The estimated taxable real estate value rose for most Miami-Dade municipalities and for all Broward county. The State of Florida performs property appraisals every year in January. This year, right […]
The March 2020 report from the Miami Association of Realtors, shows an increase of sales in the real estate market. “The Miami real estate market extended its run of solid […]
The estimated taxable real estate value rose for most Miami-Dade municipalities and for all Broward county.
The State of Florida performs property appraisals every year in January. This year, right before COVID-19, the valuation created some agitation in the real estate market.
The preliminary estimated taxable value increased by 4.6% in Miami-Dade, from $307.2 billion in 2019 to $333.7 billion in 2020. In Broward, it grew by 6.14%, from $199 billion in 2019 to $211.2 billion in 2020. The taxable values will be finalized July 1.
The municipalities with highest overall increase in values including new construction in West Miami. These are municipalities dominated by mid-market housing West Miami 12%, Florida City 11.2%, Hialeah 9.6%, and North Miami 9.4%. The value for existing housing grew, being Hialeah the city with most growth 8%, followed by Florida City 7.6%, El Portal 7.6% and Biscayne Park 7.0%.
In general, the overall assessment values fell in five upscale municipalities that dominate luxury housing. These municipalities are: Bal Harbour -4.2%, Aventura -3.2%, Key Biscayne -1.5%, North Bay Village -1.5% and Surfside -0.3%. For existing housing the value fell in the following municipalities that are dominated by luxury housing: Sunny Isles -5.3%, Bal Harbour -4.2%, Aventura -4.1%, North Bay Village -3.3%, Key Biscayne -1.6%, Surfside -1.6% downtown Miami -1%, and Golden Beach -0.1%
The taxable values in Broward had a slight increase for all 31 cities in the county. The increase is credited to three trends in 2019, including population growth, new residential and commercial construction. Marty Kiar, Broward County’s tax appraiser said that there were a lot of properties that exchanged hands.
The most relevant increase occurred in the following municipalities: West Park 9.33%, Lauderdale Lakes 7.32%, North Lauderdale 7.22%, Lauderhill 7.02%, and Oakland Park 6.99%. Lazy Lake had the lowest growth (0.33%).
Kiar says that the bigger increase in West Park happened because a lot of people are moving there, while the lowest increase in Lazy Lake is just because it is the smallest community. It covers only a few blocks, with about 20 to 30 homes.
It is encouraging to know that higher tax values don’t necessarily mean higher property taxes. The property taxes are calculated after counties determine millage rates.
Tom Ringel, a founding partner at the Kendall-based law firm Markowitz Ringel Trusty & Hartog said that, even though the economic downturn, and job losses is making it difficult for some homeowners to afford the increased property taxes, litigation is unlikely.
Miami-Dade property owners can review their estimated assessed values online at Miami-Dade website, and can file appeals with the county property appraisers. Miami-Dade homeowners can also ask for quarterly payment plans. Perhaps a legislative miracle happens as Kiar said: you never know what can happen – the Florida Legislature may allow us to consider the pandemic for this year or there may be an executive order that would allow us to do so.”
Appealing the assessment of your property may be worth it if you consider the assessment of your property is inflated; however, before moving into that direction, you may want to consider if it is worth or not to request the assessment appeal. In May, Ringel said: “If you think the assessment is unfair, the cost of litigation with attorney fees may be worth it for those $30 million-plus homes, but not for the $600,000 to $800,000 run-of-the-mill houses. The savings won’t be worth it.”
Hotel owners are already suffering revenue losses from pandemic closures, and may suffer most, Mandler a partner at the downtown Miami-based law firm Rennert Vogel Mandler & Rodriguez, agrees with Ringel. For Mandler it seems like the hardest hit will be for commercial real estate property owners.
The facts are that the high supply of luxury condos and the decrease in foreign buyers caused a slowdown in the Miami-Dade market. So far, Hialeah real estate increased values in 2020. And according to county property appraisers, new construction prices were higher for both counties before COVID-19.
We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
The March 2020 report from the Miami Association of Realtors, shows an increase of sales in the real estate market. “The Miami real estate market extended its run of solid expansion through March 2020,” said Jorge L. Guerra Jr. the association’s chairman of the board. “While COVID-19 is expected to temporarily impact home sales on a global level, we remain optimistic the robust fundamentals of the South Florida housing market will minimize the impact and sales activity will resume later in the year, as things normalize and pent-up demand builds.”
Here we show the market by the numbers
| Miami-Dade | Broward |
| Sales
Total increase by 43% Single-family increased by 1.6% Condos increased by .6% |
Sales
Total decreased by 0.18% Single-family decreased by 1.% Condos increased by 1.2% |
| Inventory
Single-family dropped by 1.6% Condos dropped by 13%
Actual Supply Single-family 5.5 months of supply Condos 12.5 months of supply |
Inventory
Single-family dropped by 18.6% Condos dropped by 6.9%
Actual Supply Single-family 3.7 months of supply Condos 5.9 months of supply |
| Median Prices Growth
Single-family increased by 9% from $351,250 to 382,750 Condos increased by 9.8% from $244,950 to $269,000 |
Median Prices Growth
Single-family increased by 6.8% from $365,000 to 390,000 Condos increased by 6.2% from $2169,525 to $180,000 |
| Luxury Real Estate Market
Price Prices increased for both single-family homes and condos
Luxury Transactions Single-family transactions increased by 17.1 % Condos transactions increased by 46.8% |
Luxury Real Estate Market
Price Prices increased for both single-family homes and decreased for condos
Luxury Transactions Single-family transactions increased by 18.3% Condo transactions decreased by 24.2% |
| Listing Price
More than 90% of properties were sold for or near the asking price. |
Listing Price
More than 90% of properties were sold for or near the asking price. |
| Cash Transactions
Decreased by 32.4% from 35.6% in March 2019 |
Cash Transactions
Decreased by 35.9% from 37.7% in March 2019 |
Before COVID-19, South Florida real estate sales were increasing, and even though the market has slowed down, it is expected for the south Florida real estate market to bounce back.
We are here to offer solutions to our clients, even during COVID-19 we have adapted to the needs of our clients and our industry providing many options for closings following social distancing measures from drive-in curbside closings to remote online notarization.
Remote online notarization offers real estate professionals the benefit to close transactions in which one of the parties is out of town, giving them the opportunity to provide a suitable closing experience.
The South Florida real estate industry remains active; there are still opportunities to find buyers and sellers. Realtors and brokers are offering virtual showings and regular showings when it is possible, always following social distancing. Realtors should be using this time to enhance their social media presence, build their following, and gain interested buyers for now as well as after this pandemic ends.
We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
Despite the pandemic, real estate values are up in 2020. Here is why.
UncategorizedThe estimated taxable real estate value rose for most Miami-Dade municipalities and for all Broward county. The State of Florida performs property appraisals every year in January. This year, right […]
South Florida Real Estate Homes Sales Slight Climbed as COVID-19 Hit
UncategorizedThe March 2020 report from the Miami Association of Realtors, shows an increase of sales in the real estate market. “The Miami real estate market extended its run of solid […]