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Inside South Florida -9

May 31st, 2022

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.

New Airline in SFL ✈️

El Al, Israel’s national airline, relocating U.S. headquarters from NYC to South Florida. The airline is looking to start moving in on August 1, with 25 to 30 people occupying an office space in Margate. Some will be new-hires.

More flights ✈️ are serving what was Miami’s second-busiest passenger market before the pandemic hit. Brazilian low-cost carrier GOL resumed service at Miami International Airport for the first time since the pandemic hit with four weekly flights to Brasilia, which are to increase on July 4 to daily service

Miami the next tech hub?

Record funding and the rise of remote work have put a number of US cities on the VC map. While reports of Silicon Valley’s demise are exaggerated, these cities are actively courting the region’s tech talent and smart money.

Silicon Valley is still the startup capital of the US by a mile. Source: CB Insights

Four businesses headquartered in Miami-Dade, Broward or Palm Beach counties are among 307 firms to make Crunchbase's Emerging Unicorn Board, a roundup of private companies with a valuation approaching $1 billion. The qualifying ventures all have valuations of at least $500 million. Source: Miami Inno

They are still coming 😉

Four more companies, operating in industries ranging from cryptocurrency and produce to sales training and logistics, have signed leases to locate in downtown Fort Lauderdale’s

  • Reveneer is a Boston-based provider of outsourced sales development services for technology companies.

  • Marathon Digital Holdings is a Las Vegas-based cryptocurrency.

  • Altar Produce, which bills itself the world’s largest producer of asparagus and is based in California.

  • Ryan Transportation, a nationwide freight logistics firm from Kentucky.

One more for Mana

Developer Moishe Mana purchased another downtown Miami space for $7.25 million. Mana owns the largest real estate portfolio in Miami’s urban core. Property at 118 East Flagler Street .

Power Bill 😳

Residential electricity rates have been surging for months and are poised to climb even higher this summer on a combination of tight supplies of natural gas and coal, an unrelenting drought in the Western US, and a nationwide forecast for extreme heat. Barclays Plc calculates that monthly bills will be more than 40% higher than last year’s, and projections from the US Energy Information Administration show this year’s retail residential rates rising the most since 2008.

Top Spot

According Manchester, NH remains in the top spot on the hottest housing markets list in April.

The top 20 hottest markets are spread out across 13 states, with multiple metros in North Carolina, Indiana, Massachusetts, New Hampshire and Tennessee.

As prices soar to new heights nationwide, affordability remains a key feature of April’s hottest markets with 12 markets below the national median listing price.

Remote Work and Property Prices

It’s no secret that Americans’ newfound remote work lifestyles drove demand for larger homes with more comfortable workspaces.

That demand may be responsible for more than half of the surge in real estate prices during the pandemic, according to a working paper published by the National Bureau of Economic Research.

It found that remote work led to about 15 percentage points of the 24% average increase in house prices between December 2019 and November 2021.

New Projects

Nexo Residences has launched sales in North Miami Beach. It is planned to be built at 13899 Biscayne Boulevard. The property will include 254 residences in 15 stories, which will be delivered fully finished and turnkey.

  • Fully-Furnished Studio, One-, Two- and Three-Bedroom Residences

  • Three- and Four-Bedroom Townhomes

  • Prices start in the mid-400K.

  • Short-term rentals are allowed.

  • EB5 Investor option

MG Developer plans to build a luxury apartment project near the Shops at Merrick Park.

The developer, along with partner Baron Property Group of New York, wants to build the Merrick Parc apartments on the 43,785-square-foot site at 3898 Shipping Ave. in Miami. The light manufacturing building there will be demolished.

Merrick Parc would have 450 apartments and ground-floor retail space in two 19-story towers connected by a parking podium. Amenities would include a pool, a social lounge, a fitness center and a business center. Source: South Florida Business Journal

Miami-based 13th Floor Investments filed plans with Hallandale Beach to build an apartment complex just north of the Big Easy Casino.

The developer, through affiliate Hallandale Holdings LLC, would replace the bowling alley and warehouse on the 14.7-acre site at 2002 Pembroke Road with the Ashworth Apartments. There would be 367 units, plus a clubhouse, a pool, a dog park and 667 parking spaces.

Source: South Florida Business Journal

Single-Family Rental Returns

Single-family rental yields top 7 percent in half of nation Among 212 counties with enough data to analyze in the first quarter of 2022, yields before expenses on three-bedroom, single-family rentals are at least 7 percent this year in 98 (46 percent) counties. The top returns include Collier County (Naples), FL (yield of 16 percent); Atlantic County (Atlantic City), NJ (12.2 percent); Mercer County (Trenton), NJ (11.6 percent); Indian River County (Vero Beach), FL (11 percent) and Charlotte County, FL (outside Fort Myers) (10.7 percent). The smallest 2022 returns on three-bedroom, single-family rentals are in Santa Clara County (San Jose), CA (3.1 percent); San Mateo County (outside San Francisco) (3.2 percent); Williamson County, TN (outside Nashville) (3.9 percent); San Francisco County, CA (3.9 percent) and Fayette County (Lexington), KY (3.9 percent).


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