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September 26, 2018
Foreign dollars continue to pour into U.S. commercial market

Photo: National Association of Realtors® infographic

Florida Trend Real Estate

Foreign dollars continue to pour into U.S. commercial market

| 7/2/2018

Foreign dollars continue to pour into U.S. commercial market

Foreign investment in U.S. commercial real estate remained strong last year, despite a major pullback from Chinese companies that have been hampered by capital controls its government has imposed. Florida — at 23 percent — was the top state where foreigners purchased and sold commercial property last year. See the full report from the National Association of Realtors®. Also read more at The Real Deal and Mortgage Professional America.

Flood insurance premiums may sink South Florida before the rising sea

Long before the invading sea reaches our homes, it could upend our region’s economy. And soon. In just two or three years, Congress may change the way it sets rates in FEMA’s National Flood Insurance Program (NFIP) to reflect more realistic assessments of risk, including the expected impacts of sea-level rise. More from the Miami Herald and the South Florida Sun-Sentinel.

Nation’s largest home builder buys 2,900 acres in central Pasco County

The nation’s largest home builder now owns a large piece of central Pasco. Lennar acquired more than 2,900 acres from the Bexley family’s Angeline Corp. for $23.65 million earlier this year, according to property records. [Source: Tampa Bay Times]

Compass acquires boutique Florida brokerage

Compass announced it has acquired ICS Realty, a boutique brokerage in Aventura, Fla. on the heels of a recent $450 million investment by the Softbank Vision Fund. With the addition of ICS Realty, Compass Florida will add 20 agents based in Aventura to their growing team. [Source: Real Estate Weekly]

Developer breaks ground for 45,000-square-foot shopping center in Miramar

Construction of a shopping center in Miramar is under way, and the developer has pre-leased about a quarter of the retail space. An affiliate of developer Elit LLC just got a $7.5 million loan to finance the construction of the shopping center, called The Grove at Miramar. [Source: ]

STAT OF THE WEEK
$48.8 million
A beachfront mansion in Naples sold for $48.8 million, the highest price ever paid for a Collier County residence – but a bargain, compared with the asking price. [Source: Real Deal Miami]

ALSO TRENDING:

› Tampa Bay homeowners reaping big profits when they sell
Tampa Bay residents who sold their homes last year made 22 percent more than they originally paid. That’s a bigger percentage increase than for sellers in Orlando but less than for those in Miami-Fort Lauderdale. According to Zillow, the median profit was $37,000 for bay area sellers, $37,900 for Orlando sellers and $51,500 for South Florida sellers.
» See also:Miami home sellers made a nice profit in 2017. Just not quite enough for a new place.

› Coral Gables firm plans to acquire bio-science building in Port St. Lucie for $14.5M
The Port St. Lucie city council approved a letter of intent from RER Ventures in Coral Gables to acquire the building and its nine laboratories. The city council also directed the city manager and city attorney to negotiate a sale agreement with RER Ventures, which invests in distressed real estate.

› In tight Orlando real estate market, 'love letters' help buyers close deal
Needing more space for their two boys and a home office, Billy and Krysten Langguth found a house in east Orlando that fit. Knowing other prospective buyers were interested, they not only offered more than the asking price, they also included a letter to the seller, aiming to foster a personal bond.

› Developer enters Gulf Coast market with bold townhome community
A young Midwest company specializing in urban infill projects sees Tampa Bay as its next stronghold. Will it outlast the eventual market downturn?

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