Miami ranks 12th in U.S. for traffic
No one likes sitting in traffic, but Miami residents have recently amped up their concerns around swelling vehicle congestion in the booming city. Now, with the release of a new study analyzing traffic problems globally, we have some hard numbers to back up those complaints around congestion.
In a report from research firm INRIX, Miami was ranked the 12th most-congested city in the U.S. Drivers spent an estimated 105 hours stuck in traffic throughout 2018. That cost each Miami driver around $1,470 in lost productivity, according to INRIX, or some $4 billion annually across the entire metro area.
Miami’s commuters might feel better knowing that it could be worse — a lot worse. Miami ranked just 73rd overall in the study’s global ranking. In top cities like Bogota, Colombia, or Rome, drivers spend more than twice as long on average stuck in traffic each year. Even better, Miami’s 2018 score actually improved over the previous year, when it ranked ninth in the U.S. for traffic issues.
William Raveis relaunches relocation division for athletes, entertainers
William Raveis Real Estate, Mortgage & Insurance announced that they will be re-launching their sports and entertainment division having already relocated 40 athletes within the last month. The division will be led by former Major League Baseball pitcher and real estate agent in Naples, Chris Resop, who is the managing director and vice president. The division hopes to help an increased number of athletes relocate over the next year.
Outer-Miami gets another look from buyers
Miami’s northern neighbors are continuing to attract greater attention throughout the real estate community. One hotspot of recent sales activity is Hallandale Beach, situated just north of Golden Beach in the north end of the Miami metro area. Unlike ultra-high-end communities like Golden Beach and Sunny Isles Beach, where gleaming new high-rises and mansions prevail, Hallandale is seeing renewed interest from buyers seeking a more low-key lifestyle. The community earned a profile in a recent edition of The Wall Street Journal, featuring interviews with EWM Realty vice president Scott Patterson and several local residents and real estate industry professionals. According to those who talked to the Journal for the story, homes in Hallandale Beach can sell for around a third of the price that similar properties in Miami proper would fetch.
Compass inks new Palm Beach acquisition
National real estate brokerage Compass announced another acquisition in Palm Beach Feb. 15. In a press release, Compass Florida said it had acquired Hall Real Estate, including its 11 agents. Founder Steve Hall and team will continue working out of the company’s current office before transitioning into “anywhere agents” for Compass, according to the company. Essentially, they won’t be tied to any one office. In the same release, Compass said it had also recruited Corcoran Group top producer Elizabeth DeWoody. In previous years, DeWoody has averaged $20 million in sales.