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Miami's Wealth Boost, Cultural Scene & Space Industry Growth
Check out how Miami's wealth, culture, industry, and real estate is booming this week...
Joe Biscaha
October 18, 2024
Happy Friday Miami!
In this weeks update:
🖼️ ICA Miami Expands: The Institute of Contemporary Art, Miami (ICA Miami), has acquired the former de la Cruz Collection building for $25 million, doubling its exhibition space by adding 30,000 square feet.
🚍 Uber Shuttle Launches in Miami: Starting this weekend, Uber Shuttle is debuting in Miami, providing affordable rides for concert-goers, especially Taylor Swift fans attending The Eras Tour.
🌡️ Miami Launches Cooling Centers: Miami-Dade County is rolling out a pilot program of cooling centers to help residents beat the heat, with five locations open from 12 p.m. to 6 p.m. daily.
In case you missed it
Real Estate Update
Driving the news: Miami’s housing market is still on fire! Single-family home sales are up 1.7%, and luxury condo sales have jumped by a whopping 122% in August 2024. Despite some economic bumps, the demand for Miami real estate—especially high-end properties—is showing no signs of slowing down.
Details:
The median price for single-family homes hit $640,000, a 3.2% increase from last year.
Luxury condos priced at $1 million and up are seeing huge demand, particularly from out-of-state buyers.
Housing inventory is tight, with listings 42% below average, making this a tough market for buyers who aren’t ready to compete.
Why it matters: Miami’s real estate boom is great news for the local economy, bringing more jobs and boosting businesses in the area. The city’s popularity isn’t just a win for sellers, but for local industries—from construction to hospitality—that thrive as new people move in.
The big picture: Inventory is low, with just 14,277 homes on the market, but Florida’s new Live Local Act could change that. This law encourages developers to build more affordable housing, which is sorely needed. The good news? Interest rates are expected to drop even further, which could bring more buyers into the market next year.
What’s next: If mortgage rates fall to 5% by 2025 (as predicted), we’re likely to see even more buyers jump into the Miami market. Developers are also shifting focus to more affordable housing options, so there may be more properties available in the near future.
The bottom line: Miami is hot right now, and not just for the weather! If you’re looking to invest, the market is competitive, but the potential for long-term gains is strong—especially in up-and-coming neighborhoods.
More Real Estate Insights
What to do this weekend
🎤 Taylor Swift’s Eras Tour (Oct 18-20) – Swifties unite! Don’t miss Taylor at Hard Rock Stadium.
🎶 III Points Music Festival (Oct 18-19) – Catch Kaytranada, PinkPantheress & more at Mana Wynwood.
🎃 InterContinental Fall Festival (Oct 18-20) – Family fun with pumpkins & fall vibes in Downtown Miami.
🔥 Rick Ross Live at E11EVEN (Oct 19) – Miami’s own Rick Ross performs at the city’s hottest club.
🩰 Miami City Ballet’s “We Call It Ballet” (Oct 19) – A glow-in-the-dark ballet experience at Adrienne Arsht Center.
Real Estate Quick Links
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Have a great weekend!!
-Joe