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This week in Miami real estate: Flights open up to Cuba and Miami rents take a dive

by James McClister

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Lots of interesting things happened this week in the world of real estate. Notable stories this week include the first commercial flight from the U.S. to Cuba in 50 year and the first full-service resort opening in Key Largo in 20 years.

Catch up on this week’s top news with our real estate news roundup:

Cuba, we’ve landed – JetBlue Flight 387 made history this week, flying from Fort Lauderdale to Santa Clara, Cuba, becoming the first commercial flight from the U.S. to land in Cuba since 1961, the Miami Herald first reported. The flight marks the further strengthening of commercial ties between the two nations.

Key Largo gets long-awaited resort – It’s been over 20 years since a full-service resort opened in Key Largo, but Playa Largo Resort & Spa, a Marriott Autograph property, has ended that dry spell, The Real Deal confirmed. The spa was originally slated to open in 2017, but things have been ahead of schedule, allowing the 14.5-acre property – complete with 745 feet of beach, a tiki bar, three tennis courts, and a spa and salon – to open its doors this week.

Developer wants a taller building – Developer Tibo Hollo wants to move forward with its plans to build One Bayfront Plaza – which would include office space, a hotel and some residential units – but it first needs approval from the FAA to build even taller than previously thought, according to The Next Miami. Tibo Hollo was originally approved for a building ceiling of 1,005 feet above ground, but the new plans call for an additional 40 feet. The developer has already filed a request with the FAA.

Home prices up, rent down – Miami home prices may be up, and rising, but as far as rents go, the city is on a downward slope, a report from Zumper confirmed. Of course, median rents in the Magic City are still high – the city is ranked No. 8 nationwide – but year-over-year, they’re down almost 4 percent.

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