Just released! My 2024 annual Miami Dade real estate report is now live! Uncover Miami's hottest real estate trends & opportunities. Highlights: --> New product at prime locations continues to shine: we actually don’t have enough. Both condo and SFH transaction volume was up YOY past $1K / sq ft. SFH past $1K /sq ft hit an all time high and is up a remarkable 631% vs. 2019 (pre Covid) --> Despite fake, alarmist press headlines: Miami Dade overall inventory levels remain below 2019 (pre Covid) levels --> Speaking of inventory levels, this is truly shocking: Miami Dade SFH active listings below $500K are down 800% vs. 2019 pre covid. There are now only about 600 active SFH listings sub $500K in all of Miami Dade County. Pre Covid in 2019, there were over 3,500. I think the implications of this are obvious. And far reaching.
Ana Bozovic Debunks Business Insider
I released my official Q3 2024 Miami Dade report last week.
All of the Miami and South Florida numbers were fresh in mind.
I happened to come across an article in Business Insider that made the bold statement:
“Home-listing prices are down as much as 12% in boomtowns in Florida, Texas, and other popular states”
The article then lists Miami as #1, with a 12% drop in list prices.
This is absolutely not true. Not even close. This is honestly mind-blowing.
I caught this because I am an expert in this field. And in all honestly, this makes me seriously wonder what else is completely false.
NOTE: I previously debunked a Newsweek article that this Business Insider article appears to borrow from.
https://analytics.miami/2024/07/02/newsweek-rebuttal-miami-home-prices-are-not-plunging/
I emailed the entire editorial board, and no one answered at all. You would think there would be some notion of journalist integrity, since with a platform comes responsibility. And perhaps not coincidentally: The journalist who wrote the article is based in California.
As I keep saying: we are poaching their tax payers & it is still early days.
Our feeder jurisdictions will keep increasing their hostilities towards capital … and towards us for flourishing under a different belief system. (recent example of new hostilities to capital: IL just proposed a new millionaire tax).
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These are the actual numbers:
The median list price for SFH in the city of Miami in Sept 2024:
$748,500
last September: $698,900
That is an increase of 7%
The median list price for condos / townhouses in the city of Miami in Sept 2024:
$484,500
last September: $450,000
That is an increase of 8%
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I will also use this as an opportunity to reiterate my stance that SFH in proximity to the urban core is one of the best purchases an individual investor can make. This logic also applies to true SFH replacement condos.
Median SFH pricing in Miami Dade county is up 10% YOY, while the reality remains that we cannot add more inventory vertically.
Contact me for opportunities.
Download my full Q3 2024 Miami Real Estate Report
BRICKELL INVESTMENT UPDATE
NOTE: my two top picks, both of which are aligned to take advantage of this, are in the final weeks of their level 1 pricing.
Contact me for details. I have identified the best upside plays in the pipeline.
Record office building sale in Brickell to a hedge fund
701 Brickell Tower just sold for $443M, the highest amount ever for an office building in Brickell & the second most for an office building ever in the state of Florida.
To add to the significance: the buyer is a hedge fund, Elliot Investment Management.
https://therealdeal.com/miami/2024/10/08/eliott-pays-443m-for-701-brickell-avenue-office-tower/
https://www.thenextmiami.com/brickell-office-building-sold-for-record-breaking-443m/
830 Brickell just got its TCO!
The building has over 640,00 square feet of class a office.
About 20% of tenants are there now, the rest are finishing their buildouts, they will be in next year.
CONTACT ME for the best investment opportunities in Brickell. It is still early days and the shortage of SFH within proximity of the urban core is underestimated. The play is to align with that.
The blue circle in the first photo shows the location of the incoming Citadel HQ.
The second photo shows a comparison between Brickell in 1979 and Brickell in 2022.
Fast forward another 40 years, and I think the transformation will be even more extreme.
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