"We believe in downtown," said Carlos Melo, a principal in the Melo Group. "For us, it is not only the units. It is to bring something more to our communities where people can start enjoying where they live. It is the people who are the soul of the neighborhood."

The property is located one block from the beachfront, has inherent property air rights allowing for future redevelopment options, and is within walking distance of several high-end hotels and multimillion-dollar condominiums.

"The surge in sales reaffirms our belief in the region as a critical global gateway for business, travel and tourism, and residential living," said Vanessa Grout, CEO of OKO Real Estate. "I have no doubt that Miami and the South Florida region have longevity and will continue to prosper."

Marbet Lewis is expecting an increase in litigation on the commercial side. She said when the coronavirus pandemic struck "everyone moved so quickly, and a lot of businesses just accepted the regulations as they came out."

"Before COVID-19, there was a big move for gyms to fill up the larger retail space where stores were that were closing," Jerry Markowitz said, "I suspect all those types of things are on hold for now."

In this coronavirus world, the change of season means cooler temps are on the way and restaurants in the US and Canada will soon lose critical outdoor space.

July rent collection in affordable housing fell to a new low this year. It is just over 75%.

One of the leading causes for concern is net absorption, which in the second quarter fell into negative territory for the first time in a decade.