real estate

Andrew Milne / courtesy of The Related Group

Jorge Pérez has built hundreds of condominiums in South Florida since the last housing market collapse. In fact, he has built thousands of condos in his career. They have fueled a multi-billion dollar fortune for him and reshaped the region’s skyline.

His company, The Related Group, is not putting shovels in the ground right now though. He thinks real estate in South Florida is coming in for a soft landing, but not because the American economy is softening.

Miami Herald

If you feel like you’re spending way too much of your paycheck on your monthly rent, you’re not wrong.

Palm Beach Post

While Gov. Rick Scott campaigns on the strength of Florida’s economy, there is no mention of a bleak milestone the state just reached — a record low homeownership rate.

From the soaring pre-recession days, when easy credit pushed housing numbers to new highs, the percentage of Florida households owning homes has now plunged to its worst level ever seen, with data going back more than three decades.

State economist Amy Baker delivered the news this month to the Legislative Budget Commission as part of the state’s three-year financial outlook.

Jungle Island / via Miami Herald

Politicians and property taxes weren’t the only questions on some ballots this primary season. Voters in the cities of Miami and South Miami approved opening the way for the redevelopment of two high-profile properties.

 

Michael Doody remembers some things about his Columbus, Ohio neighborhood in the 1990s:

"Gunshots, helicopters, thefts, smashed out windows, burglaries, robberies, assaults and murders."

In addition to the crime, roughly 50 percent of the children were living in poverty in this area, known as Southern Orchards.

During the mid-20th century, construction of an interstate through the middle of the community separated many of the neighborhood's majority black residents from job opportunities in downtown Columbus.

Sam Turken / WLRN

Real estate broker Gabriel Miranda thought it could take a while to sell unit 905.

The vacant condo is in Echo Brickell, a recently-built, sleek residential tower that overlooks Biscayne Bay and Key Biscayne. The building has elevators for cars, an enormous aquarium in the main lobby and a $42 million penthouse.

HGTV is the winning bidder for the Studio City, Calif., house featured in the sitcom The Brady Bunch, with the cable network's parent company promising to "restore the home to its 1970s glory."

The CEO of Discovery Inc., which recently completed acquisition of HGTV, announced the news on a corporate earnings call.

Ten years after the housing collapse during the Great Recession, a new and different housing crisis has emerged.

Back then, people were losing their homes as home values crashed and homeowners went underwater. Today, home values have rebounded, but people who want to buy a new home are often priced out of the market. There are too few homes and too many potential buyers.

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.

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