#new-construction

#new-construction

Tay Ladd watched " The Gilded Age," so she gets the old money vs. new money divide. The debate might be as old as New York. The TV show's characters covet storied old townhouses, while contemporary buildings are considered gauche. Ladd knows what side she's on. She prefers a newer "luxury" apartment building filled with communal amenities, like fitness classes or spas, that classic pre-war apartment buildings almost never have.

The short answer: Yes. Even new homes can have defects, ranging from misinstalled appliances to roof damage to grading problems. New construction single-family home sales have been rising since the pandemic, with builders frantically trying to keep up with the housing demand uptick that began in 2020. Builder incentives, mortgage-rate buydowns, and cash toward closing costs have also made new builds more enticing, especially as the gap in sale price between new construction and older homes starts to close.

Miami's real estate market continues to outpace national trends with average home prices reaching $1.13 million, nearly triple the national average of $647,307, according to the latest market data. The city's luxury segment is driving much of this growth, with over 2,100 properties listed at $1 million or higher. Current listing data shows Miami's median home price stands at $649,999, significantly higher than the national median of $379,000.