Mortgage Rates Fall to 10-Month Low, Creating a Window of Opportunity for Buyers and Refinancers

Mortgage rates have hit a 10-month low, presenting a timely opportunity for both prospective homebuyers and homeowners looking to refinance. Yesterday, the average 30-year fixed mortgage rate dropped to 6.57%, the lowest since October 2024. This decline was largely driven by a weaker-than-expected July jobs report, which sparked investor demand for 10-year Treasury bonds—lowering yields and, in turn, pulling mortgage rates down.

For buyers, this drop in rates translates directly into increased purchasing power. According to Redfin, a homebuyer with a $3,000 monthly mortgage budget can now afford a home priced about $20,000 higher than what they could afford back in May, when rates peaked around 7.08%. The reduction may also offer much-needed relief in a housing market still dealing with high prices; the median U.S. home price was $435,300 in June. With the combination of lower borrowing costs and high listing prices, this shift provides rare leverage for motivated buyers.

Refinancers also stand to benefit. Homeowners with mortgages locked in at over 7% could save around $200 per month on a $300,000 loan by refinancing at today’s lower rates. This is especially compelling for those who bought or refinanced during last year’s rate spikes. Industry experts are encouraging homeowners to run the numbers and explore refinancing options while this rate window remains open.

The drop in mortgage rates is mainly tied to macroeconomic factors. The disappointing July jobs data made investors nervous about the strength of the labor market, prompting a flight to safety via government bonds. When Treasury yields fall, mortgage rates tend to follow. According to Mortgage News Daily, lenders are now pricing loans at the lower end of the range seen since October 2024, signaling a stable environment for locking in favorable terms.

Despite this reprieve, long-term affordability challenges persist. While rates are down, home prices remain historically high, and the Federal Reserve has not signaled any aggressive policy changes that would bring mortgage rates below 6% in the near term. Most economists expect rates to remain in the 6% to 7% range for the rest of 2025. That makes this current dip a potentially brief window of opportunity—particularly for those who are ready and able to act.

In summary, with mortgage rates now sitting at their lowest point in 10 months, buyers and refinancers alike have a rare chance to improve their financial footing. Whether it’s stretching your homebuying budget or cutting your monthly payments through a refinance, acting now could lock in meaningful savings before rates rebound. As always, consult with a trusted mortgage advisor and run the numbers to determine what’s right for your situation.

Coming Soon: Condo Hunter Mobile App Launching August 11th on iOS & Android

After more than 4.5 years of development, the highly anticipated Condo Hunter mobile app is officially set to launch on August 11, 2025. Designed specifically for South Florida’s fast-paced and complex condo market, Condo Hunter brings a new level of power, precision, and personalization to the home search experience.

Whether you’re a buyer, renter, investor, or simply curious about the market, Condo Hunter offers a robust, user-friendly platform packed with features that make navigating South Florida’s condo landscape easier than ever before.

Below is a detailed look at the features that make Condo Hunter the most advanced mobile app of its kind:

Advanced Condo Search Engine

Condo Hunter’s property search tool offers one of the most comprehensive and flexible search experiences in the market. Users can search by:

• Multiple buildings, neighborhoods, zip codes, MLS numbers, or specific addresses
• Custom filters including price range, number of bedrooms/bathrooms, square footage, furnished/unfurnished, unit view (e.g., ocean, bay, city), waterfront type, flooring type, amenities, and number of parking spaces

This level of detail allows users to pinpoint exactly what they want and filter out what they don’t — no more wasted time scrolling through irrelevant listings.

Virtual Reality Lounge

The app features a dedicated Virtual Reality Lounge, where users can explore luxury condo units through high-quality, immersive virtual tours. This feature is especially valuable for out-of-town buyers, providing a convenient way to view multiple properties without needing to step foot inside them — all from your phone.

️ Database of 450+ Condo Buildings

The app provides rich data on over 450 condo buildings across South Florida, including:

• Available, pending, and closed listings for both sales and rentals
• Floor plans, building reviews, market stats, media galleries, and Walk Scores

Whether you’re researching a building before making an offer or just curious about price trends, this centralized resource is a major time-saver.

Insights for Over 20 South Florida Neighborhoods

Condo Hunter goes beyond buildings — it covers 24 of South Florida’s most prominent neighborhoods, offering:

• Listings (active, pending, closed)
• Neighborhood stats, market trends, reviews, and Walk Scores

Whether you’re comparing Brickell to Edgewater or Sunny Isles to South Beach, you’ll have side-by-side context at your fingertips.

️ Preconstruction Hub with Downloadable Marketing Materials

For those interested in new developments, Condo Hunter offers a dedicated Preconstruction Condo Hub, which includes:

• Active sales listings
• Floor plans and site plan
• A Dropbox-style download system that allows users to save and share fact sheets, brochures, pricing sheets, and more

This makes Condo Hunter an essential tool for buyers and agents seeking access to the latest inventory and marketing collateral for preconstruction condos.

️ Saved Searches + Real-Time Alerts

Stay ahead of the market with the ability to save custom property searches and receive push notifications and email alerts whenever matching listings hit the market or change status. This feature is especially powerful for users tracking high-demand buildings or neighborhoods.

Condo Rankings

Condo Hunter introduces a first-of-its-kind Condo Rankings system — a proprietary, data-driven tool that provides an unbiased, quantitative evaluation of condo buildings. The rankings are based on a six-point framework, helping users compare buildings based on objective criteria, not just marketing hype.

❤️ Favoriting + “Tribe Favs”

Users can easily favorite properties, buildings, and neighborhoods, making it easy to track top choices. Plus, a unique feature called “Tribe Favs” shows what others in the Condo Hunter community are favoriting — giving users real-time insight into what’s trending or in demand.

News & Video Content

The app also includes an integrated news feed, with articles and videos covering:

• New development launches
• Market trends and analysis
• Real estate tips and commentary
• Neighborhood spotlights and more

Stay informed and empowered as a buyer, renter, or investor — all without leaving the app.

Final Thoughts

The launch of Condo Hunter will mark a new era in the way people search for condos in South Florida. With its rich data, intelligent features, and user-first design, the app was built to save time, deliver clarity, and empower smart decisions in a market that’s constantly evolving.

Whether you’re looking to buy, rent, invest, or just keep tabs on the market, Condo Hunter puts the entire South Florida condo scene in the palm of your hand.

Available August 11th in the App Store and Google Play.

Demolition Underway at Future Site of 888 Brickell by Dolce & Gabbana

A major milestone has been reached for 888 Brickell by Dolce & Gabbana, one of Miami’s most anticipated ultra-luxury condo developments. Demolition has officially begun at 888 Brickell Avenue, where the existing building—now fully wrapped and prepped for teardown—will soon make way for what is set to become the tallest residential tower in Brickell. The start of demolition signals real momentum for this high-profile project, which has already generated significant buzz for its fashion-forward branding, sky-high amenities, and record-setting pricing.

888 Brickell by Dolce & Gabbana is being developed by JDS Development Group, the New York–based firm behind other prominent South Florida ventures like Monad Terrace in Miami Beach. The tower will rise 1,049 feet and span 90 stories, establishing itself as a defining feature of the Brickell skyline. In a rare collaboration between high fashion and real estate, the project will be the first residential tower in the world fully branded and designed by Italian fashion house Dolce & Gabbana. The interiors, furnishings, and aesthetic direction of the residences and common spaces are being curated by the fashion label, infusing the building with signature opulence and craftsmanship.

Architecture for 888 Brickell is being led by Miami-based Sieger Suarez Architects, working alongside Studio Sofield, known for its ultra-luxury designs including Manhattan’s 111 West 57th Street. The tower will offer 259 branded residences, along with a members-only club, full-service spa, gourmet restaurants, and an expansive pool deck with cabanas and ocean views. Units range from one to four bedrooms, with prices starting at $2.2 million and the 3-story, crown-jewel penthouse asking $88 million.

With demolition now underway, 888 Brickell by Dolce & Gabbana is one step closer to transforming this iconic stretch of Brickell Avenue. As vertical construction approaches, the tower promises to raise the bar for luxury living in Miami and establish a new benchmark for branded residential real estate.

Miami Condo Market Slump Worsens as Sales Drop and Inventory Surges

The latest condo market statistics for Miami-Dade County, released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS), reflect a clear shift in market dynamics toward buyers. In June 2025, total existing condominium sales fell 12.9% year-over-year, dropping from 1,085 closed transactions in June 2024 to 945 last month. This marks a continued slowdown in demand as elevated mortgage rates, increased insurance costs, and tighter lending standards for certain buildings weigh on buyer activity.

At the same time, inventory continues to climb at a rapid pace. Miami-Dade condo listings surged 36.07% year-over-year, rising from 9,588 active listings in June 2024 to 13,046 in June 2025. With supply outpacing demand, the months of inventory for existing condos now sits at 14.1 months—well above the 6-to-9-month range typically considered a balanced market. The elevated inventory level gives buyers more options and greater leverage during negotiations, particularly in the mid-range and resale segments of the market.

While the surge in supply may present challenges for sellers, it also opens up opportunities for buyers who have been sitting on the sidelines. Units that are competitively priced, staged well, and located in buildings with healthy financials and flexible financing options are still attracting interest. However, sellers who fail to adjust to today’s more competitive landscape risk extended days on market and increased price reductions.

Overall, the June 2025 data underscores a notable turning point for the Miami condo market. With over 13,000 condos listed for sale and over a year’s worth of supply, the power has clearly shifted to buyers. Sellers looking to stand out must be strategic in pricing and presentation, while buyers now have a rare window to be selective, negotiate favorable terms, and find long-term value in a high-supply environment.

Jewelry Brand Ildico Buys Corner Retail Gem in Miami Design District for $35M

A prime retail property in the heart of the Miami Design District has changed hands in a major off-market transaction. The two-story commercial building located at 3800 NE 2nd Avenue sold for $35 million, reflecting the continued strength and desirability of Miami’s luxury retail corridor. The buyer, Beverly Hills-based jeweler Ildico, acquired the property through an entity tied to its CFO, Mikhail Cohen. The deal represents a significant expansion for the high-end jewelry brand as it plants deeper roots in the South Florida market.

Built in 1926, the building spans 9,445 square feet and is currently home to luxury retail tenants including Listone Giordano, L’Atellier Paris Haute Design, and CNCPTS Miami. The $35 million purchase price equates to approximately $3,701 per square foot, underscoring the premium investors are willing to pay for flagship-quality real estate in the Design District. The sellers—veteran Miami investors Sam Herzberg, David Herzberg, and Richard Do—originally purchased the building in 2015 for $11.4 million, making this transaction a 208% increase in value over a ten-year period.

This transaction further solidifies the Miami Design District’s status as one of the nation’s top-tier luxury retail destinations. Home to internationally renowned brands like Louis Vuitton, Gucci, Saint Laurent, and Hermès, the neighborhood has been strategically transformed by development firms such as Dacra, Brookfield, and L Catterton. As demand for retail space in the district continues to climb, so do prices—both in terms of lease rates and sale values.

The deal was brokered by Joe Fernandez, Tony Arellano, and Devlin Marinoff of DWNTWN Realty Advisors, who have facilitated more than 40 deals in the Design District over the past 15 years. Their deep understanding of the area’s market dynamics played a key role in bringing the off-market deal to fruition.

Located at the intersection of NE 2nd Avenue and NE 38th Street, the 3800 NE 2nd Avenue property sits just one block from Palm Court and within walking distance to the district’s most trafficked luxury boutiques and art installations. The building’s strategic corner location and historic character further elevate its value in a district known for architecturally significant properties and experiential retail environments.

This sale also comes amid a broader wave of investment activity in the area. Just blocks away, plans have been filed for a 20-story residential and retail tower, while nearby developments such as Cassi—a $125 million luxury apartment and retail project—signal ongoing momentum in the district’s evolution.

With this acquisition, Ildico joins a growing list of private and institutional investors targeting the Miami Design District for long-term positioning. As retail trends continue to favor experiential, luxury-driven environments, properties like 3800 NE 2nd Avenue are proving to be some of the most valuable and resilient assets in Miami’s commercial landscape.

Miami Tops Altrata’s 2025 Report as the Global Epicenter for Ultra-Wealthy Second Homes

According to Altrata’s newly released Residential Real Estate 2025 report, Miami has officially cemented its position as the top destination in the world for ultra-high-net-worth (UHNW) individuals seeking second homes. With over 13,200 UHNW individuals owning secondary residences in the Magic City, Miami now outranks all other U.S. cities—including New York and Los Angeles—in this category. Globally, it ranks #1 as the most popular second-home destination for the ultra wealthy, a testament to its rising global status and appeal among elite buyers.

Several factors continue to make Miami an irresistible draw for the ultra-wealthy. Florida’s tax-friendly policies—particularly the absence of a state income tax—have long made Miami a haven for wealth preservation and strategic investing. But beyond financial benefits, Miami offers a lifestyle that few global cities can match. Its year-round sunshine, vibrant arts and culture scene, thriving culinary destinations, and pristine beaches combine to create an ideal environment for both full-time living and seasonal retreats. Furthermore, Miami’s geographic location and international airport offer unmatched access to Latin America, Europe, and key financial hubs, making it a practical and prestigious base for international UHNW individuals.

The report also places Miami among the top five cities worldwide in total UHNW residential footprint, alongside global heavyweights like London, Hong Kong, New York, and Los Angeles. This reinforces a growing trend: the ultra wealthy are increasingly viewing Miami not just as a vacation destination but as a cornerstone in their global real estate portfolios. As the global UHNW population is projected to grow by more than 33% over the next five years, Altrata anticipates that demand for high-end residential real estate will follow suit—and Miami is poised to absorb a significant portion of that surge.

For Miami’s real estate professionals, developers, and investors, the data presents clear opportunities. Demand is expected to skyrocket for luxury condos, waterfront estates, and gated communities—particularly in neighborhoods like Miami Beach, Brickell, Coconut Grove, and Coral Gables. New development projects that prioritize privacy, design sophistication, top-tier amenities, and global branding will have a distinct edge in this new landscape. Additionally, marketing strategies must be tailored to UHNW sensibilities, highlighting security, exclusivity, and long-term asset value.

Looking ahead, Miami’s luxury real estate market is entering a new era of international significance. With the UHNW population projected to grow rapidly and Miami emerging as a clear favorite, we can expect a rise in upscale development, increased buyer competition, and a greater emphasis on properties that deliver both lifestyle and legacy value. For agents, investors, and developers, now is the time to double down on Miami’s unprecedented momentum.

The Residential Real Estate 2025 report from Altrata doesn’t just confirm what many in the industry already suspected—it quantifies it. Miami isn’t just hot. It’s global, it’s elite, and it’s leading the charge in the future of luxury residential real estate.

Plans Filed for Mama Hattie’s House, a Supportive Housing Project in Overtown Miami

A meaningful new housing project is moving forward in Miami’s historic Overtown neighborhood. Plans have officially been filed for Mama Hattie’s House, a seven-story, 88-unit affordable development proposed for 430 NW 9th Street. Designed to serve vulnerable young women—specifically those aging out of foster care or rescued from human trafficking—the project also includes 17,280 square feet of office and academic space for Girl Power Rocks, Inc., the nonprofit organization behind the initiative.

The development is planned for what is currently a vacant lot. Once complete, Mama Hattie’s House will offer more than just shelter—it will provide a stable, supportive environment with onsite services tailored to help its residents heal, grow, and thrive. Girl Power Rocks had set out to raise $25 million to bring the project to life, highlighting the community’s deep investment in this mission.

A Tribute to Mama Hattie

The building is named in honor of Hattie Williams—known lovingly as “Mama Hattie”—a longtime community leader in Overtown who dedicated her life to mentoring at-risk youth. She was a mother figure to many, offering guidance, love, and structure to girls navigating extremely difficult circumstances. This new project is a tribute to her legacy, continuing her life’s work in the neighborhood she called home.

Designed with Purpose

The project’s architectural design is being led by REPRTWÄR, a Miami-based firm known for its innovative, community-focused work. The design for Mama Hattie’s House incorporates housing alongside academic, administrative, and wellness spaces, creating a cohesive environment where young women can access the tools and support they need under one roof.

Girl Power Rocks, Inc. has long been a driving force for change in Miami, offering girls ages 11 to 17 programs focused on academic support, counseling, self-esteem, and leadership development. With Mama Hattie’s House as its future headquarters, the organization will be able to expand its impact and offer on-site services to girls in urgent need of both housing and healing.

Community and Context

Located at 430 NW 9th Street, the site sits in a highly accessible part of Overtown, close to public transit, the Health District, and Downtown Miami. Its central location ensures residents will have access to essential services while remaining rooted in a neighborhood with deep cultural and historical significance.

By filing for administrative site plan review, the team has taken the next step toward making this vision a reality. If approved, Mama Hattie’s House will become a vital resource in the community—one that not only provides housing, but helps rebuild lives, restore dignity, and honor a legacy that still inspires.

Miami Luxury Real Estate Nearly Doubled in Value Over the Past Five Years, Knight Frank Report Reveals

Knight Frank’s Wealth Report 2025 reveals that Miami has emerged as one of the top-performing luxury real estate markets globally, outpacing nearly every other major city outside Dubai. The report highlights that a $1 million investment in Miami’s prime residential market in January 2020 would have grown to $1.9 million by January 2025, reflecting a remarkable 90% increase in value.

This explosive growth underscores Miami’s evolution into a magnet for global wealth—driven by favorable tax policies, an influx of remote workers, and high-net-worth individuals seeking lifestyle, climate, and investment advantages. The report notes that Miami, along with Palm Beach and Aspen, has benefited from “super-charged growth” as global wealth becomes increasingly mobile.

Over the past five years, geopolitical upheaval, the COVID-19 pandemic, and shifting economic patterns have redefined global property markets. Yet, amid that uncertainty, Miami has thrived. The city’s robust performance aligns with broader global trends noted in the report: luxury real estate continues to be viewed as a cornerstone of both wealth preservation and growth, with 44% of global family offices planning to increase their real estate exposure over the next 18 months.

What’s driving Miami’s continued ascent? According to the Wealth Report, it’s a confluence of factors:

• Affluent migration from high-tax states like New York and California.
• Lifestyle shifts accelerated by remote work, making Miami an appealing primary residence.
• Limited supply of prime properties in coastal neighborhoods.
• Strong interest from international buyers, particularly from Latin America and Europe.

With Miami forecasted to continue its upward trajectory in 2025, the city remains a beacon for luxury property investment. Whether as a primary residence, second home, or long-term investment, Miami continues to prove its value to the world’s wealthiest investors.

Is Fed Chairman Jerome Powell on the Way Out? What a 300 Basis Point Cut Would Mean for Miami Real Estate

Federal Reserve Chairman Jerome Powell is once again in the political crosshairs. This time, the controversy surrounds a $2.5 billion renovation of the Fed’s Washington, D.C. headquarters. Critics, including several Republican lawmakers, have accused Powell of misleading Congress about the cost and scope of the project, claiming the renovation includes unnecessary luxury upgrades. President Trump has reportedly seized on the issue as political leverage to push Powell out of office—either through resignation or by invoking a rarely used provision to fire him “for cause.”

President Trump has made no secret of his dissatisfaction with Powell’s handling of interest rates. Since returning to the national spotlight, Trump has advocated for a dramatic 300 basis point (3%) rate cut, arguing that slashing rates from around 4.5% down to 1.5% would save the federal government hundreds of billions of dollars in debt servicing costs. According to his allies, such a cut could result in up to $360 billion in annual savings, although more conservative estimates put the figure closer to $174 billion in the first year alone. Trump’s goal appears to be replacing Powell with a Fed Chair who will aggressively pursue this monetary policy shift.

If implemented, a 300 basis point rate cut would be unprecedented in modern U.S. economic history. The last time the Fed enacted such a large move was during the 2008 financial crisis and again during the COVID-19 emergency response—both times with cuts closer to 100 basis points. A three-point reduction would significantly lower borrowing costs across the board, from mortgages to credit cards to business loans. This would likely lead to a surge in consumer spending, business investment, and home buying. Financial markets would almost certainly rally on the news, with equities, cryptocurrencies, and even gold seeing sharp gains in anticipation of looser monetary conditions.

But such a drastic move isn’t without risks. A key concern is the resurgence of inflation. Many economists warn that a rate cut of this magnitude could reignite inflation, potentially pushing it back above 5% after months of moderation. Another issue is the value of the U.S. dollar. Lower interest rates tend to weaken a country’s currency, and a sudden 300 basis point cut could lead to a rapid 10% drop in the dollar’s value—raising the cost of imports and exacerbating inflation pressures. There’s also the possibility of asset bubbles forming, especially in real estate and tech stocks, as cheap money floods the market.

In Miami, the implications of such a rate cut would be immediate and dramatic. Mortgage rates, currently hovering around 7%, could drop to the low 4% range or even lower. This would significantly boost purchasing power, particularly among first-time buyers and investors. Historically, even a 100 basis point cut can increase housing affordability by 10%; a 300-point cut could make homeownership viable for thousands more buyers practically overnight. Demand would spike, fueling a new wave of bidding wars, rapid price appreciation, and increased development activity—especially in high-growth neighborhoods like Edgewater, Little River, and Wynwood.

However, the downside in Miami would be a further deterioration in affordability. Home prices, already inflated due to limited inventory and migration from higher-cost states, could surge another 20% or more. That would likely push more locals out of the market and exacerbate the region’s housing inequality. On the investment side, commercial real estate—especially multifamily—would benefit from cheaper debt and renewed investor appetite, but office space and retail may see less of a bounce due to ongoing structural challenges.

From a macro perspective, such a cut could energize U.S. GDP growth, potentially pushing it above 3.5% annually. But the long-term consequences could be destabilizing. The move would almost certainly raise concerns about the Federal Reserve’s independence if it appears that political pressure—rather than economic data—is guiding monetary policy. Financial institutions, global markets, and U.S. allies could begin to question the stability and predictability of the Fed, which has long been a cornerstone of global financial confidence.

In conclusion, the rumors of Powell’s resignation—fueled by scandal and political pressure—could mark a turning point in U.S. economic policy. A 300 basis point rate cut would bring short-term relief to borrowers and spark a new wave of growth in places like Miami, but the risks to inflation, market stability, and Fed independence are considerable. Whether this is sound economic strategy or reckless short-termism remains to be seen—but the impacts, particularly on the real estate market, would be both swift and significant.