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A daily look at the most significant and interesting stories affecting Miami.

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South Floridians got richer between 2019 and 2022

The area's median income was $70,769 in 2022.

News

Enjoy international cuisine, deals this Hispanic Heritage Month

Miami restaurants representing all types of international cuisines have special deals.

Food and Drink

Owner plans to replace Clevelander Hotel with residential building

40% of the units would be reserved for affordable housing rentals.

Development

New laws make teachers anxious about school year

New anti-"woke" education laws are stressing out Florida teachers.

Politics

Sales of Miami office buildings this week buck a national trend

The 28-story office building at 801 Brickell Avenue was just sold for approximately $250 million.

Real Estate

Real estate investors are paying top prices for local office buildings, bucking a <a class="gtmContentClick" data-vars-link-text="national trend" data-vars-click-url="https://www.nytimes.com/2023/09/01/business/office-vacancies-gural-gfp.html" data-vars-content-id="1a9e2488-ea09-4148-b14d-b2b13bbd5086" data-vars-headline="Sales of Miami office buildings this week buck a national trend" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.nytimes.com/2023/09/01/business/office-vacancies-gural-gfp.html" target="_blank">national trend</a>.What&#x27;s happening: Monarch Alternative Capital and Tourmaline Capital Partners are buying the 28-story office building at 801 Brickell Avenue for approximately $250 million, <a class="gtmContentClick" data-vars-link-text="the Real Deal reported Wednesday" data-vars-click-url="https://therealdeal.com/miami/2023/09/27/nuveen-selling-801-brickell-to-monarch-tourmaline-capital/?utm_campaign=sl-breaking-news&amp;utm_source=trd-newsletter&amp;tpcc=sl-breaking-news&amp;utm_medium=email&amp;utm_term=Valid%20Florida%20Subscribers" data-vars-content-id="1a9e2488-ea09-4148-b14d-b2b13bbd5086" data-vars-headline="Sales of Miami office buildings this week buck a national trend" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://therealdeal.com/miami/2023/09/27/nuveen-selling-801-brickell-to-monarch-tourmaline-capital/?utm_campaign=sl-breaking-news&amp;utm_source=trd-newsletter&amp;tpcc=sl-breaking-news&amp;utm_medium=email&amp;utm_term=Valid%20Florida%20Subscribers" target="_blank">the Real Deal reported Wednesday</a>.

Hot Homes: A boater's paradise

Hot Homes: $11 million gets you a waterfront home in Coral Gables.

In today&#x27;s installment of <a class="gtmContentClick" data-vars-link-text="Hot Homes" data-vars-click-url="https://www.axios.com/local/miami/2023/06/30/miami-hot-homes-bay-harbor-paradise" data-vars-content-id="74f608dd-1b5f-4a03-94dd-0985c2e42b84" data-vars-headline="Hot Homes: A boater&#x27;s paradise" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/miami/2023/06/30/miami-hot-homes-bay-harbor-paradise" target="_self">Hot Homes</a>, we bring you <a class="gtmContentClick" data-vars-link-text="this $11 million Coral Gables home" data-vars-click-url="https://officialpartners.com/properties/6921-sunrise-pl-coral-gables-fl-33133-a11448166" data-vars-content-id="74f608dd-1b5f-4a03-94dd-0985c2e42b84" data-vars-headline="Hot Homes: A boater&#x27;s paradise" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://officialpartners.com/properties/6921-sunrise-pl-coral-gables-fl-33133-a11448166" target="_blank">this $11 million Coral Gables home</a> that just hit the market.<ul><li>The 8,768-square-foot residence is being pitched as a boater&#x27;s dream home.</li></ul>

The back patio of a Coral Gables home shows a swimming pool looking at a canal. 

Report warns of a real estate "climate bubble"

About 39 million properties are overvalued, per the First Street Foundation report.

Climate

A <a class="gtmContentClick" data-vars-link-text="report out today" data-vars-click-url="https://firststreet.org/" data-vars-content-id="3792c42d-821c-40c0-ae3a-f2c84d5f9dae" data-vars-headline="Report warns of a real estate &quot;climate bubble&quot;" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://firststreet.org/" target="_blank">report out today</a> by First Street Foundation, a nonprofit that analyzes climate risk, warns the national real estate market &quot;has not adequately priced the cost of climate into its valuation,&quot; and a &quot;growing climate bubble&quot; that is &quot;similar to past bubbles in the real-estate market&quot; is just starting to be recognized.What&#x27;s happening: Regulators seeking to keep property insurance affordable have artificially suppressed rates that insurance companies are allowed to charge, the report explains.

Women walk past wood and debris from a hurricane 

Miami votes to pilot a unique model for affordable housing

The community land trust program has a goal of creating up to 50 units of affordable housing.

The Miami-Dade County commission voted to <a class="gtmContentClick" data-vars-link-text="establish a pilot community land trust (CLT) program" data-vars-click-url="https://www.miamidade.gov/govaction/matter.asp?matter=231490&amp;file=true&amp;fileAnalysis=false&amp;yearFolder=Y2023" data-vars-content-id="f81bbc80-36e1-4915-8849-6a8faac783ed" data-vars-headline="Miami votes to pilot a unique model for affordable housing" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.miamidade.gov/govaction/matter.asp?matter=231490&amp;file=true&amp;fileAnalysis=false&amp;yearFolder=Y2023" target="_blank">establish a pilot community land trust (CLT) program</a> last week with the goal of creating 50 units of affordable housing.Why it matters: A CLT is a <a class="gtmContentClick" data-vars-link-text="unique model of real estate" data-vars-click-url="https://localhousingsolutions.org/housing-policy-library/community-land-trusts/" data-vars-content-id="f81bbc80-36e1-4915-8849-6a8faac783ed" data-vars-headline="Miami votes to pilot a unique model for affordable housing" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://localhousingsolutions.org/housing-policy-library/community-land-trusts/" target="_blank">unique model of real estate</a> that can help keep homes affordable for generations.

SMASH's community land trust in Liberty City. 

The owner of Miami Beach&#x27;s landmark Clevelander Hotel and Bar and adjoining Essex House hotel wants to replace them with a residential project.What&#x27;s happening: Canada-based Jesta Group plans to redevelop the properties, with 40% of units reserved for affordable housing rentals, it announced Thursday.

A rendering shows a man in a suit standing in front of a white building 

Homebuyers look to new builds as fewer owners sell

The boost comes after rising interest rates curbed pandemic-driven homebuying demand.

The market for newly built homes is thriving as fewer homeowners want to sell.Why it matters: With U.S. mortgage rates at a <a class="gtmContentClick" data-vars-link-text="22-year high" data-vars-click-url="https://www.axios.com/2023/08/17/mortgage-rates-2001-loan" data-vars-content-id="eafa1dc6-0cae-45d1-ae15-5e92d97738a3" data-vars-headline="Homebuyers look to new builds as fewer owners sell" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/08/17/mortgage-rates-2001-loan" target="_self">22-year high</a>, golden handcuffs are locking up the nation&#x27;s housing inventory. That&#x27;s fueling buyers&#x27; appetite for new builds, according to real estate experts.

A chart showing newly built homes sold in the US by region

Hot Homes: Millionaires' Row estate listed for $49M

The 7,746-square-foot North Bay Road home is listed for $49M.

J. Christopher Burch, co-founder of fashion brand Tory Burch, is <a class="gtmContentClick" data-vars-link-text="listing his Miami Beach estate" data-vars-click-url="https://www.onesothebysrealty.com/real-estate/5050-n-bay-rd-miami-beach-fl-33140/a11441174/140990601" data-vars-content-id="a769352b-5417-46ba-aa7b-a8efe24c9b3f" data-vars-headline="Hot Homes: Millionaires&#x27; Row estate listed for $49M" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.onesothebysrealty.com/real-estate/5050-n-bay-rd-miami-beach-fl-33140/a11441174/140990601" target="_blank">listing his Miami Beach estate</a> for $49 million.Details: The 7,746-square-foot North Bay Road home — listed by ONE Sotheby&#x27;s International Realty — has eight bedrooms, eight full bathrooms and two half bathrooms.

A spacious backyard with views of Biscayne Bay.

Airbnb program lets tenants rent out their apartments part time

It allows you to rent out your apartment, even if you don't own it.

Business

In many apartment buildings, tenants with annual leases cannot sublease their space nor list it on short-term rental platforms like Airbnb.What&#x27;s happening: A new program called <a class="gtmContentClick" data-vars-link-text="Airbnb-friendly apartments" data-vars-click-url="https://www.airbnb.com/airbnb-friendly" data-vars-content-id="5f684ea3-0415-403f-b5d1-c5e47c2ed71c" data-vars-headline="Airbnb program lets tenants rent out their apartments part time" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.airbnb.com/airbnb-friendly" target="_blank">Airbnb-friendly apartments</a> bucks that norm by encouraging renters to lease out their space part time.

Rick Ross closes on $35M Star Island home

Looks like <a class="gtmContentClick" data-vars-link-text="Rick Ross&#x27;" data-vars-click-url="https://www.axios.com/local/miami/2023/08/10/rick-ross-named-best-miami-rapper-pitbull" data-vars-content-id="ad4455df-0887-4323-a94a-cbd1219f2ff6" data-vars-headline="Rick Ross closes on $35M Star Island home" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/miami/2023/08/10/rick-ross-named-best-miami-rapper-pitbull" target="_self">Rick Ross&#x27;</a> downpayment check cleared the bank. He closed on the sale of this Star Island mansion for $35 million on Monday.What&#x27;s happening: His new neighbor, Sean &quot;Diddy&quot; Combs, said Ross was approved by the HOA, and that he gave Ross a golf cart, the Real Deal <a class="gtmContentClick" data-vars-link-text="reported in July" data-vars-click-url="https://therealdeal.com/miami/2023/07/14/rick-ross-buying-waterfront-star-island-mansion-asking-37-5m/" data-vars-content-id="ad4455df-0887-4323-a94a-cbd1219f2ff6" data-vars-headline="Rick Ross closes on $35M Star Island home" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://therealdeal.com/miami/2023/07/14/rick-ross-buying-waterfront-star-island-mansion-asking-37-5m/" target="_blank">reported in July</a>.

Hot Homes: New construction for $16 million in Boca

This waterfront home has 30-foot ceilings and an elevator.

A cool $16 million could get you this brand-new house on the Intracoastal Waterway at <a class="gtmContentClick" data-vars-link-text="650 Tern Point Circle" data-vars-click-url="https://officialpartners.com/properties/650-tern-point-cir" data-vars-content-id="a93f1dbc-dbfa-40ac-8bce-a26c843d9cb8" data-vars-headline="Hot Homes: New construction for $16 million in Boca" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://officialpartners.com/properties/650-tern-point-cir" target="_blank">650 Tern Point Circle</a> in Boca Raton.Details: Located in The Sanctuary — a private neighborhood with tennis courts and a marina, where some homes are <a class="gtmContentClick" data-vars-link-text="going for $25.5 million" data-vars-click-url="https://www.thesanctuaryofbocaraton.com/homesforsale.php" data-vars-content-id="a93f1dbc-dbfa-40ac-8bce-a26c843d9cb8" data-vars-headline="Hot Homes: New construction for $16 million in Boca" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.thesanctuaryofbocaraton.com/homesforsale.php" target="_blank">going for $25.5 million</a> — the 8,826-square-foot residence has six bedrooms and ten bathrooms.

Real Estate 🏠