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Miami’s real estate market is cooling

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Miami’s real estate market is cooling


Photograph: Jeffrey Greenberg/Common Pictures Group by way of Getty Pictures

Miami’s actual property market is slowing down, in keeping with the newest information from Redfin.

Why it issues: After two-plus years of plummeting stock and sky-high dwelling costs, Miami patrons can lastly get some reduction.

What’s occurring: Houses gross sales are lowering; stock is rising.

  • “Patrons and sellers try to know the ever-changing financial circumstances,” Fernando Arencibia Jr., board chairman of the Miami Affiliation of Realtors, advised Axios.

Sure, however: Arencibia expects Miami’s actual property market will maintain sturdy as the town continues to see an inflow of rich worldwide patrons and “homebuyers from high-tax, high-density states,” he stated.

The opposite aspect: Mortgage charges are above 6% for 30-year loans, which has pushed month-to-month funds drastically greater than they’d’ve been a yr in the past, and even six months in the past.

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  • At the same time as housing costs fall, month-to-month funds would possibly put possession out of attain for a lot of.
  • For instance, a $600,000, 30-year mortgage prices $1,142 extra a month than it did in 2021.

By the numbers: The market has steadily cooled since Might, when median dwelling costs peaked at $490,000 and 33.4% of listings bought for greater than the asking worth, per Redfin.

  • In September, the median dwelling gross sales worth was $475,000, and solely 18.8% of houses bought above record worth.
  • Stock is down 12.3% yr over yr however has elevated from document lows earlier in 2022.
  • Closed gross sales are down 31.4% in contrast with this time final yr.
  • Value reductions are additionally rising. In Might, 12.4% of listings diminished their authentic asking worth; in September, that quantity jumped to 18.2%.

Sure, however: Houses aren’t sitting in the marketplace so long as they did final yr, per Redfin. In September 2022, houses bought in 50 days on common, in contrast with 55 days in September 2021.

  • Arencibia says demand from worldwide patrons has lately rebounded from pandemic lows.
  • Pending gross sales are comparatively regular — a sign that extra demand is coming from exterior Miami.



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Miami, FL

Police respond to shooting in southwest Miami-Dade, victim in critical condition

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Police respond to shooting in southwest Miami-Dade, victim in critical condition


MIAMI-DADE COUNTY, Fla. – Police responded to reports of a shooting in southwest Miami-Dade County on Thursday.

It happened in the area of Southwest 136t h Street and Krome Avenue after 8 p.m.

According to police, responding officers found a man who appeared to have been shot.

He was rushed to HCA Florida Kendall Hospital in critical condition, police said.

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There was no information yet on a possible subject.

The investigation remains ongoing, police said.

Copyright 2024 by WPLG Local10.com – All rights reserved.



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Miami, FL

As congestion chokes Miami-Dade, transit on ballot as officials ponder Metromover to FIU

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As congestion chokes Miami-Dade, transit on ballot as officials ponder Metromover to FIU


MIAMI – Advocates say Miami-Dade voters have a choice on the Aug. 20 ballot.

“More highways, more congestion, or a new option?” Mark Merwitzer, with Transit Alliance Miami, said.

A measure on the primary ballot includes a non-binding question about expanding rapid transit in the county, specifically the existing Metromover and Metrorail systems.

It comes as choking congestion prompts county commissioners to look at elevated rail along the county’s East-West Corridor: a Metromover expansion along Flagler Street to Florida International University.

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“The number one complaint about quality of life in Miami-Dade County is the traffic,” Merwitzer said. “Traffic is a nightmare and public transit is the solution to that.”

Miami-Dade County Commissioner Eileen Higgins summed it up thusly: “People are trapped in traffic.”

“We, as most of us know, do not have a good solution to the congestion out in the western edge of our county,” she said. “Our busiest bus routes happen to be on Flagler Street, alot of people are riding it, but if you start in downtown (Miami) and take it to 107th Avenue to FIU you are (spending) an hour and half on that bus.”

Higgins said her colleagues have unanimously supported a partnership with the Florida Department of Transportation, which maintains Flagler, to build the elevated people mover system out to FIU.

“FIU is a giant place, not just a place where people go to study, but where people go to work,” she said. “During the day in the middle of the school year there could be 100,00 people on that campus, so reducing congestion along that corridor makes it better for students, makes it better for workers and it better connects the folks that live out west with jobs that happen to be in downtown or closer to perhaps the Gables.”

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Higgins also pointed out that there are “a ton of other things along Flagler, not too far from Marlins Park, not too far from the new headquarters building for Miami-Dade County.”

She said once the “spine” of the project is in place, the county is thinking of ways to add short connections to the system, perhaps by trolley or bus, to stops nearby, like downtown Doral.

FDOT, Higgins said, is expected to come back “in a few months with that they think this could look like and what it would cost.”

“We have a lot of space in the median to go down the center with elevated stations,” she said. “Metromover makes sense over Metrorail because (the trains) are a little thinner and they have rubber tires, so they are quieter and the structure does not require as must concrete as big, heavy loud trains require, so that is what FDOT is looking into .”

County Commission Chair Oliver Gilbert III was recently on Local 10′s “This Week in South Florida” to talk about the transit ballot measure.

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“Ultimately if we are going to develop along corridors, high rises, density to bring down housing costs, ultimately if we are gong to move people from the far reaches of this county ultimately it is going to be by rail,” Gilbert said. “We are the largest urbanized area in the state of Florida, the capital of this part of the hemisphere, but to truly be a world class community, we have to invest in rapid mass transit.”

Higgins told Local 10 News, “We need people to vote yes to signal to the commission that the people of Miami-Dade County are loudly and proudly for transportation solutions to give us the political power we need to move forward.”

“We have four great corridors we are in the middle of planning for and we need to make sure they go quickly we need to tell our federal partners that you are behind us because we are applying for federal money for these projects as well,” she said.

Merwitzer defined his organization’s support for expanded transit as being about providing a choice that many South Florida residents realistically don’t have.

“It is not about forcing people out of their vehicles to go to different places,” he said. “It is about giving people the option to go somewhere on their own time and on their own terms.”

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Car costs, he noted, are chaining people down financially.

“Auto loan rates are the highest right now as (they have) ever been, our insurance rates are almost as high as ever, plus the cost of owning a vehicle and housing is about 60% of median income for Miami-Dade County, 60% of their household budget, which is why households fall into debt because leaves little left for food, medical expenses,” Merwitzer said.

Higgins said she’s optimistic about the future of transportation alternatives in the county.

“The South Corridor (bus rapid transit) opens next April, the Northeast Corridor (commuter rail) will be under construction the end of next year,” she said. “We will have the North Corridor (Metrorail) and Baylink (Metromover) in process to finish the engineering and in the meantime we have Flagler off and running with the state. It is an exciting time. I think our commission is committed to not just talking about transit but doing something about it.”

Miami Beach officials have pushed back on Metromover expansion to traffic-clogged South Beach, however, the county does not need their approval for the project.

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The city is testing a new ferry service that connects downtown Miami with Sunset Park on the northern end of South Beach.

Copyright 2024 by WPLG Local10.com – All rights reserved.



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Miami, FL

MVP: The Miami Dolphins Most Valuable Pickup of the 2024 NFL Offseason

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MVP: The Miami Dolphins Most Valuable Pickup of the 2024 NFL Offseason


The Miami Dolphins went into the offseason with a ton of work to do. General manager Chris Grier had a 53-man puzzle with holes and some pieces that didn’t fit.

The Dolphins lost a few homegrown cornerstone players, such as Christian Wilkins, Robert Hunt, and Xavien Howard, to start the offseason. Still, Grier put on his work boots, clocked in, and churned out another playoff-caliber roster.

What started as a “capacolypse,” turned into a place of prosperity with a pack of new faces

ready and eager to make an impact with the league’s most explosive team.

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Fresh Face or New Place

As we know, the Dolphins were in disarray to start the offseason but quickly went to work to fill some holes left by key players and fix some of the problems that presented themselves down the stretch of the 2023 season.

The first impactful signing of the offseason was tight end Jonnu Smith. Smith made a name for himself with the Tennessee Titans and cashed in a 4-year, $50 million New England Patriots. Unfortunately, he could only cash in one touchdown in two years with the Patriots before being traded for a 7th round pick to the Atlanta Falcons.

While with the Falcons, Smith’s career got back on track, putting up his best numbers in three years and ranked third in yards after catch among tight ends in 2023 with 7.1. His physicality, speed, and underrated hands can flourish in this offense that’s begging for a receiving tight end that isn’t a liability in run blocking.

After releasing long-time linebacker Jerome Baker, the Dolphins had to find a replacement with a nose for the football and a ton of tackling fuel. With the signing of Jordyn Brooks, they did just that.

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Brooks just finished his third season in a row with 100+ tackles, including 184 in 2021 and 161 in 2022. He should serve as an early-down linebacker because the one hole in his game has been as a cover linebacker. Luckily, that’s where the signing of Anthony Walker Jr. comes into play.

Although Walker Jr. only had 44 tackles in 2023, he is widely regarded as one of the best cover linebackers in the league. He will likely serve as a third-down linebacker matching up against the better tight ends in the league. Brooks and Walker Jr. could be a strong, interchangeable, duo alongside David Long Jr.

With a shift in defensive philosophy under new defensive coordinator Anthony Weaver, the Dolphins invested in the back half of their defense. They went out and signed one of the best corners on the market for a steal of a deal in Kendall Fuller.

He replaces one of the franchise’s best corners in Xavien Howard and does have big shoes to fill, but he’s two years younger and graded much better (83.1) than Howard (55.1) in 2023 per Pro Football Focus as the top corner on the Washington Commanders. As a number two corner behind Jalen Ramsey, the duo could pressure the other team’s offense and give more time for the Dolphins rushers to get home.

The last big piece that the Dolphins added on defense, at least in my eyes, was Jordan Poyer. He may be on the older side of 30, but he’s still got more than enough left in the tank and brings a leadership presence that the Dolphins have needed for years on the defensive side.

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He’s a leader and a playmaker on the Buffalo Bills defense that has given the Dolphins problems for years. That playmaker now plays in Miami and knows Josh Allen, having practiced every day against him for several years. That could give the Dolphins an edge during those crucial division games against the Bills, and get them over the hump.

The highest profile signing of the offseason was Odell Beckham Jr. He brings a veteran presence among young receivers but has Super Bowl experience and played well through the Rams playoff run and into that Super Bowl. He makes plays when the lights are at their brightest, and the Dolphins can use all the help they can afford in those moments.

Beckham Jr. has been an injury liability the last handful of years, but with a decreased workload as the Dolphins WR3, he could bring some juice and make big plays when they’re needed. He still has some of the best hands in the league and is a man-breaker. Depth at receiver is crucial, especially when most of the receiving core is small and susceptible to injuries.

If Jaylen Waddle or Tyreek Hill get injured, Beckham Jr. filling in as a WR2 is not much of a gap like the case was in 2023. I see big plays coming from Beckham Jr. in 2024.

What About The Kids

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I know that the draft isn’t considered a pickup like the title refers to, but I want to bring them in because they are new faces to the team, and there are almost a handful that could make an immediate impact.

Edge rushers in first-round pick Chop Robinson, who’s already showing flashes in camp, and fifth-round pick Mohamed Kamara will get plenty of snaps from the start. Robinson will be a starter alongside the returning Emmanuel Ogbah (who could also make an impact, so let’s not forget about him), and they are going to be who the Dolphins heavily rely on, with Kamara backing them up until Bradley Chubb and Jaelan Phillips come back from their injuries.

On the offensive side, the rooks are just as exciting, but none are starting yet. Second-round pick Patrick Paul is the heir apparent to left tackle once Terron Armstead retires, but with no one locking up the right guard position, I could see Paul sliding over there and making an immediate impact. If there’s a hole at guard, and you have a guy who could play well in that spot, there’s no reason to have him warming the bench, especially if you already have a solid backup tackle in Kendall Lamm. He can learn the nuances of the tackle position from Armstead and play guard his first year, as many have done before.

Fourth-round pick Jaylen Wright and sixth-round pick Malik Washington are both down in the depth chart due to the depth of their positions. Players at those positions on the roster have had a history of injuries, and they could get time in 2023. Both players could make an impact if those positions weren’t so deep. Maybe we won’t see them early, but they could flash on your screen later in the year so be on the lookout for them.

The Dolphins went from a team most people thought would take a step back after their initial losses in free agency, but Grier and his team got after it and filled every need with fresh faces ready to step up.

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My question is, which player will have the most impact in the upcoming season?



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