FYI Miami: May 31, 2018
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.
HYATT ON HOLD: A proposal to extend a lease of City of Miami riverfront to Hyatt Equities LLC for a major redevelopment has been put off for a month and a half. The current proposal would clear the site at 400 SE Second Ave., including razing the James L. Knight Convention Center. Hyatt wants an extended lease in order to build a new Hyatt Regency hotel and two residential towers. Voters will ultimately be involved as it requires a city charter amendment to extend the lease impacting city-owned waterfront. The new lease and a ballot proposal were considered by commissioners May 10 but deferred to May 24. At last week’s meeting, without discussion, commissioners deferred the matter to July 12.
MIA FLYING HIGH: Despite a passenger drop in April at Miami International Airport, airport passengers and cargo were both up for the first four months of 2018, new figures show. Total passengers carried rose 2.31% in the first four months to almost 15.3 million from the same period of 2017, while cargo tonnage rose 3.84% to more than 788,000 tons. Domestic passengers for those four months were up 2.16% and international passengers rose 2.48%, the airport’s figures show. On the cargo side, international cargo rose 1.48% while domestic cargo tonnage – by far a smaller total amount – soared 18.85%. In April, total passengers at the airport were down 2% from April 2017 while cargo tonnage rose almost 3%.
HOME SALES SOAR: Total Miami home sales increased 12.9% in April, from 2,303 in April 2017 to 2,601, according to the Miami Association of Realtors. Total sales volume jumped 17.8%, from $1.01 billion to $1.19 billion. Existing condos saw the biggest increase, with the 1,384 transactions, up 24.6%, and sales volume rising from $401.7 million to $565.4 million, up 40.8%. Single-family home total dollar volume rose 4.9% to $633.3 million. Only 6.1% of all closed residential sales in April were distressed, compared to 10% in April 2017. In 2009, distressed sales comprised 70% of Miami sales. The median number of days between listing and contract dates for single-family home sales was 45 days, down from 49 days last year.
CONSUMER PRICES JUMP: Consumer prices in South Florida rose 3.5% for the 12 months ended April 30, the US Bureau of Labor Statistics reported, even though they dropped a tenth of a percentage point in the March-April two-month period. In the 12 months, food prices in the area rose 1.9%, housing costs rose 2.9%, fuel costs rose 1.2%, transportation costs rose 7.4% and medical care rose 10%. Price drops were in apparel, down 1.3%; recreation, down 1.8%; and education and communication, down 1.4%. Everything else rose 2% on average.