real estate

Al Diaz / Miami Herald

The Florida Keys took a direct hit from Hurricane Irma last September. But as local governments start putting together their budgets for the next fiscal year, they recently got some good news: the property values on the island chain have increased.

Walter Michot / Miami Herald

There's a reason why people are seriously considering having Miami teachers live at school.

Miami area teachers can now only afford 9 percent of area homes, according to new data from Trulia.

Joe Raedle / Getty Images

The looming impacts of climate change are increasingly raising questions about the future of Miami's real estate, particularly from residents who wonder what will happen to their property as the sea level rises.

Patrick Farrell / Miami Herald

Real estate in Miami-Dade County has ebbed and flowed according to the waters bordering it – the tenet of location, location, location.

 

The tide has since turned, though. The city is looking upward, building condos that tower above the ocean.

But the supply of waterfront property is eroding. This has led some real estate developers to buy condo buildings, tear them down and replace them with something bigger and newer.

Kari Pinto and her husband recently retired, and now they hope to trade Iowa — and its harsh winters — for a state with a milder climate.

But the tax bill President Trump signed into law last month has complicated their search for a new home.

"Now we just have another wrinkle in trying to determine where to go, and how much it's going to cost us," she says.

Tom Hudson

Construction cranes may dot the South Florida skyline. Construction zones may occupy our streets. Cement trucks and tractor trailers carrying bulldozers may mingle in our traffic. But there are fewer people working in construction in South Florida than there were a decade ago when the real estate boom came crashing down.

This building boom doesn’t have unbridled activity like the last one, and it doesn’t have the workforce either. Sixteen percent fewer people are working in construction today compared to the beginning of 2006, even though pay has jumped 15 percent.

In ordinary times, New York-based Vornado Realty Trust would be a natural candidate to take on a major construction project such as the long-awaited rebuilding of FBI headquarters.

As with so much about the Trump era, however, the ordinary rules don't apply.

A commercial real estate firm, Vornado is widely reported to be a finalist to build a new campus for the FBI somewhere in the suburbs of Washington, D.C. But its financial ties to President Trump are raising concerns about conflicts of interest.

AP Photo/Kathy Willens

Henry Flagler’s railroad and Napoleon Broward’s pledge to drain the Everglades forged the beginnings of today’s modern South Florida. No two forces have been as influential on the economy as immigration and real estate. The two are intertwined with Flagler and Gov. Broward. Immigrants provided the labor, while the railroad and draining of the Everglades opened up real estate.

We asked for listener questions about the economy and several of them were focused on these two issues.

IMMIGRATION

Rilea Group

 

Development and sea level rise are two things Miami is known for. And they go hand-in-hand, as developers and local officials plan how to make buildings resilient against water that could rise three to six feet by 2100.

 

Carl Juste / Miami Herald

A big property tax break for homeowners is likely headed to the Florida ballot after Republicans and Democrats in the Senate joined forces Monday in support of a broader homestead exemption.

The most far-reaching change to Florida tax policy in years now heads back to the House where it is all but assured a favorable vote as the linchpin of Speaker Richard Corcoran’s agenda.

Six Senate Democrats joined 22 Republicans in approving the measure. If passed by voters, it would expand the state homestead property tax exemption to $75,000.

Joe Raedle / Getty Images via Miami Herald

The U.S. Supreme Court ruled Monday that the city of Miami can sue some of the nation’s largest financial institutions over allegations that predatory lending practices in minority communities violated the Fair Housing Act and contributed to a real estate meltdown that nearly bankrupted the city.

Tom Hudson

The South Florida economy is more than a $300 billion  engine with close to 3 million workers and 6 million people. Tourism, real estate, trade and agriculture are key industries driving the ups and downs.

 

Housing costs are high and pay is relatively low.

 

These were common themes to questions submitted to WLRN's new public-powered journalism project Palm Readers. We tried to answer some of these questions.

 

USGS, via Wikimedia Commons

A proposal to build a water storage reservoir south of Lake Okeechobee could create more than 39,000 jobs, according to a study released Tuesday by the Everglades Foundation.

Patrick Farrell / Miami Herald

Miami is one of the worst places for first-time home buyers according to the Demographia International Housing Affordability Survey. That will be obvious if you find yourself currently shopping for a nice and affordable home in the current market.

Nadege Green / WLRN

A group of 12 young black professionals in Miami-Dade formed the Miami Millennial Investment Firm just over a year ago.

Its mission: Get black people to invest in Miami-Dade’s black communities.

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