Diversified, Resilient Miami Existing Condo Market Continues Posting Record Sales
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A review by the MIAMI Association of Realtors (MIAMI) of our condo market after the tragic collapse of the Champlain Tower South condo building in Surfside, includes comparison to the period immediately previous as well as previous years. The Miami condo market is large, diversified and boasts strong market fundamentals such as annual population gains, top destination for international homebuyers, huge domestic demand, and the nation’s strongest building code.
MIAMI Chairman of the Board Jennifer Wollmann
“Our thoughts and prayers continue to go out to those affected by the Surfside tragedy
MIAMI, July 23, 2021 /PRNewswire-PRWeb/ Miami-Dade County existing condominiums, one of the hottest markets in the U.S. fueled by pent-up demand from many U.S. companies and individuals moving to the region, continues to post robust record-breaking sales figures. A review by the MIAMI Association of Realtors (MIAMI) of our condo market after the tragic collapse of the Champlain Tower South condo building in Surfside, includes comparison to the period immediately previous as well as previous years. The Miami condo market is large, diversified and boasts strong market fundamentals such as annual population gains, top destination for international homebuyers, huge domestic demand, and the nation’s strongest building code.
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NBC 6 Investigators reviewed data and found nearly 197,000 homes in South Florida are in jeopardy when the sea level rises two feet
The city of Miami Beach spent $40.9 million elevating the island’s roads and putting in drains and pumps to prevent flooding in the lower areas
The director of FIU s Sea Level Solutions Center described what could happen in South Florida as a “triple whammy” - the sea will rise, a higher water table and stronger rains will cause more flooding
Sitting in the middle of Biscayne Bay, sea level rise threatens the small community of Palm Island.
A report from the Miami Beach Office of the Inspector General found the project, at times, didn’t have the proper permits, went over budget, and took longer than originally planned.
The city’s official response called portions of the report an attempt to “sensationalize” but noted there were “lessons learned.”
Some neighbors told NBC 6 elevating the roads now causes some yards to flood when they didn’t before. The city is working to fix the issue.
Melissa Berthier, a spokesperson for the city, wrote in a statement the project “will be completed within 7% of the anticipated construction cost in the next few months.” She went on to say, “The project functions as intended, and we have already avoided double digit flooding days as a result of the work performed. The schedule could have been better as a result of working through the details of a first mover project of this kind and challenges regarding changes of ownership and leadership of the contracted desig