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Miami Herald
13-06-2025
- Business
- Miami Herald
How rising costs are reshaping South Florida's real estate market
Real Estate News How rising costs are reshaping South Florida's real estate market This collection of stories explores how rising costs impact South Florida's real estate market, highlighting shifts in affordability and pricing that drive decisions for condos, homes and rentals in 2025. In Hollywood, new luxury apartment buildings continue to emerge, posing affordability challenges despite the development boom in the downtown area. Meanwhile, in Miami, residents grapple with soaring rent costs, making it one of the most rent-burdened metro areas in America. Development plans on Florida's Gulf Coast involve transforming a former mall site into affordable apartments as a response to housing demands. Read the stories below. Soleste Hollywood Blvd at 2001 Hollywood Blvd is pictured hovering among existing buildings on Sunday, Sept. 15, 2024, in Hollywood, Florida, as the city shores up its housing needs with development in its downtown area in an attempt to address the city's affordable housing needs. By Carl Juste NO. 1: EVEN AS HOLLYWOOD BUILDS MORE APARTMENTS DOWNTOWN, AFFORDABILITY REMAINS A CONCERN A look at what is coming and why it might not be enough to ease housing pressure | Published October 5, 2024 | Read Full Story by rhabersham@ Habersham Stephania Germain, 24, who is on a Section 8 housing voucher, poses inside her apartment that she lives in with her daughter on Thursday, Oct. 3, 2024, in Miami. Germain was raised in foster care and is doing the best she can for herself and her baby. She says that even with the voucher, with recent increases it makes paying rent tough. 'It just keeps going up and I don't get a break to save, and I need new baby clothes, ya know they grow out of them so fast,' said Germain. By Alie Skowronski NO. 2: MIAMIANS ARE THE MOST RENT-BURDENED PEOPLE IN AMERICA — AND THEY'RE STRESSED ABOUT IT New Census Bureau data shows that Miamians spend a larger chunk of their incomes on housing than residents in all other major American cities. | Published October 8, 2024 | Read Full Story by Max Klaver File photo of houses in Miramar, where all homeowners take their homestead exemption tax break. NO. 3: DO YOU OWN A ZOMBIE HOUSE? A VACANT HOME COULD COST YOU, AND YOU MIGHT NOT EVEN KNOW What to know about the real estate situation. | Published November 12, 2024 | Read Full Story by Lew Sichelman An affordable housing apartment complex is planned for the DeSoto Square Mall property where currently storm debris is being processed. By Tiffany Tompkins NO. 4: WANT TO LIVE WHERE A MALL USED TO BE? AFFORDABLE APARTMENTS COMING TO THIS FLORIDA AREA Check out what's planned. | Published January 22, 2025 | Read Full Story by Jason Dill The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
Miami Herald
22-05-2025
- Business
- Miami Herald
How South Florida is answering the affordable housing crisis
South Florida How South Florida is answering the affordable housing crisis South Florida faces a stubborn affordability gap as new high-end apartment complexes like Soleste Hollywood Blvd and the redeveloped Hollywood Bread Building rise across the region. While projects such as University Station in Hollywood and the mixed-used towers planned in Miami's Health District aim to add affordable and workforce units, demand still far outpaces supply, with many renters spending over 30% of their income on housing. Community efforts, like PACT's fight for eviction diversion programs in Miami-Dade and the redevelopment of Liberty Square, show that advocates are pushing for more comprehensive solutions and protections for vulnerable tenants. Take a look at what's happening. Soleste Hollywood Blvd at 2001 Hollywood Blvd is pictured hovering among existing buildings on Sunday, Sept. 15, 2024, in Hollywood, Florida, as the city shores up its housing needs with development in its downtown area in an attempt to address the city's affordable housing needs. By Carl Juste NO. 1: EVEN AS HOLLYWOOD BUILDS MORE APARTMENTS DOWNTOWN, AFFORDABILITY REMAINS A CONCERN A look at what is coming and why it might not be enough to ease housing pressure | Published October 5, 2024 | Read Full Story by rhabersham@ Habersham An aerial view of Jackson Medical Towers, at 1500 NW 12th Avenue in Miami, Florida on Jan. 2, 2025. The Public Health Trust of Jackson Health System has approved a deal with Related Urban to demolish two existing towers, known as Jackson Medical Towers, and construct affordable workforce housing and an extended stay hotel. NO. 2: CAN THESE TOWERS HELP AN AFFORDABLE HOUSING CRISIS IN MIAMI? TAKE A LOOK AT THE PLANS The complex includes hundreds of rentals and a hotel. | Published January 10, 2025 | Read Full Story by Michelle Marchante Rebecca San Juan Attendees listen to Mayor Daniella Levine Cava make a pledge to the community during the PACT Nehemiah Action Assembly on Monday, April 7, 2025, at Sweet Home Missionary Baptist Church in Cutler Bay, Fla. By Alie Skowronski NO. 3: 'RENT IS TOO DAMN HIGH.' INTERFAITH GROUP DEMANDS ACTION FROM MIAMI-DADE LEADERS One of Miami-Dade's most politically engaged interfaith groups held their annual assembly to press elected leaders to make housing more affordable and reducing evictions in Miami-Dade County. | Published April 9, 2025 | Read Full Story by Lauren Costantino Condos line the Intracoastal Waterway in Sunny Isles Beach. By MATIAS J. OCNER NO. 4: HOW TO FIND IF YOUR FLORIDA CONDO IS ON SECRET BLACKLIST BLOCKING MORTGAGE LOANS Fannie Mae, a federally chartered company that helps determine who qualifies for home mortgages, maintains a confidential database of condo buildings that it won't back for loans, typically because of maintenance, insurance or financial number of South Florida condos on the list has more than doubled since 2023, according to figures complied by a law firm that obtained the database from a source. | Published April 4, 2025 | Read Full Story by Andres Viglucci Minnie Davis, 74, expresses her delight in having a larger stove for Thanksgiving dinner since moving into her one-bedroom apartment at Serenity of Liberty Square. Serenity of Liberty Square hosted a ribbon-cutting ceremony to mark the opening of phase four in a nine-phase redevelopment project that replaced the old Liberty Square pubic housing. By Carl Juste NO. 5: THE LATEST PHASE OF THE NEWLY REDEVELOPED LIBERTY SQUARE IS MOVE-IN READY Families at old Liberty Square move into new Miami apartment complex | Published April 10, 2025 | Read Full Story by Raisa Habersham The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
