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  2. Inflation Up Highest in 40 Years

Inflation Up Highest in 40 Years

 

Consumer prices up 8.5% for year ended March 2022

According to the US Bureau of Labor Statistics, the Consumer Price Index increased 8.5% for the year ended March 2022, following a rise of 7.9% from February 2021 to February 2022. The 8.5% increase in March was the largest 12-month advance since December 1981.

Consumer prices for food increased 8.8 percent in March 2022, the largest 12-month advance since May 1981. Within food, prices for food at home rose 10.0 percent and prices for food away from home rose 6.9 percent.

From March 2021 to March 2022, consumer prices for energy increased 32.0%. Prices increased for fuel oil (70.1%), gasoline (48.0%), electricity (11.1%), and natural gas (21.6%) over this period.

Consumer prices for all items less food and energy rose 6.5% for the year ended March 2022. Prices for shelter increased 5.0%, the largest 12-month advance since May 1991.

These data are from the Consumer Price Index program and are not seasonally adjusted. To learn more, see “Consumer Price Index — March 2022.” Also see more charts related to the latest Consumer Price Index news release.

Source:https://www.bls.gov/opub/ted/2022/consumer-prices-up-8-5-percent-for-year-ended-march-2022.htm

If you’re thinking of selling and are curious about the value of your home in today’s evolving real estate market, contact Rebeca Castellon Group today. We would be happy to provide you with a no pressure home valuation and help you reach your real estate goals!

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  2. MIA Now Officially The Busiest International Airport In America

MIA Now Officially The Busiest International Airport In America

 

Miami International Airport (MIA) became the busiest U.S. gateway for international passengers while retaining its position as the busiest for international freight in 2021, according to preliminary 2021 airport rankings published this week by Airports Council International (ACI). MIA welcomed more than 13 million international passengers in 2021, moving it from second place in 2020 to the top ranking in the U.S. and 11th place in the world. MIA remained the busiest airport in the U.S. and the ninth busiest in the world for international tonnage handled, at more than two million metric tonnes.

The global gateway is also now home to the ninth-busiest airfield in the world, with a total of 387,973 takeoffs and landings by passenger and cargo aircraft in 2021, for a 54 per cent increase over 2020,  the largest increase among the 10 busiest airports worldwide. MIA’s ninth-place finish is its highest global ranking in aircraft operations in decades, and a giant leap from 24th in 2020 and 30th in 2019.

MIA finished 2021 with a total of 37.2 million passengers, which was twice its total of 18.6 million in 2020. The global gateway also handled 2.7 million tonnes of freight in 2021, shattering its previous record of 2.3 million tonnes in 2020 by 17%, for its second consecutive year of growth.

Source: https://www.internationalairportreview.com/news/176046/mia-ranked-busiest-u-s-international-airport/

If you’re thinking of selling and are curious about the value of your home in today’s evolving real estate market, contact Rebeca Castellon Group today. We would be happy to provide you with a no pressure home valuation and help you reach your real estate goals!

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  2. Miami Market Report: March 2022

Miami Market Report: March 2022

SINGLE-FAMILY HOMES

The average sold price for single-family homes in Miami-Dade in March 2022 was $1.05 million, up +4% year-over-year.  Fewer single-family homes were available for sale.  Hence, there were fewer number of closed sales.

Single-Family Homes: March 2022 vs year-over-year

Listed: 3,542 down -14%
Pended: 1,605 down -15%
Sold: 1,344 down -18%
Months of Inv: 1.5 no change
Avg Sold Price: $1.05 million up +4%

CONDOS & TOWNHOMES

More buyers are considering condos & townhomes due to low inventory of single-family homes and high prices.

Condos & Townhomes: March 2022 vs year-over-year

Listed: 5,474 down -17%
Pended: 2,774 down -7%
Sold: 2,368 down -1%
Months of Inv: 1.9 down -57%
Avg Sold Price: $761K up +24%

FULL Market Report March 2022

If you’re thinking of selling and are curious about the value of your home in today’s evolving real estate market, contact Rebeca Castellon Group today. We would be happy to provide you with a no pressure home valuation and help you reach your real estate goals!

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  2. Get Ready For The Formula 1 Miami Grand Prix!

Get Ready For The Formula 1 Miami Grand Prix!

If you feel the need for speed, get ready for the Miami Grand Prix taking place May 6-8, 2022.

Formula 1 Grand Prix at the Hard Rock Stadium in Miami Gardens. This is one of the most anticipated sporting events of the year globally. People from all over will be flying down to get a glimpse of the best Formula one drivers in the world. If you get the chance to stop by we highly recommend it!

The Formula 1 Miami Grand Prix – the destination’s inaugural Formula 1 race – hits Hard Rock Stadium’s brand new track, complete with an on-site beach. Ferrari is set to deliver a low downforce plan in Miami to combat Red Bull’s perceived greater top speed, with a wider upgrade package only set to arrive at later races. Meanwhile, Mercedes aims to run key updates to its W13 as it hopes to unlock greater potential from the car.

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  2. US Mortgage Interest Rates Rise Above 5% In More Than A Decade

US Mortgage Interest Rates Rise Above 5% In More Than A Decade

After falling to historic lows last year, mortgage rates are rising sharply. On April 30, they hit their highest point in more than a decade with the average US interest rate for a 30-year fixed-rate mortgage at 5.4%, according to Bankrate.  By comparison, a year ago rates were under 3%.

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Federal Reserve policymakers look set to deliver a series of aggressive interest rate hikes at least until the summer to deal with exceptional prices increases in the housing market, hot inflation and surging labor costs. Analysts say higher mortgage rates are just what’s needed to cool things down. These higher rates are expected to slow demand and temper home prices.

Sharply higher food and gas prices lifted overall inflation to a new 40-year high of 6.6% in March, data from the Commerce Department showed. At more than triple the Fed’s target, hot inflation is why the central bank is widely expected to ramp up the pace of rate hikes with a half-point increase at each of its next three meetings, and continue raising rates through the end of the year.

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Source: https://www.reuters.com/business/big-fed-rate-hikes-ahead-amid-early-signs-hot-inflation-is-peaking-2022-04-29/
Source: https://qz.com/2151065/us-mortgage-interest-rates-hit-5-percent-good-news-for-housing-market/

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  2. Rental Prices in Miami Surged 55% in February

Rental Prices in Miami Surged 55% in February

Rental prices in Miami surged 55.3% in February compared to the same period a year ago, according to a new report from Realtor.com.

It is by far the highest increase of any metro area in the U.S.

Orlando ranked second with a 35.4% increase, while Tampa ranked third with a 32.3% rise. Austin (28.1%) and San Diego (25.4) rounded out the top five.

The median rent increase across all U.S. markets was 17.1%.

Miami’s median rental price even surpassed New York last month, possibly for the first time ever.

Tenants are bidding above asking prices for apartments, with rental deals done within hours of them being listed, the broker said.

An economist for Realtor.com said that the economy reopening after the pandemic may be causing more people to move to Miami.

People may now be looking to relocate to a place with better weather and lower taxes now that they feel more comfortable travelling again, the economist said.

Source: https://www.thenextmiami.com/miami-rents-were-up-55-in-february-hottest-u-s-market-by-far/

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  2. Miami Market Report: February 2022

Miami Market Report: February 2022

SINGLE-FAMILY HOMES

The average sold price for single-family homes in Miami-Dade in February 2022 was $964K , up +5% year-over-year.  There are fewer single-family homes entering the market.  Hence, there are fewer number of closed sales.

Single-Family Homes: Feb 2022 vs year-over-year

Listed: 1,509 down -13%
Pended: 1,492 down -9%
Sold: 951 down -19%
Months of Inv: 2.1 down 16%
Avg Sold Price: $964K up +5%

CONDOS & TOWNHOMES

More buyers are considering condos & townhomes due to low inventory of single-family homes and high prices.

Condos & Townhomes: Feb 2022 vs year-over-year

Listed: 2,557 down -11%
Pended: 2,740 up + 13%
Sold: 1,721 up +13%
Months of Inv: 2.9 down -63%
Avg Sold Price: $735K up +21%

FULL Miami Marker Report Feb 2022

If you’re thinking of selling and are curious about the value of your home in today’s evolving real estate market, contact Rebeca Castellon Group today. We would be happy to provide you with a no pressure home valuation and help you reach your real estate goals!

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  2. Canopy Park in Miami Beach is Nearly Complete

Canopy Park in Miami Beach is Nearly Complete

The 3-acre Canopy Park is now nearing completion at the entrance to South Beach.

The new park will include a botanical garden, dog park, and fitness area. There will also be an event lawn surrounded by native trees, an art pavilion, and a Monstrum-designed kids zone.

The park will be connected by a pedestrian bridge to the baywalk and beachwalk.

Developers agreed to build the park in exchange for the right to build the tallest building in South Beach, known as Five Park

The Five Park tower is also now rising. It will reach a height of 44-stories, or 546 feet.

ArquitectonicaGEO is the architect of the new park.

Please contact us for more information.

Rebeca Castellon Group
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  2. Florida Lead the US in New Business Filings in 2021

Florida Lead the US in New Business Filings in 2021

Florida accounted for 11.7% of new business applications filed nationally from January 2021 to January 2022 according to U.S. Census Bureau.  Florida had 683,680 out of the 5.8 million applications.

The companies keep coming to South Florida, regardless, or possibly because of the COVID-19 pandemic, a new burst of inflation, and now, a globe-jarring war in Eastern Europe.

One of the latest arrivals from out of state: ATN Corp., a maker of optics for civilian use, law enforcement, and the military, which announced Tuesday it has relocated its headquarters and manufacturing facilities from California to Doral in western Miami-Dade County.

The move is yet another example of the flood of companies heading to the Sunshine State, and a continuation of strong numbers that show Florida a national leader during the pandemic in attracting new businesses or becoming a home for startups.

“All parts of Florida are firing on all cylinders with respect to economic development and job creation, particularly here in South Florida,” said John Boyd, principal of The Boyd Co., a relocation consulting firm in Boca Raton.

Florida’s low-tax advantages over other states still serve as an important incentive, he said. But these days, the factors also include bigger pools of skilled workers and the state’s decision to strip away pandemic-related regulations.

Some of those workers are migrating here with their companies, he said. “I think the talent assets are now appreciated by a global site seeking audience,” Boyd said. “Florida is now the recipient of highly skilled technical workers, not just from New York and New Jersey, but states like Illinois and California. There is a new phenomenon where we are seeing unprecedented interest from California companies.”

Bob Swindell, president and CEO of the Greater Fort Lauderdale Alliance, the economic development arm of Broward County, said out-of-town firms are looking for lifestyle benefits they might not find in northern cities.

He mentioned a financial services firm that was in town last week looking at a potential location in Fort Lauderdale. A company executive who already lives in the area talked up the schools, the available staffing talent, the lifestyle and tax climate among his colleagues. “It’s a life-work balance that people are taking about,” Swindell said. “More important is what are their choices outside of work?”

New figures from the U.S, Census Bureau for 2021 affirmed that Florida was a national leader in the formation of new businesses as out-of-state companies continued to flock here and entrepreneurs started enterprises from scratch. Analysts said the trend was a function of a more business-friendly state during the COVID-19 pandemic.

 

Tipping points

Economic development promoters, business lawyers and real estate brokers all agree, the pivotal factor for businesses deciding to come to Florida has been the state’s decision to keep its businesses free of various closure orders, hours restrictions, vaccination and mask requirements and other measures designed to curb COVID-19 during most of the pandemic.

“Florida is a great place to live and work,” said Steve Lemenov, director of marketing for ATN. “It’s far less expensive than the Bay Area and so much more business-friendly. But I think the most important reason are the people. We’re able to fill our positions here faster and with more qualified skills.”

Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County, asserted the state offers businesses more clarity about the the regulatory environment they face.

“The idea of certainty is greatly valuable to employers coming from states where certainty was never delivered. Companies do not like the idea of being shut down. Nor do they like the idea of being open on day and forced to shut down another.”

She said many companies undertake full-blown comparative analyses of how their current locations match up with potential landing spots in Florida.

The factors include taxes, the cost of labor, housing and transportation, and their ability to attract to work force with the right skill sets.

“The point where they absolutely pull the trigger is when their employees say ‘yes, we are ready to move,” Smallridge said. “The mere idea that employees [will] move is an encouraging sign.”

“We’ve seen all of those stars align over the last two years,” she added. “Many companies are realizing the business environment in Florida is very robust and business friendly, not to mention we are the gateway to Latin American and Caribbean markets.”

 

Pre-COVID momentum

Jonathan Kingsley, executive management director for Colliers International, the real estate service firm, agreed that the state’s political decision to keep business open during the pandemic gave Florida a leg up on other states.

“It really starts at the legislative and political level,” he said.

Legions of northerners flocked to Florida as short-term, visitors, new homebuyers and operators of new businesses once it became known that residents and customers could roam streets and neighborhoods and even eat outdoors amid limited or no restrictions. Many opted for Florida as a great fresh air haven with its beaches and open green spaces, even though its urban areas have become more densely populated over the years.

But Kingsley said the state already had momentum toward new business development as an estimated 1,000 people daily were moving south prior to the pandemic.

“That was sure accelerated through COVID,” Kingsley said “You look at that as the gateway effect. Beyond that, people just found it as a good safe place to get through COVID.”

Early on, he said, the firm started tracking “all of the major residential sales where executives were placing a stake in the ground” by purchasing homes in South Florida.

“Then they jumped in full body,” moving their companies and their employees to the region and in turn, generating demand for office and industrial space.

In 2021, Fort Lauderdale picked up more than a dozen new entrants, including financial firms such as PJ Solomon, an investment bank, PinBridge Investments, an asset management firm and BelHealth Investments. West Marine, a marine supply firm, moved its headquarters from California. Future Tech Enterprise Inc., a technology firm, moved its headquarters from New York.

“The amount of activity we are seeing in office and industrial is beyond our expectations,” he said. “And that is purely the result of population growth.”

Attorney Robert Lewis, whose Spiritus Law advises restaurant and club operators how to get started, acknowledged he’s seeing a “significant migration of new businesses” coming to Florida from the Northeast and West Coast — all looking to start anywhere from South Florida to Orlando to the Panhandle.

“We’re seeing a rebirth of the hospitality industry in general,” he said. “Restaurants and nightclubs coming back in a big way.”

Many of the businesses he advises are those that went dark during the pandemic and are now run by people with fresh investment money. “We’re looking at more startups getting into the alcohol and hospitality business,” he said. “Small moms and pops are looking to get into restaurants, and package liquor stores have increased in popularity.”

The high demand Is reflected in the soaring prices of liquor licenses.

“The value differs from county to county,” he said. “If we look at Miami-Dade County that license prior to 2021 was worth $175,000. As of today that license is worth $460,000 to $475,000.”

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Source: https://www.sun-sentinel.com/business/fl-bz-florida-business-formation-leader-20220309-2fwvabfjzrhs5itf6q7jww7h54-story.html

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  2. Homestead Exemption Deadline March 1

Homestead Exemption Deadline March 1

 

 

If you recently bought a home or changed your primary residence to Florida, you may be eligible for Homestead Exemption.  When it comes to owning a home in Florida, they are many benefits offered to those having their primary residence in our state. Some of the biggest benefits include a reduction of property taxes, creditor protection, and inheritance.

Property Taxes
Did you purchase in 2021? If so, you are eligible to take a $50,000 assessment reduction on your property taxes with Homestead Exemption. The Exemption also caps how much your taxes increases each year by 3% regardless of the value of the property.

Creditor Protection
In addition to property taxes benefits, Homestead Exemption offers creditor protection. This establishes that if you are sued, creditors cannot foreclose on your house. If you pay your mortgage and taxes, your property is protected under Homestead Exemption.

Inheritance
Another key component of Homestead Exemption is inheritance. This establishes that if the homeowner of a primary residence passes away, the property gets passed onto the heirs aside from any judgments but does not include the remaining portion owed on the mortgage and taxes of the property.

Requirements and How to Apply
To obtain the Homestead Exemption, one must be a resident of and own your primary residence in Florida.  The deadline to apply is Tuesday, March 1, 2022.

Click to apply: https://www.miamidade.gov/pa/exemptions_homestead.asp

From the archives, watch video about Homestead Exemption:

If you are thinking of selling and are curious about the value of your home in today’s evolving real estate market, contact Rebeca Castellon Group. We will gladly provide you with a no pressure home valuation and help you reach your real estate goals.

Connect with us:
Rebeca Castellon Group
305-600-8493
Rebeca@Property305.com

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