Are We Due For Another Real Estate Recession?

Florida real estate

Not anytime soon, as most of the top econmists think. The probability of a recession is pretty low right now, however the global fear generated by epidemics like the spread of the coronavirus and the upcoming presidential election can create some turbulence in the real estate market. We may see the economy to slow a little but not for long. The Florida real estate market is still benefiting from pupulation and job growth as well as South American presense in the region.

Historically, the Miami market is growing faster than the overall U.S. real estate market. The recent commercial and residential development boom that has transformed Miami neighborhoods such as Edgewater, Midtown Miami and Wynwood. There is also an influx of financial services companies relocating from the state-tax states thus creating a more sophisticated and resilient local economy.

Additionally, during the last five years a lot of new offices were built, which pushed rates up and the vacancy rate down. Now we are in one of those cycles with a large amount of office space and the demand to fill it.

Broward county reported more home sales in 2019 than Miami-Dade and Palm Beach counties, according to recently released reports.

In 2019, 61,524 homes and condos sold in the tri-county region of South Florida. Broward saw 32,609 residential closings last year, according to the Miami Association of Realtors. While total sales outpaced Miami-Dade and Palm Beach counties, that figure marks a slight (0.6 percent) decline year-over-year in Broward.

The reports from the Miami Association of Realtors give a snapshot of how home and condo sales performed last year, including neighborhoods with the least supply.

Miami-Dade:

In Miami-Dade, residential sales totaled 27,436, a 2.4 percent annual increase from 2018. The year 2013 recorded the highest number of closings, which was 30,032, according to the report.

Last year, there were 13,322 single-family home sales in Miami-Dade, a 3 percent annual increase. Another 14,114 condos sold, up 1.8 percent, year-over-year. Total sales volume came out to $12.9 billion in 2019.

The more affordable price range of $300,000 to $600,000 was the strongest segment of the single-family home market. Homes sales in
that range increased 14.7 percent to 7,231.

The median sales price in 2019 for houses was $365,000, a 4.3 percent increase from 2019. The median price for condos was $245,000, also up 4.3 percent.

The “hottest” neighborhoods with the fewest months of supply and significant closed sales activity were:

Single-family homes:

Palmetto Estates, 2.1 months of supply
Westwood Lakes, 2.3 months of supply
Hialeah Gardens, 2.5 months of supply
Kendall West, 2.5 months of supply
Cutler Bay, 3 months of supply

Condos:

The Crossings, 2.1 months of supply
Kendale Lakes, 2.3 months of supply
Tamiami, 2.4 months of supply
Cutler Bay, 2.6 months of supply
Country Club, 2.6 months of supply

Broward:

In Broward, there were 15,979 single-family home sales in 2019, up 2.2 percent from 2018.

Condo sales totaled 16,630, down 3.1 percent annually. The total sales volume came out to $11.1 billion.

Mid-market home sales outperformed the rest of the market, similar to Miami-Dade. Homes priced between $400,000 to $600,000 increased by 15.5 percent, year-over-year.

The median sale price for single-family homes rose 3.3 percent to $365,000, and it rose 3.6 percent for condos, up to $171,000.

The top neighborhoods, ranked by the Miami Realtors by supply and home sales, were the following:

Single-family homes:

Cooper City, 1.8 months of supply
Coral Springs, 2.1 months of supply
North Lauderdale, 2.1 months of supply
Pembroke Pines, 2.3 months of supply
West Park, 2.3 months of supply

Condos:

Cooper City, 1.7 months supply
Parkland, 2.4 months of supply
Tamarac, 2.6 months of supply
Oakland Park, 2.6 months of supply
Davie, 2.6 months of supply

Palm Beach:

Residential closings fell by 1.5 percent to 30,819 in Palm Beach County, due to a drop in condo sales. Single-family home sales were flat compared to 2018, with 17,421 closings in 2019. Condo sales declined by 3.4 percent to 13,398. Total sales volume in Palm Beach County came out to $13.5 billion, a figure boosted by two record sales of $105 million for single-family homes.

Median prices rose for both condos and houses: increasing 2.9 percent to $354,900 for single-family homes, and up 2.2 percent to $182,000 for condos.

The top neighborhoods were:

Single-family homes:

Lake Clarke Shores, 1.7 months of supply
Palm Springs, 2.4 months of supply
Greenacres, 2.6 months of supply
Royal Palm Beach, 2.8 months of supply
Jupiter, 3 months of supply

Condos:

Greenacres, 2.5 months of supply
Royal Palm Beach, 2.6 months of supply
Tequesta, 3.2 months of supply
Jupiter, 3.4 months of supply
Palm Springs, 3.7 months of supply

Florida – No-State-Tax State vs. California

Florida real estate

More and more people today are moving from high-tax states like New York and California to states with lower, or no state taxes, like Florida. The most recent data from the IRS also points to the Sunshine State, one of the most popular places for people looking to lower the tax payments, basically from states like New Jersey, New York, Connecticut and of course California, one of the most expensive states to live in. Let’s face it, in 2018 Florida stated collected a whopping $16 billion dollars as the gross income, vs. the second best Arizona with only $3.5 billion. Texas, which is also a no-state-tax came in third with the generated
$3.4 billion. However, after Florida, Arizona and South Carolina are the two most desired destinations for movers during 2018 and 2019. The three states above are most favorable because of the warmer climat and retirement opportunities.

In fact, the high-tax states such as California and New York have been loosing a significant amount of adjusted gross income – about $10 billion dollars annually as wealthy individuals and businesses have been moving out. Even our president Donald Trump had announced that he had decided to change his domicile from New York to Palm Beach, Fla. Billionaire investor Carl Icahn is also headed to Miami, and billionaire hedge fund manager Leon Cooperman fled to Boca Raton.

The Tax Cuts and Jobs Act capped state and local tax deductions at $10,000, which is well below the average amounts claimed in places like New York and California. Florida has long lured relocating residents with its lack of a statewide income tax, and inheritance tax. Meanwhile, New York’s top income tax rate is more than 8 percent.

An individual or couple earning $650,000 in ordinary income could save $69,719 per year by moving from New York to Florida.

Let’s look at three recent newspaper headlines, all seemingly unrelated. But are they really? I think not.

“FLORIDA PULLS IN BILLIONS AMID HIGH-TAX STATE EXODUS”

“I think that California can serve as a great example … something the rest of the country looks up to.” — Former New York City Mayor Michael Bloomberg.

“Today’s groundbreaking is just another indication that Florida remains the best state in the nation to start or grow a business.” Governor Ron DeSantis, hailing Spirit Airlines’ decision to locate a new headquarters in Fort Lauderdale, beating out Dallas, Texas.

“Florida greeted the largest number of U-Haul® moving trucks entering its borders versus exiting them, establishing a new No. 1 growth state for the first time in four years….” California ranked 49th. — U-Haul annual growth survey.

Bloomberg’s notion that the now-tarnished “Golden State” can be a model for anyone would be laughable if it weren’t for the tragedies driving out desperate citizens all over that state.

BILLIONAIRES BOLT TO FLORIDA AMID HIGH-TAX STATE EXODUS

That desperation is demonstrated not only by California’s near-last place finish in the U-Haul survey, but also its rental rates: one-way U-Haul trucks from leading California destinations to Texas cities cost four times those heading the other way.

Who can blame Californians – and where to start with all the reasons they’re voting with their feet in deserting one of the most scenically beautiful, and once most prosperous, jurisdictions in the greatest nation on earth?

How about the highest sales tax rates in the nation which exceed 10 percent in parts of the state. Then there’s the second-highest gas tax at nearly 50 cents/gallon and overall gas prices that are the highest in the nation.

How about the highest state income tax topping at 13.3 percent or the average family state income tax at approximately 10 percent.

— Californians who dare to drive, own property or earn a living are saddled with this huge collective burden.

Then there are basic services (like street-cleaning) which are fast becoming a secondary priority behind liberal social experiments that run counter to the American ethos of working hard and getting ahead and mandating protections to illegal aliens through sanctuary city declarations to the detriment of legal immigrants and American citizens. How about under-performing schools with barely half of the students achieving reading standards and far less in math, and achievement scores far below the national average.

CALIFORNIA GIG ECONOMY LAW COULD PUSH FREELANCERS TO FLEE THE STATE

Not to mention regulatory schemes putting livable housing out of reach. The treatment of mental health and other core issues that cause homelessness have been replaced with lax attitudes toward the resulting homeless that spawn shantytowns everywhere from business districts to residential neighborhoods, with piles of trash, needles and even human feces overwhelming cleaning crews.

All of this has resulted in shockingly unsanitary conditions like the waste being tracked on San Francisco’s “poop map” and public health crises like typhus not encountered in generations.

Then there are the wildfires caused by layers of mismanagement resulting in potentially years of blackouts that have literally plunged Californians back into the Dark Ages. How about crumbling infrastructure on top of all this while billions are diverted to a now-abandoned bullet train to nowhere, and poor and politicized water planning is denying much-needed water to farmers and ranchers in the nation’s breadbasket.

Democratic-dominated state and city governments obsessed with “progressive” notions including, courtesy of the Heritage Foundation’s Daily Signal, a recent litany of the City by the Bay’s looniness: “bann(ing) fast-food restaurants from including toys with most children’s meals; prohibit(ing) city-funded travel by local employees to 22 pro-life states; rais(ing) the minimum wage from $9.79 to $15.59 an hour; and, after banning plastic bags in 2007, first set(ting) a 10-cent fee for each nonreusable bag at stores, and then a 25-cent fee per bag.”

And of course, the far-left windmill-tilting on climate change, gun control and criminal justice reform (read: not arresting lawless thugs) that prompted Bloomberg’s remarks.

Contrast Florida, where two decades of conservative Republican leadership in the governor’s mansion and unbroken GOP control of the legislature are attracting new citizens and businesses. There is no state income tax, there are low effective corporate income taxes and there is a favorable regulatory environment. As a result, Florida’s unemployment rate is currently near historic lows.

Stir a high quality of life into the mix, too. Steadily rising student test scores and graduation rates and a narrowing of the achievement gaps between lower- and high-income students also make Florida a great state for families, thanks in large part to expanding school choice efforts that increase freedom and create competition even as overall education spending is expanded and reinforced. Plus, Florida boasts a state university system ranked first in the nation.

Add to that gubernatorial leadership that is laser-focused on the needs and priorities of citizens, including higher teacher pay, increased school safety, improved immigration enforcement, and environmental protection, including taking on the blue and green algae crises.

In short, the state being held up by elitist Michael Bloomberg as an “example” is burning, parched, disorder-ridden, over-taxed, overregulated, underperforming, stinking and shrinking. While the one being effectively governed by Ron DeSantis and a legislature fully in touch with its constituents is growing and flourishing.

No wonder Bloomberg, the billionaire businessman, is at just 14 percent in the latest Democratic presidential poll – while Governor Ron DeSantis is soaring with an incredibly-high approval rating at 65 percent (in a state with a sizable Democratic population understand that this is a huge number).

The three articles quoted at the beginning of this op-ed all reflect the same reality. The sun shines in both states but it shines its light on two very different realities. It shines much more brightly in Florida thanks to conservative policy and good governance.

Ed Pozzuoli is CEO of Tripp Scott and former chairman of Jeb Bush for governor. This article came from FoxBusiness –Stinking, shrinking California vs. fantastic, flourishing Florida — A tale of two states

Things to Do in Miami

Things to do in Miami

Miami had always been a warm place to travel to for the snowbirds. Let’s face it, it offers sunshine 360 days a year, so many people flock to this area. Over the years, it grew to be a huge tourist destination. It is also a place where many like to settle down and enjoy the nice weather and amenities throughout the entire year. If this sounds like something you would like to do, then knowing what is offered is always a good thing.

The ocean is always warm, so you’ll have something to do in the morning – whether you like to jog in the sand, play volleyball, or just lay in the sun and do nothing, going to the beach is always fun and exciting. There are plenty of happening beaches in Miami so we suggest you check them all out.

Top Miami Beaches

Top Miami Beaches
The beaches in Miami are why so many choose to come here. If you’re moving to a beach area, if you just want sand, sunshine and surf or if you’re retiring, Miami beaches bring in a lot of people. The area is beautiful, the beaches are clean, and you can just hang out and actually enjoy life. South Beach is at the top of the chart, offering plenty of excitement and beach games – volleyball, footvolley, soccer, football, freezby, etc or relax by some of the happening places like Nikki Beach Miami for some music, drinks, party and fun. You can always find a bite to eat across the street on Ocean Drive, which offers plenty of restaurants, dancing and entertainment.

Surfside beach is also quite popular destination with lots of activities such as parasailing, sailing, seadoo cycles for rent, boating and more. Sunny Isles Beach offers one of the most visited places – The Sunny Isles Beach Pier. You can get great lunch right on the pier or walk across the street. By the way, there are stories about fisherman catching some big fish – tuna, snappers, snooks, groupers, mackerel and more. Make sure to check out some of the most popular beaches in Miami.

Top Miami Parks

Miami Parks
Miami also offers plenty of parks with incredible settings from lush tropical gardens to native Floridian trees and shrubs. Miami’s parks are very safe, clean and offer tons of activities.

Hobie Island Beach Park
This beach and park area is pet-friendly, giving dogs the ability to splash in the shallow waters, which puts it at the top of so many people’s list. You can enjoy watersports with the gear rentals that are right on the beach. The water is shallow than most other beaches, also giving children an easier time while in the water.

Crandon Park
The protected beach of this park is beautiful because there is no trash. It has an amusement center and tennis court to spend time and get a little exercise. Eco-tours are provided to those that want to learn more about the area and water and concessions are always served.

Lummus Park
This is a very sandy park that many love to visit with young children because the water is beautiful, the views are wonderful and there are small playgrounds for the children to use when they are not in the water. Fitness equipment is also available for adults to use.

Haulover Park
This park is a bit of everything. It is a family-friendly beach that also welcomes dogs. You can picnic right on the sand or in the shade at a picnic table. Clothing is optional at this beach though, so take care when arriving.

Matheson Hammock Park
This is a beautiful beach to spend some down time at. Smaller than the others, it is not overcrowded and it doesn’t offer much more than a place to relax in the sun, enjoy your time and take a dip in the water.

Top Miami restaurants

The Best Restaurants in Miami
Finding a place to eat doesn’t have to be difficult. These top restaurants have made the list of places to eat. You want to eat in the best Miami restaurants and plenty of people have voted and found that these fun restaurants in Miami have made the cut.

Makoto
As a top raved about restaurant on the list of the best Miami restaurants, Makota makes the top do the list because it looks and feels like luxury the second you walk into the place. Makoto Okuwa is the head chef in this restaurant and the owner. With the real-deal in everything Japanese, you can expect the sushi to be exquisite and the bincho charcoal robata to have the biggest line of them all.

Pinch Kitchen
Fashioned after a neighborhood diner-type of spot, this is a homey place with many favorites. With twists on many classics found right here in America, you can find plenty of food you’re familiar with that they actually made better. The beer list is expansive and the prices are fair. Definitely a fun restaurant in Miami.

27 Restaurant
Literally located inside a house, this is a restaurant that offers various dishes that come from the Middle East, South America and Caribbean. You can find a laid-back atmosphere here and inventive drinks that you will love to sip. They are an exciting place to try for the first time, but they warn you that you will become regulars after that.

Zak the Baker
While not a full-on restaurant, he is the one that supplies almost every restaurant in the area with his award-winning bread. You can enjoy a lot of different options. With both a grab-and-go bakery and a full on store, you can find breads, pastries, soups and sandwiches that he expertly crafted right here.

KYU
A mix between a BBQ and Asian food, you will find many unique dishes that are sure to get your attention. The modern feel of the restaurant is a bit different from the others. Brisket lettuce wraps, duck and sushi choices are all top of the list for so many looking for something delicious to eat. Thought of as one of the best Miami restaurants.

Famous Travel Destinations
These destinations are those that many are thinking about visiting and making a trip too. Many rave about them after they visit. If you’re searching for a place to travel and want somewhere that so many recommended, these are those famous and high traffic areas to find tourists and others.

Miami Beach
Not just sung in songs, Miami Beach is a popular tourist destination. Mostly everyone that comes to this area can be found right on this beach spending time. With plenty of nightlife, resorts and beaches, it is probably one of the most fun, but also densely populated during tourist season.

Art Deco Historic District
Any type of museum is going to have the tourists all over it. Many people that are over the beach or want to do something a bit differently can find themselves looking at all that this museum has to offer. Uniquely designed buildings, plenty of artwork and more line the streets for visitors to enjoy.

Vizcaya Museum and Gardens
Beautiful to look at and touching a piece of history one walk at a time, this museum is situated on 28-acres of land and used to be the winter home of James Deering. It was originally constructed in 1916 by authentic European designers. Adding to the grounds are decorative art pieces and beautiful landscaping.

Bayside Marketplace
As one of the largest marketplaces that you will find in the area, you can not only find well-known shops hidden in the streets but also vendors that are selling just about everything imaginable. This is a place that many of the locals are drawn too, which also brings in many of the tourists, as well.

Free Things to Do in Miami
There are plenty of free things to do in the city. When you want to save some cash and do something fun, then these are the exciting things you want to take advantage of.

Art Déco Tour
This is a nice architecture and art tour, but also a history lesson. Many of the buildings that are up and being shown in the district were built there between the early 1920’s and the early 1940’s. It was actually once riddled with crime and pollution. It didn’t clean up and look so posh until the 1990’s when it gained more popularity.

Everglades National Park
1.5 acres of park welcome one and all to come and take a look. You can explore the wildlife and enjoy the outdoors for free when you’re in the area because it is a protected piece of land and they allow anyone to be on it. Just don’t litter and refrain from bothering any of the animals that live there. You just have to ride in on a bus from Homestead, otherwise it is $25 per car.

Metromover Rides
This is probably one of the most exciting things to do because it is literally electric powered. It is a free mode of transport for the area and you can go to many popular destinations while in it like the Bayside Marketplace or Miami-Dade College.

Top Miami museums

LIST OF FREE MUSEUMS
All of these museums are around Miami and they all have free admission if you want somewhere to go to check out and have a good time, but don’t want to spend too much to do so. These are definitely a great answer.

Institute of Contemporary Art
Wolfsonian
Perez Art Museum
Bearcut Nature Preserve>
Biltmore Hotel
Live Jazz at the Museum of Contemporary Art in North Miami

Things to Do with Kids in Miami
If you’re traveling with kids, then you have to make sure that you give them something that is going to keep them occupied. Definitely easier said than done. When it comes to the many things to do in Miami, you want to find those things that are kid-friendly and actually hold their attention. Bringing them around to place after place that is dull or stuffy is not ideal. Here are some of the top places to visit when you’re in Miami having a good time with kids.

Sawgrass Recreational Park
You can take a tour through the Everglades while entering this park. You also have a chance to see a 1,000-pound alligator and take a look into three different exhibits which house iguanas and turtles. You can take a tour on the airboat and even take photos of kids holding the alligators from the area.

The Wynwood Walls
These are beautifully decorated and colorful pictures that stand out. Many of them change from time to time. It is important to come during the day, in the morning if possible to refrain from running into rowdy crowds that might not be ideal for children. They can take pictures with cameras and enjoy the beautiful pictures people have put together.

FunDimension
This 15,000 square foot building is packed with things to do and fun and games to be had. With laser tag, bumper cars, arcade games, bungee dome and more, you can find that there is plenty here to not only keep your kids occupied but to completely knock them out from being so tired once they leave. It is the ultimate playzone and in the winter months, they hold classes and events for the kids.

Jungle Island
This 18-acre zoo is filled with so many animals that you will find yourself spending all day visiting them. You can enjoy the normal animals, but also the exotic ones that are not as commonly seen and known. There is also a private beach with splash park and a playground that you can send the kids too.

Philip and Patricia Frost Museum of Science
This museum is all about hands-on experiments and fun that you can have. The kids can touch and do in this museum. It is one that allows little hands to actually explore and not just watch as things they pass come and go. It is a great place to bring the kids to learn and also explore. It offers a planetarium and aquarium.

Other Things to Do in Miami
There are plenty of other things to do in Miami that you can make the most of. When it comes to doing things that might not be a tourist destination, or might not be just for kids or free, then you need to check out these options instead.

Little Havana and Calle Ocho
Little Havana is a small Cuban district within Miami and it is one of the most loved place for many to visit. They have many cultural areas, such as restaurants and little shops. You can even see how they make their famous Cuban cigars. Calle Ocho is the main strip of the area for those visiting to walk through.

American Airlines Arena
Home to the Miami Heat team, and also hosting many big shows and concerts, this is a great place to book something to watch while you are in the area. With seating for 19,000 people, you can find that this is a massive place to find yourself. It is energy efficient and is an artfully designed piece in the heart of Miami.

Coral Castle
A collection of 28-years of carving using homemade tools, this man’s hobby turned into a beautiful masterpiece. Made by Edward Leedskalnin out of limestone between 1923 and 1951, it has since been a great piece that many visitors find themselves walking through. He did all of these carvings privately, so no one knows how he did any of his work.

There is always plenty to do and see when you visit any of these areas throughout the city. When someone wants to do something while in Miami, you’re not short on the amount of things that can be done. You can enjoy all of what each of them offers. Whether you are coming alone, with a partner or perhaps bringing the family, Miami welcomes you and makes sure that you have a full trip planned with all of the offerings. Take in the sights, sounds and excitement that follows. Miami is here and ready when you are, plan your trip today!