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South Florida Housing Trends: Real Estate Inventory Shrunk, Prices Skyrocketed
The inventory of available houses has shrunk and that has made it difficult for buyers in South Florida.
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The inventory of available houses has shrunk and that has made it difficult for buyers in South Florida.
With real estate inventory shrinking, prices have skyrocketed across South Florida
Known for its dramatic curving exoskeleton, 1000 Museum, located on 1000 Biscayne Boulevard in Downtown Miami, was designed by the late architect Zaha Hadid.
The study found the average rental price in the area that includes Miami and Fort Lauderdale is $2,832 but should be closer to $2,326.
New rules rolled out earlier this year by mortgage giants Fannie Mae and Freddie Mac are creating a bottleneck in the real estate market for those seeking to buy or sell condos or co-op apartments, according to agents and condo associations.
The Miami area saw a 28.1% year-over-year gain in home prices, while the Tampa metropolitan area had a 30.8% increase.
As if home prices weren't already out of reach, they continued to surge higher in January.
The U.S. real estate market was already tough for prospective buyers, who have faced double-digit price increases and cutthroat competition for listed properties. Now they are facing another challenge as rising mortgage rates add to the affordability squeeze.
According to Zillow, the number of listings dropped 42.4% from January 2020 to January 2022. Because of that, prices are soaring. Home values increased 19.9% from January 2021 to January 2022.
It's the ultimate in old world opulence, a four-acre compound in Coconut Grove owned by renowned business leader and philanthropist Adrienne Arsht. It's the highest priced home ever in Miami and proceeds of the sale are going to charity.
For many, the astronomical rent increases are impossible to keep up with. From December 2020 to December 2021, rent prices in Miami rose 49%.
What goes up, keeps going up. Rents continue to rise across the country and in South Florida and it's forcing tenants to make difficult choices.
Miami was one of three US cities to see the highest rise in home prices, 18.8% in 2021, according to the S&P CoreLogic Case-Shiller US National Home Price Index.
If you've forgotten what a "for sale" sign looks like, you're not alone. There are fewer and fewer around Miami
The cost of buying a home rose by double-digit percentages across most of the US in the last quarter of 2021, and a Florida city tops the list of biggest jump in home prices.
If you've been waiting to buy a house, but the prices have just been way too high, you may be in luck. The red-hot housing market might finally be starting to cool, just not in Miami yet.
From July through September, investors bought Tampa Bay homes at a record rate, according to data analyzed by Redfin that begins measuring in 2000.
After taking a break due to the pandemic, CBS4's Living Large with Lisa Petrillo is back as she takes you inside some of South Florida's most spectacular and lavish residences including the Regalia on Sunny Isles Beach.
Miami has become one of the hottest places to own a house, making it hard for some to stay, while others are priced out.
Finding rent in South Florida has been tough for many longtime residents and natives.
Home prices continue to surge in South Florida, and the trend has left many homebuyers in bidding wars or unable to find properties.
South Florida's real estate market is a sellers dream right now.
Though housing prices have soared in many parts of the country, and inventory is way down, real estate sales may still be stronger in 2021.
Once again, the real estate market is hot in South Florida and companies from near and far are finding that taking advantage of tax breaks makes perfect sense to open offices in the area.
South Florida is seeing a crush of new housing buyers. So much so, it has created a seller's market with many sellers getting top dollar. People from all over the Northeast in high-tax areas are making an effort to make South Florida their new home, but it's not easy.
Pino was accused of hiring men to kill his estranged wife, according to the FBI.
If you must be outdoors, slow down, take breaks in a shaded or cool area, and drink cool fluids every hour.
What was once only co-ed teams for girls to play on has now garnered enough interest for an all-girls camp to form.
A neighborhood brothel bust has landed three people in jail.
Two people were shot Wednesday afternoon in Opa-locka.
Pino was accused of hiring men to kill his estranged wife, according to the FBI.
If you must be outdoors, slow down, take breaks in a shaded or cool area, and drink cool fluids every hour.
What was once only co-ed teams for girls to play on has now garnered enough interest for an all-girls camp to form.
A neighborhood brothel bust has landed three people in jail.
Two people were shot Wednesday afternoon in Opa-locka.
The American Automobile Association said this is a dangerous time of year for young drivers.
Florida insurance companies made money last year for the first time in seven years.
The U.S. Supreme Court is scheduled Sept. 26 to discuss whether it will hear a First Amendment challenge to a 2021 Florida law that placed restrictions on major social-media companies.
The number of people traveling to Florida during the second quarter of 2023 decreased compared to a year earlier, according to estimates released Wednesday by the state's tourism-marketing agency.
Gov. Ron DeSantis on Monday said Walt Disney Parks and Resorts should drop a federal lawsuit that claims retaliation by the state and accept changes to a special district that long benefited the theme-park giant.
President Biden said, "I feel good," after the White House announced he had tested positive for COVID-19 and was experiencing mild symptoms.
A Florida man was arrested Monday and charged with making threats against President Biden and other federal officials, the Justice Department said.
"He was millimeters away from having his life expunged ... I'm sure the ear doesn't feel well," Eric Trump told "CBS Mornings" co-host Tony Dokoupil.
Former President Donald Trump looked on Tuesday night as his onetime rivals for the nomination lined up to support him.
He is expected to speak at the Republican National Convention in Milwaukee.
Jim DeFede speaks with Mo Saunders, the estranged aunt to Democrat Joe Saunders, who is also running for the same seat.
DeFede said the incident has become an "inflection point" for the country in how we talk about politics.
"I support the chairman's call for an investigation," Rep. Jared Moskowitz, a Democrat from Florida, told CBS News Miami.
Jim DeFede reacts to the assassination attempt on former president Donald Trump during his rally in Pennsylvania.
Jim DeFede interviews Democrat Joe Saunders, who now finds himself with a last-minute challenger, his aunt Maureen Saunders Scott, who is demanding to be on the ballot as Moe Saunders.
Growing share of Americans say they have skipped medical care or getting prescription drugs because of the cost.
Nationwide, the CDC says the COVID virus level in wastewater is now "high" for the first time since last winter.
Tahjana Lewis suffered burns to her chest, arms and legs, according to a recent lawsuit the Connecticut woman filed.
One product contained 16 different metals, with researchers calling for rules requiring manufacturers to test tampons.
The CDC says several states are seeing "consistent increases in COVID-19 activity" this summer.
The best deals of Amazon Prime Day 2024 are still going strong, but don't wait. Many of these deals will sell out.
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The American Automobile Association said this is a dangerous time of year for young drivers.
A string of recalls connected to Wisconsin-based supplier Schreiber Foods has now extended to Aldi stores after similar recalls at Hy-Vee and other grocery chains.
There are two sales tax holidays for hurricane supplies
Has mom and dad's bank been open too long at your house?
One consumer reported suffering a dental injury after eating Trader Joe's Chicken, Lentil & Caramelized Onion Pilaf product.
"Big Brother" announced Tuesday the 16 new Houseguests who will move into the "Big Brother" house and, for the first time ever, have the power to vote in a 17th houseguest.
After many people criticized Andress' rendition of the National Anthem online, comparing her with Fergie, the singer says she's going to rehab.
"90210" stars like Jennie Garth and Brian Austin Green paid tribute, and Alyssa Milano commented on her "complicated relationship" with Shannen Doherty.
Shannen Doherty had been battling cancer since 2015.
Colombia coach Néstor Lorenzo was critical of the extended halftime planned for Sunday night's Copa America final to allow a concert by Shakira.