FYI Miami: January 5, 2023

Bellow are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.

INTEREST IN COLOMBIA: Colombia posted the most global web searches for Miami homes in November, accounting for 12.3% of international searches, according to the Miami Association of Realtors. Colombia has topped the list of foreign nations searching for Miami real estate in eight of the last nine months. China moved from No. 14 in October to second in November with 10.47% of searches from abroad. Others, in order, were Venezuela 6.52%, Germany 5.76%, Argentina 5.40%, Philippines 5.02%, United Kingdom 4.51%, France 3.99%, Canada 3.42% and Mexico 3.37%. All other countries combined accounted for 39.51%.

GAS UP 6.6%: Average gas prices in Miami last week soared 6.6%, jumping 20.3 cents per gallon to $3.26, according to GasBuddy’s survey. Despite the rapid rise, prices in Miami are still 7.8 cents per gallon lower than a month ago and 0.7 cents lower than a year ago. The national average price rose 12.3 cents per gallon last week to $3.17 and is now down 22.5 cents per gallon from a month ago and 9.5 cents from a year ago. “For the first time in two months, the nation’s average price of gasoline rose sharply last week, as extremely cold weather led to many refinery issues, shutting down over a million barrels of refining capacity, pushing wholesale prices up,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition, China’s reopening plans gave markets inspiration that global oil demand will start to recover, as China’s nearly three-year covid-zero policies appear to be coming to an end…. Should oil continue to rally, more increases could be on the way.”

RETAIL CENTER SOLD: The $70 million sale of Colonial Palms Plaza, a 188,389-square-foot retail center on 15 acres at US 1 and 136th Street in Palmetto Bay, by a MetLife Investment Management advised-client to an entity controlled by Orion Real Estate Group and Limestone Asset Management was announced Tuesday. The plaza is 97.3% occupied, with tenants including Marshalls/HomeGoods, PetSmart, Old Navy, Five Below, Party City and Panera Bread Outparcel tenants include Visionworks, Millers Ale House and Checkers. JLL Capital Markets represented the seller.

REPRESENTING CANADA: Canada has a new consul general in Miami, Sylvia Cesaratto, who replaced Susan Harper. Ms. Harper became Canada’s consul general in Dallas. Ms. Cesaratto, a career diplomat, has extensive experience in western hemispheric affairs, most recently as director general of the Central America and Caribbean Bureau at Global Affairs Canada in Ottawa, and prior to that, as Canada’s ambassador to