A major redevelopment proposal in Miami led by developer Swerdlow Group aims to transform a mile-long stretch of Little River and Little Haiti neighborhoods. The $2.6 billion project, privately financed and spanning 65 acres, focuses on providing affordable and workforce apartments, addressing the housing needs of low-income and middle-class residents. The plan includes new Tri-Rail stations, big-box stores, and over 5,000 housing units. The proposal, one of Miami's largest, emphasizes a mixed-income, walkable, and transit-friendly community. The redevelopment would replace aging public housing projects with modern, dense apartment buildings, prioritizing affordability and preventing gentrification. The plan also incorporates income-restricted workforce apartments, with amenities and high-quality design. If approved, the project is estimated to take nearly 10 years to complete, and the developers have secured financing commitments for its major elements. The proposal includes a new Tri-Rail station, critical for achieving the desired height and density, and aims to create a vibrant, inclusive neighborhood.

The SoCal region’s six-county median sale price was $750,000, down from $760,000 in May 2022. However, a broader view shows that prices are still soaring compared with June 2021, when the median price was $679,000.

Home sales, meanwhile, slipped on a month-over-month basis but plunged compared with a year earlier, DQNews said. A total of 20,289 homes were sold in June 2022 compared with 27,143 the previous June — a decline of 25.3%.

In such an overheated market, with many more buyers than homes for sale, it’s good to understand the competition. Millennials have made up the biggest percentage of homebuyers since 2014. About 81% of younger millennials, aged 25 to 31, and 48% of older millennials were first-time buyers.