🏆 Commercial: The top home sale recorded in South Florida was in Miami, where a warehouse at 1800 Northwest 70th Avenue near Miami International Airport changed hands for $19.2 million. The seller was an LLC tied to Jacavi Properties and the buyer was Miami-Dade County. The roughly 68,000-square-foot property last sold more than two decades ago, for $3.8 million. The latest sale breaks down to $282 per square foot.
🏆 Residential: In Palm Beach Gardens, a home at 686 Hermitage Circle sold for $8.2 million. Michael and Winnie Ferik sold the property to Thomas and Diane Moriarty. The home measures 8,800 square feet with six bedrooms and six and a half bathrooms. The home last sold in 2021 for $3.9 million. Jane Scott with Sotheby’s International Realty had the listing, and Kourtney Pulitzer, also with Sotheby’s, brought the buyer.
📊 Commercial: In Miami, the Quality Inn Miami Airport – Doral at 3959 Northwest 79th Avenue traded for $16 million. The seller of the three-story, 50,000-square-foot property was an LLC managed by Michel Ciniglio. The buyer was 3959 Holdings LLC. The building has 135 keys, pricing the sale at $119,000 per square foot.
By the Numbers: Renters keep moving as homeowners stay put across the Sun Belt
The gap between renters moving — and homeowners staying — is widening in many of the country’s Southern cities.
In Port St. Lucie, Florida, renter mobility rose 8.6 percentage points between 2019 and 2024 while homeowner mobility fell 1.3 points, according to a PropertyShark analysis of U.S. Census Bureau data from 2019 through 2024 in the 100 most populous cities in the country. Similar patterns emerged across dozens of large U.S. cities as high mortgage rates and elevated home prices left more homeowners reluctant to give up low-rate mortgages.
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