US home prices jump at record rate

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US home prices jump at record rate

Home prices are on the up, but that may lead to trouble in the future.

The median cost of a single-family home jumped 12 percent in the third quarter to $313,500, marking the biggest year-over-year increase since 2013, according to data from the National Association of Realtors that was first reported by Bloomberg.

“Favorable mortgage rates will continue to bring fresh buyers to the market,” said Lawrence Yun, NAR’s chief economist. “However, the affordability situation will not improve even ...

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Another Month Of Double-Digit Gains For Miami’s Condo Market In October

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Another Month Of Double-Digit Gains For Miami’s Condo Market In October

Miami’s condo market continued to show an increase in sales volume and a decrease in inventory last month, according to a new report from Miller Samuel.

The number of condos that were put into contract in Miami-Dade during October was up 12.8% compared to the same period in 2019. In Broward, condo market contracts were up 86% for the month, and in Palm Beach the increase was 155%.

Condo inventory in Miami has been shrinking since 2018, and that ...

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Cuomo imposes new Covid-19 restrictions

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Cuomo imposes new Covid-19 restrictions

Any establishment with a state liquor license, including bars and restaurants, along with gyms, must close at 10 p.m., Gov. Andrew Cuomo announced.

“NYS is taking action to stop the spread in response to rising COVID numbers,” Cuomo said in a tweet.

Covid-19 cases in New York have hit levels not seen since the spring, with the infection rate seven-day average in the city rising above 2 percent, and the statewide infection rate close to 3 percent.

Bars and ...

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Manhattan Rental Report October 2020

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What’s going on in the Manhattan rental Market? Let’s take a look at the October data…

After months of price declines, people are moving back to the city. The number of new leases is finally on the rise surging to the highest October peak in twelve years.

The Number of New Leases surged 33.2% to 5,641 ...

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Fisher Island to receive new residences by 2025. Will there be enough demand?

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Fisher Island to receive new residences by 2025. Will there be enough demand?

It’s official: Fisher Island is set for 57 new condos and 12 single-family homes.

The Miami-Dade County Commission approved a plan last week that would bring the total number of residences on the private, 216-acre island to about 800 condo units and about 20 single-family homes.

Construction of the new residences is slated to begin in 2022, with completion in 2025, according to Kobi Karp, founder and principal of the Miami-based Kobi Karp Architecture & Interior Design, project architect.

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The COVID effect: The surprising impact of the pandemic on Miami-Dade real estate

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Months of stay-at-home orders, growing numbers of infections and deaths, working remotely while the kids are attending school in the next room, stop-and-start business closures, and no end in sight to the COVID-19 pandemichave all had an unexpected impact on Miami-Dade’s real estate market. It’s just not what you probably think it is.

COVID-19 has turned out ...

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