Reso 2006-891 - Laserfiche WebLink

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According to data from the Department of Business and Professional Regulation, Miami-Dade County has over 290,000 licensed rental apmiment units. Reinhold P. Wolff Quarterly Housing Report shows a vacancy rate of 4.3% in August of2002, slightly higher than the 4.0% rate of August of2002. The vacancy rate has been declining steadily since 1991, but the decline accelerated after August 1992; this is attributable to Hurricane Andrew. Rental apartments have average rental rates of$865 per month for a one bedroom apartment and $ I ,077 per month for a two bedroom apartment, as of August 2002. The condominiwn apartment market experienced an all-time high inventory of 15,722 units in October of 1986. The inventory has decreased to 7,552 units as of March of 2003. The high inventory caused the average sale price of a new condominium unit to decline from $112,604 in 1982 to $87,990 in 1987. However, the average sale price increased dramatically to $162,752 in 1991, declining to $130,545 in 1994 but again dramatically increasing to $291,911 in 2003. The Miami-Dade County retail market contains approximately 52.5 million square feet in buildings over 20,000 square feet. The major retail markets in Miami-Dade County include Hialeah, Coral Gables/South Miami-Dade, A ventura and Kendall. Rental rates typically range from $15.00 to $40.00 per square foot with an average rate of $18.90 per square foot. The overall Miami-Dade County vacancy rate for 2003 was approximately 5.3%, a 13.6% decrease from the previous year. The vacancy level is lowest in super regional malls and highest in unanchored strip centers. Conclusions In the future, one of the principal growth areas for Miami-Dade County is expected to be the international sector. Miami-Dade County, because of its geographic location and excellent transportation facilities, is well-suited to attract both business individuals and tourists from Latin America. It is already one of the principal shopping markets for Central and South Americans visiting the United States and one of the principal export points for goods and services destined for Latin America. A major consideration to future real estate development in Florida will be compliance with the State's concurrency law mandated by the Growth Management Act. This law requires developers to build sufficient infrastructure. Concurrency requires that basic facilities and services be in place or the money to build the same be available before the construction of new development is granted approval. The existence of major financial institutions, retail outlets, corporations and other business entities, coupled with its geographic location, transportation systems and planned international trade centers give Miami-Dade County an excellent opportunity for continued growth as an international center. QUINLIVAN APPRAISAL 17