Landlords are getting 97% of asking price

Posted on February 21, 2012

Landlords are getting an average of 97% of list price for rentals in Miami-Dade, according to the latest data for 4th Quarter 2011.  Renters face an increasingly-competitive market in core neighborhoods, with rental listings commonly attracting multiple offers.  In the rental market above $1800 per month, almost half of that inventory is achieving rental rates in excess of $2500 per month, which highlights a continued increase in rents, and an acceptance toward more expensive rentals.   New condo construction is under way from Coral Gables to Sunny Isles, and new buildings are selling well.  The Miami residential market is an anomaly, and observers who thought the local market would take years to recover are left scratching their heads.  Sales inventory in South Florida has experienced a steady, gradual decline since 2009 - shrinking from about 90,000 active listings, to approximately 20,000 listings currently.  Residential prices in Miami remain attractive compared to New York City, Boston, Los Angeles and San Francisco.

Source:  South Florida MLS

Survey says driving in Miami is scary but the people are hot

Posted on February 4, 2012

Miami has about the hottest, most-stylish people in the country, and it doesn’t get much better if you’re looking for a hot singles scene or a wild weekend…..that’s assuming you survive the drive in from the airport.  That just about sums up the opinion of roughly 40,000 people who responded to Travel & Leisure’s annual survey of 35 U.S. cities.  Miami ranks dead last in “driving ability” – worse than New York City and L.A., but high on the list for good weather, shopping and nightlife.  Miami got clobbered in many of the other categories but…..you didn’t come here for the beer in the first place.

Foreign Tourists make Miami a hotspot

Posted on January 28, 2012

Consider the latest statistics from the U.S. Office of Travel and Tourism:

1. Miami ranks #3 among US cities for foreign tourism (behind NYC and LA)
2. Miami gets 3x the number of foreign tourists that Chicago, IL gets annually
3. Miami hosted about 3.1 million overseas tourists during 2010 
4. Florida gets more overseas travelers than California

Miami’s housing-price bubble – in one easy chart

Posted on January 18, 2012

Recently released data from the Federal Housing Finance Agency shows that residential prices in South Florida shot up almost 300%, from early 2000 to the peak of the bubble.  The good news – housing prices in South Florida appear to have stablized to pre-bubble levels of 2003.  Rental prices in Miami continued to rise due to rising demand, and virtually no new inventory.  Rental increases vary from building-to-building, and location, but the most recent lease-data suggests 5%-10% annual increases are typical – again, depending on location and the individual property.