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(data source: millersamuel.com) |
19
JUN
2023
JUN
2023
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Miami-Dade New Signed Contracts
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New development market defies seasonal norms
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Usually, the ideal time to be on the market is to launch sometime in March or April, but we are seeing a different trend, at least in terms of new developments. Despite a slowdown in April due to various factors such as holidays, spring breaks, and the First Republic bank failure, New York City’s new development got a fresh wind in May.
Surprisingly, higher interest rates have boosted demand for new developments, as potential sellers in the resale market are hesitant to list and lose their lower rates. Developers have no ...
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19
JUN
2023
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JUN
2023
Are things kinda sorta looking normal again?
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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 ...
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19
JUN
2023
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JUN
2023
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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19
JUN
2023
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JUN
2023
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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24
MAY
2023
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MAY
2023
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.
(source:
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24
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MAY
2023