A new real estate trend? Shopping malls converted into residential units in South Florida
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- เผยแพร่เมื่อ 14 เม.ย. 2024
- Miami’s housing inventory remains around 37% below our regions historical average, according to a March report by Norada Real Estate Investments.
Simply put- we don’t have enough houses. So how do we create more living space to meet demand? A new solution has been in the works across Miami-Dade County and it starts with shopping malls!
Full story: www.nbcmiami.com/news/local/a...
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Build more houses with no HOA
I'd be happy if the units weren't rentals and were for sale.
@@user-qr7ee2cp4y more people need rentals though
This is true all over Florida whether house, condo, or mobile home. It's absolutely making it impossible for people to afford anything.
@@Bess9779 and even worse, they're destroying more and mroe endangered and threatened wildlife habitats. Multiple gopher tortoises and burrowing owl nests destroyed to build rental properties on. And foreign investment groups are who's buying them.
where dummy?
Stop giving developers free zoning! Wynwood, Hialeah, every sector will be a condo!
Sunset failed was because they raised the rent so high no one could make a profit and then they sold it, nothing to do with people traffic, just Greed.
It was all by design 😉
The insatiable greed of politicians wanting to pack more taxpayers per square foot is out of control as well.
As a buyer, I say fantastic! More supply bodes well for market prices. And condos with a wide variety of good shops nearby and high walkability is especially nice. And high residential density is necessary to support a bustling nearby retail scene. The european model is freaking fantastic, Americans will always have detached homes in the suburbs if they want them.
Apparently they're going to continue to do it. 😂 low IQs all around in your state😂😂😂😂
This is happening all across America greed destroys everything.
Not accurate. Miami dade has plenty of housing, just not affordable housing.
totally wrong. the housing crisis is huge not only in Miami but all major US cities.
add to that the millions of new migrants coming, that is why the skyrocketing rent prices and it wont slow down any time soon.
Unfortunately, more people will have to move to cheaper states like Alabama, Mississippi, Tennessee and other red states that are affordable.
A closet in Miami is $1.5 mil.
In 1985 you could get a two bedroom apartment in Dadeland / Coral Gables area for $410 a month.
In 2019 my 2/2 was $1600 now it's over $3000. I had to move out.
@@MBT372well you get what you vote for
@@tw4943 I voted for Biden and you're right, I regret it so much
@@MBT372you two are wrong. Biden has NOTHING to do with city housing issues. That's a city and state issue not a federal issue.
Most people cannot afford these, its not that there isnt enough housing, there isnt enough affordable housing. If someone really cared, it would be based on income, like it is in many other countries. This is just developers lining their pockets further.
Wait until you see the rent...
Probably more expensive than a regular home. They'll sell it as a anchored cruiseship in dry land instead of what they actually will be : large jail cels with entertainment and food embedded into the building.
And when they can't find renters, it gets sold as condos.
Your state is in shambles
@@tw4943it’s still better than California
All malls should be converted into mixed use little cities. The whole dying mall thing is only in America, in other countries malls are built with apartments, offices, and grocery stores. Now the real problem is how none of these plans account for transit expansion. Our roads cannot take more car traffic, we need metrorail yestereday.
should be top comment
These American Malls are the potential 5 minute cities that we really need. With a little planning and implementation, they can become true communities by focusing on being mostly self sustaining. 😊
I think this is a good idea - self-contained mini-cities where people can live, work, play, and shop all in the same place. For those malls where it makes more financial sense to demolish and rebuild than retrofit, maximize the space by building up. However, this concept will only work if these residential units are affordable for the average person. They shouldn't be allowed to be purchased by institutional investors or speculators. Otherwise, they'll just be replacing one large, empty structure with multiple units that will sit empty because they're unaffordable.
People living right inside the mall are going to be ordering from Amazon, LOL.
Leave sunset place alone how about yall lower the rent
Because the current rent isn’t enough to keep it open.
Can’t do that without lowering taxes.
That’s a beautiful area. I’m sure it’ll be nice living there. Don’t expect anything for less than $3k for a studio monthly. South Florida is a gem but gems ain’t cheap.
South Florida is not a gem, Realtors are the only ones who believe that......for obvious rea$$$ons
It was always a gem and all levels of income could afford living there. Now people can't. Why? Greed. Salaries low. Rent outrageous.
South Florida is not a gem.....It"s only a gem in the words of a realtor......for obvious reasons $$$$$$
South Florida a gem? For illegals maybe 😂
Southeast Florida is a dump. What gem are you talking about?
They should build the way they do in Asia. In Singapore for example they have condos that are above shopping centers and even malls. it makes for a very luxurious and comfortable lifestyle. It's actually VERY nice having a supermarket, pharmacy, optometry, food courts/restaurants right there. It's super handy. I personally love it and wish they did living spaces like that here in the US as well. Trust me, once you experience it, you'll wish it was like this everywhere.
are you kidding me- they do. They do it in every major metropolis or suburbs, and it works for about 5-10 years then people and businesses leave. drive around and open your eyes
That sounds like a nightmare. I like peace in my home..
They do that up north already. It is nice. But they charge very high price.
You might want to visit New York City
😂No thanks.. Give me nature environment. I was born near the hood you can have the crowd 🤦🏽♀️
Even if they turn that into housing, how "affordable" and "work class" is it going to be? South Miami is for the wealthy now. Developers and politicians will tell you one thing but then when the project is complete they're like sike gotcha b*tch!
They're moving the shooting galleries indoors.
We also need more safe, walkable neighborhoods. Almost every road down here is a high traffic stroad, very few crosswalks, barely any bike paths let alone sidewalks.
Yeah, I honestly don't care about what they decide to do with any of this land I'm not going to be able to afford to live in of them locations anyways. So, none of this applies to me.
@@Nuper_Praetor Quick you Must tell Biden about this Madness and Greed . he's the only one that can help.
Okay, but will it be affordable for the average South Floridian? 🤨
HELL NO
@@Nuper_Praetor No sane person with money wants to live in pigeon hole apartments.
No.
Of course not :/
No it will not for the average Floridian , it for the average New Yorker.
All rental - Own nothing and be happy.
And eat bugs!
I grew up with Sunset place and once it died out I always thought they would keep the movie theater section and tear down behind it all the way back to where the gym and spirit Halloween area where at. Most huge areas are now more commonly being made into either city center style areas or a midrise/high rise that have the first floor as a restaurant/retail and the rest as condos
Game works was great as a kid
@@Nuper_Praetor I actually enjoyed the bowling place they had there when it was there. Under the movie theater. Forgot the name of it though
Hey don't feel too bad I remember when sunset place was called the bakery center in the 80s trick or treated there as a kid.
@@dinowarrior2167 had no idea, cool info. Was born in 96
I love this idea, any building that is sitting empty and not being used they all should be turned into residential housing. It makes no sense to leave huge buildings sitting there empty.
I saw a TH-camr showing empty office space in NYC that could not be converted because of plumbing requirements and there had to be a window in every unit, which would be impossible for the center space of an office building.
Nah it just means more people per square footage packed in an area like sardines!
Like in Hong Kong
Wrong zoning from the literal ground up … wrong electrical config, utilities, even traffic zoning … such a stupid idea can only be about money changing habds
They should create a better traffic infrastructure instead of worrying about empty buildings. This stupid idea will not only increase your rent but will compete for a higher rent.
Due to the massive influx of escapees from Blue States . Mobile Home Parks are being bought by Developers . Bulldozed and converted to Condo's . Old Hotels , Malls and even Motels are being converted into Residential Properties . Very expensive Properties i might add . Good luck finding Property Insurance that you can afford .
15 minute city. 🚩 And, unaffordable for most.
6:34 🚩😡🚩
Yep. that man needs to be hired by the WEF as a spokesperson if he isn't already. He has bought hook, line and sinker on the 15 minute city propaganda and you will own nothing and by happy.
I was looking for this comment, and I totally agree. However, Agenda2030 won’t happen if Project25 happens first.
@@FTBAFT
Would you accept needing permission to walk around or to even leave the city? How about having a chip implanted in you so they’ll know your whereabouts at all times? Read up on their plans my friend.
There needs to be more affordable housing in most cities, but developers don't make money on affordable housing. I doubt the rents in this development will be affordable either.
I think what negative effected this mall is was rent they charge per store was too high compared to the profits they made. Malls in south Florida are doing well enough to survive in other areas and full of people
I love the idea , getting units set up for individual plumbing and sanitation needs is tough, but for me id be all in!
Cool idea but I think all these new developments have been based off old data. It’s not the same market it was even 6 months ago. People are leaving South Florida for various reasons but almost all go back to affordability. Auto and home Insurance rates, taxes, high rent, home prices etc. pair that with high interest rates, inflation, low wages etc. and you see why people are struggling to live comfortably here.
When people say we need more “affordable housing” they don’t mean like section 8 and housing assistance they mean moderately priced normal apartments. Problem is so many have been converted to high end “luxury” apartments to maximize profitability for the landlords that very few normal “white refrigerator” type apartments exist anymore.
What’s crazy is that El Presidente just was approved as one of the first stores for the Cutler Bay city center lol
That doesn't surprise me. Demographics have changed heavily in Cutler Ridge the last 25 years.
Nasty 🤢
“Affordable Housing” is a different market than “Available Housing”.
Make it mixed use housing types affordable to the middle class and more of the community will be on board! No more overpriced “luxury” apartments
The states keeps saying there's "not enough housing" How?? Less & Less people are getting Married & having Big families. People Die everyday so what's happening with the Deads housing? Abandoned housing? Etc??
The cost of HOA will be off the charts!
I don’t know anything about the areas these malls are in. I am familiar with the neighborhoods around dead malls in other states, and often you don’t want to live there. The evolution of a mall typically is, it was built when the neighborhood was thriving, the area aged, people moved away, and the people who replaced them either didn’t shop at the mall or couldn’t afford the mall pricing, then the mall died. Is that an area to build brand new condos and apartments?
Get a video editor that can make a segment without each clip being a completely different volume seriously what the hell
That is a great idea, but it needs to be done right so as not to have unintended consequences. Malls can also make available cheaper office spaces so as to create more foot traffic for the stores below it.
These cities and developers are missing a huge opportunity to build residential next to existing malls and turn the existing malls into centers for GenX and older millennials as they become empty nesters.
I just watched another video that said they had all kinds of properties that aren't selling fast in south Florida. LOL! Which is it?
Bad Traffic are coming, there is no train going South, they should build Metro Train as well. I used to drive from Downtown to Cutler Bay and it goes 1.5hr to 2hr.
The traffic in Miami will go from horrific to impossible.
too bad its still ridiculously expensive.
This makes so much sense!
Hopefully the insurance rates will be lower that residential.
Good report
"Live, work, play" is one of the BIGGEST LIES that developers foist upon unsuspecting government officials and citizens. We are all for development of underutilized malls and their acres of useless parking. If you are going to mix multi unit residential housing, hotel space and such; developers need to fine tune the mix of retail to have a real supermarket, pharmacy, a dry cleaner, little "you mail it" place and less of the destination shopping eating and boozing. with its finely crafted and curated drinks, food and BS. Unfortunately, the way the number always work in these places, the only business that can afford the rents are the large chain places and not smaller local shops.. This is why we as a nation can drive from one end of the country to the other and come across the same CRAP retail and dining chains. There is simply no regionality anymore, as corporations come in and sell the same crap time after time.
There is plenty of housing it's just over priced...
so true
I mean if done right it might be cool to live inside a mall. With all the extra parking they could place or build other units or stores around the border of the property.
They are building one here in Central Fl. Its a great ideal.
Wow times has change.
Yall should start doing concerts at sunset place
Sounds like a 15 minute city to me!! 😳
Good. Americans are obese. They need to walk more.
One day we will all live in an old rainforest cafe and eat mozzarella sticks for every meal
And rent will be 15 hundred dollars for a studio apartment.
Per roommate
Double that and you're getting warm.
From a business standpoint this makes sense to cram people into a renovated mall. But it still is a shame when you think about it on a deeper level when it comes to the “American Dream”
- This is fine IF the mall building is of good quality construction from the start. There’s no sense in making a slapped together mall into residential just to strap the condo owners with major construction quality issues down the road.
Love this idea. Have long said this and empty office spaces should be converted into housing.
if mall owner want some money monthly instead of none, natural progression. But greedy will slither around out of even obvious.
How much and who can afford it
Miami can have a lot of housing, but the problem is people can't afford it. Too expensive. Everything is too expensive, HOA's, Insurance, Rents, etc. So that's the real problem, Who can regulate that?. Seriously, how prices are skyrocketing and nobody do anything?.
Yeah convert it and don't forget, make that monthly rent payment unaffortable as well 😉
Yup...it's ridiculous
Next do Dadeland
Yeah I mean, malls usually have a ton of land, so why not.
Great idea, rent will be sky high still
There is plenty of land in South Florida is just terrible planning and endless regulations that make everything unaffordable
Absolutely fantastic, to care for the people to have their lives turned around
How much $
For income constrained asap
I wonder how many will be for section 8 ( they’re sneaking it in)
Yall need to work on the Public transportation system here!! I’m tired of fkn driving all the damn time!!!
Hollywood had an empty mall.
THATS GREAT PLENTY OF APARTMENTS, NO ONE CAN AFFORD 😂 WORTHLESS! 1200 A MONTH FOR A ONE ROOM EFFICIENCY 😂😂
$1,200??? Maybe 10 years ago. These would probably go for $2k a month for studios...or maybe 1 bedroom if you're lucky.
Something that should’ve been a long time ago. Mixed use development.
I'm looking for a 2-bedroom apt for $800/mo
In 2000
in Gainesville?
Someone was watching Arkitekten on Netflix 👏🏾👏🏾🙌🏾😅
Sunset place has had residential units for years
Well the mall in Orlando is gonna be a a new neighborhood
Did I hear that right…???
Ryan Gordita…?!? 😂
5:25 😡😡😡
You can tell how uneducated that person is by how he’s speaking.
They don’t care about you, their is only one thing that will change this, same thing that drops the housing cost in every great city. Crime, and believe me there will be plenty of it real soon, it’s already getting back to the level it was in the 80’s 🎭
The comments section serving reality after the empty calorie appetizers in the video.
more housing does not mean more expensive rental property
Here they go. 15min city in effect now. Just like the WEF said.
We need more homes for purchase not rentals.
Once again for the rich people only. Start using empty places for the poor.
They will never. There’s no money in that, sweetheart
Illegals get to live her in Miami for free, given housing and spending allowances and given layed back jobs while real Americans struggle, how no one is snapping yet is beyond me
More housing will not solve the problem if it is unaffordable!
This should be interesting
Climate change and rising sea levels will make properties in low lying areas and coastal areas impossible to insure. Banks will be reluctant to give a mortgage for 15 or 30 years because the property may be under water. Selling properties to average buyers will become impossible in the future as banks and mortgage companies stop making loans for these properties. Coastal areas are a high risk for insurance and extreme weather like hurricanes. People will have to self insure and take the risk of loss. Condo associations are losing their insurance and if they find a new higher cost policy they will be passing on the higher costs to association members. Flooded cars from hurricanes were filling the salvage lots. Insurance companies will raise rates and pass on the costs and risks to policy holders next year. Coastal properties will be confined to wealthy individuals that can buy properties with cash and self insure for losses from hurricanes or rising sea levels.
The drive to Brickell from Cutler Bay isn't hours and hours. Just vomit BS to sound good
Hope they have a clinic in every apartment building.
Useless if they’re going to ask $3000 for a 2/2. Better leave the abandoned mall as is
15 min city? WEF telling you what you need and want. Yard? why would you want your own space?
Yeah how much is rent
A 15 minute city?
Tampa was supposed to be 'The next great city' in 1990s hype-news. Then, people realized Tampa is in Florida.
This is not a new trend. But why are ya'll charging 4,500+ in rent to live THERE
Fix the Traffic in Miami and worry about that later. What are you doing ? If you have more housing and the traffic is already bad enough and you are bringing in more people. Did you started smoking already with the new law or what?
yeah that makes no sense to create even more residential space and take away stores. so people have to drive further for the stores and now it takes 30 minutes to get to cvs or a Publix. they have no common sense
*you will be paying $1800/month.*
Nah nore like $2,300 for a studio
Stop saying “converted” when you actually mean knock down and rebuild
If they would just stop destroying endangered and threatened wildlife habitats, I'm fine with them converting these malls into homes. In the past 2 years I've witnessed multiple gopher tortoise and burrowing owl nesting lands destroyed so foreign investment groups could build rental properties on them. What's worse is when we explain what's going on to the non natives they tell us to leave if we don't like it. I'm just trying to protect what little bit of wildlife is left just like my parents and grandparents before me.
Who are the major employers in Miami? Boeing, Microsoft, Google, Defense Contractors.... that offer $100K salaries. I see why rich foreign and wealthy U.S. citizens might want to bring their wealth to Miami; but what about the common folks, is the local economy handing out 6 figure salaries to Bachelor degree talent? Lol Miami looks like a bunch of "funny money".
Don't fall for this. It only benefits the developers. What America needs is a traditional family home with room to grow and a yard to digress. What you don't need is cramming 1000 people into a one block space where their is never enough parking, no security, delivery packages get stolen, and teens have no space to release their angst except to become a nuisance and you have no private space other than your small square foot inner walls.
The residents are called Mallrats.
Who can afford these rents?
Why on earth would you want to be more NY given the housing crisis they're facing? $5000 rent for a 1 bedroom apartment is a goal for florida?
It’s bad when there is zero political will to fix the infrastructure such as adequate roads and viable public transit. The roads are already a nightmare. Perhaps if the city encourages “work from home” legislation, they could offset the traffic, but the commercial real estate developers will never let that happen.
Renovate all the buildings not being used. Developers need to be held accountable. Quit destroying natural habitats
In other words, Miami is going little NYC. No one will own anything and pay high prices in rent to developers. Those who don’t like it will have to leave. 😢