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This Week in Miami: Airport breaks a New Record, Ethics Concerns, and Weekend Fun!

Discover the latest in Miami: A record-breaking day at MIA, ethical queries in city management, and your weekend guide to fun and real estate insights!

Author

Joe Biscaha
January 05, 2024

Happy Friday Miami!

and I hope I am the last person to tell you Happy New Year!!

In this weeks update:

🌟 Record-Breaking Day at MIA: Miami International Airport hits a new high in passenger volume

🔍 Ethical Questions in City Hall: Dive into the controversy surrounding the Miami city manager's office remodeling.

🎉 Weekend Highlights in Miami: Don't miss the King Mango Strut and Coconut Grove Farmers’ Market – Your guide to enjoying the best of Miami this weekend!

In case you missed it

Wynwood Welcomes Puttery, a Lavish Mini-Golf Cocktail Venue

Backed by golf pro Rory McIlroy, it features three mini-golf courses and plenty of food and drinks

miami.eater.com

Waterfront Food and Drink Venue Pier 5 Coming to Bayside Marketplace

Pier 5 is bringing waterfront entertainment, food and beverages to Bayfront Marketplace.

www.miaminewtimes.com/

MIA Sets New Single-Day Passenger Volume Record

Miami International Airport (MIA) has proudly achieved a remarkable milestone in its history, setting a new record for passenger volume this past weekend. This surge is in anticipation of the peak holiday travel period, which spans from December 21 through January 6.

www.miamidade.gov/

Miami city manager's wife was hired for office remodeling, raising ethics concerns

State ethics law prohibits a public official from “directly or indirectly” buying services or goods from a company in which their spouse has a financial interest. Ethics experts say the purchases raise legal questions.

www.wlrn.org/wlrn-investigations/

Miami-Dade’s jobless rate at the lowest ever

Amounting to just 19,299 jobless persons. Total unemployment also hit a record of 1,392,700

www.miamitodaynews.com

Real Estate Update


In 2024, Southeast Florida's housing market is expected to experience a rebound in sales and steady price growth due to declining mortgage rates and strong economic fundamentals. Key trends include:

  1. Mortgage rates are projected to decrease, potentially reaching 5.25% by the end of 2024, influenced by slowing inflation and anticipated rate cuts by the Federal Open Market Committee.

  2. A 7% growth in existing home sales is forecasted, driven by lower mortgage rates. Single-family home sales are expected to grow faster (8%) compared to condominium sales (5%), continuing the trend of higher demand for single-family homes since the pandemic.

  3. Home prices are predicted to rise by 5%, following a 50% cumulative increase since 2019. This increase will be more pronounced in single-family homes (6%) than in condominiums (4%) due to tighter supply conditions.

  4. The housing supply will remain constrained, particularly for single-family homes, which are expected to stay in a seller's market with a 3 to 4 months’ supply.

  5. The market for homes below $400,000 will become more competitive, while demand for homes over $1 million will remain strong, driven by high-income and high net worth buyers.

Additionally, Southeast Florida's appealing tax environment and the ongoing recovery of tourism and travel will likely continue to attract out-of-state and international migration, further bolstering the housing market.

Southeast Florida 2024 Outlook: Sales Rebound and Sustained Price Appreciation - MIAMI REALTORS®

By Gay Cororaton, MIAMI REALTORS Chief Economist

www.miamirealtors.com/

What to do this weekend

Coconut Grove Farmers’ Market

Every week, Homestead's Glaser Organic Farms transform an unoccupied corner of Coconut Grove into a full-fledged produce market with dozens of fruit and vegetables. Saturday @ 10am

www.timeout.com/

The King Mango Strut

Sunday 2:00-6:00pm

www.kingmangostrut.org

Gables Gallery Night | Coral Gables

www.coralgables.com

I'd love to connect if you're looking to relocate, buy, or sell in the Miami Area!

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Have a great weekend!!

-Joe