08/28/13 - Wednesday's Topical Currents examines the status of the South Florida housing market and mortgage rates. After the meltdown of 2008, banks say they’re issuing loans to only experienced and well-capitalized developers. The South Florida condo market is thriving, and residential properties have increased in value. Most property sells for close to asking prices.
Originally published on Wed August 14, 2013 9:16 am
GREG ALLEN, BYLINE: I'm Greg Allen, in Miami. To gauge the impact of Brazilians here, you only need to go downtown and look up.
(SOUNDBITE OF MACHINERY)
ALLEN: Just a few years after the housing downturn, in Miami, once again, cranes and construction crews are hard at work building high-rise condominiums. Thousands of units are going up all over town, and many are being built for Brazilians.
Originally published on Mon July 29, 2013 12:35 pm
Some of Miami Beach's quietest and most historic neighborhoods can be found in a chain of small islands connected by a causeway. On Di Lido Island, a community of homes built 50 and 60 years ago is being torn down and replaced, lot by lot. On one street alone, five houses currently are slated for demolition.
Daniel Ciraldo stands across the street from two '60s-era houses that will soon be demolished and replaced by a new home nearly double their combined size.
At the end of June, mortgage interest rates moved into the fours. Psychologically, the jump has given buyers an itch. Rates have surged since the U.S. Federal Reserve began to slow its purchases of U.S. government bonds on which market rates are based. Those purchases have kept interest rates at record lows. What does this mean if you're buying or selling in the local market?
The California-based real estate analysis company RealtyTrac has released a list of the nation’s top “Retirement Hot Spots for Real Estate Investing.” No surprise, Florida figures prominently - 7 of the top 15 cities are in the Sunshine State.
What might be surprising though, none of those are from South Florida.
I resigned a position in November 2012. The income was decent, but the position I resigned was 42 miles north in Broward County. Gas and tolls cost about $600 per month. While the pay was a very good income seven years ago, a lack of raises meant it was no longer adequate. In the past few years we have seen drastic increases in home insurance cost, gas, health insurance, food, and electricity. Yet income levels have not increased to keep pace with the expenses.
A recently unveiled project between NASA, the U.S. Geological Survey, TIME, Internet search giant Google and the CREATE Lab at Carnegie Mellon University offers a rare glimpse of human life on Earth.
Over the last few decades, NASA and the USGS have been compiling satellite images of every part of our planet as part of the Landsat program, the world's longest running enterprise for gathering satellite imagery.
Five years ago, Peter Zalewski was working as a business journalist, but he jumped into real estate before the condo crisis hit and founded Condo Vultures. His provacatively named real estate firm has grown by leaps and bounds, helping buyers to sift through the foreclosure stats and find steals in South Florida’s real estate collapse. Last year, he also appeared in Michael Moore’s
Originally published on Fri February 22, 2013 8:07 am
Here's a headline that may sound familiar: Miami is in the middle of a condo boom.
Just seven years ago, Miami had a similar surge in condo construction. But it all came crashing down. There was an international banking crisis, and the Florida real estate bubble burst — taking down investors and many developers.
But new towers are once again reshaping the city's skyline.
Peter Zalewski, a real estate consultant with Condo Vultures, says 19 condo towers are now in the works in Miami, with 7,000 total units.
Originally published on Tue January 15, 2013 7:54 pm
The U.S. Supreme Court ruled Tuesday that a Florida man's floating home was a house, not a boat, and that therefore, the city marina where he kept it docked could not seize the structure under federal maritime law. The case could affect thousands of houseboat owners nationwide.
The past couple of years have been difficult for the state's real estate market-- particularly in South Florida. However, real estate agents now say that Miami's market is finally booming after years of a lull.