September 6th 2022
Projects planned for downtown Miami
According to an analysis by The Real Deal, 1,358 condos are in the works and 3,793 apartments are planned. More than 2,000 additional units are not yet specified as condos or rentals.
The disclosed land acquisitions in downtown Miami total more than $237 million. This doesn’t include other projects in Brickell, Edgewater and Wynwood.
Big Law Scrambles for Miami Client Proximity in New Market Rush
Law firms are planting flags near hedge funds, banks, and wealth managers they followed to Miami, showing real estate for lawyers hinges on where current and future clients are. Read more at Blomberg
🏎Goodwood Festival in Miami?
Miami Beach city officials have been communicating for months with organizers from the Goodwood Festival of Speed, held annually at an estate near England’s southern coast, to bring the event to this side of the pond in March 2024. The festival calls itself “the world's greatest celebration of motorsport and car culture” and “motorsport's ultimate summer garden party,” and the organizers see this as an opportunity to combine “Goodwood’s quintessential English charm with Miami’s renowned glamour.” Source: The New Tropic
New UM football stadium
The stadium would include a floating scoreboard, air conditioning, 60,000 seats,a retractable roof, luxurious suites, and other amenities. The stadium would be privately funded and not need any government funds. Read more
Tech Jobs
South Florida was among the nation's leaders for the growth of tech job postings in the first half of the year, according to the recently released Dice Tech Job Report. Even as layoffs hit the tech industry, the report noted demand for tech talent remains high. The report looked at 3 million tech job postings from January to June of this year. Though South Florida was among the top metro areas for growth in job postings, it ranked 20th among regions with the most overall tech job postings. New York, Chicago and Atlanta took the top three spots, respectively. Source: South Florida Business Journal
4% of the sellers pivot to renting the home
Source: John Burns Consulting
Miami Inventory - August 2022
Source: Fortune
Everyone’s a Landlord—Small-Time Investors Snap Up Out-of-State Properties
A separate measure of investor purchases by Attom Data Solutions, prepared for The Wall Street Journal, shows that the niche of out-of-state small investors has also grown. Members of this group, who purchased between two and 10 homes a year, bought 2.1% of all American homes sold in the second quarter of 2022, up from 1.5% during the same quarter in 2019. Purchases of just one house were excluded to rule out vacation homes. Source: The Wall Street Journal
New Developments
Gables Village
The development will include townhomes, duplexes, lofts, flats, and an archway with raised residences above ground level.
Units will vary in style and size, including one-bedroom flats to four-bedroom townhomes that range in size from 1,750 sq. ft. to 3,100 sq. ft and will be located at 535 Santander Ave, Coral Gables.
For more information - andre.debritto@cbrealty.com
nside South Florida, the latest in the news in real estate to stay up-to-date, in less than 5 minutes.