“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.

Monaco Yacht Club & Residences has announced that Belinda Andretti has joined their sales team.

Single-family housing starts were up 4.2% from April and 49.8% from May 2020, at 1,098,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.

Soleste Grand Central has launched leasing sales and is scheduled to complete development by the end of 2021.

With high costs slowing construction and potentially lowering homeownership for many, easing zoning rules may be the most effective way to increase the supply of new housing.

Condominium sales have launched for the 360 residences at the Waldorf Astoria Hotel & Residences Miami which will rise 100 stories with the shape of nine spiraling offset glass cubes. The estimated development cost for the project is $970 million with a completion date of 2025.