Local News

Real estate news in Chicagoland

Miami rent dip slightly after a year of COVID
Miami rent dip slightly after a year of COVID

Rent rates nationwide have been decreasing since the onset of the pandemic, but new data shows that in some cities, this could be changing in the near future.

Miami’s housing supply shortage expected to continue for some time
Miami’s housing supply shortage expected to continue for some time

The housing supply shortage is expected to get more extreme as homebuyer demand continues to outweigh inventory levels, a new study found.

Homeownership remains affordable despite price increases
Homeownership remains affordable despite price increases

Rising wages and falling mortgage rates are helping keep homeownership within reach of average wage earners nationwide despite surges in housing prices.

Home prices hit 15-year high nationwide
Home prices hit 15-year high nationwide

Prices in the Miami metro area were up 7.0% over February 2020. CoreLogic classified Houston’s market as “overvalued.”

Short-term rentals or “homesharing” in demand
Short-term rentals or “homesharing” in demand

“We have seen a surge of interest from millennials, who are the highest demographic partaking in leisure and personal travel, to have flexibility in their nomadic lifestyles.” — Alicia Lamadrid Paysse, sales director at Cevera Real Estate

S&P Case-Shiller: Miami home prices continue to climb
S&P Case-Shiller: Miami home prices continue to climb

Home prices posted monthly and yearly gains in January across the U.S. as well, according to the S&P CoreLogic Case-Shiller Indices.

‘Redlined’ and ‘greenlined’ neighborhoods in Florida are both subject to flooding and climate change
‘Redlined’ and ‘greenlined’ neighborhoods in Florida are both subject to flooding and climate change

A recent report from Redfin states that Florida’s “redlined” neighborhoods, which were once considered less desirable and relegated to Blacks and other minorities under racist policies, are frequently less prone to damage from flooding and climate change than non-redlined or “greenlined” neighborhoods.

NAR: Southern home prices up nearly 13.6%
NAR: Southern home prices up nearly 13.6%

“Despite the drop in home sales for February — which I would attribute to historically-low inventory — the market is still outperforming pre-pandemic levels.” NAR Chief Economist Lawrence Yun

Four Seasons penthouse fetches top dollar
Four Seasons penthouse fetches top dollar

While the price of the final bid will not be disclosed until the closing this month, Platinum Luxury Auctions revealed that it was the 5th highest resale in the building’s history.

Spike in Miami condo sales bodes well for new developments
Spike in Miami condo sales bodes well for new developments

“Buyers enjoy the lifestyle, weather and tax effect. There is no income tax in Florida, unlike some other states. This savings will help to buy the condo unit.” — Rishi Kapoor, Location Ventures

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