No Comments

Miami rents moderately dropped last month, according to reports by both Zumper and Abodo.

Miami rents moderately dropped last month, according to reports by both Zumper and Abodo.
The former says one bedroom median rent in Miami, which continues to rank ninth nationally, decreased by 2.8 percent to $1,750 while the national one bedroom median rent dipped by 1.4 percent to $1,175.
It was the largest decrease by a city ranked in the Top 10 outside of Seattle, which dipped by 3.7 percent to $1,800. Two bedroom median rent in Miami went down as well but only slightly, by 0.8 percent to $2,430.
Fort Lauderdale rents dropped by 1.9 percent and 1 percent for one-bedrooms ($1,520) and two-bedrooms ($1,950), respectively. The city’s one bedroom median rent ranks 13th, down one spot from last month.
The top three nationally, per one bedroom median rent, is San Francisco, New York, and San Jose.

No Comments

Trump wants tax reform. Could it hurt South Florida real estate?

The tax reform proposal unveiled this week in Washington calls for capping the interest expense deduction for residential mortgages at $500,000 rather than the current $1 million. Deductions would be allowed only for primary residences. How could that affect South Florida’s real estate market, one of the region’s biggest employers? These experts on the local picture weighed in via email:
▪ Christopher Zoller, Realtor with EWM and 2017 Chairman, Miami Association of Realtors:
“The mortgage interest deduction is very valuable to borrowers. The deductability of property taxes, especially in Miami and South Florida, remains a big incentive and benefit to home ownership. Home buyers in all price ranges will be less interested and incentivised to purchase if this proposal is enacted. Losing or limiting those deductions will not benefit home owners and buyers in South Florida.”

No Comments

Post Hurricane Irma Sales / Tri-County Sales South Florida

Hurricane Irma pummeled South Florida’s residential sales, resulting in a depressing third quarter, newly released reports for Miami-Dade, Broward and Palm Beach counties show. Compared to the same period of 2016, Single-family home sales dropped in the South Florida tri-counties, Miami-Dade, Broward and Palm Beach counties where the sales of condos and townhomes also showed declines. Still, prices continued to rise.

Miami-Dade:

According to the Miami Association of Realtors, Miami-Dade homeowners had to deal with clearing debris, rescheduling inspections and appraisals and waiting for power to be restored after Hurricane Irma, leading to a 16.3 percent year-over-year drop in third quarter single-family sales. A total of 2,874 homes sold during the quarter, down from 3,433 a year earlier. Condo sales also declined by 9 percent, to 3,021 from 3,318.
Prices continued to rise, however, with the median price of a single-family home up 10.6 percent to $331,750 in the third quarter, compared to $300,000 in the same period last year. The median price of a condo rose 4.8 percent to $227,000 from $217,000.

Broward County:

In Broward, single-family home sales fell 13.4 percent during the third quarter, to 3,981 homes, from 4,596 in the third quarter of 2016, according to a report from Florida Realtors. It was the largest year-over-year quarterly decline in at least three years, a chart dating back to the third quarter of 2014 shows.
Sales of condos and townhouses also dropped 10.7 percent in the third quarter, to 3,808 from 4,266, marking the only quarterly double-digit decline in at least three years.
Meanwhile, the median sale price of single-family home in Broward jumped 8.4 percent, year-over-year, to $435,441 from $384,814. The median sale price of a condo or townhome rose 7.2 percent to $157,000 from $146,490.

Palm Beach County:

Single-family home sales decreased by 11.6 percent in Palm Beach County during the third quarter, according to a report from Florida Realtors. A total of 4,146 home sales closed, versus 4,691 in the third quarter of 2016.
Sales of condos and townhomes also fell 7.6 percent to 3,072 from 3,324.
In Palm Beach County, the median sale price of a single-family home increased by 6 percent to $334,000, up from $315,000 in the third quarter of 2016. The median price of a condo or townhome rose 7.5 percent to $172,000 from $160,000.

source: therealdeal.com