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Miami shows no signs of a market crash. Here’s what experts say to expect instead.
Home sales prices could take a hit if mortgage rates were to continue surging, but that doesn’t seem to be the case, forecasts Ines Hegedus-Garcia, executive VP of Avanti Way Realty.
Looking to capitalize on South Florida’s booming waterfront mansion market, sellers of vacant waterfront lots in Miami and Miami Beach are listing their properties for prices that appear to bend reality.
Sellers have been told that so many wealthy people are moving from California, Chicago and New York, big CEOs looking for properties like the billionaire Ken Griffin, who paid $106.9 million for a 4-acre Coconut Grove waterfront estate this summer.
But thanks to rising construction ...
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Miami-Dade County’s condo sales volume fell last week, while the average sale price rose.
Condo sales totaled $97.7 million, lower than the $119.8 million in sales from the previous week. The average sale price continued to climb, as it has for several weeks, reaching $913,000. That compares with $754,000 the week prior.
Prices for the top 10 sales ranged from $1.5 million to $21 million, compared with $1.8 million to $9.4 million the previous week.
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DEC
2022
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Adrienne Arsht, a Miami businesswoman and philanthropist, sold her waterfront Coconut Grove compound consisting of two homes for $106.9 million, marking a record in Miami-Dade County.
The price is a 29 percent discount from the $150 million asking price from January, when the property hit the market. Still, it is the first time a residential sale surpassed the $100 million mark.
The deal beats the previous record in Miami-Dade, technology company InterSystems founder Phillip Ragon’s $93 million three-house purchase this summer in Golden Beach.
(source: therealdeal.com, picture: compass.com)
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More wealth is moving into Florida than any other state by far, according to the WSJ.
The report used data on where taxpayers recently moved, newly released by the IRS.
In the most recent year (covering 2020 income), taxpayers with a net total of $23.7 billion in adjusted gross income migrated to Florida.
Texas ranks a distant second, with $6.3 billion in AGI gained for the year.
New York and California were the biggest losers, losing $19.5 billion and $17.8 billion in AGI for the year.
(source: thenextmiami.com)
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Fort Lauderdale commissioners voted to approve moving forward on a feasibility study for an underground transportation system using a network of tunnels designed by Elon Musk’s The Boring Company.
The system will be known as The Olas Loop, and will initially run 2.7 miles.
It won’t be a traditional mass-transit system, but will instead use Tesla cars that will be open to the public, which will ride through the underground tunnels.
Initially, it is planned to run from downtown to the beach, with a trip expected to take just 3 minutes, at ...
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