Miami Homes Experience More than Five Years of Price Appreciation, Low Supply, High Demand Fueling Price Growth
Source: Miami Association of Realtors
MIAMI — Miami single-family home prices have risen for more than five consecutive years and existing condo prices have appreciated in 65 of the last 67 months, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
Miami-Dade County single-family home prices jumped 9.5 percent in December 2016, increasing from $278,500 to $305,000. Existing condos increased 1.3 percent, from $207,400 to $210,000. Miami single-family home prices have now risen for 61 consecutive months. Condo prices have increased in 65 of the last 67 months, a streak spanning more than five years.
“Low supply and high demand for Miami single-family homes have fueled five-plus years of residential price growth,” said Christopher Zoller, the 2017 MIAMI chairman of the board. “In addition to rising prices, Miami also saw more mid-market single-family home transactions and more traditional or non-distressed home sales in December.”
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Study: Golf courses boost home values
throughout South Florida
Source: Miami Agent Magazine
by: JAMES MCCLISTER
There are dozens of golf courses in Greater Miami, and regardless of what you think of them or their long-term economic viability, they are good for surrounding property values, a Florida Atlantic University study shows.
After reviewing more than 10,000 Broward, Miami-Dade and Palm Beach County real estate transactions that closed in 2015, FAU researchers found properties near golf courses, on average, received an 8- to 12-percent value bump.
Ken Johnson, a real estate economist and an associate dean of graduate programs and professor in FAU's College of Business, called the statistical evidence supporting the “pricing boost” for golf course-adjacent properties “strong,” and said that not only is the study good news for property holders and buyers, but also for golf course owners, potential investors, and local governments.
Coconut Grove Arts Festival
What began in 1963 as an intimate “clothes line” art show featuring a handful of artists and a few thousand onlookers as part of a promotion for the Coconut Grove Playhouse’s production of Irma la Douce has transformed itself into South Florida’s most successful arts festival. Today, the event attracts an estimated 120,000 people to the winding streets of Coconut Grove during President’s Day weekend.
Produced by the Coconut Grove Arts and Historical Association, Inc., a non-profit community organization under the direction of a board of directors and full-time staff, the Coconut Grove Arts Festival® showcases the works of 360 internationally recognized artists who are selected from nearly 1,300 applicants. Jurors evaluate the artist’s work and displays to select participants in such categories as mixed media, painting, photography, digital art, printmaking & drawing, watercolor, claywork, glass, fiber, jewelry & metalwork, sculpture and wood.