Inside South Florida

August 8th, 2022

Mortgage Rate

August 08, 2022, the current average rate for a 30-year fixed mortgage is 5.60%, rising 32 basis points compared to this time last week.

Income

According a study from Redfin, homebuyer incomes soared in pandemic boomtowns like Boise, Austin and parts of Florida, largely due to remote workers moving in from pricey job centers. Housing markets in many of those places are now slowing down. Read more

Equifax ERROR ⚠

Equifax says a computer coding error changed credit scores as much as 25 points, up or down, between March 17 and April 6.

For 300,000 consumers, the error shifted credit scores as much as 25 points. The changes to credit scores did not show up on credit reports, Equifax said in a press release.

While the error caused scores to shift in positive and negative directions, a 25-point drop in your credit score could do some major financial damage, especially if you’re on the cusp of one of the credit bands. For some consumers, that could mean less access to financial services and products like car loans and home mortgages, as well as credit cards with good terms.

Zillow (Again) and Opendoor

Zillow announced a partnership with Opendoor that allows home sellers on Zillow’s platform to request an instant cash offer from Opendoor. Good Luck🤣

👉Looking for new name

“The Underdeck” is a 33-acre public space that will be developed, under a reconstructed I-395, as a part of the “Signature Bridge” project. The Signature Bridge project is a partnership between the Florida Department of Transportation (FDOT) and the City of Miami. You can check the project page

#Movingtowestpalmbeach

BlackRock is heading to downtown West Palm Beach, marking a continuation of New York financial firms’ migration to South Florida. The company subleased 5,000 square feet at the 360 Rosemary building. About 35 BlackRock employees are expected to move in early next year.

#Movingtomiami

Citadel is tying up deals for office space as it prepares to expand in Miami, where the firm is establishing its headquarters.

Citadel has taken a floor at 200 South Biscayne Blvd., where it already has temporary offices, and leased roughly 90,000 square feet (8,360 square meters) at 830 Brickell, an under-construction tower where Thoma Bravo and Microsoft Corp. have signed on as tenants

Pembroke Pines Shopping

Federal Realty Investment Trust is jumping on the South Florida shopping center bandwagon, acquiring a Pembroke Pines retail plaza for $180.5 million.

An affiliate of the Rockville, Maryland-based real estate investment trust bought Shops at Pembroke Gardens at 527 Southwest 145th Terrace at a $7.5 million discount from the previous sale price seven years ago, records show. Read more

New Development

Under Construction Miami — The Crosby Miami

The Crosby Miami World center have formally applied for a construction permit. According to the new construction permit filing, The Crosby will include 450 condo units, in a 33-story tower. There will also be 3,370 square feet of retail, the permit application states. No parking garage is being built. The project will be located at 601 N Miami Ave, Miami, FL 33136, USA. Source: The Next Miami

📞 305 788 0455

Wynwood under construction — The Wynwood Plaza

The Wynwood Plaza has submitted the project to the FAA for review as it moves closer to obtaining a construction permitting. According to the July 26 submission to the FAA, the tallest height of the project is planned to reach 212 feet above ground, or 225 feet above sea level.

The Wynwood Plaza, located at 95 NW 29th St, Miami, FL 33127, USA is planned to include:

509 apartments
212,962 square feet of office space
25,550 square feet of retail

The project is also planned to include a landscaped 25,000 square-foot outdoor public plaza, and a parking garage with 668 car spaces and 954 bike spaces. Source: The Next Miami