April 25, 2024

Special Report

Miami-Dade: How Bad Is It?

Gross Sales (Jan.-June ‘08 vs. Jan.-June ‘07)

County % Change $ Change
Miami-Dade +1.2% +$821,081,318
Monroe -0.3 -5,683,114
Source: Florida Department of Revenue

 

School Enrollment Change

County % Change
(from 2007-08)
Student Change
Miami-Dade -0.48% -1,684
Monroe -2.30 -192
Source: Florida Department of Education

 

Unemployment

Metro Area August 2007 August 2008 Number Unemployed
Miami-Miami Beach-Kendall (Miami-Dade) 4.1% 6.1% 74,472
Source: Agency for Workforce Innovation

 

Existing Home Sales

Metro Area August Sales 1-Year Chg. August Median $ 1-Year Chg.
Miami 469 +22% $276,000 -30%
Source: Florida Association of Realtors

REAL ESTATE
‘Cautious Year’

“The velocity of what’s going on in terms of absorption has slowed down substantially. ... Credit is how our customers expand and move, and the credit markets are in very bad shape. Until that eases up, I don’t think that we’re going to see the same levels of velocity that we saw in the past. ... Typically, people manage to a yield, and right now we’re in a ‘managing to occupancy’ mode. If I were to characterize next year, it’s a very cautious year for us from a development pipeline standpoint.”

— Jose M. Hevia,
CEO, Flagler Development Group,
Coral Gables

Tags: Miami-Dade

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