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Inside South Florida Real Estate

March 25, 2022



Mortgage


Average long-term U.S. mortgage rates jumped again this week as the 30-year loan rate climbed to its highest level since January 2019. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan this week jumped to 4.42% from 4.16%


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The increase came after the Federal Reserve increased the key rate – which it had kept near zero since the pandemic recession struck two years ago – by more than a quarter-point. The central bank has signaled potentially up to seven additional rate hikes this year.


Trends


NAR Generational Trends Report shows millennials make up 43% of homebuyers.

Millennials — 32 to 41 years old — continue to make up the greatest share of homebuyers, according to the NAR report, keeping in trend with the yearly results since 2014. During the period of study, millennials represented 43% of the market, with older millennials making up 25% and younger millennials, 18%. Most were first-time buyers: 81%. Younger millennials were the most educated age group purchasing homes, with 90% holding an associate degree or higher.

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New Development


Mast Capital and Starwood Capital Group have officially launched sales of The Perigon, a luxury condo development planned for an oceanfront site in Miami Beach located at 5333 Collins Avenue.

The development will rise 17 stories and feature 83 total units, with 10 of those units labeled as 'guest suites,' which will only be available to purchase by unit owners. Units will range from 2 to 4 bedroom floor plans with 2,100 to 6,700 square foot options. Units will start at $3 million and will feature a number of luxury amenities and residence features.



The Developer Crescent Heights planning the massive Casa Forma complex designed by architect Rafael Viñoly has released new details of the project in an application for a zoning hearing, as it continues to move through the approval process.

A request for a zoning hearing was filed with Miami-Dade County on March 10, and documents relating to the filing were submitted on March 14.

According to the new filing, Casa Forma will include:


  • 1,441 residential units

  • 143,328 square feet of office

  • 7,959 square feet of retail

  • 1,532 parking spaces (with 600 dedicated to the Miami-Dade School Board and Arsht Center)




Rent Market


A report by Realtor.com revealed that last month, tenants earning the median income in their metro areas were spending nearly 30 percent of their earnings on rent, up from 25 percent a year earlier.

Renters were hit hardest in the Miami metro area, which encompasses Fort Lauderdale and West Palm Beach. Tenants on average spent nearly 60 percent of their monthly income on rent, up from around 37 percent in February of 2021. Rents in the area have risen by 55 percent in the past year to $2,929 for a studio-to-two-bedroom apartment. Access the report


Condo developments designed as home-sharing properties are multiplying in Miami, promising to turn the city’s urban core into a hub of high-rise home sharing. Speedy pre-construction sellouts of these niche developments suggest the market for rental-ready condos remains underbuilt in Miami.

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Inside South Florida, the latest in the news in residential, commercial in real estate to stay up-to-date, ahead of the curve and get smart in less than 5 minutes. By AdB Relator

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