Latest news with #TomásRegalado
Miami Herald
16 hours ago
- 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.
Yahoo
3 days ago
- Business
- Yahoo
Property values are cooling in Miami-Dade. New report hints at weakness to come
Miami-Dade's real estate market is cooling, with signs of a sharper slowdown to come, according to new numbers from the county property appraiser. The annual market summary released Friday shows a slower growth rate in properties' taxable values than this time a year ago — up 8.5% in 2025, compared to 10.7% growth in 2024. This is the first time Miami-Dade has recorded single-digit growth since the start of 2021, when the early months of the pandemic initially depressed real estate sales. 'The real estate market, after years of growth, appears to have stabilized,' said Property Appraiser Tomás Regalado. While he noted the pace of new construction was higher going into 2025, Regalado said: 'I don't believe that trend will continue.' While the headline number of an 8.5% increase in countywide taxable values suggests decent growth in home prices, some details of the report hint at a buyer's market to come. One countywide measure of changes in values that is calculated to more closely match market values showed growth of only 3.6% from 2024 to 2025. Last year it grew by 10%. Some of the notable figures in the report include: Developers and homebuilders created nearly $4 billion in new construction last year in the cities of Miami and Miami Beach alone, accounting for almost half of the new construction value in all of Miami-Dade. For existing properties, no municipality saw the kind of surge in values than did tiny Indian Creek Village, the elite 'Billionaire Bunker' island that's home to presidential daughter Ivanka Trump and Amazon founder Jeff Bezos. Without new construction included, Indian Creek Village saw taxable values spike 19%. At the other end of that scale is Virginia Gardens, with an increase of just 1.4%. The boomtown award goes to El Portal, population 1,900, which saw taxable values grow the most when combining existing and new construction. El Portal saw values climb 33%.
