Miami’s growing international economy, and tax breaks for new businesses, investing in real estate in Miami (or selling your property) is making a lot more sense– especially considering that WalletHub just listed four South Florida cities on its 2014 list of best cities to start a business/startup. It’s no wonder that so many wealthy foreigners are sending their twenty-something year old kids (and setting them up with fabulous apartments) to unleash their creativity and work on their startups. I don’t doubt that the next Zuckerberg will be borne out of South Florida.
Out of 150 U.S. cities, Miami ranked No. 87 on the list for best places to start businesses, followed by Pembroke Pines ranted at No. 63, followed by Ft. Lauderdale was placed at No. 86.
WalletHub’s analytics used metrics based on affordability of office space, educational background and local labor force.
My Miami based social media marketing agency, Eco Press, is currently working with several startups, and I am so excited to see what the young techie minds flocking to Florida will come up with. Here’s to the next ‘big one!’
Residents across the state have been complaining about their homeowner associations (aka gestapo run associations), and Senator Alan Hays has been paying attention! According to an article by Kimberly Miller in the Palm Beach Post, Sen. Alan Hays, R-Umatilla, said “he is sponsoring the bill (SB 1348), because his office receives numerous calls from homeowners with complaints about their association but with few places to turn for help. Hays also sponsored last year’s legislation that required the census.” Hays’ bill says it will ensure associations comply with federal and state laws and local ordinances as well as “conform to a system of checks and balances in order to prevent abuses by (governing boards).”
What this means to you, if you live in a community run by homeowner associations (more than 2.5 million Florida homes are in HOA managed communities), is that you will pay an annual fee of $4 should this bill pass.
Currently the Department of Business and Professional Regulation handles the Division of Florida Condominiums, Timeshares and Mobile Homes; thus the proposal seeks to rename the division. It’s purpose is to give the division the authority to investigate complaints and to push for compliance with respect to HOAs.
Needless to say, HOAs are up in arms, and are having their attorneys shoot off letters to Florida lawmakers opposing the fee and proposal. For more on this topic, be sure to read the original article in its entirety.
Personally, I think more regulation and transparency is absolutely warranted, and for those in the real estate industry, I urge you to pay close attention to this bill. I know I will!
Incredible 8.79 Acre House for Sale in Sunshine Ranches, Fl
9 Bedrooms/7 Full-Baths/4 Half-Baths
Unique estate which offers 5 Bedrooms and 5 Baths + 3 Half-Baths
Luxurious Master Suite overlooks views of Euro Style Garden & 2 (2 Bedroom-1 Bath 2-Story Apartments)
Amenities include: Crema Marfil Marble & Brazilian Cherry Hardwoon Floors, MiaCucina Kitchen with Blue Pearl Granite Top, Summer Outdoor Kitchen, Wet Bar & Much More
Asking Price: $3,900,000
For more information, please don’t hesitate to contact me (qualified buyers only please)
Anabelle Taub of Beachfront Realty
8 Bedroom/6 Bath Southwest Ranches House for Sale with over 2 acres, custom-built by owner, with over 7,893 sq ft.
It will be my pleasure to schedule a showing for qualified buyers. For more information, please call me at: 305-760-9010, or email me directly.
Additional details below.
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As September 2013 has come to a close, here is the latest 411 home foreclosure,default, auction or banked owned statistics for the 33009 zip code. As of yesterday, there were 729 properties that are some stage of foreclosure ( or some form of it, as mentioned above). In August 2013, properties that received foreclosure notice fillings was 21% lower than in July, but 10% higher than the same time last year. Real estate sales/transactions were down by 23% compared with the previous month, and down just 4% than the same time last year.
For you real estate enthusiasts, first-time homebuyers or investors, here are the median real estate sale prices in Hallandale (33009):
- Foreclosure home: approximately $107.,300, or approximately 40% lower than non-distressed home sales
- Non-distressed homes: approximately $176,000
In Miami Beach real estate and finance news, the city has approved a small property tax decrease. In the upcoming 2013-2014 fiscal year, residents can expect to pay slightly less in taxes. The city will compensate for this minute decrease through higher permit fees and local business tax collection. On Monday, Miami Beach city commissioners gave final approval and lower tax rate is now in effect. Miami Beach residents will pay $6.12 per $1,000 of taxable property.
In Williams Island real estate and finance news, it has been reported that developer and art collector Martin Margulies (Bellini developer), has been able to cover an $80 million loan backed by several of his valuable paintings and the sale of two penthouses. Margulies owns a substantial art collection of modernist paintings and photography. It is reported that he put up a handful of these pieces as collateral for an $80 million loan from U.S. Trust. The Bellini tower is one of South Florida’s first condo real estate recovery developments post-collapse.
As per my Williams Island real estate source, Sydney Faye-Davis (a realtor specializing in WI real estate), the 24-story Bellini tower is near completion. THe 70-unit building is due to be ready for move-in date sometime in October.
Jorge Savloff and Marcelo Tenenbaum, owners of South Beach hotels such as the Greenview Hotel, Aqua Hotel, Lorraine Hotel, Ocean Reef Hotel, and the Riviere Hotel, have purchased the Berkley Shore Hotel for an undisclosed amount (estimated at $13 million, give-or-take). Renovation plans include the addition of 33 rooms, a swimming pool and roof-top garden. With this week’s Versace Mansion acquisition by Israeli investors, the Nakash family, it will be interesting to see the transformation of South Beach, and if indeed some of these over zealous plans come to fruition.
Not since 2007 has a bank loaned a construction loan as large as the recent $214 million one, dispersed by Wells Fargo to the Dezer group (developers of the Porsche Design Tower), set to be erected in Sunny Isles Beach. The Porsche Design Tower project is one of the first of its kind; boasting robotic car elevators for its 132-unit, 60-story condo building. The building’s residences range in size from 4,800 to 17,000 square feet and remaining units are priced from $4.8 million to $32.5 million.
According to Gil Dezer, president of Dezer Development, the preconstruction project at 18555 Collins Avenue in Sunny Isles Beach is projected to sell out by the end of the year. “This is extremely positive news for real estate financing and the recovery of the residential real estate market in South Florida,” Dezer said in a release. “It is also a testament to how this one-of-a-kind project has been received by our buyers, as well as the lending community.” This could be great news for developers and for the commercial real estate industry.
New York Yankees’ Alex Rodriguez (who recently sold his North Bay Road mansion for $30 million) just purchased a gorgeous new luxury beachfront condo at the Mei building (built-in 2008), located at 5875 Collins Avenue. I just love their chic design with an emphasized them of harmony and mind relaxation.
This is an incredibly feng-shui-style apartment building which allows for pet-friendly rentals, so that you and your pooch can live in luxury and style. Please have a look at some rental listings I have to offer you at the MEI.
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