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Weekly Roundup: Art Basel is over and Why Aren't Housing Prices Falling?

Weekly Roundup: Art Basel is over and Why Aren't Housing Prices Falling?

December 09, 2022

Happy Friday!

The #1 question I've been asked this week is about where home values are going with everything going on in the market and interest rates. Miami home prices have continued climbing even as mortgage interest rates have hit 20-year highs.

Google searches for “housing collapse” haven’t been this popular since the Great Recession when housing prices actually collapsed.

Yes, price increases are slowing, but they have shown to be resilient so far to the higher borrowing costs faced by buyers. The number of existing homes sold in September fell by 24% compared to a year earlier, while the median price increased by more than 8%. Read what the experts are forecasting below.

In case you missed it

Join us for a holiday themed drone display that will illuminate the Miami Beach sky. ✨
Saturday, December 10
Lummus Park and 12 - 13 Street
The show starts promptly at 7 p.m. and will last for approximately 10 minutes.
— City of Miami Beach (@MiamiBeachNews)
2:02 PM • Dec 8, 2022

After Art Basel, Miami artists face housing crisis and little power — prismreports.org

The elitism of Art Week starkly juxtaposed the material reality of many local artists who struggle to afford rent, studio space, and food

Fortune Telling Fraud Scheme Leads to Prison for Orchestrators | USAO-SDFL | Department of Justice

MIAMI – A family curse, fortune telling, and swindling a victim out of more than $3 million lands orchestrators in prison.

An Artist Used Pokémon Go Technology to Sell ‘Crypto Cocaine’ NFTs in Art Basel Bathrooms — www.vice.com

Colombian artist Camilo Restrepo placed digital images of cocaine in little baggies around the world famous art festival.

How's the Real Estate market?

2023 Housing Market Forecast and Predictions: Homebuying Costs Aren’t Coming Down — www.realtor.com

Realtor.com's forecast and housing market predictions on key trends that will shape the year ahead. Home prices, market trends and more as we look toward 2023.

End of a Related era: Steve Ross confirms split with Jorge Pérez as firms expand in South Florida

Steve Ross and Kieran Bowers spoke with developer Camilo Miguel Jr. about South Florida, future plans and Ross’ split with Related Group at a ULI event in Miami.