Florida lawmakers divided over property tax proposals — how each plan measures up on relief
Florida’s leaders are locked in a standoff over how far to go in cutting property taxes, in a game of political brinksmanship that could leave Floridians with no relief at all. The Sunshine State ranks 30th in the nation for property tax burden, according to research from the Tax Foundation. It's a striking position given that the state doesn’t have an income tax. By comparison, Texas—another state without income tax—ranks seventh. [Source: Realtor.com]
New York real estate firm moves Miami office to Wynwood
A New York-based commercial real estate firm has moved its Miami office to Wynwood from Brickell, expanding its footprint by 30% as it plans for further growth in South Florida. Ripco Real Estate’s new office at 2916 N. Miami Ave. in The Gateway at Wynwood office complex replaces the firm’s previous location at 1221 Brickell Ave. [Source: South Florida Business Jurnal]
Condo sales are up: What the numbers say about the South Florida housing market
Miami-Dade and Broward real estate posted their best sales month of the year in September as total single-family homes and condo sales in both counties all grew year-over-year, according to statistics released by the Miami Association of Realtors. In Miami-Dade, if you compare September to August, a month ago, condo sales went up slightly. In Broward, condos sales declined slightly. [Source: Miami Herald]
Where can you rent in Florida for under $1,000? Zillow ran the numbers
Renters are increasingly scrambling to find the cash to keep a roof over their heads. As of October, only 13 out of the top 100 largest U.S. metro areas have more than a third of their apartment listings priced below $1,000 a month, according to a new report from real estate marketplace site Zillow. Most of those are in the Midwest and the South. [Source: USA Today Network - Florida]
Fort Myers concrete company pays $7 million for industrial site
Drake Ready Mix, a family-owned concrete mix company, has bought an industrial site in Fort Myers. The 8.72-acre industrial property is at 8046/8050 Ironside Drive. The company paid $7 million. The seller is Fort Myers Holding Company. The address for the business in Lee County property records and the state’s Division of Corporations database matches that of USA Mulch. [Source: Business Observer]
$200 Million
Witkoff Group has sold $200 million in condos to “friends and family” before even breaking ground on its Ocean Terrace project in Miami Beach. Formal marketing is set to begin this week, with construction starting in the second quarter of next year. [Source: Bloomberg]
ALSO TRENDING:
› Tech-driven homebuilder to lay off 137 staff in South Florida
Onx Homes will lay off 137 employees at its Homestead and Pompano Beach facilities as it winds down its local operations.
According to the WARN noice, the job cuts at 1200 NW 15th St. in Pompano Beach and 1200 NW 4th St. in Homestead are expected to be permanent.
› Florida's aging waterfront condos become gold mines as owners cash in on developer buyouts
Along South Florida's sunny shorelines, aging waterfront buildings are turning into redevelopment jackpots as condominium owners increasingly choose control — and cash — over uncertainty.
› Hoffmann Family renames Estero's Old Corkscrew Golf Club
The Old Corkscrew Golf Club has a new name.
The club, owned by the Hoffmann Family of Cos., has been rechristened the Pandion Club, which comes from the scientific name of the osprey, Pandion haliaetus.
› Construction rapidly progresses on 'complex' Gandy project
A Miami-based developer recently secured critical financing needed to bring four-year-old plans for a sprawling, activity-focused waterfront development in St. Petersburg to fruition.