The Okan Group has relaunched sales on Okan Tower: a 70-story, mixed-use building at the heart of downtown Miami.

Sales have launched for units in Brickell’s new 35-story luxury condominium complex. Led by Harvey Hernandez, Newgard Development Group will construct the building under its newest brand name, Lofty Miami.

November’s reading of 83 was up three points from October, driven by low existing inventories and strong buyer demand, the National Association of Home Builders reported, citing the latest NAHB/Wells Fargo Housing Market Index.

Housing observers noted that demand for housing remains robust despite the lack of new supply.

MG Developer recently broke ground on Metro Parc, a new 10-story residential apartment complex in Hialeah. 

“There simply aren’t enough homes for sale relative to the demand fueled by millennials armed with low mortgage rate-driven house-buying power.” — First American Deputy Chief Economist Odeta Kushi

The decrease was driven by a 5.1% month-over-month slide in the rate of multifamily starts, while single-family construction was flat.

A $120 million expansion of the Aliro Apartments development in North Miami Beach, is expected to break ground in early spring of 2022, according to a press release. FINFROCK will serve as the project’s architect, structural engineer, precast concrete

The seasonally adjusted estimate of new houses for sale at the end of July was 378,000, representing a supply of 6.1 months at the current sales rate.

Located on Collins Avenue between 74th and 75th streets, the development will include a 20-story, 75-unit residential building with restaurant and retail spaces, a 127-room hotel and a five-acre park.

“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi

The number of new entry-level homes with two-bedrooms and about 1,400 square feet has fallen to its lowest level in five decades, according to Freddie Mac. This makes it harder for first-time new homebuyers to escape renting.

Mast Capital acquired a majority of the units at La Costa on Miami Beach for more than $100 million in May before the order to evacuate the unsafe structure. They plan to build a luxury tower on the site of the oceanfront condo building that was ordered evacuated by the city.

ALINA Residences in Boca Raton secures $52.8 million loan for second phase of construction.

Condos.com launched and is a real estate sales website dedicated to new and pre-construction condominiums.

Developer PMG and partners officially unveiled the multi-million dollar, first-of-its-kind Waldorf Astoria Experiential Sales Gallery for Waldorf Astoria Residences Miami at a ceremony on June 17th.