real estate

Contributed by Carlos Mariaca

As the world's ninth largest economy begins to bounce back from two years of recession and slow recovery, Brazilian foreign investment in South Florida real estate is booming and the Miami Association of Realtors says Brazil was the top foreign country buying homes here in 2018. 

Screenshot / City of Miami

It is expensive to live in South Florida. People pay a lot for housing while wages are relatively low.

The latest research by the city of Miami and Miami Homes for All finds about 60 percent of renters are cost-burdened, which means they pay more than 30 percent of income for housing expenses.

Caitie Switalski / WLRN

A Senate Democrat this week filed a proposal that could refuel a debate about beach access in Florida. But Senate President Bill Galvano, R-Bradenton, indicated he does not want to revisit a controversial law that critics say can help private landowners prevent public access to some beach areas.

Since she was 12 years old, Sara Murawski has dreamed of buying a house. Specifically, a Craftsman home, with a big front porch.

But she graduated right before the Great Recession. When home values plummeted, she couldn't afford to take advantage of lower real estate prices. She was working in construction, with bachelor's degrees in housing studies and interior design.

"My wages weren't that great," she says. "I just felt really lucky to have a job."

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.

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