After a recent bout of heavy rains, some Mid-Miami Beach homeowners say city sea level mitigation plans could make things worse.

Two weeks ago, developer Matis Cohen was busy helping motorists push their stranded cars as waist-high water flushed through the streets of Miami Beach. Unlike many residents who were hunkered down at home or at work as more than six inches of rain flooded the city in two hours, Cohen was out in the streets, checking on tenants of his rental properties.

Cohen, who said he was lucky to have a Jeep, wants the city to speed up its plans to raise streets and install pumps. “We’ve spent somewhere around $80 million so far out of a $400 million plan, and clearly a system cannot be judged if it is only 15-percent implemented,” he added. Click Here to Read More on The Real Deal

Miami home prices rose at a slower rate in June, according to a newly released report by CoreLogic.

Home prices in the Miami-Miami Beach-Kendall metro area increased 4.4 percent year-over-year, marking the seventh-highest increase in the U.S. From May to June, home prices increased by 0.1 percent.

Prices rose 6.1 percent statewide and 6.7 percent nationally.

Four of the 10 biggest metros in the U.S. were overvalued in June, including Miami, according to CoreLogic. The research firm compared home prices to income levels. Markets where home prices were at least 10 percent higher than the long-term, sustainable level were considered overvalued.

Affordability is “rapidly deteriorating” in those markets and across the country, Frank Martell, president and CEO of CoreLogic, said in the report.

In Miami, prices have been increasing for more than 5.5 years.

According to a recent Miami Association of Realtors report, the median price of a single-family home in Miami-Dade increased 6.3 percent in June, year-over-year, to $335,000. Condo prices were up 6.8 percent to $235,000.

Denver, also an overvalued market, reported the biggest annual gains in home prices at 8.7 percent in June. Las Vegas, Los Angeles, Boston, San Francisco and Washington, D.C., followed. Click Here to Read More on The Real Deal

UPDATED July 14, 3 p.m.: South Miami is set to become the first city in Florida to require owners of new homes to install solar panels, joining San Francisco and two small cities in California as the only local jurisdictions in the United States with similar renewable energy building regulations.

A final reading is set for July 18, but there are enough city commission votes for it to pass.

Late Wednesday evening, city commissioners approved the legislation 4-1 on second reading, despite vocal opposition from developer representatives, consumer protection groups and some South Miami property owners. The new law also applies to existing properties whose owners increase the square footage of a home by 75 percent or more.

South Miami Mayor Philip K. Stoddard, who has long advocated for renewable energy solutions to combat sea level rise and global warming, said making property owners install solar panels would help reduce carbon emissions and rising temperatures. “This is about my children and my grandchildren and your children and grandchildren,” Stoddard said. “We are running out of time. It benefits everybody except auto companies and the utilities.”  Click Here to Read More on  The Real Deal

Many Brazilians are buying at such condo developments as One Thousand Museum, Three Hundred Collins and Turnberry Ocean Club.

Many wealthy Brazilians are buying real estate in the Miami area again after a retreat during the last two years.

Fernando de Nuñez y Lugones, executive vice president of ONE Sotheby’s International Realty, told Mansion Global that Brazilians are starting to buy more U.S. properties after many of them canceled purchases last year.

De Nuñez cited a recent increase in Brazilian interest in units at Turnberry Ocean Club, a 54-story condominium in Sunny Isles Beach, where 21 percent of the international buyers have been Brazilians.

At Three Hundred Collins in Miami Beach, Brazilians have bought four of the 16 luxury condos sold so far during the construction phase of the 19-unit development, which has units priced from $1.7 million to $9 million. Three Hundred Collins is expected to be completed in October.

Louis Birdman, co-developer of One Thousand Museum, a 62-story condominium in Miami designed by Zaha Hadid Architects, said 40 percent to 45 percent of the preconstruction buyers are Latin Americans, and more than half of the Latin buyers are Brazilians.

Many wealthy Brazilians are buying real estate in the Miami area again after a retreat during the last two years. Fernando de Nuñez y Lugones, executive vice president of ONE Sotheby’s International Realty, told Mansion Global that Brazilians are starting to buy more U.S. properties after many of them canceled purchases last year. De Nuñez cited a recent increase in Brazilian interest in units at Turnberry Ocean Club, a 54-story condominium in Sunny Isles Beach, where 21 percent of the international buyers have been Brazilians. At Three Hundred Collins in Miami Beach, Brazilians have bought four of the 16 luxury condos sold so far during the construction phase of the 19-unit development, which has units priced from $1.7 million to $9 million. Three Hundred Collins is expected to be completed in October. Louis Birdman, co-developer of One Thousand Museum, a 62-story condominium in Miami designed by Zaha Hadid Architects, said 40 percent to 45 percent of the preconstruction buyers are Latin Americans, and more than half of the Latin buyers are Brazilians. Click Here to Read More on The Real Deal

In  Miami, residents can expect to spend more of their paychecks on rent if they live in a mostly black or Hispanic neighborhood than if they live in a predominantly white neighborhood, according to a new report.

The share of income needed to pay rent in black communities in Miami is 58.2 percent, higher than the national average of 43.7 percent. In Miami’s predominantly Hispanic neighborhoods, it’s 55.1 percent, also higher than the national average of 48.1 percent.

In Miami’s white neighborhoods, residents will spend about 41.7 percent of their paychecks on rent, the Zillow report found.

The general rule of thumb is that people should spend about a third of their incomes on housing, which they do on average in the U.S.

In Los Angeles, Zillow found that renters should expect to shell out 50 percent of the incomes on housing in white areas, 63 percent in Hispanic neighborhoods and nearly 64 percent in black communities. Rental affordability has been on the decline since 2011 and has worsened in minority neighborhoods, according to Zillow.

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As new condo units continue to come online in 2017, resale pricing in Miami’s urban core is reporting a drop for the first time in eight years.

Greater Downtown Miami’s condo inventory will grow by 3,456 new units this year, the largest surge of new product expected over the next three years, according to the latest Miami Downtown Development Authority report authored by Integra Realty Resources.

That annual growth is expected to fall after 2017: 2,846 units will be delivered in 2018 and 1,960 units in 2019. Between 2014 and 2019, 12,257 new units will be completed. While that number is high, it’s still significantly less than the more than 21,000 condos that flooded the market between 2004 and 2009, according to the report, which focused on July 2016 to January 2017.

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The Bay Harbor Planning and Zoning Board sent the architect of a proposed condominium project back to the drawing board.

Sea Moon Inc.’s development plans for Capriccio, a 30-unit building on 9800-9900 West Bay Harbor Drive were rejected for approval in a 4-1 vote on Tuesday night. After a nearly two-hour review of the site development plan, which was previously approved by consultant town planner Michael Miller, the board asked architect Gustavo J. Ramos to revise multiple elements of design.

“There are things from my standpoint that don’t work right now,” Bay Harbor Islands Vice Chairperson Jerome Gavcovich said during the meeting, specifying problems with the condo’s parking lot, proximity to the street and trash disposal system for residents.

Mexican developer Grupo Eco is going all commercial on its two-phased Hallandale Beach project.

Construction is slated to be completed on Atlantic Village I by the fall, developer Elias Benaim told The Real Deal. The 32,000-square-foot retail and office development, at 801 Federal Highway, signed on new tenants La Estancia Argentina, Doggis Arepa Bar and Flippo’s Kids Playground.

Asking rents continue to be in the same $25 per square foot to $35 per square foot range, triple net, for the second floor and about $10 more per square foot for the ground floor. La Estancia, an Argentinian restaurant, signed a 15-year lease for 3,000 square feet and Doggis signed a 10-year lease also for 3,000 square feet. Flippo’s is leasing about 8,000 square feet on the second floor, bring the project up to about 50 percent leased.

Grupo Eco originally planned to have a residential component for the second phase, Atlantic Village II, but is instead focusing on more commercial space based on market conditions. “ArtSquare has 350 units coming two blocks away so we feel we’re going to succeed in filling the need for commercial space,” Benaim told TRD

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When completed in October, building will pass Four Seasons Miami tower as the tallest in Florida.

At 85 stories and 830 feet tall, Florida East Coast Realty’s Panorama Tower will add new heights to Miami’s skyline when the skyscraper tops out.

Even at its current height of 735 feet, Panorama towers above most other buildings in Miami. The developer released new photos of the view from the 76th floor, which shows buildings like the Mandarin Oriental hotel on Brickell Key below the clouds, and other Miami towers peaking through.

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The Miami Beach Commission is moving forward with a new bidding process for the Collins Park garage, a project that gained attention for a failed bid by the late architect Zaha Hadid.

The commission will vote on Wednesday whether to adopt a resolution ranking proposals for the new request for proposals (RFP). The city received seven proposals for the garage after it issued the new RFP in September: Burke Construction Group, Finfrock Construction Inc., Kaufman Lynn Construction, KVC Constructors Inc., Munilla Construction Management, Plaza Construction Group and Stiles Construction.

Of those, the evaluation committee narrowed it down to four, with KVC Constructors as the top bidder, Plaza Construction as No. 2, Finfrock as the third ranked and Kaufman Lynn as the fourth. KVC has worked on five major garages in Miami-Dade, including the Braman Motors Parking Garage, City View Parking Garage, Museum Parking Garage, the Palms Parking Garage and Wynwood Parking Garage, according to city documents.

In Miami Beach, KVC built the Pennsylvania Avenue garage. The second-ranked bidder, Plaza Construction, cited its experience building 3.4 million square feet blocks away from Collins Park. And the third-ranked bidder, Finfrock, is partnering with Arquitectonica, ArquitectonicaGeo and Kimley Horn. They completed the 720-car Venture garage in Aventura.

 

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