South Florida Real Estate October 25, 2026: Riverside Wharf Lands a $145 Million Loan and Mortgage Rates Dip to 7.32%
Mortgage rates just gave South Florida buyers a small break, and a $350 million project on the Miami River is moving closer to reality. Here is what both mean for buying, selling or investing in Miami-Dade and Broward as the week begins.
Quick answer: the average 30-year fixed mortgage rate fell to 7.32% on October 22, down from 7.40% the week before, according to Freddie Mac. News reports described it as the first weekly decline since late August. It is still well above the 6.19% average from a year ago.
The Story: Riverside Wharf Gets $145 Million in Construction Financing
Driftwood Capital and its partners closed a $145 million construction loan for Riverside Wharf, the South Florida Business Journal reported on October 23. The project is a $350 million hotel and entertainment complex planned for the Miami River District in downtown Miami.
The developers' groundbreaking announcement describes a nine-story, two-tower complex of more than 200,000 square feet. Plans include a 167-key Dream Miami hotel, a 30,000-square-foot nightclub with a rooftop pool dayclub, a 12,000-square-foot event hall and 16,000 square feet of restaurants. Moss Construction is the general contractor, and completion is slated for Fall 2028.
The team also plans a new public riverwalk and a new seawall as part of a sea-level-rise mitigation effort. The plans described do not include residences, so this is not a new condo launch. It still matters to owners and buyers nearby, because new hospitality and public waterfront space can change foot traffic, noise and the feel of a district for years.
The Local Perspective: A Market Where Rates Still Rule
The South Florida Business Journal reported that home sales fell across South Florida in September for the second month in a row as mortgage rates moved past 7%. A weekly dip to 7.32% helps at the margin, but it does not erase that slowdown.
Condo supply tells the same story from another angle. Haute Residence's October development tracker put Miami-Dade at about 12 months of condo supply and Broward at about 10, compared with 6.7 months in Palm Beach County. More supply gives condo buyers more room to negotiate.
Voters have a say too. On November 3, South Florida voters will decide real estate measures in Miami-Dade and Broward, from office expansions to zoning changes and public land governance, according to the South Florida Business Journal. Local ballots in 22 Miami-Dade municipalities and more than 20 Broward municipalities also carry questions that can affect neighborhoods.
What Buyers Should Do This Week
Run your monthly payment at 7.32%, then again at a rate half a point lower and half a point higher. A weekly dip is welcome, but a purchase should still work if rates drift back up.
Get a written pre-approval and a rate-lock quote before you tour, so you can move quickly when the right home appears.
For condos, ask for the milestone inspection report and the reserve study before you write an offer. With roughly 10 to 12 months of supply in Broward and Miami-Dade, buyers can reasonably ask for time to review them.
What Sellers Should Do This Week
Price for the market that exists today. Sales have slowed for two months in a row, and a price that ignores that can leave a listing sitting.
Prepare before you list. Finish repairs, consider a pre-listing inspection for an older roof or systems, and gather your paperwork so a buyer's questions get quick answers.
Talk about concessions. With rates above 7%, a seller-paid rate buydown can be worth discussing, because it lowers a buyer's monthly payment more directly than a small price cut.
Key Takeaways for South Florida Buyers, Sellers and Investors
The 30-year rate is 7.32%, down from 7.40% but well above last year's 6.19%.
Riverside Wharf closed a $145 million construction loan on a $350 million Miami River project, with completion slated for Fall 2028.
September home sales fell for the second month in a row, and condo supply is highest in Miami-Dade and Broward.
Real estate questions are on the November 3 ballot in Miami-Dade and Broward, so read local measures before you vote.
Frequently Asked Questions
What is the current 30-year mortgage rate?
Freddie Mac reported a 30-year fixed average of 7.32% as of October 22, 2026, and a 15-year average of 6.68%. The survey covers conventional loans for borrowers with 20% down and excellent credit, so your own quote may differ.
What is Riverside Wharf in downtown Miami?
It is a $350 million hotel and entertainment complex on the Miami River, planned with a 167-key Dream Miami hotel, a nightclub, an event hall, restaurants and a public riverwalk. Completion is slated for Fall 2028.
Is it a good time to buy a condo in Miami-Dade or Broward?
It depends on the building and your payment comfort. Higher supply gives buyers more leverage, but reserves, assessments and insurance vary widely from one building to the next, so review the documents before you commit.
Sources: Freddie Mac Primary Mortgage Market Survey (October 22, 2026), South Florida Business Journal (October 16 and 23, 2026), Riverside Wharf developer announcement (December 4, 2025), Haute Residence, Florida Politics and the Miami Times.
If you're looking to buy, sell, or invest in South Florida, Dean's the one for all your real estate needs.
Dean Isenberg is the one for all your real estate needs. Visit ONEDean.com, call 305-929-DEAN (305-929-3326), or toll-free 833-ONE-DEAN (833-663-3326).
