April 2, 2018
According to a report released by Dodge Data and Analytics, this past February showed new construction spending was up 81 percent from the previous year. That number comes in at nearly $1.5 Billion with commercial development starts totaling $775 Million and residential construction totaling $698 Million. Year to date new residential construction starts saw the highest increase in spending to $1.44 Billion. That’s a 93 percent increase from 2017.
February 19, 2018
According to the National Realtors Association of Realtors, Canadians made up 9 percent of foreign buyers of South Florida residential properties last year. That number is up from 6 percent in purchased in 2016. Canadians also bought $19 billion of residential property in the United States last year, more than double their $8.9 million of purchases in 2016.
February 15, 2018
Today (February 15th) marks the beginning of the Miami International Boat Show. This 5 day event, located at the Miami Marine Stadium, takes place from February 15th to the 19th from 10am to 6pm. The event is expected to draw more than 100,000 boating and marine enthusiasts from 35 different countries to the area. According to the official website, the attraction will span more than 1 million square feet, offering attendees the opportunity to view and purchase the newest and trendiest items in the boating industry.
February 13, 2018
AirBnB recently announced its hosts are contributing to local and state government coffers with a new and lucrative cash stream. The company released a press release noting that AirBnB collected $45.7 million in tax revenues in 2017. Those taxes were remitted to the Florida Department of Revenue and to the 39 counties that have signed agreements with the company. Of that lump sum, Miami-Dade and Broward counties accounted for 40 percent of the total at $18.3 million. The 2017 tax revenue collection is more than double the numbers recorded in 2016.
February 8, 2018
According to a report from Beauchamp Estates in association with Leslie J. Garfield & Co., ultra-wealthy international buyers are looking to buy luxury real estate in the United States; particularly in South Florida, New York and Los Angeles. According to the managing director at Beauchamp Estates, Gary Hersham, "Miami is a leading hub for overseas buyers investing in U.S. luxury real estate." Miami is a very popular destination for wealthy buyers from South America (Columbia, Brazil, Argentina), Great Britian and the Philippines.
February 5, 2018
Recently, we've begun to see cryptocurrencies such as Bitcoin shake up the real estate market. There have been a number of news stories featuring luxury property owners requesting Bitcoin as the preferred method of purchase. Real estate agents and sellers are also hoping to lure the newly wealthy cryptocurrency investors by touting their Bitcoin-friendly listings. That being said, there are still reservations when it comes to Bitcoin. There are concerns over the currencies' extreme volatility and lack of transparency. Like it or not, cryptocurrencies look like they are here to stay in one form or another, and it is important to have an understanding of how they can be used.
February 1, 2018
According to a newly published report from Attom Data Solutions, home prices in the South Florida area are on the rise. The report, which tracks prices in 112 U.S. metro areas, found that median home prices in Miami, Fort Lauderdale and West Palm Beach went up by 8.9 percent year-over-year in the fourth quarter of 2017.
January 29, 2018
A handful of luxury high-rise residential condominium towers In South Florida have been topped off. The south tower at Auberge Beach Residences and Spa topped off at 70 percent sold. The north tower at Auberge Beach topped off a few months ago and is over 90 percent sold. Miami Worldcenter developers just topped off the first building of their massive $2 billion project. The Bristol in West Palm Beach topped off at 25 stories. Gran Paraiso at the Related Group’s Paraiso complex in Edgewater is topping off next week, according to a spokesperson.
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