Researchers Find South Florida Is Most Overvalued Rental Market In US
The study found the average rental price in the area that includes Miami and Fort Lauderdale is $2,832 but should be closer to $2,326.
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The study found the average rental price in the area that includes Miami and Fort Lauderdale is $2,832 but should be closer to $2,326.
New rules rolled out earlier this year by mortgage giants Fannie Mae and Freddie Mac are creating a bottleneck in the real estate market for those seeking to buy or sell condos or co-op apartments, according to agents and condo associations.
The Miami area saw a 28.1% year-over-year gain in home prices, while the Tampa metropolitan area had a 30.8% increase.
As if home prices weren't already out of reach, they continued to surge higher in January.
The U.S. real estate market was already tough for prospective buyers, who have faced double-digit price increases and cutthroat competition for listed properties. Now they are facing another challenge as rising mortgage rates add to the affordability squeeze.
According to Zillow, the number of listings dropped 42.4% from January 2020 to January 2022. Because of that, prices are soaring. Home values increased 19.9% from January 2021 to January 2022.
It's the ultimate in old world opulence, a four-acre compound in Coconut Grove owned by renowned business leader and philanthropist Adrienne Arsht. It's the highest priced home ever in Miami and proceeds of the sale are going to charity.
For many, the astronomical rent increases are impossible to keep up with. From December 2020 to December 2021, rent prices in Miami rose 49%.
What goes up, keeps going up. Rents continue to rise across the country and in South Florida and it's forcing tenants to make difficult choices.
Miami was one of three US cities to see the highest rise in home prices, 18.8% in 2021, according to the S&P CoreLogic Case-Shiller US National Home Price Index.
If you've forgotten what a "for sale" sign looks like, you're not alone. There are fewer and fewer around Miami
The cost of buying a home rose by double-digit percentages across most of the US in the last quarter of 2021, and a Florida city tops the list of biggest jump in home prices.
If you've been waiting to buy a house, but the prices have just been way too high, you may be in luck. The red-hot housing market might finally be starting to cool, just not in Miami yet.
From July through September, investors bought Tampa Bay homes at a record rate, according to data analyzed by Redfin that begins measuring in 2000.
After taking a break due to the pandemic, CBS4's Living Large with Lisa Petrillo is back as she takes you inside some of South Florida's most spectacular and lavish residences including the Regalia on Sunny Isles Beach.
Miami has become one of the hottest places to own a house, making it hard for some to stay, while others are priced out.
Finding rent in South Florida has been tough for many longtime residents and natives.
Home prices continue to surge in South Florida, and the trend has left many homebuyers in bidding wars or unable to find properties.
South Florida's real estate market is a sellers dream right now.
Though housing prices have soared in many parts of the country, and inventory is way down, real estate sales may still be stronger in 2021.
Once again, the real estate market is hot in South Florida and companies from near and far are finding that taking advantage of tax breaks makes perfect sense to open offices in the area.
South Florida is seeing a crush of new housing buyers. So much so, it has created a seller's market with many sellers getting top dollar. People from all over the Northeast in high-tax areas are making an effort to make South Florida their new home, but it's not easy.
The predictions are in for the hottest housing markets of 2021 and Miami makes the top ten list, according to a new Zillow survey.
While mortgage rates remain at record lows, home prices across South Florida and around the nation are rising in many areas.
The coronavirus impact in the US and Latin America has driven some condo developers to offer discounts as high as 20 percent on existing units.
The crew of NASA's Artemis II mission captured a new image of the far side of the moon, which the agency released Sunday.
Former state Sen. Lauren Book launched her 11th annual statewide walk, encouraging survivors to share their stories amid renewed attention on the Epstein case.
Miami Archbishop Thomas Wenski is pressing county commissioners to approve a long-delayed mental health center, warning lives are at stake as the building sits empty.
A 53-year-old man faces DUI and drug charges after deputies say he crashed an e-bike into a tricycle while intoxicated in Key West.
Spotty showers will move through South Florida on Easter Sunday with a midday break, before a wetter pattern brings heavier rain and possible storms later this week.
The crew of NASA's Artemis II mission captured a new image of the far side of the moon, which the agency released Sunday.
Former state Sen. Lauren Book launched her 11th annual statewide walk, encouraging survivors to share their stories amid renewed attention on the Epstein case.
Miami Archbishop Thomas Wenski is pressing county commissioners to approve a long-delayed mental health center, warning lives are at stake as the building sits empty.
A 53-year-old man faces DUI and drug charges after deputies say he crashed an e-bike into a tricycle while intoxicated in Key West.
Spotty showers will move through South Florida on Easter Sunday with a midday break, before a wetter pattern brings heavier rain and possible storms later this week.
In courtroom testimony, Shandelle Maycock recounted the harrowing night her daughter was abandoned in the Everglades, describing the horrors they endured.
A former prison guard trainee has been sentenced to death for the 2019 execution-style killings of five women inside a Florida bank.
Florida coach Billy Napier is getting a fourth season to try to get the Gators back to their winning ways.
A Florida man has filed a federal lawsuit against Jacksonville sheriff's officers who severely beat him last year after he ran from a traffic stop.
The Marion County Sheriff's deputy told authorities that he accidentally shot and killed his girlfriend while cleaning his gun.
A U.S. crew member who went missing when an F-15E fighter jet was shot down over a remote area of Iran has been rescued by U.S. forces.
Defense Secretary Pete Hegseth asked George to step down and take immediate retirement, CBS News exclusively reported earlier this week.
The changes were likely to affect Associate Attorney General Stanley Woodward, the No. 3 official at the Justice Department and Harmeet Dhillon, the Assistant Attorney General for the Civil Rights Division.
The war shows no signs of slowing as Iran responds to airstrikes with attacks across the region.
The ruling follows a lawsuit filed earlier this month by a coalition of 17 Democratic state attorneys general.
Former state Sen. Lauren Book launched her 11th annual statewide walk, encouraging survivors to share their stories amid renewed attention on the Epstein case.
Miami Archbishop Thomas Wenski is pressing county commissioners to approve a long-delayed mental health center, warning lives are at stake as the building sits empty.
Emily Gregory describes the days following her upset victory in Tuesday's special election as "a little overwhelming, surreal, but exciting."
The Miami Center for Mental Health and Recovery, located at 2200 NW 7th Avenue, would be a first-of-its-kind facility that could make a difference in the lives of countless people.
Wasserman Schultz pushed back against the suggestion that the United States was led into this war by Israel and its leader, Benjamin Netanyahu.
An unlicensed cosmetologist from Florida has been found guilty in a California court for providing an injection that killed a model who was known as a Kim Kardashian lookalike, prosecutors said.
Food containing norovirus may smell and taste normal but still cause serious illness if consumed, FDA warns.
HHS Secretary RFK Jr. wants the popular coffee chains to prove their surgery drinks are safe for teens and suggested the Trump administration could place limits on your cup of coffee.
Tests of dozens of baby formulas by Consumer Reports found that nearly half contained potentially dangerous chemicals.
A trial has been set in the San Francisco Bay Area for a Florida woman accused of providing a cosmetic injection that killed a woman who was known as a Kim Kardashian lookalike, prosecutors said.
A lawsuit filed late last month took Chicago-based McDonald's to task over the McRib sandwich, calling its name a form of false advertising.
Florida insurance policyholders could be seeing some form of relief in their wallets thanks to market reforms made statewide, Gov. Ron DeSantis said.
The company said Tuesday that 85% of its retail products and "nearly all" of its school offerings are already made without "certified colors."
Less than two days after Delta Air Lines offered $30,000 to each passenger on board the flight that crashed and flipped in Toronto on Monday afternoon, the company is facing its first two lawsuits in the incident — and they likely won't be the last.
Activists are calling for a nationwide boycott of Target stores following the company's decision to roll back its diversity, equity and inclusion initiatives.
A federal judge in New York has tossed out actor Blake Lively's sexual harassment claims against actor Justin Baldoni over their roles in the movie "It Ends With Us," but left intact a claim for retaliation.
Atlanta rapper Gucci Mane was lured to a Dallas studio for a meeting, then allegedly kidnapped and robbed by a group including rappers Pooh Shiesty and Big30.
A Las Vegas performer has sued Taylor Swift over the title of her hit album "The Life of a Showgirl," alleging it violates the performer's trademark.
The price hike raises the cost of the standard plan with ads by $1 per month and the cost of the standard and premium plans by $2.
Savannah Guthrie stepped back from her NBC duties almost two months ago when her mother, Nancy Guthrie, disappeared. The investigation is ongoing.