Buying in South Florida? We have five tips for prospective new homeowners

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Buying in South Florida? We have five tips for prospective new homeowners

A favorable tax environment, company expansions, the trend of working remotely and, yes, the climate are drawing more residents from California, Chicago and states across the northeast.

Here are five tools and tips to makes the search easier:

▪ Set a realistic budget: Real estate experts recommend that buyers spend a maximum of three-and-a-half times their annual income on a home purchase. A household that earns a total of $100,000, for example, could spend up to $350,000 on a condo or house.

▪ ...

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Miami: House prices are falling, Condos are still on the rise

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Miami: House prices are falling, Condos are still on the rise

South Florida house hunters may finally be catching a break. After months of increases, the median price for single-family homes appears to be stabilizing.

MIAMI-DADE

The total number of residential home sales rose by +33.5% year to year, from 1,862 in February 2020 to 2,485 in February 2021. Sales increased by +23.6% for single-family homes and by +42.3% for condos. Miami-Dade has 2.8 months of supply of single-family homes and 10.2 months of inventory for condos. A balanced market consists of six-to-nine ...

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Miami-Dade’s SMART Rapid Transit Plan is on its way

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Miami-Dade’s SMART Rapid Transit Plan is on its way

Miami-Dade County’s plan to build six new transit corridors advanced in 2020, and five of the six corridors now have a mode of transportation selected.

The mass transit expansion is known as the SMART Plan.

Here’s a look at what commissioners chose to build for each of the corridors:

  • Beach Corridor – A monorail will run 3.45 miles, from downtown Miami’s Omni station to 5th Street in South Beach.

  • Northeast Corridor – Commuter rail has been selected, ...

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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 to ...

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Raleigh condo project approved at 175 feet.

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Raleigh condo project approved at 175 feet.

A key Miami Beach board approved a glassy condo near the Art Deco-style Raleigh Hotel in Miami Beach after the New York developer agreed to trim the height from 200 feet to 175 feet. The Miami Beach Historic Preservation Board voted to approve plans to restore and renovate the Raleigh and neighboring Richmond and South Seas hotels, in the 1700 block of Collins Avenue. The project is expected to cost $750 million.

(source: miamiherald.com)

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