Miami, FL
Is Miami losing its luster?
With its lines of palm trees, breathtaking beaches and dazzling lifestyle, Miami has long been a vibrant real estate hotspot in the ever-popular Sunshine State, attracting people from all over the country eager to move in—especially since the pandemic hit.
But in recent months, Miami’s housing market has experienced an unusual slowdown, with listings getting “stale” on the market and sales slumping as buyers shy away from purchasing properties whose prices have eclipsed their pandemic peaks.
According to the latest data from Redfin, 452 homes were sold in June, down from 597 last year. Meanwhile, the median sale price of a home was $600,000 in the same month, up 1.7 percent compared to a year earlier.
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Perhaps because homes are still so expensive in the city and mortgage rates are still hovering around the 7 percent mark, buyers appear reluctant to conclude purchases.
The real estate brokerage reported that homes in Miami remained an average of 83 days on the market before going under contract, up from 75 days last year. A listing is considered “stale” after at least 30 days on the market.
“The Miami market is currently experiencing a slowdown, and many are feeling its impact,” Riley Smith, president of Riley Smith Group with Compass Florida, told Newsweek.
“Several factors are contributing to Miami’s current market conditions. Interest rates coupled with low single-family home inventory remains a challenge, despite some relief in Miami’s condo market inventory,” Smith said.
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“Additionally, we’re returning to pre-COVID seasonality in home transactions. With many people leaving town during the summer, we’re seeing fewer new contracts and less new inventory hitting the market.”
Photo-illustration by Newsweek
Is This the End of Miami’s Magnetic Charm?
According to data from the Miami Association of Realtors, Miami-Dade’s total sales decreased 13.2 percent year-over-year in June, from 2,364 to 2,051. Miami single-family sales declined 3.8 percent year-over-year, from 1,004 to 966. And existing condo sales decreased by 20.2 percent year-over-year, from 1,360 to 1,085.
The association attributes this decline to an ongoing lack of inventory, high mortgage rates, and, in the case of condos, the introduction of new strict regulations for owners and associations, which has caused a selling frenzy in the city.
Despite negative sale numbers, Smith doesn’t believe that Miami has lost its luster for good, attributing the current negative numbers to a seasonal slowdown.
“As we approach the end of the year, I anticipate the market will pick up again,” he said. “Historically, Miami’s market tends to pick up in the fall and winter season. While price reductions may seem more common, sale prices are still consistent and strong. The current slowdown is more about seasonality and inventory than a complete market downturn.”
Miami Association of Realtors Chairman-Elect Eddie Blanco agrees, saying that seasonal declines shouldn’t be misread.
“I feel like whenever you have a brush stroke of the market in general, it’s somewhat misleading. Real estate is so specific that things come down to the specific location of a single home—the neighborhood, the block, the subdivision, the city,” Blanco told Newsweek.
While home prices have experienced a recent downturn in Miami, the bigger picture tells a different story. “The price of single-family homes in Miami has actually gone up 245 percent since 2012,” said Blanco. “We’ve had 151 consecutive months of single-family median home price increases,” he added. “That’s 12.5 years. It’s the longest-running streak we’ve had.”
Blanco minimized the importance of a 3.8 percent year-over-year decline in the sales of single-family homes in Miami in June, as reported by its association.
“It’s not a significant concern,” he said. “That could just be a trend of, I don’t know, maybe the pace of migration. Maybe it’s just concerns over the overall economy. Maybe, in my personal opinion, it’s the election year. But a 3.8 percent year-over-year drop is a very marginal adjustment.”
Redfin data show that pending sales in Miami dropped by 11.7 percent in the four weeks ending June 30—the fourth-largest decline in the country. In the real estate brokerage’s report for the four weeks ending on July 28, Miami no longer appeared among the metropolitan areas with the biggest year-over-year decreases in pending sales.
Addressing concerns of the Miami housing market becoming overvalued due to weather conditions and prices plunging by the end of the year, Blanco said that these worries are “old news.”
“The idea that Florida will be underwater one day has gone around for years, and that obviously hasn’t impacted people’s buying. If it’s true that sea level rise is impacting our market, then we wouldn’t see that level of migration and the level of price increases that we’ve seen over the years,” he added.
That said, Blanco admits that the Miami housing market might be perceived by some people as overvalued, “but that’s because they may not be looking at how Miami has truly blossomed into a real international market in the past 20 years,” he said. “I’ve grown up here, and I watched Miami develop from a vacation destination into an international metropolis.”
When you compare Miami home prices to that of other major international real estate markets like London, “our price per square foot is still a discount,” Blanco said.
The only thing that troubles Blanco when looking at the future of the Miami housing market is not a real estate change but “some kind of global black swan event that could create an exorbitant amount of job loss, which could cause real estate values to come down.”
That doesn’t seem likely to happen at the moment, with the U.S. economy and the country’s job market still going strong. Apart from this, “as long as people can afford to pay the rents and pay the mortgage payments that they’re paying, that they have been paying for years, I don’t see how there could be a significant adjustment and decline,” Blanco said.
Miami, FL
This new Italian restaurant in Brickell only has 10 items on the menu
In a city where menus can read like novellas and cocktails arrive with enough smoke, sparks and theatrics to qualify as performance art, a new Brickell restaurant is taking the opposite approach and betting that fewer choices might actually make dinner better.
At Allegro Ma Non Troppo, a new 38-seat Italian restaurant that recently opened at 1000 South Miami Avenue, you’ll find exactly 10 food items on the menu. Not 10 sections. Not 10 pages. Just 10 dishes, period.
The concept comes from a group of longtime restaurant industry colleagues who wanted to create something that feels more like an Italian grandmother’s dining room than a typical Miami restaurant. There are no reservations, no phone number and no sprawling menu. Instead, guests simply show up, grab a table and eat what the kitchen does best.
The menu follows a simple formula: four appetizers, three mains, two sides and one dessert. Among the highlights are a Caesar salad made using Caesar Cardini’s original 1924 dressing recipe from Tijuana, a Wagyu bolognese “lazy lasagna” layered with Italian sausage and slow-cooked ragù, a free-range chicken cotoletta alla Milanese and a whole branzino prepared with little more than olive oil, lemon and rosemary. And then, of course, there’s the shareable dessert course. Every main course is cooked in the restaurant’s single oven and there are no fryers anywhere in sight.
What makes Allegro Ma Non Troppo particularly personal is the story behind it. The restaurant serves as a tribute to co-owner Carlos Galan’s mother, who died earlier this year at age 102. Many of her belongings now decorate the space, helping the restaurant feel more like a family home than a polished dining concept.
“The goal was never to create a perfect luxury restaurant,” Galan said. “It was to create a place where people feel genuinely welcomed, nourished, and emotionally connected the moment they walk through the door.”
Co-owner Vanessa Velez says the team hopes diners remember more than just what was on their plates. “We always want to touch the customer emotionally, because when you touch someone’s emotions, you leave a mark,” she said. “Our goal is to leave a lasting imprint on our guests’ hearts.”
Whether the 10-item menu becomes Miami’s next dining obsession remains to be seen. But in a neighborhood packed with restaurants competing to do more, Allegro Ma Non Troppo is making a compelling case for doing less.
Miami, FL
Miami biotech executive was followed into his condo by man who allegedly threw him from 25th floor
A Miami biotech executive was followed into the skyscraper where he lived by the man, accused of pushing him off the building’s 25th floor, newly-released surveillance video shows.
Justin Zelin, 35, was seen walking into Miami Beach’s 47-story Akoya Condominium with a bearded man Corey Hutterli, 37, following behind on Feb. 12 — three days before his death, NBC6 reported.
Zelin, who was wearing a casual outfit, threw away some trash in a garbage can before walking up to the entry door in the high-rise condominium’s parking lot, unaware he would fall to his death.
Hutterli, who was wearing a bucket hat, was following closely behind, carrying bottles of alcohol.
Just three days later, Harvard graduate Zelin called 911 to report a disturbance. During the call, he ordered Hutterli to leave the apartment, WPLG reported.
Zelin, who had worked as a biotechnology equity research analyst at BTIG since January 2021, reportedly shouted, “Get away from me Sasha,” using a nickname Hutterli was known by.
There was a bust-up and cops said, “During said physical altercation defendant Hutterli caused victim Zelin to perish due to blunt force trauma.”
Zelin’s body hit a path on the ground floor, according to surveillance video recorded eight minutes after the 911 call.
Hutterli’s defense team claimed Zelin “went over the balcony” after an alleged mental episode.
They claimed Zelin, who was identified as JZ in court documents, screamed at Hutterli in “what can only be described as a complete break with reality.”
“JZ can be heard ranting, claiming that he was killed by a homeless person, and insisting that he is dead.
“During this mental break, JZ ran in and out of the apartment, and then he went over the balcony of his 25th-floor condo and fell to his death.”
But the state of Hutterli’s body suggested something more sinister had happened. He had scratches on his cheek, and a cut on his thumb.
He was also in what “appears to be an excited state, according to police.
“What’s going on?” a shoeless Hutterli asked one officer.
“Somebody, he freaked out, attacked me.”
The cop asked Hutterli if he was alone, to which he replied, “No I don’t know where he is.
“I kept telling him to relax.”
Hutterli then blurted out, “What is the situation? Did he jump?”
Cops then searched the apartment – which had items strewn inside – and they found Hutterli’s bucket hat.
There were blood spatters on the rails, and clumps of Hutterli’s beard hair were also found.
Blood was also found on Hutterli’s shirt – and they found ketamine in his bag.
Hutterli was arrested on April 8 and faces a second-degree murder charge, which carries a maximum sentence of life imprisonment.
Cops were able to make an arrest after Zelin’s DNA was discovered on Hutterli’s jacket.
He also faces burglary with assault or battery, possession of a controlled substance, and drug paraphernalia charges.
Tributes, meanwhile, were paid to Zelin following his death.
“Justin was one of the best biotech analysts I have ever worked with,” friend Amit Jolly wrote on Linkedin.
“His work was rigorous, thoughtful, and deeply coordinated.
“He had a rare ability to see around corners and articulate complex ideas with clarity and conviction.
“Our field has lost an extraordinary mind, and many of us have lost a trusted voice and friend.”
Miami, FL
Miami-Dade condo owners plead for help after weeks-long elevator outrage impacting residents’ health
Condominium owners near Doral are appealing for help after their buildings have been without elevator service for weeks. They are speaking exclusively with CBS News Miami, sharing stories of hardship amid the area’s suffocating heat. Several owners, who are elderly and have disabilities, say they are struggling to climb the stairs.
This is not the first time the issue has plagued Parkwood Condominiums. Last July, CBS News Miami reported that one building in the complex had been without elevator service for more than a week.
Currently, service has been out at 9240 Fontainebleau Boulevard since May 14. The elevator at 9270 Fontainebleau Boulevard has been out of service since May 15, and the elevator at 9180 Fontainebleau Boulevard is also non-functional, though the duration there is unknown.
Ronald Bedenis, who has lived on the fifth floor of 9240 Fontainebleau Boulevard for 31 years, expressed worry for his wife and others.
“It’s terrible. People are having a really difficult time,” Bedenis said. “My wife cannot go out. I have an 80-year-old woman who cannot go down the stairs. Another neighbor is 104 years old, and she is in a wheelchair. How is she supposed to get down and buy food?”
His neighbor, 68-year-old Sandra Hanson, shared her struggle. “It is horrible. It is very bad because my husband is 80 years old and he cannot walk. He is very sick. He is stressed out,” Hanson said.
At 9270 Fontainebleau Boulevard, 77-year-old heart patient Luis Jorge said the outage is impacting his health.
“They put two catheters in my heart before, and I have another operation coming up,” Jorge said. “To go down is not a problem. But to go up is a problem. We called, and there is no one to talk to. I feel like I am in prison”.
His neighbor, Iris Hernandez, called the situation “frustrating”.
“It’s a big hardship, and I am in disbelief,” Hernandez said. “I feel like I am in a nightmare. I would like to see the elevator fixed”.
CBS News Miami contacted Atlas Property Management Services in Doral and received a statement from Joaquin Alvarez, the property manager.
Alvarez reported some progress at 9270 Fontainebleau Boulevard, where a damaged property edge was repaired, but they are waiting for a control card. At 9240 Fontainebleau Boulevard, Alvarez said the elevator had a damaged valve, and he expected a new one to be installed by the end of the week. He confirmed the Condominium Association had authorized repairs.
For 9180 Fontainebleau Boulevard, Alvarez said the problem involves a defective control board, which the elevator company is working with the manufacturer to resolve. He noted the issue has been ongoing “for a while” but did not provide a repair completion date for that building.
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