The week in real estate market reports

Miami /
Jul.July 16, 2015 01:30 PM

Cash sales on a steady decline, higher than national average: CoreLogic

Nationally, cash sales accounted for 33.7 percent of total home sales in April, marking the 28th consecutive month of declines. If the portion of cash sales continues to fall at the same rate, it could hit 25 percent by mid-2017.

Miami-Dade also saw a decrease over the same period last year. Cash sales represented 56.8 percent of all sales, a decline of 5.6 percentage points.

Foreclosure activity decreased by 22 percent year-over-year: RealtyTrac

Florida led the country with the highest foreclosure rate: 1.06 percent of all housing units, which comes out to one in every 95 filing for foreclosure. Despite that, the amount of foreclosures in Florida decreased by 22 percent, according to the report. Miami had the most sales, 2,276. Tampa followed with 1,443 and Fort Lauderdale with 1,356.

Office rents are up and vacancy rates are decreasing: Marcus & Millichap

In Miami-Dade and Broward counties, average office rents increased by 3.8 percent to $24.59 per square foot. Rents also increased last year by 3.2 percent.

Vacancy rates in the office sector were also down in both counties. In Miami-Dade, vacancy rates will fall to 13.6 percent this year, according to the report. In Broward, vacancy rates will fall to 15.4 percent, the second lowest level in all of South Florida.

Retail vacancy rate highest in Palm Beach County: Colliers International South Florida

The vacancy rate in Palm Beach is 7.2 percent, higher than in Miami. Average asking rent for retail space in Palm Beach County is $19.09, while Miami is at $29.11.

Hotel revenue per available room up double digits: STR

For the week ending July 11, the Miami/Hialeah market’s revenue per available room rose 11.9 percent to $114.82.


Related Articles

arrow_forward_ios
Ari Pearl, Jonathan Leifer and 9540 West Bay Harbor Drive. (Wyndam Hotels, PPG Development, L3C Capital Partners)

Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure

Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
Lexington Realty Trust's Wilson Eglin and 5600 Broken Sound Boulevard, Boca Raton (Google Maps)

HSBC to take over Boca Raton office building following foreclosure auction

HSBC to take over Boca Raton office building following foreclosure auction
Victor Ballestas and 6060 Indian Creek Drive, Miami Beach (Credit: Google Maps)

Embattled Sixty Sixty condo-hotel’s units in Miami Beach sell for $15M

Embattled Sixty Sixty condo-hotel’s units in Miami Beach sell for $15M
Lord Balfour Hotel

Mezz lender forecloses on Ocean Drive hotel in South Beach

Mezz lender forecloses on Ocean Drive hotel in South Beach
Josh Zegen of Madison Realty Capital and 777 North Ocean Drive, Hollywood (Google Maps)

Madison Realty closes on Costa Hollywood Beach condos for $43M

Madison Realty closes on Costa Hollywood Beach condos for $43M
3601 North Miami Avenue with Francisco Arocha

Midtown Miami development site in foreclosure hits the market

Midtown Miami development site in foreclosure hits the market
Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)

Florida allows eviction moratorium to expire

Florida allows eviction moratorium to expire
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)

Miami developer Metronomic files for bankruptcy

Miami developer Metronomic files for bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...