South Florida’s home market keeps on sizzling.
Sales volume is as hot as the boom time of 2005, although the median prices are still far lower. More single-family homes were sold in July in Miami-Dade County than at any time since the peak of the boom. Prices, while improving, are still lagging 35 percent behind.
What’s driving the market? Supply — there isn’t much — and demand — a lot of buyers are racing against rising mortgage interest rates.
The median price of a single-family home in Miami-Dade soared 25.7 percent in July to $230,000 from $183,000 a year earlier, the Miami Association of Realtors said. Single-family home sales in Miami-Dade jumped 27.3 percent in July to 1,227 closings from 964 a year earlier. That marked the highest sales volume since 2005, when the median price was $351,200.
JULY’S SIZZLING HOME SALES
Year-over-year percentage change
|Median price||Sales volume||Inventory listed for sale|
|Miami-Dade single-family home||+25.7%||+27.3%||+0.6%|
|Broward single-family home||+27.9%||+12.9%||(-10.3%)|
Source: Miami Association of Realtors and Greater Fort Lauderdale Association of Realtors
Apply an ammonia and water compress quickly
At certain times of the year, you’ll see Miami lifeguards warning swimmers that Portuguese man-of-war jellyfish are in the ocean. The jellyfish float above the water and the tentacles cause a painful burn if touched. Lifeguards will try to warn swimmers by flying a yellow flag with a black jellyfish in front of the lifeguard stands, but it’s up to you to stay alert when you’re in the water.
I’ve talked with lifeguards who don’t know the remedy for treating jellyfish burns, so if you happen to get stung, here is some advice on what to do:
- Pick off any tentacles with a gloved hand or stick
- Rinse the sting with salt or fresh water
- VERY IMPORTANT: Apply ammonia and water compress liberally onto the sting
- Vinegar is NOT recommended for Portuguese man-of-war stings.
- Apply ammonia compress for 30 minutes or until pain is relieved.
If the victim has a large area involved (entire arm, leg, face, genitals), is very young, very old, or shows any signs of generalized illness or loss of breath, seek help from a doctor.
While the County and other communities speak of raising taxes and drastically cutting services, property owners in Miami Beach will see a lower tax rate for the coming fiscal year. The City of Miami Beach Commission set the millage rate for our general operating fund at our meeting this month. This is the "Multiplier" used to calculate the tax on your property applied to the number the property appraiser determines your property is worth (minus any homestead exemptions or caps imposed by the "Save our Homes" initiative.) While the Administration asked to keep the millage flat or the same as last year at 6.0909, the Commission voted to reduce it by .2 mills or 5.8909. This represents 4 million dollars in savings to our residents and property owners!
Since fiscal year 06/07, the millage rate has decreased dramatically for our general fun obligations. This reduction from 7.1920 in FY 06/07 to the proposed rate for this year represents almost 20% reduction.
While the millage will be going down, property values are up almost 7% from last year, to a total taxable value of the City hovering just below $25 billion dollars.
That, combined with a strong tourism economy, and potential savings from recently negotiated union contracts allow us to keep your taxes as low as possible without making City less safe, or less clean.
That being said, over the next several weeks, Staff will need to close a budget gap of close to $9 million dollars. I have the highest confidence that this can be done without affecting the services, or raising the fees of our Parks programs, or services to our seniors and other fragile populations in our community. I believe a little bit of belt tightening is good, especially when the end result with benefit our residents.
Mayor Matti Herrera Bower cares about improving the quality of life for everyone in the City of Miami Beach. With your help, Matti Herrera Bower will continue to work to make our city a great place to live, work and visit. A vote for Matti Herrera Bower for Commissioner Group III is a vote for the City of Miami Beach's future!
On Tuesday, November 5th, Please vote to elect
Matti Herrera Bower for Commissioner, Group III.
By Eric Glazer, Esq.
Published August 5, 2013
As our blog readers know, we worked real hard this year getting legislation passed that prevents owners from getting gouged when getting copies of the association's financial records. Here's what the new statutes says:
For Condominiums the statute reads:
An association shall allow a member or his or her authorized representative to use a portable device, including a smartphone, tablet, portable scanner, or any other technology capable of scanning or taking photographs, to make an electronic copy of the official records in lieu of the association's providing the member or his or her authorized representative with a copy of such records. The association may not charge a member or his or her authorized representative for the use of a portable device.