May 24, 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.
The Market - April 2022
According to real estate economist Ken Johnson from Florida Atlantic University, national housing market headed for a setback. but Florida prices may remain high where there’s a severe shortage of available housing, and an influx of new people, he said the value of homes will remain high, and so will rent.
U.S. rent prices are rising 4x faster than income. From 1985 to 2020, rent prices increased 149%, while income grew just 35%. From 2000 to 2022, median home prices increased 156% nationwide, while median rent prices increased 90%.
Five of the 50 most-populous metros have a rent-to-income ratio higher than the recommended 30%:
San Francisco (48%)
San Diego (40%)
San Jose, California (32%)
Los Angeles (31%)
Miami-Dade County real estate posted its 7th-highest total existing home sales month in history and its second-best April sales month ever, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Broward Luxury Condo Sales Surge; Mid-Market $400-600K Condo Transactions Jump Also.
Sales in April 2022 performed near the level they were leading up to the pandemic despite higher mortgage rates, lower supply and higher sale prices.
Broward total home sales decreased 12.9% year-over-year, from 4,006 to 3,489. Broward existing condo sales decreased 11% year-over-year, from 2,224 to 1,980. Single-family home sales decreased 15.3% year-over-year, from 1,782 to 1,509.
Sales declined because it’s in comparison to a record-setting 2021 market that benefited from 2.5% mortgage rates, higher supply and pandemic-driven demand.
Existing condo luxury ($1-million-and-up) sales surged 17.5% year-over-year in April 2022 to 74 transactions. Single-family luxury transactions increased 11.4% year-over-year to 245 sales in April 2022. Source: MIAMI Association of Realtors
On Tuesday, the Senate passed two bills related to home insurance reform, with an amendment for condo safety regulation.
The bills are similar to the ones the Senate is considering, with protections for roofs under 15 years old. If they're older than that, coverage would be based on an inspection.
Similar to the Senate bill, the House bill also sets aside grant money for homeowners who upgrade their homes to make them more stormproof. There's also $2 billion for insurance companies.
Miami skyline trend: brand-name condos
From über-luxury car manufacturers like Porsche, Bentley and Aston Martin, to fashion houses like Missoni, Fendi, Diesel and Armani, decor designers like French crystal producer Baccarat, Italian furniture company B&B Italia and even darling restaurant companies Major Food Group and Cipriani — residential buildings by businesses known for everything but real estate are taking over Miami. Read the article at New York Post
Tourism in Florida
According to Florida Tourism Officials, roughly 36 million visitors from around the nation and world touched down in the Sunshine State in the first quarter of this year — 1.3% more than during the same stretch in the last pre-pandemic year of 2019
Who is looking for Miami homes
Colombia: Top Foreign Country Searching for Miami Homes in March 2022; New York is the Top State
Top-10 U.S. States Searching MiamiRealtors.com in March 2022
A total of 21,546 New Yorkers swapped their driver’s licenses for the Sunshine State version during the first four months of this year — a 12% increase from the same period in 2021.
After New York, New Jersey, and California, Pennsylvania has had the most outbound migration to Florida this year so far with 8,412 license swaps followed by Illinois with 8,149.
Broward Most Diverse Counties in America
Broward ranked #9, Explore the most diverse counties in the U.S. based on ethnic and economic diversity statistics by county from the U.S. Census. Check at Niche
2022 Best Counties for Retirees in America, the top 15 are in Florida. Check at Niche
New York developer has submitted plans to build a massive twin-tower apartment project in Fort Lauderdale called Ombelle.
11,217 square feet of commercial/retail
1,100 parking spaces, in a 9-story podium mostly lined with residential
Source: The Next Miami
The Casa Forma project planned in downtown Miami continues to advance through the approval process, with the developers now requesting a hearing before the county’s Development Impact Committee.
1,441 residential units
143,328 square feet of office
7,959 square feet of retail
1,532 parking spaces
Source: The Next Miami
HouseBit Completes First Fully Tokenized Property at The Loft in Downtown Miami and Introduces a New Paradigm for Ownership and Occupancy in the Real Estate Market.
Each HouseBit property has 1,000 digital ownership tokens and a single Non-Fungible Token (NFT) providing the exclusive right to occupy. Source: HouseBit
The Miami-Dade Transportation Planning Organization is looking at the possibility of expanding the transit system underground. It just completed a study evaluating emerging technologies to assess the use of tunnel corridors in the county.
The Long Range Transportation Plan is a comprehensive transportation infrastructure plan with goals for the year 2045. The corridors identified in this for potential tunnels are Miami Central to Port Miami, FTX Arena to the Design District, Miami Central to the Design District, the Over town Connector, Magic City Casino to Douglas Road, and the Ludlam Corridor.
Source: Miami Today
Memorial Day May 30th 🙏