Inside South Florida, the latest in the news in real estate to stay up-to-date, ahead of the curve in less than 5 minutes.
April 25th 2022 | Issue 6
Clean Air in Buildings Challenge
In late March, the Biden administration unveiled a new initiative with the potential to impact our country’s health and infrastructure on an unprecedented scale. The Clean Air in Buildings Challenge implores building owners to improve their indoor air quality (IAQ) through improvements to HVAC and filtration. While the ask seems simple enough, it marks the federal acknowledgement of a major shift that’s shaking up the health, real estate and building management sectors; IAQ has become a national priority.
Market - March 22
Miami real estate registered its third-highest sales month in history in March 2022 as existing condo transactions surged for the 18th consecutive month, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Miami-Dade County total home sales rose 5% year-over-year in March 2022, from 3,751 sales to 3,939.
Condo sales surged 14.9% year-over-year.
Luxury Condo Sales Surge 40.4%
Single-family homes priced between $400K to $600K increased 15.8% year-over-year.
Broward County Condo Sales Rise in March 2022
Existing condominium sales rose 0.5% year-over-year, from 2,151 to 2,162
Broward single-family transactions decreased 17.6% year-over-year, from 1,870 to 1,541, because of low inventory.
Broward total home sales decreased 7.9% year-over-year, from 4,021 to 3,703.
Broward Luxury Condo Sales Surge 53.8%; Mid-Market $400-600K Transactions Jump Also.
Palm Beach County
Existing condominium sales rose 3.7% year-over-year, from 1,639 to 1,699.
Palm Beach single-family transactions decreased 7.7% year-over-year, from 1,723 to 1,590.
Palm Beach existing condo luxury ($1-million-and-up) sales surged 18.4% year-over-year.
Single-family luxury transactions increased 6.5% year-over-year.
Single-family homes priced between $400K to $600K increased 5% year-over-year.
Cryptocurrency and Real estate
Miami is emerging as a hub for cryptocurrency activity and a forthcoming luxury property sale could show what the South Florida real estate market of tomorrow looks like. ONE Sotheby’s International Realty and Voxel Architects are collaborating with developer Gabe Sierra for Meta Residence, an 11,000-square-foot Miami mansion that will have a virtual counterpart in the form of a non-fungible token, or NFT.
Read more at Miami Herald
NoMad Hotels, a New York-born brand beloved by trendy travelers, plans to open its first residential project: a condo building in Miami’s Wynwood arts and entertainment district.
The property, being developed by Florida’s Related Group and Manhattan-based Tricap, will have 329 units that owners can rent to short-term guests. A public rooftop bar and restaurant will be helmed by Leo Robitschek, the former bar director for New York’s Eleven Madison Park.
A waterfront development site in Miami’s Brickell traded for a record price of $363 million.
An affiliate of Florida East Coast Realty, led by Tibor Hollo and his family, sold the empty lot at 1201 Brickell Bay Drive to a Delaware company. Read more at The Real Deal
House-flipping algorithms are coming to your neighborhood
Despite millions of dollars in losses, iBuying’s failure doesn’t signal the end of tech-led disruption, just a fumbled beginning. Read More at MIT Review Technology