Latest news with #SouthFlorida-based
Newsweek
6 days ago
- Business
- Newsweek
South Florida Condo Sales Collapse as Market Suffers 'Real Pain'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Condo sales continued plunging across South Florida in April—a sign that would-be homebuyers remain cautious of rising homeowner association (HOA) fees and growing costs for aging buildings, while widespread uncertainty around the U.S. economy is also taking its toll. According to Juan Arias, South Florida-based director of market analytics at the region's condo market is "beginning to see the real pain" now, he told WLRN. Why It Matters The South Florida condo market saw an explosion in for-sale inventory in the months leading up to December 31, 2024, the deadline for a crucial milestone inspection of the state's aging condos required by new building safety legislation. The new law, introduced as a response to the Surfside collapse of 2021, which killed 98 people, requires condo owners and associations to have sufficient reserves to cover necessary repairs and maintenance work and conduct a survey of reserves every decade. While the law was meant to prevent another tragedy like that of the Champlain Tower South, it had the unwanted consequence of bringing up costs for condo associations and owners, many of whom tried to sell their units before facing higher fees. What they found, though, was an oversaturated market where too many people were trying to sell and not enough buyers were interested in what they were offering. As a result, condo inventory has skyrocketed in South Florida, while sales and prices have started to fall, putting struggling condo owners in an even tougher spot. What To Know The pace of condo sales in South Florida saw a double-digit dip in Miami-Dade, Broward and Palm Beach County in April compared to a year earlier, according to data from the Miami Association of Realtors, at the same time as inventory continued growing. Miami-Dade saw a drop in condo sales of 21.3 percent compared to a year earlier, the biggest among all three counties, while sales in Broward and Palm Beach County fell respectively by 19.2 percent and 14.4 percent. This downward trend is reflected in the statewide and nationwide markets, where sales of single-family homes and condos have slowed down due to historically elevated mortgage rates, stubbornly high prices and growing fears of a looming recession. "Sales activity has been sluggish both nationally and in South Florida as higher interest rates, lower employment growth and moderating migration are all impacting demand for homes and condos," Arias told Newsweek. Residential condominiums in Sunny Isles Beach, Florida. Residential condominiums in Sunny Isles Beach, Florida. Getty Images But the South Florida condo market is seeing much more dramatic price drops as a result of shrinking sales than the single-family homes market in the region, where inventory remains below pre-pandemic level and availability is limited. "While single-family home prices continued to increase, condominium prices fell in April," Arias said. "Condo prices are declining by over 17 percent as pricing continues to deteriorate after almost a year of constant monthly pricing declines." In Miami-Dade, according to the Miami Association of Realtors, prices were up 0.2 percent year-over-year last month. In Broward County, they were down 0.9 percent. In Palm Beach County, they were down by a steep 5.9 percent. Even within the South Florida condo market, there are important nuances to consider—with more expensive condos somehow faring better than most affordable ones. According to Arias, the region's condo market is reporting more sales for properties priced at $1 million and above than it is for those priced below $1 million, where sales volume has shrunk. "In fact, while affordable condo sale activity remains below pre-pandemic levels, activity for more expensive condos remains elevated," he told Newsweek. "Higher homeowner association [HOA] fees, assessments, and higher financing costs are impacting lower-priced condos, which tend to be older and have to go through their decennial certification," he added. Some older condos in South Florida are facing challenges in meeting the certification required by the new law, with less than half of the condos in the region meeting their milestone inspection deadline by the end of last year. This, in turn, is making it difficult for condo buyers to secure the necessary financing for their purchases. "Many of these condos that have yet to meet their inspection or have not had structural repairs done are being placed on a Fannie Mae blacklist, which prevents prospective buyers from getting one of the most affordable types of financing," Arias said. "This is a significant challenge, as around half of transactions for lower-priced condos rely on financing. In contrast, almost 80 percent of sales for $1 million+ condos are all cash." What People Are Saying Realtor Alexei Morgado told Mortgage Professional America: "The condo market is in the midst of a perfect storm. The combined effect of these new laws made over 1,400 condos in Florida ineligible for the standard loan. Buyers now rely on non-QM loans to buy condos in Florida, and the rates and terms are worse." MIAMI REALTORS Chief Economist Gay Cororaton said in a recent press release: "We're seeing a highly polarized market, with sales moving either in the lower price-tier markets that are affordable for most buyers or in the high-end markets where cash buyers make up about half or more of the sales." What Happens Next The challenges posed by the new building safety law to condo owners and associations are expected to be addressed by a bill passed by the Florida legislature this spring and now awaiting Governor Ron DeSantis' signature. The bill, HB 913, would revise the recently introduced condo laws by extending by one year the deadline for the required milestone inspection and consequent structural integrity study, giving more time to associations to collect reserve funding. "Condo properties need more time to meet their milestone inspections and also comply with structural repairs. Additionally, new financing options will allow many HOAs to move forward with required projects," Arias said. While he thinks the bill to be signed by DeSantis is a positive measure, Arias doubts that it would drive a significant shift in the current condo market pricing trends. "The headwinds of elevated financing costs, HOA costs, assessments and slower employment gains still remain," he said. "The law is a move in the right direction, but further extensions to meeting milestone deadlines will remain increasingly unlikely as lawmakers weigh the benefits for current condo owners vs the potential of another building collapse."
Yahoo
21-05-2025
- Business
- Yahoo
Rack Launches HVAC Division to Expand Full-Spectrum Home Energy Services
Rack has launched its new HVAC division, expanding its trusted home energy services to offer complete air conditioning solutions across South Florida. Boca Raton, Florida, May 21, 2025 (GLOBE NEWSWIRE) -- Rack Rack, a premier South Florida-based energy solutions provider, announces the launch of its new heating, ventilation, and air conditioning (HVAC) division. Known for its expertise in whole-home generators, electrical work, and energy infrastructure, it's now extending its trusted service model into HVAC. This move follows the successful acquisition, redevelopment, and relaunch of a former HVAC business in the Orlando market. With Memorial Day signifying its official Tri-County rollout, Rack Air aims to serve customers across Palm Beach, Broward, and the Treasure Coast. With this, the company further positions itself as the go-to source for complete, reliable home energy solutions. Owner and CEO Jesse Rack views the expansion as a strategic evolution for the brand. 'It just made sense. AC is literally in our name, and in South Florida, there isn't a home or building that can function without reliable air conditioning,' he says. 'We've built a strong reputation in the standby generator market by earning our clients' trust and delivering top-tier service. Now, we're expanding that trust into HVAC. Most people don't own generators, but everyone has an air conditioner. This division allows us to better serve more people.' Since 1994, Rack has served as an independent, family-owned electrical and energy solutions company serving Floridians. With locations in Boca Raton, Fort Pierce, West Palm Beach, and Naples, Rack delivers high-quality, code-compliant services across residential, commercial, and industrial markets. It offers comprehensive home energy solutions, from emergency power systems and EV chargers to solar installations, propane infrastructure, and now, a full suite of HVAC services, including maintenance, installation, repair, and advanced smart thermostat upgrades. Its HVAC team operates with the same speed and excellence as its generator technicians, offering same-day service, membership programs, and cutting-edge system monitoring. The company's mission remains to tackle each job with professionalism and diligence, complete every project the right way the first time, and leave customers thrilled with the process and the results. This is the heartbeat of Rack's operations, and it's a result of its history. Rack was founded by John Rack, Jesse's father and a former New York City firefighter who brought his background in electrical contracting and architecture to South Florida in the early 1990s. John has always emphasized integrity, technical excellence, and doing right by the customer. These principles continue to shape the company today. Once Jesse assumed ownership and leadership, he brought new energy and a modern vision to the company. Rack evolved from a respected electrical contractor into a recognizable brand built on trust, innovation, and strategic expansion. Besides growth, his goal was to create systems, build teams, and scale the business in a way that preserves the core values his father instilled. This determination's outcome is a family business that feels local but operates with the scale and sophistication of a regional enterprise. The launch of its new HVAC division attests to this. Rack offers customers a single, reliable source for total home energy support by integrating air conditioning into its already robust lineup, signifying the next chapter in the company's journey. Media Contact Name: Natalia Castro Email: natalia@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
19-05-2025
- Business
- Miami Herald
Italian restaurant Fiola is closing in Coral Gables. Here's what will replace it
One of the most popular and glamorous restaurants in Coral Gables is closing. Fiola Miami, the upscale Italian restaurant known for delectable pastas and an award-winning wine cellar, will be closing this summer after seven years. The original Fiola in Washington, D.C., which earned a Michelin star in 2018, is the creation of Italian chef and restaurateur Fabio Trabocchi, while Fiola Miami was owned and operated by South Florida-based Gioia Hospitality through a management agreement. The agreement between Fabio Trabocchi Restaurants and Gioia comes to an end on June 30. Gioia founder and CEO Tom Angelo has a new plan for space: to open a bigger second location of his Fort Lauderdale steakhouse Daniel's, which opened in 2024 and was added to the 2025 Michelin Guide after only six months. In February, Gioia also opened D's, an upscale sports bar next door to Daniel's that draws packed crowds for local sporting events. Angelo, whose Gioia team includes Chef Danny Ganem, culinary director; partner Kassidy Angelo; wine and beverage director Daniel Bishop; and director of operations Scott Ozler, said that he got a lot of feedback from his regulars asking about a Daniel's style restaurant in Coral Gables. 'We've had dozens of our regulars visit us at Daniel's from Coral Gables and South Miami, and without exception they say this is the type of cuisine that doesn't exist in the community,' Angelo said. 'They've really embraced what we've done. We feel to secure long term success for years to come, the best path forward is a steakhouse rather than an Italian concept.' That said, the new Daniel's will feature some of the old Fiola favorites created by Ganem. The Fiola space has a bigger kitchen, which means that a bigger menu than the Fort Lauderdale Daniel's offers is possible. Expect to see the popular Dover sole and the grilled tuna puttanesca as well as the basil Caesar salad, hamachi crudo and tuna tartare on the menu, as well as a few of the most popular pasta dishes, like the rigatoni vodka and the caviar carbonara. The look of the restaurant will change a little — Angelo says the design will include a new color palette and a few 'refreshments' — and the team at Gioia plans to enhance the bar service with touches like tableside martinis. There will also be a special bar menu that features items like Ganem's burgers and a couple of TVs added to the bar in order to make it more of a gathering place. The staff will remain the same, and La Terrazza rooftop bar will still be available for private parties. The last day of service for Fiola is Saturday, June 21. After that the space will be closed through July. Angelo hopes to open Daniel's sometime around the first of August. It's turned out to be an ambitious year for Gioia Hospitality: the group is also opening the Italian restaurant La Cala at Grove Isle, which is expected to open sometime in the winter of 2025/2026. There's a lot of work ahead for the team, but Angelo is thankful for the years working with Trabbocchi and said the partnership ended cordially. 'I'm incredibly grateful for the services provided by Fabio Trabocchi and his team over the last seven years,' he said. As for the loyal Fiola guests, he hopes they'll give Daniel's a try. 'We want people to feel they're coming back home after a summer vacation, and they had a refreshing of their home done by designers,' he said. 'They'll get a world class steakhouse — and a lot of old favorites.'
Miami Herald
13-05-2025
- Sport
- Miami Herald
Canes land one of nation's top prep prospects. What to know about Jackson Cantwell
Five-star offensive tackle Jackson Cantwell, considered one of the top prospects in the 2026 recruiting class, said Tuesday that he will attend the University of Miami, giving the Canes one of their biggest recruiting wins of the Mario Cristobal era. Cantwell -- who announced his commitment at a news conference at Nixa (Missouri) High -- visited Georgia over the weekend after previous visits to UM, Oregon and Ohio State. Those four schools were considered the finalists and had their hats on the table when Cantwell made his decision in the Nixa High gymnasium on Tuesday. Ducks coaches reportedly came to his high school to meet with him again on Monday. But UM won out after a persistent push in which they emphasized how Cristobal and offensive line coach Alex Mirabal have developed offensive linemen into polished prospects and NFL players. That includes three-time Pro Bowl tackle Penei Sewell of the Detroit Lions. 'Relationships won in the end,' Cantwell said. UM's NIL offer also clearly helped. Pete Nakos said last week that UM offered Cantwell an NIL deal that would pay him $2 million as a freshman. His NIL deal was negotiated by South Florida-based Rosenhaus Sports. 'It's a blessing to get paid the game I love,' Cantwell said. 'I'm excited I get to earn money in college and the NFL.' Cantwell can sign with UM no earlier than mid-December and Cantwell said he will sign during that 'earlier' window. The current commitment is non-binding. 'I know coach Mirabal and coach Cristobal have spent so much time recruiting me over the past year,' he said. 'They've texted me every day. Talked so much about offensive line development. Their history with guys like Penei Sewell, Francis Mauogia, it's a place I can develop and be something great. I like Coral Gables, love the university a lot. 'You know you are going to be developed by the best out there. You look at the track records there. Coach Cristobal has turned every program he has been at into a winner. They will only keep getting better.' He said he decided in the past two days, on a flight home from Atlanta after his Georgia Bulldogs visit. He plans to enroll at UM in December. Cantwell, who is 6-7 and 325 pounds, is rated the nation's No. 2 overall Class of 2026 prospect by and the No. 3 prospect by ESPN and 247 Sports. He began his high school career at tight end before moving to offensive tackle. 247 Sports scouting analyst Gabe Brooks assessed him this way: 'Tall, big-framed offensive tackle prospect with a stellar athletic profile and pedigree who's an advanced mover at this stage of development. Quick off the ball and flashes hand violence and POA power. Bounce in his step and plays with active feet. Capable bender who gets hips involved. Further ahead as a run blocker than in pass protection, but displays encouraging footwork in the latter with immense potential in that category. 'More catcher than puncher in pass pro, but strength is there and power capacity is possibly limitless. Missouri state champion in shot put and discus, Nike Outdoor Nationals competitor. Rare multi-sport profile and genetic background (son of two former Olympics throws athletes). Can get more consistent use of length/extension. May ultimately possess a higher ceiling on the right side. Projects as a high-major multi-year starter with outstanding physical tools and athletic/genetic profile that suggests long-term early-round NFL Draft potential.' Besides Oregon and Georgia and Ohio State, Cantwell previously considered Michigan and Missouri. analyst Charles Power said Cantwell 'moves well laterally and plays with a good anchor. Has deep athletic bloodlines with both parents being Olympic track and field athletes as throwers' Cantwell is a multi-sport athlete who also excelled in track. In football, he was Missouri Gatorade Player of the Year in 2024 and a finalist for the Gatorade National Player of the Year. He had 158 pancake blocks last season, per In track, he was named Gatorade Missouri Boys Track & Field Player of the Year. He was a two-time Missouri Class 5A state champion in the shot put. He owns a personal-best 74-9.75 effort in the shot put – which is the national high school record for a sophomore – and a 205-4 in the discus. Cantwell said he's unsure if he will participate in track at UM. 'Not only has he dominated on the field, he has represented our school, community and family very well,' said his high school coach John Perry. 'He turned out to be something special. He has worked as hard as anyone in this school district.' Former UM elite offensive linemen Bryant McKinnie and Vernon Carey were among those who lobbied Cantwell to join UM, on social media, in recent days. This marks the third time during Cristobal's three-plus year UM tenure that he has landed recruits ranked among the top three offensive linemen in the country. He previously snagged Francis Mauigoa and Samson Okunlola, who were both top-three offensive line recruits in 2023. Mauigoa has started for UM at right tackle for two years; Okunlola is competing for playing time. The Canes entered Tuesday with the No. 11 ranked recruiting class for 2026, according to 247 Sports' composite rankings, and Cantwell's commitment is expected to jump UM into the top 10. UM has seven four-star commitments and two three-star commitments. UM's nine non-binding commitments so far are Miami Northwestern linebacker Jordan Campbell, Seffner Armwood cornerback Jaelan Waters, Jonesboro, Ga.-based cornerback Jontavius Wyman, Charlotte, N.C.-based cornerback Camdin Portis, Lakeland Jones High quarterback Dereon Coleman, West Boca High running back Javian Mallory, Ohio-based offensive tackle Ben Congdon, Fort Myers High interior lineman Joel Ervin and Jacksonville-based interior lineman J.J. Sparks.
Time Out
13-05-2025
- Time Out
JetBlue is offering $49 fares leaving from these South Florida airports
It might not officially be summer yet, but we've already got vacation on the brain—and, thankfully, the folks over at JetBlue Airways are on the same wavelength because the airline is hosting its big "Book it Before it's Hot" Sale this week, including deals on summer travel leaving out of South Florida-based airports. Kicking off today, May 13 and running through Thursday, May 15 (just make sure to book by 11:59pm Eastern Time to take advantage of the flight deals), JetBlue is offering a whole slew of one-way domestic flights for under $100, departing out of area airports like Miami International Airport (MIA) and Fort Lauderdale-Hollywood International Airport (FLL). Miami-based jetsetters can fly one-way to New York's John F. Kennedy International Airport for only $49 as part of the airline sale, or to Boston's Logan International Airport for $84 one way. Among the deals from Fort Lauderdale (FLL), you can go to Charleston, South Carolina or Richmond, Virginia for only $49; an extra tenner will jet you up to Philadelphia, PA. For $69, you can check out the nation's capital, Washington, D.C., or, for only five bucks more, you can take in some New England quaintness in Providence, Rhode Island. You can get to energetic cities like New York and Las Vegas for just under a Benjamin, but if you're looking for something more relaxing and slightly more exotic, you can zoom down to Nassau, The Bahamas for $79 or Puerto Rican hot spots like San José and Aguadilla for less than 99 bucks. Other Florida-based departure airports included in the sale are Fort Myers (RSW), Jacksonville (JAX), Orlando (MCO), Sarasota/Bradenton (SRQ), Tampa (TPA) and West Palm Beach (PBI). The travel window spans Tuesday, May 27 through Saturday, October 4, with blackout dates set for over the Independence Day holiday (July 3 through 7); the deal also excludes Monday, Friday and Sunday travel. (You can check out all of the here.)
