August 1st, 2022
Welcome to August!
Nasdaq: 12,390.69 -20.80%
S&P: 4.130.29 -13.34%
Dow: 32.845.13 -9.61%
10-Year: 2.651% +113.7 bps
Bitcoin: 23,611.05 -49.01%
30-year fixed-mortgage: 5.28%
Amid fears that a financial-ratings agency will downgrade numerous property-insurance companies, Florida regulators Wednesday announced a stopgap plan to try to make sure homeowners can maintain coverage. The plan involves the state’s Citizens Property Insurance Corp. acting as a financial backstop. Citizens would take on a reinsurance role to help make sure claims get paid if private insurers go insolvent.
Flooding & Extreme Heat
The White House is making more than $1 billion available to states to address flooding and extreme heat exacerbated by climate change. Read More
Florida Unemployment Claims
Despite concerns about a possible recession, the number of first-time unemployment claims filed last week in Florida decreased. The U.S. Department of Labor on Thursday estimated 6,511 claims were filed in Florida during the week that ended July 23, down from a revised count of 7,858 during the week that ended July 16. The state has averaged 6,948 claims over the past four weeks. Nationally, 256,000 claims were filed during the week that ended July 23, a decrease of 5,000 from the prior week.
During the first six months of the year, the value of commercial and multifamily construction starts in the top 20 metropolitan areas of the U.S. increased 24% from 2021, according to Dodge Construction Network.
Miami, FL, up 31% ($4.5 billion)
Austin, TX, up 70% ($4.3 billion)
Phoenix, AZ, up 53% ($4.2 billion)
Atlanta, GA, up 68% ($4.2 billion)
Seattle, WA, down 10% ($3.5 billion)
Los Angeles, CA, down 14% ($3.4 billion)
Philadelphia, PA, down 3% ($3.2 billion).
Commercial and multifamily starts are comprised of office buildings, stores, hotels, warehouses, commercial garages and multifamily housing. Not included in this ranking are institutional projects.
In the first half of 2022, total U.S. commercial and multifamily building starts rose 18% from the first half of 2021 to $139.5 billion.
Listings for homes priced at $100,000 or less were down 21.4% in June from a year earlier, while those listed for between $100,000 and $250,000 were down 12.4%, according to Realtor.com.
In contrast, the number of homes listed for more than $250,000 increased 32.1% in June from a year earlier. Source: Florida Realtors
More Buyers Canceling Contracts
In June, 22.1% of pending home sales were canceled in West Palm Beach, 22% of pending sales were canceled in Fort Lauderdale, while 21.5% were canceled in Miami. Source Redfin
Miami Loop Study
A network of tunnels underneath Miami could be for electric vehicles and generate high demand, a study by a city consultant showed. The Next Miami
Baccarat Residences in Brickell is now 75 percent sold and will soon begin vertical construction. The construction on the 75-story tower will begin this Fall.
The project will include 318 tower residences, along with 28 riverfront flats and duplexes.
There will also be 73,000 square feet of amenity space, including an Orangery. Interiors are being designed by Meyer Davis.
According to a letter from the FAA on July 22, the Cipriani tower is now approved for a height of 940 feet above ground, or 950 feet above sea level.
The two other towers are planned to rise 60 stories and 50 stories, and will include rental apartments. The FAA approval for the rental towers allows for a maximum height of 693 feet above ground, or 710 feet above sea level.
The project is planned to include:
1,300 residential units (with 420 of those in the Cipriani condo tower)
18,300 square feet of full service restaurant
1,646 car parking spaces
2,472 bike parking spaces
Source: The Next Miami
Macken Companies secured a $16.5 million loan for a waterfront townhome complex in North Miami Beach, the Miami-based developer announced.
Called Koya Bay, the development will feature 10 residences — all of which will rise four stories, spanning between 4,327 and 5,288 square feet — as well as private rooftops and boat slips.
Source: Commercial Observer