September 20th, 2022
Nearly one-third (31.4%) of U.S. home purchases were paid for with all cash in July
The data in this report is from a Redfin analysis of county records across 41 of the most populous U.S. metropolitan areas
Three of the five metro areas with the highest share of all-cash purchases are in Florida, partly because the state is home to a lot of affluent buyers. But Long Island, NY–which includes the Hamptons–is home to the highest share of cash buyers, with two-thirds (66.5%) of home purchases made in cash in July.
Next come West Palm Beach (56.4%), Jacksonville (45.5%), Milwaukee (45.3%) and Fort Lauderdale (43.3%).
Miami numbers:
More than 80% of homeowners would rather live in a neighborhood without a homeowners association
According to a new report from HomeAdvisor, HOAs can have their benefits, as 59% of 1,000 surveyed homeowners confirmed the main benefit is improved neighborhood aesthetics.
Key highlights:
HOAs commonly have restrictive policies and rules, which 84% of homeowners said these policies are a downside.
Lawn and holiday decoration restrictions, architectural rules, and limits of pet size and quantity are found to be the most restrictive rules to more than half of homeowners.
Overzealous board members and invasive behavior were found to be some of the worst aspects of HOAs by 73%.
68% say their HOA’s response was unfair to infractions, and 83% agree that they pay too much for dues and fines for infractions.
The most commonly broken HOA rules center on lawn and holiday decorations, parking, and home maintenance, to which 34% of HOAs have responded with fines and 78% have responded with warnings.
HOAs also bring about invasive behaviors from neighbors (yard peeping and reporting tiny infractions to the board), which is an issue to 71%.
New Development
Sentral Brickell is planned as twin towers rising 43 stories (480 feet, north tower) and 31 stories (360 feet, south tower), according to the September 15 filing with Miami-Dade planners.
The project is planned to include:
803 units (581 units in the north tower, 222 units in the south tower)
11,137 square feet of ground-floor retail
636 parking spaces hidden behind liner residential units, in an 11-story podium
Sentral offers furnished residences for both long and short-term use.
The Brickell property will include a lobby lounge with concierge, fitness center, multiple co-working spaces, and pool decks on both the 13th and 31st floors
The new project address: 120 SW 8th St, Miami, FL 33130.
Source: The Next Miami
Fisher Island
The last condo development site on the exclusive Fisher Island has sold to a group led by Jorge Perez's Related Group. Related Group and partners Teddy Sagi, BH Group and Wanxiang America RE Group closed on the $100M acquisition of 6 Fisher Island Drive last week. The developers plan to build approximately 50 units that would sell anywhere between $30M and $60M. The 6-acre site sold by Heinrich Von Hanau is zoned for up to 10 stories. Sales on the project are expected to launch later this year by invitation only.
Miami Presbyterian church gets blessing to sell Brickell land for potential $240M windfall
Miami’s oldest Presbyterian church got the final blessing to move toward closing a $240 million land deal that would enable developers to transform a rare vacant slice of Brickell’s waterfront on the church’s property into condominiums. Source: Miami Herald
Miami-based development and construction company Cymbal DLT recently closed on a $102.5-million loan from Related Fund Management to build a 341-unit, multifamily housing project in Miami Gardens.
Energy
Solar Energy Loan Fund, a lender for sustainable home improvements, is opening a satellite office in Miami-Dade County with the support of a $300,000 grant from the county. The fund will provide $3 million in financing for more than 250 sustainable home renovation projects in the county while also supporting the county’s “climate action strategy” goals to expand solar energy and water efficiency by 2030.
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