Construction Return May End Miami-Dade Property Value Slide

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By Yudislaidy Fernandez
The third consecutive countywide decline in taxable property values puts more pressure on cash-strapped local governments, but a projected jump in new construction next year from projects in the pipeline could offset another possible decline.
Since 2008, Miami-Dade property values have fallen steeply, but construction activity compensated for that because it meant new taxable properties were headed for the tax roll.
But that hasn’t been the case in recent years, with few cranes erected as a result of the real estate meltdown and lending freeze.
In the past three years, the county has been hit with an overall decline in taxable values of more than 24%. That’s a 9.5% dive in 2009, 13.4% in 2010 and an estimated 3.3% this year, pointed out Miami-Dade’s Property Appraiser Pedro Garcia.
During the building boom, Miami’s skyline was abundant with cranes from residential and office projects under development.
“Now, the only cranes you see are at the Marlins stadium and the building under construction in the Health District,” Mr. Garcia said. “That tells you everyone is waiting to build, but no one is building.”
But that could soon change, as several mixed-use projects could break ground between the end of this year and beginning of 2013.
In Miami’s Omni area, longtime Miami developer Tibor Hollo is close to starting to build the 35-story Sonesta Mikado Hotel & Residences.
Nearby, 13.9 acres of waterfront land owned by the Miami Herald were sold last month by its parent company, McClatchy Co., to Malaysia-based casino company Genting Malaysia Berhad to build a hotel, shops and convention center.


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