It was a busy week in Miami real estate, as is so often the case. But if you weren’t able to keep up with everything, don’t worry; we’ve got you covered. Here’s what happened:
- Apartments replace condos – In the Miami Downtown Development Authority’s Q1 2016 residential real estate report, the agency detailed the city’s current building schedule, pointing out a slate of more than 12,500 new rental units – 2,000 of which are expected to hit the market in 2016. In conversations with the Miami Herald, a number of local developers discussed a growing trend around the city for builders to turn their cheeks to the condo market – which, building wise, is still booming – to what is likely to be a more sustainable rental market for “young professionals seeking an urban lifestyle.”
- Miamians steal boats…a lot – Miami luxury homeowners love three things: Oceanside views, accessible high-end amenities, and boats. As a new report from the National Insurance Crime Bureau confirmed, holding onto the latter might be difficult in the Sunshine State. According to the annual study, more than 5,000 watercraft were reported stolen nationwide throughout last year. However, of those, 1,205 of the reports came out of Florida – and of those, 192, or 38 percent, came out of Miami (19 percent out of Fort Lauderdale). It’s a good reminder for agents to stress boat security to their clients.
- Tri-Rail prevails – Earlier this month, the ambitious extension of Tri-Rail hit a snag when financial complications forced All Aboard Florida to threaten to end the project. But in a last minute deal to ensure the future construction, reported by Miami Today News, county commissioners reached an agreement to reimburse All Aboard Florida and effectively place the project back on track (pun intended).
- Fortune 500 to hire hundreds – Hundreds of new jobs, and potential residences, are coming to Palm Beach Gardens, according to a report from the South Florida Business Journal. United Technologies Corp.’s Climate Controls and Security division is setting up shop in the area in the form of a 224,000-square-foot complex at the southeast corner of Interstate 95 and Donald Ross Road, the Journal confirmed. When all is said in done, the new headquarters is expected to create at least 380 jobs.
- Prices up, inventory up, volume up, sales down – The Miami Association of Realtors released its April market report today, and the revelations within weren’t very revelatory: single-family and condo median sales prices were up (again) 9.6 percent and 8 percent year-over-year, respectively; inventory was up (again) for both property types (9.2 percent and 15.9 percent, respectively); and sales were plummeted (again), falling 7.6 percent in the single-family sector and 12.1 percent in the condo one.