Latest news with #MIAMIANS
Miami Herald
22-05-2025
- Business
- Miami Herald
How housing challenges and condo pressures affect Miami's real estate world
Real Estate News How housing challenges and condo pressures affect Miami's real estate world Miami faces a housing crisis shaped by rent burdens, condo regulation and rising redevelopment pressures. Redfin data show Miami rents are falling, but the city remains one of the nation's least affordable places for renters, with the required income to rent far above what most people earn. Condo owners struggle with steeply rising association fees and repairs, worsened by state-mandated reserves after the Surfside collapse and nearly half of Florida's Fannie Mae-ineligible condos located in Miami. The secretive Fannie Mae condo blacklist now covers hundreds of Miami buildings, blocking access to mortgages and repair funding. As financial stress grows, developer buyouts and condo terminations are more appealing, especially for aging buildings and those facing escalating costs or safety violations. Stephania Germain, 24, who is on a Section 8 housing voucher, poses inside her apartment that she lives in with her daughter on Thursday, Oct. 3, 2024, in Miami. Germain was raised in foster care and is doing the best she can for herself and her baby. She says that even with the voucher, with recent increases it makes paying rent tough. 'It just keeps going up and I don't get a break to save, and I need new baby clothes, ya know they grow out of them so fast,' said Germain. By Alie Skowronski NO. 1: MIAMIANS ARE THE MOST RENT-BURDENED PEOPLE IN AMERICA — AND THEY'RE STRESSED ABOUT IT New Census Bureau data shows that Miamians spend a larger chunk of their incomes on housing than residents in all other major American cities. | Published October 8, 2024 | Read Full Story by Max Klaver An exterior shot from Collins Avenue of people walking past the St. Regis Bal Harbour Resort, in Bal Harbour, Florida, Tuesday, November 21, 2020. By Daniel A. Varela NO. 2: MIAMI CONDO OWNERS IN LUXURY TOWERS ON THE BEACH SUE COMPANIES OVER SAFETY CONCERNS What to know about the case at the Bal Harbour complex near Surfside. | Published November 14, 2024 | Read Full Story by Vinod Sreeharsha View of the DOWNTOWN MIAMI skyline from Watson Island, on Wednesday July 31, 2024. By Pedro Portal NO. 3: COULD YOUR CONDO BE A TAKEOVER TARGET? KNOW THE SIGNS THAT COULD ATTRACT A DEVELOPER Unit owners in older buildings are facing new expenses. | Published January 30, 2025 | Read Full Story by Miami Herald Archives A view of a resurgent Northeast Second Avenue in the heart of Miami's Overtown neighborhood in April 2021, with the Plaza at the Lyric apartments at left and a Red Rooster restaurant in the background at right. By Pedro Portal NO. 4: RENTERS ARE PAYING LESS FOR APARTMENTS IN MIAMI, BUT THERE ARE ISSUES. SEE THE COSTS Here's a look at housing costs and ways to navigate the crisis. | Published March 14, 2025 | Read Full Story by Howard Cohen Condos line the Intracoastal Waterway in Sunny Isles Beach. By MATIAS J. OCNER NO. 5: 'PERFECT STORM.' HUNDREDS OF SOUTH FLORIDA CONDOS NOW ON SECRET MORTGAGE BLACKLIST The number of Miami-Dade, Broward and Palm Beach condos on the list has more than doubled in just two years. | Published April 4, 2025 | Read Full Story by Andres Viglucci The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
Miami Herald
19-05-2025
- Business
- Miami Herald
Why are we miserable in Miami? We pay high rent and our homes can be hot
Real Estate News Why are we miserable in Miami? We pay high rent and our homes can be hot Miami residents struggle as rising rents make it the most cost-burdened metro area in the U.S., with many people spending half their income on housing. New laws and strict mortgage requirements, like Fannie Mae's growing condo blacklist, have made it harder to buy, sell, or repair homes, leaving both renters and owners with few good options. Extreme heat only adds to the hardship, with some families unable to afford to run or fix their air conditioning even as temperatures inside their homes exceed those outdoors. Families often cut food, medicine, or car repairs just to cover rent or rising energy bills. Take a look at what can make housing a challenge in South Florida. Stephania Germain, 24, who is on a Section 8 housing voucher, poses inside her apartment that she lives in with her daughter on Thursday, Oct. 3, 2024, in Miami. Germain was raised in foster care and is doing the best she can for herself and her baby. She says that even with the voucher, with recent increases it makes paying rent tough. 'It just keeps going up and I don't get a break to save, and I need new baby clothes, ya know they grow out of them so fast,' said Germain. By Alie Skowronski NO. 1: MIAMIANS ARE THE MOST RENT-BURDENED PEOPLE IN AMERICA — AND THEY'RE STRESSED ABOUT IT New Census Bureau data shows that Miamians spend a larger chunk of their incomes on housing than residents in all other major American cities. | Published October 8, 2024 | Read Full Story by Max Klaver Recently installed air-conditioning units at 2840-2842 NW 10th Avenue in Miami, Florida. Federal housing doesn't require air-conditioning, but Miami-Dade County is funding new A/C units for hundreds of public housing apartments. By Jose A. Iglesias NO. 2: ON SWELTERING MIAMI SUMMER DAYS, IT CAN BE HOTTER INSIDE HOMES THAN OUT, STUDY FINDS 'Everyone in Miami has AC. The question is does it work and can you afford to use it?' | Published March 21, 2025 | Read Full Story by Alex Harris Condos line the Intracoastal Waterway in Sunny Isles Beach. By MATIAS J. OCNER NO. 3: 'PERFECT STORM.' HUNDREDS OF SOUTH FLORIDA CONDOS NOW ON SECRET MORTGAGE BLACKLIST The number of Miami-Dade, Broward and Palm Beach condos on the list has more than doubled in just two years. | Published April 4, 2025 | Read Full Story by Andres Viglucci The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
Miami Herald
30-04-2025
- Business
- Miami Herald
Why is housing so costly? What to know about rentals and condos in South Florida
Real Estate News Why is housing so costly? What to know about rentals and condos in South Florida South Florida renters and condo owners continue to face high costs and new challenges. Miami remains one of the most rent-burdened cities, with many residents spending over 30% of their income on housing and median rents near $2,373. New state laws now require condo associations to keep more reserve funds for repairs, especially after the Surfside condo collapse, causing association fees to climb—some reaching $900 monthly in Miami-Dade. While some affordable housing projects like Sawyer's Walk and new plans by Jackson Memorial Hospital are underway, demand still far outpaces supply. Community groups push for more protections and assistance, as both renters and owners wrestle with rising costs, stricter safety rules, and limited affordable options. Stephania Germain, 24, who is on a Section 8 housing voucher, poses inside her apartment that she lives in with her daughter on Thursday, Oct. 3, 2024, in Miami. Germain was raised in foster care and is doing the best she can for herself and her baby. She says that even with the voucher, with recent increases it makes paying rent tough. 'It just keeps going up and I don't get a break to save, and I need new baby clothes, ya know they grow out of them so fast,' said Germain. By Alie Skowronski NO. 1: MIAMIANS ARE THE MOST RENT-BURDENED PEOPLE IN AMERICA — AND THEY'RE STRESSED ABOUT IT New Census Bureau data shows that Miamians spend a larger chunk of their incomes on housing than residents in all other major American cities. | Published October 8, 2024 | Read Full Story by Max Klaver Home buyers should review fees for homeowners and condominium association fees to see if the amenities are worth it, including pool, gym, clubhouse. NO. 2: ARE FEES FOR CONDO AND HOMEOWNER ASSOCIATIONS WORTH IT? ASK YOURSELF THESE QUESTIONS What buyers should know about the expense. | Published January 28, 2025 | Read Full Story by LEW SICHELMAN A rendering shows plans for The Delmore, an ultra-luxury condo building with units starting at $15 million, at the site of the 2021 condo collapse at 8777 Collins Ave. in Surfside. NO. 3: 'MANSIONS' PLANNED AT SURFSIDE COLLAPSE SITE. DO DEVELOPERS 'HOPE PEOPLE FORGET' TRAGEDY? 'They can pull out all their bells and whistles ... It doesn't change the fact that their entire site is a graveyard,' said a former town commissioner. | Published January 28, 2025 | Read Full Story by Aaron Leibowitz A view of a resurgent Northeast Second Avenue in the heart of Miami's Overtown neighborhood in April 2021, with the Plaza at the Lyric apartments at left and a Red Rooster restaurant in the background at right. By Pedro Portal NO. 4: RENTERS ARE PAYING LESS FOR APARTMENTS IN MIAMI, BUT THERE ARE ISSUES. SEE THE COSTS Here's a look at housing costs and ways to navigate the crisis. | Published March 14, 2025 | Read Full Story by Howard Cohen Attendees listen to Mayor Daniella Levine Cava make a pledge to the community during the PACT Nehemiah Action Assembly on Monday, April 7, 2025, at Sweet Home Missionary Baptist Church in Cutler Bay, Fla. By Alie Skowronski NO. 5: 'RENT IS TOO DAMN HIGH.' INTERFAITH GROUP DEMANDS ACTION FROM MIAMI-DADE LEADERS One of Miami-Dade's most politically engaged interfaith groups held their annual assembly to press elected leaders to make housing more affordable and reducing evictions in Miami-Dade County. | Published April 9, 2025 | Read Full Story by Lauren Costantino The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
Miami Herald
24-04-2025
- Business
- Miami Herald
Here are 8 key real estate trends shaping South Florida
Real Estate News Here are 8 key real estate trends shaping South Florida South Florida's real estate market is surging with bold projects and shifting demands. This collection of stories outlines new luxury towers like Soreno Fort Lauderdale and W Pompano Beach Hotel Residences, both promising high-end amenities and ocean views. Affordable housing is in focus as developers reimagine sites such as the former DeSoto Square Mall for cost-conscious renters. Condo owners grapple with stricter safety laws after the Champlain Towers tragedy, bringing new assessments and confusing deadlines. Meanwhile, lawsuits like the Hollywood Beach high-rise dispute highlight ongoing battles over local control and the promise of more affordable homes. The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories below were reported, written and edited by McClatchy journalists. Stephania Germain, 24, who is on a Section 8 housing voucher, poses inside her apartment that she lives in with her daughter on Thursday, Oct. 3, 2024, in Miami. Germain was raised in foster care and is doing the best she can for herself and her baby. She says that even with the voucher, with recent increases it makes paying rent tough. 'It just keeps going up and I don't get a break to save, and I need new baby clothes, ya know they grow out of them so fast,' said Germain. By Alie Skowronski NO. 1: MIAMIANS ARE THE MOST RENT-BURDENED PEOPLE IN AMERICA — AND THEY'RE STRESSED ABOUT IT New Census Bureau data shows that Miamians spend a larger chunk of their incomes on housing than residents in all other major American cities. | Published October 8, 2024 | Read Full Story by Max Klaver Real estate developers Related Group and BH Group announced its plans to develop W Pompano Beach Hotel & Residences, a swanky 24-story tower on nearly four beachfront acres managed by luxury chain W Hotels. Construction is likely to begin in 2027. An artist rendering shows what the project will look like. NO. 2: POMPANO BEACH GETS A NEW LUXURY DEVELOPMENT AMID CONSTRUCTION BOOM. CONDOS START AT $3.1 M Pompano Beach, a coastal Broward city in the midst of a building boom, is getting a new addition to its changing skyline: | Published November 20, 2024 | Read Full Story by Amanda Rosa Midtown Miami complex in 2022. NO. 3: HOW MUCH ARE YOU PAYING TO RENT AN APARTMENT IN MIAMI OR BROWARD? TAKE A LOOK AT COST Redfin crunched the median rent in South Florida. | Published November 18, 2024 | Read Full Story by Miami Herald Archives A rendering shows developers' plans to reconstruct the Deauville Beach Resort in Miami Beach. NO. 4: A NEW PROJECT IS PLANNED AT THE FORMER DEAUVILLE HOTEL SITE. HERE'S WHAT IT LOOKS LIKE The proposal would reimagine the historic hotel and add two condo towers. | Published November 26, 2024 | Read Full Story by Aaron Leibowitz An affordable housing apartment complex is planned for the DeSoto Square Mall property where currently storm debris is being processed. By Tiffany Tompkins NO. 5: WANT TO LIVE WHERE A MALL USED TO BE? AFFORDABLE APARTMENTS COMING TO THIS FLORIDA AREA Check out what's planned. | Published January 22, 2025 | Read Full Story by Jason Dill New York-based Condra Property Group wants to build an 18-story tower along Hollywood Beach. NO. 6: DEVELOPER'S PLANS FOR HIGH-RISE ON HOLLYWOOD BEACH WERE REJECTED. NOW THEY ARE SUING The lawsuit could impact how local governments implement the Live Local Act. | Published February 1, 2025 | Read Full Story by Amanda Rosa Condo inventory reached a new high in August in Miami-Dade County, finally tipping the market in favor of buyers. Above: Apartment rentals and condominiums dot the waterfront in North Bay Village. By MATIAS J. OCNER NO. 7: CONDOS IN FLORIDA ARE FACING A GROWING CRISIS. WHAT'S NEXT FOR OWNERS AFTER DEADLINE? Safety guidelines that went into effect this year are driving up costs and scaring off buyers. | Published February 19, 2025 | Read Full Story by Rebecca Liebson Integra Investments, a Miami-based real estate development firm, and co-developer Flying Point announced plans for Sereno Fort Lauderdale, a luxury condominium with prices starting at $1.4 million. The building offers 360 views of nearby parks and Atlantic Ocean. NO. 8: 'LUXURY COASTAL LIVING': MIAMI DEVELOPER BRINGING 14-STORY BUILDING TO FORT LAUDERDALE Love the 'Fort Lauderdale active lifestyle'? A new development is coming to town | Published March 20, 2025 | Read Full Story by Amanda Rosa This report was produced with the help of AI tools, which summarized previous stories reported and written by McClatchy journalists. It was edited by journalists in our News division.
