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Inside South Florida -22

August 30th 2022


High-earning households

No state is gaining more high-earning households than Florida and it’s not even close. Despite losing 11,756 tax filers who reported at least $200,000 in income in 2020, the Sunshine State added 32,019 high-earning households that same year. That’s a net addition of 20,263 high-income filers.



Miami is the best city to own a vacation rental

LawnStarter compared nearly 190 of the biggest U.S. cities based on revenue potential, initial investment costs, and average expenses. They also factored in entertainment options for guests, public safety, and climate.

Ranking the best cities to own vocation home

We also talk about it on the blog: Short-Term Rentals Boomed and South Florida Force


Florida population

Florida is predicted to gain 294,756 new residents per year through 2027, or 808 per day, according to a state report from the Demographic Estimating Conference.

The rate of that growth will slow modestly as deaths outpace births and the rush of people moving from other states during the pandemic subsides.

Still, with an estimated 22.25 million residents as of April 1, 2022, Florida continues to see population increases roughly equivalent to adding a city the size of Orlando each year, according to a state report released Tuesday, though the entire Central Florida metro region is much larger.



Florida rent

According to Florida Atlantic University the worst rent hikes appear to have passed, but prices are still rising, leaving tenants across the country facing "a prolonged period of unaffordable rental prices.

  • In July, average rent nationwide jumped 13.2% year-over-year to $2,031.

  • Fort Myers and Miami led the nation with the largest year-over-year rent increases at 25.2% and 24.6%, respectively. In Miami, average rent costs $2,841.

Over the past six months, Fort Myers' average rent rose "only" 7%, while Miami’s average rose 8.4%.. Traditionally, rents rise 3-5% per year, they said.


Zero-down mortgages

Bank of America has chosen five cities to pilot a new nationwide program aimed to help first-time homebuyers in Black and Latino communities.

The Community Affordable Loan Solution will offer home loans with no down payment or closing costs. The program’s credit guidelines are based on factors such as timely rent, utility, phone and auto insurance payments, and it does not require mortgage insurance or a minimum credit score.

It will be available in African American/Black and Hispanic/Latino communities, as defined by the U.S. Census, in Dallas, Charlotte, N.C., Detroit, Los Angeles and Miami.


New Development

Plans have been announced for a twin-tower apartment complex in downtown Miami (222 NE 1st Ave) called Namdar Towers. The new project will have rental apartments, and will include twin towers with a combined 1,354 residential units. Source: The Next Miami


South Florida biggest commercial deal

Hines bought a mixed-use multifamily development in Coral Gables for $430 million, marking one of the biggest South Florida commercial deals this year. Source: The Next Miami


830 Brickell

Two Chicago-based law firms leased a combined 53,000 square feet at 830 Brickell, marking continuing tenant demand for the Miami office tower that’s under construction.

Winston & Strawn took 35,000 square feet and Baker McKenzie took 18,000 square feet at the project. Source: The Real Deal


Silicon Valley Bank

Silicon Valley Bank has signed its first direct lease in South Florida, furthering its quest to finance the burgeoning tech scene in Miami. The bank, owned by parent company SVB Financial Group, signed a 9K SF lease for the majority of the 15th floor of The Four Seasons Hotel and Tower in Brickell.



Sports & Social will become part of Miami Worldcenter

Sports & Social will occupy about 20,000 square feet and It will feature an open-air third level and a rooftop restaurant overlooking World Square's public park and plaza.


 

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Inside South Florida, the latest in the news in real estate to stay up-to-date, in less than 5 minutes.




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