Prosperity has deepened affordability challenges for many longtime Miami residents. According to a study, half households spend more than 30% of their income on housing, a common benchmark for financial strain. The county also faces a shortage of more than 90,000 affordable rental units for lower- and moderate-income households.
Coconut Grove offers something many luxury enclaves cannot: discretion. Hidden behind lush landscaping and quiet streets, the neighborhood allows billionaires and high-profile residents to remain close to Miami’s booming financial and cultural centers while maintaining a rare sense of privacy and community.
Local agents say a sharp rise in buyer activity during the first quarter has fueled significant gains in both contracts and closings, signaling renewed confidence in the high-end coastal market. Activity has been broad-based, with properties ranging from modest condominiums to luxury homes changing hands.
A recent report compared median annual rent with median household income across 182 cities nationwide. Miami ranked last for affordability, with renters dedicating about 33.77% of their income to housing.
Damac Properties, the Dubai-based developer that purchased the property, has not sold a single unit at its planned luxury condo building, known as Delmore Surfside condo project. The redevelopment has remained controversial, as some community members had hoped the site would instead become a memorial.
High housing prices, low wages, and other financial pressures are driving Miami-Dade residents away. The result is a concentration of wealth: higher-income individuals are moving in, while lower-wage workers are moving out, and overall population growth is beginning to stall. That’s not a healthy trajectory for long-term economic stability.
The company, Iru—an IT security and management platform formerly known as Kandji—leased approximately 78,000 square feet at 3390 Mary Street and an additional 14,000 square feet at 2901 Florida Avenue. Both properties are part of the Mayfair in the Grove mixed-use complex. South Florida’s office market continues to gain momentum as new companies enter the region.
While the Treasure Coast continues to attract attention for its coastal appeal and steady population growth, successful investing in this market requires a clear understanding of the local variables that influence returns, risk, and long-term performance.
Expected to begin within the next few weeks, the aging property will be transformed into a 250,000-square-foot open-air retail center. The project is expected to be completed between 2027 and 2028.
A majority of the Vero Beach City Council voted on March 10th to relinquish control of the airport’s parking lots and approved a $243,000 change order for the consultant designing the parking system.