Douglas Elliman has released their Q4 Market Reports for South Florida, produced in conjunction with Miller Samuel a leading independent appraisal firm. The South Florida Market continued to show power in prices, continuing to increase in both the luxury and overall markets across nearly all markets including Miami Beach and Barrier Islands, Fort Lauderdale, etc.
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Douglas Elliman Releases Q2 Market Reports For South Florida As Pricing Continues To Rise
Douglas Elliman has released their Q2 Market Reports for South Florida, produced in conjunction with Miller Samuel, a leading independent appraisal firm. Despite the constant rumblings of a bubble or a crash, the South Florida market continued to show strength and prices continuing to push higher in both the luxury and overall markets across nearly all markets
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ISG Report Finds New Construction Condos In Miami East Of I-95 Are 83% Sold Out
Craig Studnicky's ISG World Miami Report has reported that new construction condos in Miami east of I-95 are 83% sold out. The report includes condos that are either proposed, under construction, pre-sold and recently delivered.
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Fisher Island Has Been Named The Highest Earning ZIP Code in The United States
The detrimental effects of continued and increasing state tax in high tax northern states such as New York and Connecticut is beginning to show its effects and fast. Greenwich, Connecticut’s 06831 and Manhattan’s Financial District 10005 were once home to numerous Wall Street big wigs and high income earners, yet residents have either fled or shelled their capital holdings in states such as Florida.
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Miami Ranks As The Top U.S. Real Estate Market For Ultra-Rich Foreign Buyers Snatching Up Luxury Real Estate, Foreign Investment Tops $7 Billion
Miami has been named the top U.S. real estate market for ultra-rich foreign buyers of luxury real estate. According to the US Ultra Prime Real Estate Report, 26% of American ultra-luxury properties sold to overseas buyers were in Miami, with over 95% of the deals being completed in cash.
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Miami Named The United State's 4th Most Valuable Housing Market By Zillow Report At $864.2 Billion
Miami is fast on the rise and a new Zillow report has named the city the 4th most valuable housing market in the United States with a value of $864.2 billion, up 4.7% year-over-year from 2016. Miami trails Los Angeles which has a market value of $2.7 trillion and New York City which has a market value of $2.6 trillion.
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Miami The 9th Most Expensive 1-Bedroom Rental Market In The U.S. According To Zumper's November Report
Miami has come in as the 9th most expensive city to rent a 1-bedroom with a median price of $1,750 according to Zumper's November report. This number reflects a fall from $1,800 median 1-bedroom rent that Miami reported in their October report studying numbers from September.
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Douglas Elliman Releases Q3 2017 Market Report, South Florida Markets Show Slight Stall After Hurricane Irma
Douglas Elliman has released their Q3 2017 South Florida Market Reports for Miami Mainland, Miami Beach, Boca Raton, Fort Lauderdale, Palm Beach, Wellington, Delray, and Jupiter/Palm Beach Gardens. The data was compiled in partnership with Miller Samuel, who is a leading independent appraisal firm.
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Hurricane Irma's Effect on The Miami Real Estate Industry
Despite the potential destruction that was anticipated by Hurricane Irma, Miami, along with most of the South Florida metropolitan real estate markets, were mostly spared from any significant or crippling damage. $38.94 billion of CMBS debt was exposed to potential damage in Florida, with $6.41 billion in Miami alone. Fort Lauderdale held an $4.32 billion exposed as reported by The Real Deal. Cranes were reported down at PMG's 300 Biscayne Avenue and Related Group's GranParaiso and Auberge Beach Residences and Spa in Fort Lauderdale. According to Turnberry Associates CEO Jeffrey Soffer in an interview on CNBC, he doesn't believe that the South Florida real estate markets or prices will take a hit in the long term. “It’s just a way of life. It doesn’t happen that often, and the reality is that Florida’s very well prepared," said Soffer. At the same time Stuart Miller of Lennar Corp. announced that Irma has delayed hundreds of home deliveries. The nation's largest home builder said that close to 700 home deliveries in Florida, George and South Carolina have been impacted. The storm came just as the company was reporting new orders rising 8% year over year. Time will tell, but it is apparent that Miami is on the way back to business as usual where the real estate market has been bolstered in recent years due to both domestic and foreign demand alike.
Miami Ranks as 9th Most Expensive Rental Market in the United States
Miami has ranked as the 9th most expensive market when it comes to renting in the United States according to Zumper. The average price of 1-bedroom rentals remained the same year over year, at $1,800. The average rate for 2-bedroom units fell by 2% to $2,450. The most expensive places to rent remained Fisher Island at $5,500 for a 1 bedroom unit per month, Park West at $2,375, South Pointe, at $2,300, Oceanfront, at $2,250, Key Biscayne at $2,200, Coral Gable's Industrial Section at $2,150, and Coconut Grove and Brickell at $2,100. The cheapest markets to rent remain Brownsville at $750 per month for a 1 bedroom and Gladeview at $880. The Upper East Side and Bayshore had the fastest increasing rents, both up over 13%. Little Haiti and Allapattah fell by over 11%.
