South Florida Real Estate Market Update for June

Several South Florida cities saw increases in their property values in 2010, according to a recent article in The Miami Herald.

Although property values for both commercial and residential real estate are still down in Miami-Dade and Broward counties for 2010, they’re still doing considerably better than in 2008 or 2009.

South Florida Property Values

According to the most recent data:

• 10 municipalities in Miami-Dade County saw increases in value in 2010.  In contrast, all 37 municipalities saw decreases in value in 2009.
• Downtown Miami saw the largest year-over-year value increases in South Florida.  The community’s tax base grew by 10.9 percent in 2010.  In 2009, Downtown Miami’s tax base decreased by 11.2 percent.
• In 2009, new construction in downtown Miami was valued at $362 million.  In 2010, that value had climbed to $1.4 billion.
• Key Biscayne’s taxable property value grew by 1.5 percent.
• Sunny Isle’s taxable property value grew by 2.9 percent.
• Pinecrest’s taxable property value grew by 0.8 percent.
• New construction in Miami-Dade County fell from $2.7 billion to $1.5 billion.
• New construction in Broward County also fell, from $1.5 billion to $633 million.
• Homestead taxable property value fell by 9.6 percent. Still, that’s considerably better than in 2009, when property values in Homestead dropped by more than 31 percent.
• Florida City’s taxable property value fell by 15.4 percent.