to every level of Parterre 42, according to the developers.
More Waterfront Condo Owners Consider Termination
Developers have always looked for opportunities to buy beachfront assets that can be repurposed, but after the tragic collapse of Champlain Towers South in Surfside, coupled with rising insurance costs and new condo laws, it’s making more and more sense for some condo owners to consider condo termination. Read More
The Federal Aviation Administration has given the green light to build the supertall tower
According to a July 15 letter to developer Swire Properties, the tower is permitted to rise 1,040 feet above ground, or 1,049 feet above sea level. One Brickell City Centre will have 1.6 million square feet of Class A office space and construction will begin in 2023
Miami Startup
Here the Miami-based startup enables users to make fractional investments – as low as $100 – into real estate properties in vacation destinations raises $ 5 mi. Read More