economy

Brazil’s “criminal economy” does not appear on any national balance sheet. Yet the cost of violence, contraband, tax evasion and environmental crime can be measured in the tens of billions of dollars every year and serves as a major drag on Brazil’s economic growth and stability.

The Florida Legislature is poised to pass several proposed constitutional amendments that would change local property taxes if approved by voters. Cutting or getting rid of most property taxes may not make buying a home more affordable though.

A quarter of single family homes and half of condos are sold for cash in South Florida, yet the regional housing market remains sensitive to changes in mortgage rates. The Federal Reserve is expected to cut its target short-term rate later this week, which may bring down borrowing costs for home buyers.

Average monthly fees for high-rise condo buildings in South Florida are the highest in the country outside of New York City, according to data from North America's largest property management firm. Higher insurance and labor costs are significant drivers, as is setting aside more money in reserves.

The private passenger train service changed its schedule in October to add more trains and cars for commuters between its South Florida stations. More riders showed up as average fares fell.

Cheaper borrowed money to buy a South Florida home and condo helped bring buyers into the market in October. The median Miami-Dade condo sold for the lowest price in more than two years.

A small drop in international visitors to Miami-Dade County was driven by declines in trips from Colombia and Canada. Visits from New York and Chicago – the top two cities for visitors from other states – also fell.

The American Business Forum featured household names from the worlds of politics, business and sports at its event held in Miami. Talk was heavy about influences, workplace culture and President Trump —but light on current economic conditions for businesses.

Counties and cities borrow billions of dollars for all kinds of expensive projects. They pledge future property tax revenues to pay back their lenders. Gov. Ron DeSantis wants to reduce or eliminate some property taxes, leaving a lot of uncertainty of how the changes may impact local government bonds.

Reducing or eliminating most local property taxes is a top priority for Gov. Ron DeSantis as he enters the final year of his last term. Florida Keys Rep. Jim Mooney, a Republican, thinks lawmakers should focus their efforts on bringing down the cost of property insurance instead. “We don't get a lot of complaints about property taxes,” he said.

Home and condo sales show very early signs of recovery in September helped by a drop in mortgage rates and lower or, at least stable, prices. It’s too early to “definitively declare a shift in the overall trend,” but confidence by the state’s realtor group is rebounding.

The regional commercial real estate industry is holding up so far this year despite persistent worries about the value of offices, new apartment buildings and uncertainties about the impact of tariffs on trade.