South Florida's real estate market is abuzz with activity, from luxury sales to new developments, amidst regulatory changes aimed at addressing workforce housing needs. In a significant move, Governor Ron DeSantis signed into law a bill amending the Live Local Act workforce housing law, expanding the state's authority over local municipalities.
What Happened
The amendment to the Live Local Act, sponsored by Sen. Alexis Calatayud and Rep. Mike Redondo, both Republicans representing Miami-Dade County, aims to incentivize developers to set aside a portion of their residential units for households earning up to 120% of the area median income. Local governments are required to administratively approve these projects, which come with incentives such as height and density bonuses, tax breaks, and parking benefits.
Luxury Sales
In the luxury market, a mansion in Boca Raton topped Palm Beach County's luxury contracts, landing a $17.8 million contract. The 8,500-square-foot new construction at 481 Thatch Palm Drive was the priciest home to go under contract last week. Additionally, a trust purchased a Palm Beach home for $35 million, marking one of the highest-priced recorded residential sales in South Florida. The 5,700-square-foot property at 350 Island Road was sold by the estate of Jane Smith, Palm Beach's oldest resident until her death earlier this year.
New Developments
The Dezer father-son team is moving forward with Dezerland Park West, a 586-unit residential development in North Miami. The project, approved by the city's planning board, will feature two buildings with apartments ranging from 500 to 1,500 square feet, as well as 14 townhouse units and 20,000 square feet of shared amenities.
Key Facts
- Who: Governor Ron DeSantis, Sen. Alexis Calatayud, Rep. Mike Redondo, Dezer Development
- What: Amendment to Live Local Act, luxury sales, new developments
- When: Recent weeks and months
- Where: South Florida, specifically Palm Beach County and North Miami
- Impact: Regulatory changes aim to address workforce housing needs, while luxury sales and new developments continue to shape the market
What to Watch
As the South Florida real estate market continues to evolve, it will be important to monitor the impact of regulatory changes on workforce housing and the luxury market. With new developments on the horizon, the market is likely to remain dynamic in the coming months.