August 2017 - Mkotler

After a recent bout of heavy rains, some Mid-Miami Beach homeowners say city sea level mitigation plans could make things worse.

Two weeks ago, developer Matis Cohen was busy helping motorists push their stranded cars as waist-high water flushed through the streets of Miami Beach. Unlike many residents who were hunkered down at home or at work as more than six inches of rain flooded the city in two hours, Cohen was out in the streets, checking on tenants of his rental properties.

Cohen, who said he was lucky to have a Jeep, wants the city to speed up its plans to raise streets and install pumps. “We’ve spent somewhere around $80 million so far out of a $400 million plan, and clearly a system cannot be judged if it is only 15-percent implemented,” he added. Click Here to Read More on The Real Deal

Miami home prices rose at a slower rate in June, according to a newly released report by CoreLogic.

Home prices in the Miami-Miami Beach-Kendall metro area increased 4.4 percent year-over-year, marking the seventh-highest increase in the U.S. From May to June, home prices increased by 0.1 percent.

Prices rose 6.1 percent statewide and 6.7 percent nationally.

Four of the 10 biggest metros in the U.S. were overvalued in June, including Miami, according to CoreLogic. The research firm compared home prices to income levels. Markets where home prices were at least 10 percent higher than the long-term, sustainable level were considered overvalued.

Affordability is “rapidly deteriorating” in those markets and across the country, Frank Martell, president and CEO of CoreLogic, said in the report.

In Miami, prices have been increasing for more than 5.5 years.

According to a recent Miami Association of Realtors report, the median price of a single-family home in Miami-Dade increased 6.3 percent in June, year-over-year, to $335,000. Condo prices were up 6.8 percent to $235,000.

Denver, also an overvalued market, reported the biggest annual gains in home prices at 8.7 percent in June. Las Vegas, Los Angeles, Boston, San Francisco and Washington, D.C., followed. Click Here to Read More on The Real Deal

Miami Beach residents push back against plans to raise streets to combat sea level rise North Bay Road resident Ed Tobin says raising streets will bring flooding into homes

Miami home prices rise at a slower pace in June: report Miami home prices have been increasing for more than 5.5 years

Same location for
over 50 years.

Same location for over 50 years.

Same location for
over 50 years.