Fort Lauderdale
Fort Lauderdale, FL · Business
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Miami New Times
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Miami New Times
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Miami Herald
Food and gas prices remain high. What does that mean for Miami homebuyers?
Inflation was stubbornly high in October, Bureau of Labor Statistics data released Tuesday shows, a sign that the costs squeezing South Florida wallets hardest — particularly energy and housing –– remain elevated. Nationwide, prices rose 0.4% last month, down from a 0.6% jump in September but still more than twice the Federal Reserve’s target. “Everyone’s getting squeezed by prices going higher, and that’s true in South Florida and it’s true around the country,” said Bryan Cutsinger, a professor of economics at Florida Atlantic University’s College of Business. That means the Fed is all but assured to raise interest rates at its rate-setting meeting in December, he added. What prices changed? Fuel costs are the real kicker. Gasoline prices, for instance, rose 1% nationally, down from the 9.3% jump they experienced in September but still rising. In South Florida, gas prices are up 38% on the year, the bureau’s data shows. Some costs rose faster in South Florida than they did nationwide. Shelter, for instance, was up 0.4% last month in the Miami metropolitan area, which extends up through West Palm Beach, slightly above the national average. That increase was so significant that it drove roughly a third of October’s price
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Miami Herald
Go inside a Miami mall that was once a haven for wealthy shoppers
When the Omni International Mall opened in 1977, it changed the way we lived. On breaks, downtown workers dashed in to make a quick purchase or have lunch at one of the restaurants or the food court. Teenagers from Little Havana, Overtown and Miami Beach descended on the mall after school and on weekends to see the latest movie at the multiplex, hang out in the record store or take a spin on the carousel. People who lived in Mid-Beach and South Beach now had a relatively close place to shop and eat with just a quick ride over one of the causeways. Wealthy Venezuelans bought lots of big-ticket items during a boom in the Latin American economy. Customers headed to the bakery to buy some cinnamon bread, browse through the bookstore, search for the latest sales. The Omni, lording over Biscayne Boulevard between 14th and 15th streets, was modern, weather-proof, convenient and fun. It was anchored on one side by J.C. Penney and the other by Jordan Marsh, which became Burdines in the mall’s later years. The mall opened in 1977 along with a hotel, also called the Omni International. Before the mall and hotel were built, the free-standing