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Possibly. It is accurate to say that interest rates have been gradually inching up in recent months. However, it’s easy to forget that securing a 30-year fixed mortgage at a rate as low as 2.75% was highly unusual, especially after enjoying historically low interest rates for an extended period.
Supply and demand in the real estate market are actually within normal ranges. The ...
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The monthly contract activity stood at 1,143 in May, down 34.8% compared to last year and up 1.2% from the 1,102 historical average for the month. The Median Sales Price is $1,023,000, at the moment, up 3.2% from last year. The supply, which is the number of units on the market, stands at 7,530, down 2.2% from a year ago. While the number of pending sales, which is the number of units currently in contract, stands at 3,332, ...
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Florida lawmakers have passed a number of bills during the session that could have a significant impact on the real estate market.
Senate Bill 102 is among the most consequential, as it allocates over $700 million for affordable and workforce housing and offers tax incentives to developers, as well as giving local agencies the power to oversee inspections of condo and co-op buildings within three miles of the coastline.
Another new law, House Bill 837, is designed to make it harder to sue insurance companies, while a proposed bill ...
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From November 2023, the South Florida Regional Transportation Authority will operate Tri-Rail train service to MiamiCentral in downtown Miami. At the moment, installation of ticket machines and signage for Tri-Rail is ongoing at MiamiCentral. To replace 24 rail vehicles, which makes up 32 percent of their fleet, Tri-Rail has secured $71.7 million in federal funding. The new cars are expected to begin service in three years, and all of them will be in operation in five years.
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2023
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The upcoming One Brickell City Centre skyscraper site is now undergoing demolition, making way for the tallest commercial building in the southeast United States.
Once completed in 2027, the tower will stand an impressive 1,040 feet tall and offer 1.5 million square feet of office space across 68 floors. The building is part of the second phase of Brickell City Centre, a mixed-use development that opened in 2016.
In addition to its impressive size, the tower will feature oversized office spaces with 15-20 foot floor-to-ceiling ...
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The Manhattan office market had another tough month in April. A new report reveals that a record 94 million square feet of office space was available last month, while only 1.5 million square feet were leased in the period, significantly below the monthly average from the past three years. The report also shows that availability rates continue to rise, with Midtown South and Downtown experiencing a decline in leasing volume.
Despite this, Midtown had a slight increase in leasing volume, but it ...
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