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Inside South Florida - 20

August 15th 2022

Moody’s housing market forecasts

Nationally, Moody's Analytics predicts U.S. home prices will rise 0% next year. That's a dramatic deceleration from the 19.7% home price uptick we saw over the past 12 months. It would also mark the lowest rate of home price growth since 2012.

But on a regional level, Moody's Analytics thinks it'll vary—a lot.

Housing market forecast 2022-2023

Among the nation's 414 largest housing markets, Moody’s Analytics’ forecast model predicts that 183 markets will see a year-over-year home price increase in 2023. The biggest forecasted 2023 home price jumps are in Albany, Ga. (4.12%); New Bern, N.C. (4.12%); Augusta, Ga. (3.84%); Hartford, Conn. (3.73%); and Casper, Wyo. (3.29%).

Another 231 markets, Moody's Analytics predicts, are likely to see home prices drop in 2023. The biggest forecasted 2023 home price drops are in The Villages, Fla. (-6.96%); Punta Gorda, Fla. (-6%); Reno (-5.57%); Honolulu (-5.56%); and Spokane, Wash. (5.52%).

For Miami-Fort Lauderdale Market the prediction 2023 is -4.15%.

Conclusion from Lance Lambert: (Fortune) Read more

Miami Downtown Project

Miami-Dade released new concepts of the massive downtown Miami Metrocenter project, in a presentation to developers last week.

The winning developer will be required to build a new transit terminal as part of the project, the presentation said.

Also required: new facilities for the main library, History Miami museum, other public facilities, and 2.5 acres of open space.

In addition, the winning bidder will be expected to build a minimum of 2,000 units of affordable and workforce housing.

The county expects to choose the winning developer in 2024, according to the Herald.

Miami-Dade expects the project to cost around $10 billion, with completion to take 12 to 15 years, a county official said. Source: The Next Miami. You can check the presentation here

Insurance in Florida

Typically, mid-August through mid-October is when Florida and the southeastern United States face the biggest risk of destructive tropical cyclones. All of those major storms left billions of dollars in damages and a weakened insurance industry that has required two rounds of legislative reforms, infusions of private capital investment and commitments of public funding to guarantee claims payment if catastrophe strikes. Learn more

Over 50% of homeowners have more than $250,000

Currently, over 50% of homeowners have more than $250,000 in equity, and 37% own their homes outright. These aren’t people waiting to default. These are people ready to invest. Read more differences between today’s market and 2005-2008. Read more

Fixer-Uppers can pave way to homeownership

Jacksonville and Miami breaking into the top 10 best cities for fixer-uppers. As two cities with a rich stock of historic homes, there are plenty of opportunities to snag a fixer-upper and make considerable savings at the same time. While in Jacksonville the fixer-upper discount slightly exceeds the national average ($156K), buying a home in need of repairs in Miami will bring you a handsome $200K in savings as compared to purchasing a turnkey home. Additionally, a fixer-upper in Jacksonville comes with 2% more space than a standard home, quite the opposite to the national trend where homes needing TLC are typically smaller than the newer stock.

Source: Storagecafe

A record share of homebuyers are relocating

Miami was the most popular destination for migrating homebuyers in Q2 2022, followed by California metros like Sacramento and San Diego. Portland, ME also made Redfin’s list of the top 10 homebuying destinations for the first time as it becomes more popular among relocating Bostonians seeking out space and affordability away from the city.

Short-Term Rentals Boomed

“It appears mostly in the Sunbelt states, particularly in Florida, in South Carolina, where we have beach fronts and parts of Texas,” says Ken H. Johnson, real estate economist at Florida Atlantic University. “If you were going to work from home and you were in the north or the Midwest, and you wanted to get away from home or even work for a short while, you could do it from West Palm Beach or Miami.”From South Florida Sun-Sentinel. Read more

Voice-Controlled Tech on the Rise

Voice technology is becoming an essential, not an optional staple of new homes. National Public Media’s 2022 Smart Audio Report shows that more than a third of Americans own a smart speaker and more than 75% agree that the technology allows for a more convenient lifestyle. More and more manufacturers are including technology in appliances, fixtures, and other home essentials so the likelihood of clients receiving these capabilities in their homes is increasing. The report found that millennials, more than any other generation, are wholeheartedly embracing technology in their homes, but that it’s proving to be a useful tool for aging generations as well.

✅ Events

On August 20th, hit the water on kayaks with Miami Waterkeeper to conduct a marine debris clean-up in our coastal and mangrove habitats + INFO


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