Tag Archives: Miami Dade County

Cryptocurrency in Real Estate

Miami-Dade County and Miami Heat Cuts Naming Rights Ties with Cryptocurrency Exchange FTX for Miami Arena

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FTX Pulls Out of Miami Arena Deal

Miami-Dade County and the NBA’s Miami Heat have ended their partnership with the insolvent cryptocurrency exchange FTX and are now looking for a new naming rights partner for their downtown Miami arena.

The statement followed the FTX group’s CEO resignation and bankruptcy filing in the US earlier on Friday, which marked the shocking demise of one of the biggest and most influential figures in the cryptocurrency business.

Miami-Dade County and Miami Heat stated in a joint statement on Friday night that they will cooperate to find a new naming rights partner for the stadium, which was only rebranded as FTX Arena last year, and that they find the reports concerning FTX to be “very upsetting.”

Like other cryptocurrency businesses, FTX has spent a lot of money sponsoring athletes. For the renaming of the Miami arena in June 2021, FTX reportedly signed a $135 million, 19-year contract. This deal would have also included $2 million annually to the Miami Heat.

A five-year agreement was also reached in 2021 for Major League Baseball to designate FTX as its official cryptocurrency exchange. FTX is also the Mercedes-AMG Petronas Formula One Team’s authorized

With the University of California, Berkeley negotiating a $17.5 million, 10-year naming rights arrangement for the school’s football stadium in 2021, even college sports have connections to FTX.

Miami-Dade County Legislation

New Miami-Dade County Legislation will Require Landlords to Provide a 60 Day Notice of Rent Hikes

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Miami-Dade County Legislation

Residential landlords in Miami-Dade County are now required to provide renters at least 60 days’ notice of rent increases of 5% or more, as renting in South Florida grow increasingly expensive.

The legislation was proposed by Commissioner Eileen Higgins and unanimously approved during the commission meeting on March 15th.

Throughout the country, renters are facing a massive rent spike by at least 50% and according to Miami-Dade County, they hope this legislation will help curb those numbers and make Miami more attractive to tenants.

This new legislation would apply to renters nearing the end of their contracts as well as those on month-to-month leases who are facing the 5% rent increase. Also in the new legislation is the notice on eviction time going from 30 to 60 days, including month-to-month leases that came from a 12-month lease.

According to a commissioner, landlords could bypass the new legislation by offering weekly leases. This new legislation can only be enforced in court.

Higgins stated during the meeting, “Thank you all for your understanding about how fair notice is the right thing to do, but not all landlords are doing the right thing. So, this requires them, if their mothers didn’t teach them to do the right thing.”

There are also 2 additional bills for rent control expected to be voted on by this summer, Tenant Bill of Rights and Rent Control. The tenant bill of rights would allow tenants to withhold rent for certain maintenance issues that the landlords haven’t repaired. Landlords would also be required to provide renters with information about their rental rights for state and county laws.

If approved the Rent Control legislation would put a cap on rent increases for 12 months. There would be many hurdles with this legislation that involved multiple votes by commissioners, the mayor, and Miami-Dade citizens.

New Developed Proposed in Downtown Miami

Expansive Mixed Use Tower Planned for Downtown Miami

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New Developed Proposed in Downtown Miami

Miami-Dade planners are working hard on reviewing the pre-application for a large mixed-use project in Downtown Miami.

The property located at 1370 NE 2nd Ave is within the Metromover Subzone of the Rapid Transit Zone District. Within this zoning district, some rules apply which includes up to 1,535 units permitted as well as the 40% glazing requirements.

The tower is anticipated to rise 649 feet tall at 43 stories. Passing the district rules, the tower is proposed to have 1,441 residential units.

The tower will be designed by Rafael Viñoly architects but the city planners are asking for clarification on some of the design elements throughout the project.

The county has stated that the awnings, balconies, and weather protection elements need to be at least six inches from the curb face but the plans appear to encroach on the curb face. Specifically the parking garage for levels 2 through 12 are encroaching.

The open space and landscaping code also needs clarification.

Amenities for the tower will spread over 5 stories and include a state-of-the-art-gym, pool, office elements, and more.

There will be offices dedicated to the auditorium for the Miami-Dade County School Board which will spread over 100,000 square feet. Offices for Crescent Heights will also utilize 19,673 square feet of space.

The plans also show that there will be 9 levels of parking and an expansive ground floor designated for commercial space.

There are currently no scheduled dates to review revised plans but if approved, the ground breaking would begin in 2023.

Miami Dade County Real Estate

Another Record Breaking Quarter for Miami Dade Real Estate with the Second-Highest Quarterly Home Sales in History

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Miami Dade County Real Estate

The Miami-Dade County real estate market is still on fire and we have the numbers to prove it. According to the Miami Association of Realtor’s, Miami-Dade County real estate has yet again broke another record for second-highest quarterly Home sales in 2021 quarter three. After last quarter’s record-breaking sales, this is of no surprise.

Sales, once again home sales have surged with a 35.5% increase compared to this time in 2020. Real estate sales are currently at 9,962 for this quarter with last year at 7,351. Single-family real estate transactions rose 2.2% (3,923 transactions) from last year with condo sales increasing by 72% (6,039 transactions).

Total home sales also jumped 40.2% from quarter 3 of 2020 at 9,962 transactions. It’s a large win for luxury condo sales with a sales increase of 199.1% with 643 transactions. Luxury single-family home sales increased at 67.3% for quarter three.

Median home prices have also increased for single-family home by 19% from $420,000 to $500,000 and condo median prices increased at 26.9% from $264,000 to $335,000.

Cash sales increased for Miami by 67.4% higher compared to the national figure. For closed sales, cash represented around 38.5% of those sales. This was a large increase compared to 2020 at 27.3%. For Miami condo sales, cash sales represented 47.1% and 25.1% for single family transactions.

Lack of inventory has been a continued barrier in the current market with single-family homes representing about 2.2 months of inventory and 4.3 months for condominiums. These numbers represent a strong seller’s market. Single-family home inventory decreased by 26.8% while condo inventory decreased by 43.1% compared to quarter two.

There are many variables to the continued increase in real estate sales. That includes low interest rates, restrictions lifted from traveling overseas, and lower pandemic restrictions in Florida have all aided in the surge of the real estate market.

Biscayne Gardens in Miami-Dade County

Miami-Dade County Looking to Add a New City for the First Time in 16 Years

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Biscayne Gardens in Miami-Dade County
Credit:Miami-Dade County

It has been 16 years since Miami-Dade added a new city but that could change for Biscayne Gardens. Following a public decision, county commissioners are deciding today to utilize 5 square miles that border 4 northeast cities.

The next step in the approval process is for local voters to vote in the special election on November 2, 2021. If voters decide on the new city, Miami-Dade will have a new 35th ‘parish.’ The last was Cutler Bay which was founded in January 2005.

The 5 square miles is located near North of Northwest 167th Street, East of Northeast 18th Avenue, South of Northwest 128th Street, and West of Northwest 17th Avenue. The current neighborhood is called Biscayne Gardens and the area would keep that name. About 3% of the land is undeveloped with a quarter of the area is dedicated to traffic, communication, and utility.

There is still much room for growth. Included in the plans to form the city are 3 apartment complexes with 861 units, mega-church, and additional apartment complexes.

Biscayne Gardens would also include 3 parks which would include a community center with costs of $1 million with 20,000 square feet.

The Biscayne Gardens Municipal Advisory Committee was formed in September 2003 to look at whether the area could turn into a city. The committee later broke apart in In April 2012.

The area of Biscayne Gardens now has 35,000 residents with over 50% being registered to vote. If the city is formed, the special election would cost $94,000. This price the county would pay up front then the city would reimburse once established.

Although a strong opposition on the vote, we will know more after today’s meeting.