Miami-Dade’s construction industry is on track to add jobs for the first time since October 2007. The county, which lost 43 percent of its construction workers since June of that year, may have reached bottom. According to the county’s June jobs report, employers shed just 300 jobs, a less-than-1 percent drop which could signal an improvement ahead. In Broward, on the other hand, construction jobs fell 8 percent in June. [Miami Herald]
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Miami-Dade County continues to outpace Broward County in sales of condominiums, according to Realtor Association reports cited by the South Florida Business Journal, released today.
In Miami-Dade, sales of existing condominiums increased 54 percent to 1,316 in June 2011 compared to 855 during the same period of 2010. But sales decreased 7 percent compared to May 2011, according to the Miami Association of Realtors and the local Multiple Listing Service. Cash sales accounted for 73 percent of condo closings.
In comparison, Broward condo sales increased only 7 percent to 1,511 in June 2011 compared to 1,416 a year previous. Cash sales accounted for 80 percent of condominium closings. [more]
The Miami-Dade Public Housing Agency has issued a request for proposals to redevelop more than 100 existing public housing developments with new designs resembling market-rate units, the South Florida Business Journal reported.
The deals could be good news for the county’s beleaguered construction industry.
“As we enter a new age in public housing development, this RFP will position Miami-Dade County to better meet the needs of those in desperate need of affordable housing,” Mayor Carlos Giminez said. [more]
South Florida’s hotel occupancy climbed to 68.2 percent this May from 63.2 percent in May 2010, an indication that the industry is rebounding, according to Smith Travel Research’s Trend Reports reported by the South Florida Business Journal.
The average daily room rate jumped 7.3 percent, to $123.31 from $114.92.
Miami-Dade beat out the other three counties by experiencing the largest year-over-year occupancy gain — to 73.4 percent from 67.3 percent. Average daily rate also climbed 8.4 percent, year-over-year, to $144.52 from $133.35. [more]
The new mayor of Miami Dade County will be more important than ever when it comes to holding the line on construction and development outside the Urban Development Boundary, following state changes recently approved by Governor Rick Scott, the Miami Herald reported.
For more than 30 years, the boundary which keeps growth from moving west and south into fragile farm lands, has been a major pin in expanding large-scale development. Changes by the Republican-controlled Legislature signed by Scott have severely limited state control of planning decisions, such as moving the UBD. [more]
Drive-in restaurant Sonic has opened its first Miami-Dade location in Homestead, the South Florida Business Journal reported. Its soft opening is today at 2425 Northeast 8th Street, with its official grand opening slated for June 25.
The new location has 20 drive-on stalls, two patio-ordering stations and a shaded patio and sand beach area.
Sonic already has locations in Boynton Beach, Green Acres and Lake Park in Palm Beach County. [more]
The number of condominium sales in Miami-Dade went up 10.2 percent from January to February of 2010. The 9,164 total pending sales in the county marks a nine percent rise over the previous month. For the year, condo sales rose 87 percent. The increase was buoyed by a growing number of homes under $250,000. January was the 17th consecutive month to show year-over-year improvement in existing home sales. TRD
1 CommentThere was a 5 percent slide in visitor numbers during the most recent
winter vacation season, but Miami-Dade hotels had the strongest
regional performance, even with an average 14 percent drop in rates,
according to Smith Travel Research. An estimated 3.2 million visitors
stayed at least one night in the county during the first quarter, the
peak visiting season. [more]Miami-Dade’s far southern suburbs, hit hard by foreclosure, are now
home to low prices and low occupancy. Property costs in Homestead,
Florida City and neighboring incorporated areas are down 53 percent
over the past 12 months, worse than the 30 percent drop seen in central
Miami and the Brickell district. There’s more inventory, too. At the
end of March, there were 65 percent more houses on the market in the
southern fringes than in the city core, said real estate analyst Craig
Werley. [more]
