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Let's take a look at the South Florida residential market.
September, 2024 - November, 2024
Miami's real estate landscape is undergoing significant changes fueled by increasing condo fees and assessments, evolving sales trends, and heightened demand in the uber-luxury market.
Wealthy buyers are flocking to the region, pushing property prices to new highs for both condos and houses above $10 million, particularly in high-profile areas.
But South Florida faces an affordability problem, with many residents rent-burdened or cost-burdened.
Efforts to balance development with affordability are ongoing, but the strain is evident, with developments like Hollywood's mixed-income projects illustrating the need for more housing strategies.
Environmental and regulatory challenges, from hurricane preparedness to condo law changes, further add complexity to the region's real estate dynamics, highlighting the need for careful policy considerations and smart urban planning.
Wealthy buyers are flocking to the region, pushing property prices to new highs for both condos and houses above $10 million, particularly in high-profile areas.
But South Florida faces an affordability problem, with many residents rent-burdened or cost-burdened.
Efforts to balance development with affordability are ongoing, but the strain is evident, with developments like Hollywood's mixed-income projects illustrating the need for more housing strategies.
Environmental and regulatory challenges, from hurricane preparedness to condo law changes, further add complexity to the region's real estate dynamics, highlighting the need for careful policy considerations and smart urban planning.
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