Axios Miami

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Today's newsletter is 834 words, a 3-minute read.

1 big thing: Miami home prices forecast to rise next year

Illustration of a real estate for sale sign with a fire emoji on it.

Illustration: Brendan Lynch/Axios

The year is coming to an end, but it appears our housing woes aren't.

Driving the news: South Florida housing prices are expected to rise 3.4% in 2023, according to a new Realtor.com forecast released this week. Meanwhile, the volume of sales is predicted to drop by 2% locally.

  • The predictions are in line with nationwide indicators, per the report, which signal that prices may go up, albeit not as much as in the past few years, while the number of sales may decline.

Why it matters: Prospective buyers will probably see more homes on the market next year, but costs are so high, many are being priced out.

  • "The 2023 housing market could become a 'nobody's-market,' not friendly to buyers nor to sellers," Realtor.com chief economist Danielle Hale wrote.

The big picture: Fast-rising rates for mortgages have slowed the Miami-Dade housing market, which reached historic highs in June with median home prices at $579,000, according to Insurance Journal.

  • Nationally, the typical monthly mortgage payment is expected to cost $2,430 next year. That's 28% higher than in 2022.
  • The report predicts average mortgage rates of 7.4% next year, with a drop to 7.1% by year-end.

Yes, but: Expensive as homebuying is, rents are predicted to rise even more — 6.3% year over year nationally — making it even harder for tenants to save for a down payment on a home.

What they're saying: Michael Hinton, commercial president of The Miami Association of Realtors, told Axios that single-family home prices here typically either remain stable or rise because of Miami's unique location between the Everglades and the Atlantic Ocean.

  • "We've pretty much run out of land [for new developments], so none of us have seen a significant decrease in prices," Hinton said.

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2. Ariete chef opens new restaurant

A golden-hued cocktail sits on a sparse table.

A Monte Carlo at Brasserie Laurel. Photo: Courtesy of Andrea Lorena @FujifilmGirl via Brasserie Laurel

Miami chef Michael Beltran is launching a restaurant downtown today.

What's happening: Brasserie Laurel will serve a French-inspired menu inside Caoba, a residential tower that's part of the 27-acre Miami Worldcenter development.

Why it matters: Beltran was among nearly a dozen Miami chefs awarded a Michelin star for the first time when the guide launched its Florida edition this year. He was recognized for Coconut Grove eatery Ariete.

  • His team also operates Navé and Chug's Cuban Diner, as well as bars The Taurus, The ScapeGoat and The Gibson Room.

Details: Brasserie Laurel's menu will feature elegant cocktails, paired with items like escargots, frog legs and beef Wellington.

What they're saying: "It's a new approach to French brasserie food," Beltran said in a statement. "Think Frank Sinatra, Dizzy Gillespie, La Tour d'Argent in Paris. Music will be swanky, food will be refined but unpretentious, and wine and cocktails will be plentiful."

Visit: 698 NE 1st Ave., Suite G-170, Miami. Reservations.

3. Cafecito: Your morning shot of news

Illustration of a coffee cup with dolphin latte art.

Illustration: Allie Carl/Axios

💰 Miami's Magic City Casino is slated to be sold to an Alabama tribe, the Poarch Band of Creek Indians. But state gambling regulators yesterday delayed the casino operator's request to transfer the lucrative gambling permit until later this month, when more details about the deal should be made public. (South Florida Business Journal)

🌊 Gov. DeSantis announced yesterday the state will award $22.7 million to support water quality and other environmental projects in Biscayne Bay. The Miami Herald rounded up where that money will go.

👮 Eleven people have been arrested in connection with a Westchester restaurant that police allege was illegally operating as a nightclub and harboring illegal sales of alcohol and drugs. (CBS Miami)

🏢 A major development project is poised to transform Biscayne Boulevard. Edgewater's Urban Development Review Board has recommended approval of a pair of 40-story, mixed-use towers with more than 600 residential units and an office building south of Northeast 34th Street. (Miami Today)

🏈 "The Dan Le Batard Show With Stugotz," Miami's beloved sports-talk podcast, is moving from its longtime home at the Clevelander South Beach to a studio in downtown Miami. (Miami Herald)

4. Things to do this weekend

Rapper Rick Ross puts his arm around Timbaland as both men smile and wear sunglasses.

Rick Ross hugs Timbaland in Miami in January. Photo: Romain Maurice/Getty Images for Mr. Hospitality

🦐 Head to The Barnacle State Park tonight to watch screenings of a documentary series about Florida's waterways and sustainable seafood industry, followed by a Q&A with The Ocean Conservancy's J.P. Brooker.

🔊 Groove to a DJ set from Flying Lotus and other live musical acts — or hear a Q&A with Chance the Rapper — at Tribeca Festival's pop-up Music Lounge in Miami, happening today through Sunday. Day passes are $30.

⚽ Watch the U.S. men's national team take on the Netherlands in a World Cup elimination match at 10am Saturday at your favorite sports bar — like Grails in Wynwood. Check out our list of some other bars to watch.

🎙️ Join Grammy-winning record producer Timbaland, music distributor UnitedMasters, and the team from the Earn Your Leisure podcast on Saturday to talk about money and the music biz, followed by a show featuring Manu Manzo, Nickoog Clk and a "secret headliner." (We're hearing it's Pusha T.)

🎸 Rock out with Jack White, The 1975 and Muse at Audacy Beach Festival this Saturday and Sunday at Fort Lauderdale Beach. GA tickets are $85 for a one-day pass and $125 for two days.

🎤 Deirdra wishes she was going to Audacy and that Yungblud would perform this bop.

🎧 Martin is listening to his favorite Flying Lotus song.

Today's newsletter was edited by Alexa Mencia and copy edited by Rob Reinalda and Azi Najafi.