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Peter Zalewski of the Miami Association of Realtors weighs in on real estate market trends in South Florida.
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Welcome back to markets now live from Miami beach South Beach in Miami Florida at the same news cafe and that what does it cost do you think.
To -- a beautiful space like this actually run a business.
In Miami and how much -- -- compare he wanted to run this cafe up in New York City.
There is a big difference -- with -- let me any association of realtors keep track these numbers allotment more.
Let's talk about that because the differences reflect the cost this is phenomenal we're talking 59 dollars -- -- -- vs 27 dollars a square for commercial property.
-- -- -- Eight F solely if you get in the some the brand new space it's just been built during the crash because of bad timing about 2.2 million square feet of space went up.
-- enough direction pushing forty dollars a square foot -- it's gonna really vary depending on where you read here in South Beach rock star prices for instance like in -- 150 bucks but for an.
That is amazing so what are you seeing a big influx.
Business owners of this whether it's financial companies aren't regular companies that are coming down from the tristate area the -- -- exact reason.
It's from with the triple A credit rated entity that's coming down here they're paying top dollar -- -- -- and what they're doing is a -- push with the locals to different areas which ultimately spurring a whole new development.
So it's really -- is diversification if you will the popular areas are going up in price the people who started originally this article elsewhere which -- this whole grassroots effort elsewhere.
Do you think that -- closure inventories -- got -- Miami because Florida like California.
And parts of Arizona Nevada hit so hard during the downturn is is that inventory down.
Let me give some perspective right after Lehman Brothers crashed back in 2008 yet about a 108000 properties for sale in this general software area -- what's available today.
It's up 35000 if you -- macondo site which everybody was beating out when Lehman Brothers crashed about 60000 properties for sale today listen when he belted.
Average median home price about a 14550000.
For single family home in in.
Florida in this area Miami Florida think that -- much higher.
You know I think it really does because that debt prices weighed down by some of the places to the north away from South Beach kind of where everybody wants to be.
-- prices South Beach go up people are certain look elsewhere because the value on the street is not a silly topics in more.
All right here's -- list -- many realtors association a lot has changed very quickly here in Miami I have to say thank you very much.
All right if you know there are other areas that are saying a big boost when it comes to economic activity.
And -- talking about these hedge -- these private equity -- these brokerage houses up in the tristate fan hey forget on the head down to Miami coming up for the 1 PM eastern time hour.
Of markets now we're gonna be speaking.
With -- small -- business development board Apollo Beach counties to the presidency yet he's got an astounding number she says kidnapping even do many things.
The markets and Long Beach.
The knocking on her door is coming up the next hour of markets now that hasn't tracing back the F all right thanks very much Cheryl.
