Miami Real Estate

South Florida Home Prices Peaking, But Crash Not Expected, Economist Says

FORT LAUDERDALE – The situation for hopeful homebuyers in South Florida has long been bleak — and it’s not projected to improve any time soon. Although the region is likely at the peak of its housing cycle as sales slow and prices flatten out, Ken H. Johnson, a real estate economist who also works at Florida Atlantic … Read more

State Considers Easing Fla. Keys Decades-Old Growth Limits

MARATHON, Fla. – The state is considering easing strict long-standing limits on development in the Florida Keys, a move that could fuel the biggest building boom in the ecologically fragile island chain in nearly a half-century. It could – at least potentially – open the door to as many as 8,000 new homes and businesses … Read more

Court: Blasting Damage Covered by Insurance

An appeals court ruled that a property insurer had to cover damage caused by nearby rock blasting. The insurer said it was uncovered “earth movement.” TALLAHASSEE, Fla. – An appeals court Wednesday upheld a ruling that required a property-insurance company to cover damage that the owners of a Miami-Dade County home said was caused by … Read more

Older Condo Woes Make it Harder to Buy/Sell Units

FORT LAUDERDALE, Fla. – After Rich Engels’ mother died earlier this year, Engels decided to sell her condo unit in Sunrise Lakes Phase 4. He lined up a buyer, but he said the deal fell apart after the lender learned that the condo building had no wind insurance. Lenders won’t approve mortgage loans on buildings … Read more

NAR: Higher Home Prices in 82% of U.S. Metros

11% of metros saw double-digit price increases in 3Q, even though buyers faced a one-year mortgage payment increase of 19.2%. In 2Q, prices rose in only 58% of metros. WASHINGTON – More than 80% of metro markets (182 out of 221) posted home price gains in the third quarter of 2023 when the 30-year fixed … Read more

1 in 3 Buyers Uses Cash – Highest Share in a Decade

In Fla., cash sales dropped year-to-year in only one metro: Fort Lauderdale. The percentage of cash sales ranged from 38.2% in Tampa to 49% in West Palm Beach. SEATTLE – Just over one-third (34.1%) of U.S. home purchases in September were made in cash, up from 29.5% a year earlier and the highest share in … Read more

Thinking About Dropping Insurance? What to Know

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15%-20% of Fla. homeowners are dropping their property insurance and “going bare,” compared to the national percentage of 12%. MIAMI – With the price of premiums doubling the past few years, some Florida homeowners are choosing to go without property insurance, figuring that the savings are worth the risk of going bare in a hurricane-prone … Read more

Condo Reserve Rules Push Some Toward Foreclosure

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FORT LAUDERDALE, Fla. – The one-two punch of the post-Surfside law designed to require condominium associations to set aside sufficient reserves for structural repairs combined with Florida’s unending increases in insurance costs is threatening to produce a wave of foreclosures. “People are going to be losing their homes. Foreclosures are increasing,” warned Broward County Commissioner … Read more

Short ‘Days on Market’ Shifts to the North

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Albany, N.Y., homes went under contract in 8 days in Sept., followed by Rochester (9) and Grand Rapids, Mich. (9). In 8 Fla. metros, it ranged from 25-58 days. SEATTLE – The U.S. supply-demand balance for real estate has shifted over the past year. In Albany, N.Y., the typical home sold in September went under … Read more

Miami-Dade House Prices Fall for Third Month in Row

MIAMI ­– Home prices in Miami-Dade County fell for the third month in a row in September, giving breathing room to aspiring buyers on tight budgets who have waited months on the sidelines. Median sales prices dropped last month to $600,000 for single-family houses and $415,000 for condominiums, from $620,000 and $416,000, respectively, in August, … Read more