Miami-Dade
The housing affordability crisis in South Florida continues to worsen as a new law allows individuals to sue local governments for not enforcing a ban on public sleeping. This law increases the risk of municipalities facing lawsuits if they do not arrest or remove homeless individuals. Experts express concern that this could lead to a surge in arrests of homeless people to avoid costly legal...
The Miami-Dade County Commission has approved a resolution to develop affordable housing and a hotel on undeveloped land at 20000 NW 47th Ave. The project will include over 1,000 affordable housing units for families earning up to 120% of the area median income, along with community and recreational facilities. Two nonprofits currently on the site, His House Children’s Home and the Center for Child and...
Condominium sales in South Florida have significantly declined, with August sales dropping by double digits compared to last year. This trend has persisted in Miami-Dade and Broward counties for 11 of the past 12 months, and in Palm Beach County for 10 months. The supply of condos has surged, particularly in Broward (up 100%), Palm Beach (77%), and Miami-Dade (58%). Despite increased inventory, condo...
Property values in Miami-Dade, Florida, have doubled in 15 years, outpacing the national average. Factors like high-income households moving in and cash buyers have boosted the market. Single-family home sales rose by 6% in May 2024, while existing condo sales dropped due to low inventory. Miami leads in luxury market price growth and is expected to see continued appreciation. New property listings...
Market Shift: Miami's home prices climb, hitting $650K in Miami-Dade, up 5% yearly. Condo Concerns: Condo sales plummet 5.6% due to high prices and maintenance costs....
Competitive score: 94.1 Average vacant days: 36 Occupied apartments: 96.5% Prospective renters: 19 Lease renewal rate:73.6%...