FYI Miami: December 6, 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.
CONSTRUCTION UP FOR YEAR: Construction starts in South Florida are up 11% for the first 10 months of 2018 to total nearly $9.9 billion, according to a report from Dodge Data & Analytics, even though starts for October alone fell 16% from the same period of 2017. For the first 10 months of the year residential starts are up 27% with a total value of just under $4.8 billion, the company reported, while nonresidential starts are down 4% with a value of just over $5 billion. In October, nonresidential starts for the tri-county area of Miami-Dade, Broward and Palm Beach fell 34% while residential starts rose 3%.
REALTY VALUES RISE: Residential resale values increased 12.2% in October from the level of October 2017, the Miami Association of Realtors said. Volume of resales for the month was $949 million, up from $846 million in 2017, the organization reported. The total number of home sales rose 14.7% in the period, a smaller percentage than the rise in dollar volume. The value of single-family home prices realized rose 2.9%, rising from $340,000 to $350,000. Meanwhile, the price of condo resales rose 8.7%, from $216,250 to $235,000. Single-family homes sold for a median of 95.9% of list price, while condos sold for a median of 93.5% of list price.
DEERING ESTATE GROWS: The Charles Deering Estate’s Palmetto Bay footprint will become slightly bigger, as Miami-Dade commissioners Tuesday unanimously OK’d a resolution sponsored by Daniella Levine Cava approving the $1.315 million purchase of a 12,900-square-foot property adjacent to the 454-acre environmental, archeological and historic preserve. The property, purchased from Earl Foster and Nancy Foster, includes a 5,792-square-foot building and on-site parking. The purchase falls well within the $3 million available through fiscal 2019 under a bond program voters approved in 2004 to fund more than 300 county capital improvements over 15-20 years. The Deering Estate was No. 28 on the list.
MIAMI CASINO SOLD: Casino Miami has been purchased by Las Vegas-based casino businessman Phil Ruffin from Fronton Holdings LLC. Casino Miami is 200,000 square feet with 1,000 slot machines and an electronic table game area with digital blackjack and roulette. It also hosts Club Rio, a bar named Whiskies, a café dining area, live jai-alai games and simulcast betting. Located at 3500 NW 37th Ave. on 21 acres, Casino Miami says it will keep all 150 of its current employees and there will be no name change. “I look forward to entering the Miami gaming market through this acquisition,” said Mr. Ruffin. “We have exciting plans for Casino Miami that we will be revealing in the near future.”