September 26th, 2022
Markets that appreciated 40%+ from Dec 2019 to June 2022 AND also appreciated 40%+ from June 2003 to Dec 2005
Under Development
Plantation
Invesca Development Group will move forward with the Pixl apartments in Plantation after securing a $76.5 million construction loan.
The developer recently filed a notice with the county that it started construction of 330 apartments there. The structure of the 6-story building is already out of the ground.
According to the developer’s website, Pixl will have open loft-style units and many outdoor amenities, such as a pool, art, and water fountains. The units will range from 600 to 1,200 square feet.
Aventura
Lennar Corp. and BH Group won approval to build single-family homes on the shuttered Presidential Estates Golf Club near Aventura.
The Miami-Dade County Zoning Board approved the rezoning of the 104.3-acre site at 19438 N.E. 18th Ave. on the evening of Sept. 22. It’s located on the east side of Interstate 95, just south of the Ives Dairy Road exit. The golf course has been closed for years.
The $300 million project will have 119 single-family homes. There would also be 75 acres of open space to replace to golf course, homes would range from 3,500 to 7,500 square feet, with prices starting around $2 million. It will be called Luxury Manor Homes at Presidential.
Pinecrest
Scarofa Properties broke ground on a luxury, for-sale townhouse project in Pinecrest valued at $32 millions.
Pine Park Villas will have 18 townhouses, averaging 3,500 square feet with four bedrooms. Prices start at $1.67 million.
Southern US Takes The Lead For Downtown Apartment Construction
60% of Price Surge Resulted from Remote Work
A Fed study found that every 1 percentage point increase in remote work resulted in about a 0.9 percentage point increase in housing prices.
Research from the Federal Reserve Bank of San Francisco reveals that the shift to pandemic-era remote work led to house and rental price increases during that time – and it’s likely to drive costs and inflation up further as remote work becomes permanent. Source: Blomberg
In the two years ending in November 2021, house prices increased 24%, with more than 60% of that increase attributable to the rise in working from home during the pandemic
✔ Events
Art Basel announced that it would return to the Miami Beach Convention Center from December 1-3, with preview days happening on November 29 and 30. This year's edition marks the fair's largest showing yet, with 283 galleries participating, including 26 first-time participants.
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