FYI Miami: June 25, 2020
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.
MOST FIU CLASSES ONLINE: The Florida university system’s Board of Governors on Tuesday approved individual reopening plans put together by each of the state’s 12 state universities. Florida International University Provost Kenneth Furton told the board FIU will only be able to offer one-third of its classes face-to-face because of the layout of some classrooms, some of which include fixed seating. “If we were to modify the physical-distance requirements, we could accommodate more, but right now that is the biggest challenge,” Mr. Furton said, noting that most classes will be held online or using a hybrid model. Screening protocols will be used by all universities, but the methods will vary.
HOME SALES PLUNGE: Miami home sales fell 54% in May from levels a year earlier in the midst of the coronavirus shutdown. Just 1,297 homes were sold in the county in May, down from 2,796 in May 2019. Single-family home sales fell to 734 from 1,355 the prior May, while condo resales fell to 563 from 1,441 a year earlier, the Miami Association of Realtors reported. Single-family dollar volume fell 44.1%, from $715 million in May 2019 to $400.3 million. Condo dollar volume fell even faster, from $585.2 million to $231.7 million. The inventory of single-family homes on sale fell 16.2%, from 6,759 active listings to 5,665 this May. Condo inventory for sale fell 7.5%, from 15,893 active listings to 14,705. While everything else was falling, however, prices realized were rising: single-family home prices rose 4.4% year over year with average prices rising to $375,714, while condo prices realized averaged $260,000, up 7% year over year.
(Low mortgage rates may drive recovery, pg. 10.)
FED FUNDS SOUTH CORRIDOR PLAN: Miami-Dade will receive $1.04 million from the Federal Transit Administration’s (FTA) Pilot Program for Transit-Oriented Development Planning to encourage ridership and spur economic and mixed-use development around the South Dade Transitway, one of six commuter routes in the countywide Smart Plan. The FTA on June 11 announced the funding, part of a $23 million total distributed to 23 organizations around the country, based on funding criteria for the South Corridor project, which has secured $300 million in local, state and federal funds to upgrade the 20-mile transitway for “gold standard” bus express rapid transit and begin service in 2022. “We are proud to support our local partners as they plan for transit-oriented development that better connects residents to jobs, education and services,” said acting FTA Administrator K. Jane Williams. “This funding will help improve the quality of life in communities across America.” (See funding story, page 7.)