FYI Miami: November 26, 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.
HOME SALES STRONG: Miami-Dade home sales jumped 16.2% year-over-year in October, from 2,355 to 2,737, with single-family home sales up 15.7%, rising from 1,146 to 1,326, and existing condo sales rising 16.7%, from 1,209 to 1,411, the Miami Association of Realtors said. In the $400,000 to $600,000 price bracket, single-family homes surged 52.5% to 424 transactions and existing condos rose 46.5% to 145 sales. At $1 million and up, single-family sales jumped 122.1% year-over-year to 171 sales while existing condo sales increased 27% to 80 transactions. In the one-year period, single-family home sale prices on average increased 19.2% to $435,000. Existing condo prices rose 8.5% to average $268,000. The median percentage of original list price received for single-family homes was 97%, up from 95.9% last year. The median percentage of original list price received for existing condos was 94.4%, up from 93.7% last year.
TOURISM TURNING UP: Florida’s tourism industry saw a nearly 32% drop in visitors during the third quarter compared to the same quarter last year, according to Visit Florida. The estimate of 22.112 million travelers from the start of July to the end of September was a noticeable upgrade from the 60.5% drop in tourism experienced in April, May and June as businesses closed or scaled back. In-state travel numbers aren’t reflected in the tourism figures, and visitor numbers from Canada and overseas are well off the 2019 marks. In 2019, Florida recorded 32.412 million visitors in the third quarter and 100.61 million for the first nine months of the year. So far this year, the state’s overall tourism numbers are down 34%. Among the 2020 third-quarter numbers, Florida saw just 229,000 overseas visitors and 6,000 Canadians, both down slightly from the second quarter’s 235,000 overseas visitors and 9,000 Canadians.
FOOD ON THE FLY: In an effort to reduce touchpoints and unnecessary queues for food and beverages, Miami International Airport (MIA) has launched MIA2GO, contactless mobile platform that allows users to browse menus, order and pay before picking up purchases at restaurants throughout the hub. The platform, developed with Unibail-Rodamco-Westfield Airports and Singapore-based food delivery and payment solutions company Grab, is now available on both MIA’s mobile app or mobile-friendly website, is searchable by food type and airport terminal. It also enables users to schedule pickups at pre-set times, allowing customers to avoid lines. MIA Director Lester Sola called the platform “the latest aggressive step we have taken to make the travel experience safer and more convenient for our passengers by leveraging technology.”