Latest news with #NorthBayVillage
CBS News
7 days ago
- Business
- CBS News
Miami-Dade property appraiser urges local governments to lower taxes as market stabilizes
Miami-Dade's property appraiser is calling on local governments to lower property taxes for homeowners. Tomás Regalado said the county's slowing real estate market no longer justifies higher tax bills. "If we do the right thing on the part of every single local government, people would [be] paying the same or less taxes than last year," Regalado said. Property value growth slows after years of surges According to a June 1 report from Regalado's office, property value growth in 2025 was 8.5%, down from 10.7% the previous year. "This year there's been sort of a surprise," said Regalado, who is serving his first term as property appraiser. "After four years of growth and crazy prices, the market is stabilizing." The trend, Regalado argued, makes it unreasonable to continue raising taxes. "Why charge people more for property taxes?" he said, especially in communities dealing with assessment spikes and rising costs, like North Bay Village, North Miami, and South Miami. Homeowners welcome possible relief For longtime homeowners like Nancy Morales, the idea of a tax break is welcome news. "I think that would be fantastic if we could get our taxes reduced," Morales told CBS News Miami. A South Florida homeowner for over two decades, Morales currently pays $6,000 annually in property taxes. "If at this point the real estate market is not growing, I think the right thing would be to lower taxes for homeowners," she added. Regalado echoed those concerns, particularly for condo owners, saying, "Especially in the condos, we have hundreds of thousands here, there is a crisis." While his office has not yet released detailed data for all 34 municipalities, he says the trend is clear. "We can always send a sign," Regalado said. "A sign that there's going to be light at the end of the tunnel."
Miami Herald
03-06-2025
- Business
- Miami Herald
Miami-Dade's sagging condo market could be ‘next great crisis' as values drop
As real estate demand softens, Miami-Dade condominiums are showing the weakest numbers, according to new data from the county Property Appraiser's Office. Real estate values on existing homes and commercial property grew about 7% countywide at the start of 2025, according to the June 1 report on taxable values across Miami-Dade. But when isolated only to existing condominiums, values dropped slightly from the start of 2024 — a decline of less than 1%, according to Property Appraiser Tomás Regalado. 'The condos are the next great crisis, because of a perfect storm,' Regalado said at a Monday press conference where he discussed the annual report from his office. The first-term Republican said that recent state mandates on condo maintenance, more stringent certification rules and higher insurance costs are weighing on the condominium market and driving down demand from buyers. Regalado's figures come from months of analysis by his office's staff to determine the worth of more than 900,000 properties across Miami-Dade and also how that value should be reflected on yearly property-tax bills. The figures released from Regalado's office capture taxable value, which is a property's market value minus deductions and exemptions mandated by state law. Released on Friday, the report showed an 8.5% increase in overall values across Miami-Dade. That includes existing structures and new construction in 2024. That's down from 10.7% growth last year and is the first single-digit gain since 2021, when the start of the COVID pandemic disrupted real estate sales. 'In a nutshell, the real estate market — after years of sometimes wild growth — appears to have stabilized,' Regalado said at the press conference. His office didn't have detailed value statistics for condos in the county's 34 municipalities. But Regalado said some of the worst-performing condo markets were in Miami Shores, where values were down 6.6%, and in Coral Gables, with a 5% drop in condo values. Also on the declining list: Aventura and North Bay Village, both down 4%; North Miami, down 3.4%; and South Miami, down 1.9%. On the other side of the spectrum are markets where condo values continue to grow. West Miami, a tiny housing market with only 83 condominiums at the start of 2024, saw taxable values for condominiums spike 18% at the start of 2025. Condo values grew 12% in Opa-locka and 4% in Hialeah Gardens, according to figures Regalado shared. The value declines are an average of each market, and only cover existing condos at the start of 2024. Condo units built last year are not part of the analysis, Regalado said. Regalado's discouraging news for condo sellers — and encouraging figures for would-be buyers — reflect other signs of softness for the real estate market overall. Miami and Tampa were the only metro areas to show slight home value declines in the last 20-city nationwide report from the S&P CoreLogic Case-Shiller Index, which tracks prices of single-family houses. Sales of condos and townhomes were down 21% in April in Miami-Dade, according to the latest report from the Miami Association of Realtors. The median sales price of $445,000 was barely changed from a year ago — up just $1,000. Sales of single-family homes were down 11%, and prices were up 4%, to $680,000.
Forbes
02-06-2025
- Business
- Forbes
Exclusive: Miami's Newest Residences Have Old Hollywood Roots
Bloom Images Miami's celebrity hotspot, North Bay Village, will be gaining its first residential development in decades, thanks to a glamorous boutique condominium building that's set to be completed in 2026. The three-island community is situated in Biscayne Bay at the midpoint between Miami and Miami Beach and has seen many famous faces grace the destination over the years. With Old Hollywood roots, Frank Sinatra and Judy Garland frequented the islands for winter escapes, while A-listers such as Leonardo DiCaprio and Selena Gomez have descended on North Bay Village. Tula Residences is set to transform the community and will be a haven for the ultra-private, ultra-wealthy who want easy access to the best of Miami, while staying incognito. Miami-based real estate and private equity firm Bayshore Grove Capital has launched sales on the 21-story condo building, in partnership with Pacific & Orient Properties. The 21-story building features an exclusive collection of 54 residences designed by acclaimed architecture firm M77R ('matter') with interiors by Shannon Ferrel Design (SFD). No home under 1,500 square-feet, and every residence is a corner unit with wraparound terraces, floor-to-ceiling windows and expansive waterfront views. 'Tula is a response to what today's luxury buyer truly wants: serenity, space, light, and thoughtful design in a location that still feels intimate and undiscovered,' said Vivian Dimond, Founder and CEO of Bayshore Grove Capital. 'We worked closely with our design team to create layouts that maximize both space and the incredible bay views,' Bloom Images 'North Bay Village has long been Miami's best kept secret, but that's quickly changing,' she added. 'With billions of dollars of development now in motion, we're proud that Tula is leading the way as the first new residential building to be delivered on this island in over a decade. Tula offers the rare chance to live in a luxurious and exclusive building where wellness and quality of life come first.' Bloom Images According to the company behind Tula, the residences' interiors blend contemporary luxury with functionality reminiscent of luxury yachts and fine automobiles. Interiors feature a calming and sophisticated palette of blond woods and natural stone floors. In the kitchens, custom custom cabinetry, sleek stone countertops and high-end appliances are a chef's (private or otherwise) dream, while spa-like features turn the bathrooms into tranquil retreats. Bloom Images World-class amenities are a huge deal for Tula, with wellness at the helm. The sixth floor of the building features an infinity-edge pool that offers sweeping bay views, surrounded by a lush, landscaped deck, poolside lounges and private cabanas. Inside, a cozy lounge, spacious private kitchen and bespoke media room are the perfect locations for entertaining family and friends. For those wanting to work up a sweat beyond the South Florida heat, a state-of- the-art fitness center is outfitted with advanced equipment and a sauna. Bloom Images 'North Bay Village has the charm of a secluded island and a world-class neighborhood,' said Ellis Bachman, Sales Director for Tula Residences. 'TULA offers an incredible opportunity to live in the best new building in North Bay Village. Our waterfront views are absolutely incredible, complimented by close proximity to Miami Beach.' 'There's real excitement in North Bay Village,' Bachman continued. 'With its prime location and waterfront, this is Miami's most valuable residential market, with exponential growth on the horizon.' Tula Residences start from $1.9 million.
CBS News
28-05-2025
- General
- CBS News
Rescue video of entangled bird highlights rising toll of fishing gear on South Florida wildlife
A video posted by the Pelican Harbor Seabird Station showing the rescue of a night heron caught in fishing line has drawn more than 13,000 views in less than 24 hours-and renewed attention to the growing impact of fishing-related injuries on native wildlife in South Florida. Rescue captured on video The Pelican Harbor Seabird Station, located near North Bay Village, shared the footage on social media, showing the bird dangling from a tree as volunteers coordinated their rescue plan. "We don't know how long the bird had been there. He was alive. You could see he was alive because he was trying to fly away and release himself," said Marianna Niero, the station's communications manager. Despite their efforts, the night heron did not survive. Niero said such rescues have become almost a daily occurrence at their center off the 79th Street Causeway. Human impact behind most injuries So far in 2025, the station has rescued 1,047 animals. According to the organization, 90 percent of those injuries are caused by human activity-most of them fishing-related. "I can tell you that 70 percent of our seabirds come in with some kind of injury or sickness that is due either to fishing line or a fishing hook. Or something related to fishing," Niero said. Pelicans, seagulls, and night herons are among the most frequent patients. In one case, a bird returned with an orange band on its leg, indicating it had been treated at the facility before. Plea for responsible fishing Niero emphasized the importance of simple actions that could prevent these injuries. "For people who go out and fish to just dispose properly of their fishing gear because it's super dangerous for wildlife," she said. She also noted that South Florida's ongoing development is making matters worse, with habitat loss forcing animals into closer contact with people and urban hazards. "With much of the habitat being dismantled for development, animals get caught in the crosshairs of everyday human life," she said.
