FYI Miami: February 16, 2017
Written by Miami Today on February 14, 2017
Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
BOATS ON DISPLAY: As part of the Miami International Boat Show Feb. 16-20, city commissioners approved an agreement with NMMA Boat Shows Inc. to use docks at city-owned Miamarina at Bayside downtown. The National Marine Manufacturers Association has presented the Strictly Sail portion of the annual boat show at Miamarina since 1999, “providing excellent exposure of the city’s marina to an estimated 100,000 annual attendees from all over the world,” says a city staff memo on the deal. This event is expected to bring about $119,510 revenue to the city. The show displays more than 2,300 of the world’s newest power boats, sailboats, engines and accessories. For the second year in a row, the main venue is the land and water around Miami Marine Stadium on Virginia Key.
FREE BOAT SHOW PARKING: Brickell City Centre is offering six hours of free parking and shuttle service to water taxis going to the Miami International Boat Show on Virginia Key today (2/16) through Feb. 20. Free shuttles will run from 9 a.m. to 8 p.m. daily, with the last water taxi leaving for the show at 4:30 p.m. The center is also hosting a lounge for boat show attendees on the second floor at the South Miami Bridge, 701 S Miami Ave., where the garage is located. Last year about half of all boat show attendees arrived by water taxi.
GAS UPS AND DOWNS: Gas prices rose and fell in Florida this week, depending on who is compiling the figures. AAA says prices rose on the weekend after 38 consecutive days of declines in the state, while GasBuddy price tracking service cited prices in the state down slightly, including in Miami, where the price was down 0.8 cents per gallon to $2.38 on average over the week ended Sunday. GasBuddy said the national average rose 1.4 cents a gallon in the week to $2.27 per gallon.
CASH A WEAKER KING: The percentage of Miami residential real estate buyers who do all-cash deals is far ahead of the national average even though all-cash purchases here are on the decline. In 2016, cash deals were 45.7% of Miami’s total closed sales versus only 21% nationally, according to Miami Association of Realtors figures. But Miami’s all-cash figure was even higher in 2015, when 51.8% of all deals were in cash. The association says international buyers tend to be the ones paying cash, and international sales have fallen here as a percentage of all deals. Cash alone was used in 60.3% of all condo closings here last year, the association said, but just 30.6% of single-family sales.
MEMORIAL FOUNTAIN: The Miami Beach City Commission has approved naming the South Pointe Park Fountain after former Deputy Police Chief Mark N. Overton, who died in November after 32 years of service.