Florida flippers see deals, profits shrink

| 9/10/2018

Florida flippers see deals, profits shrink

Statewide, home flips accounted for 5.7 percent of all home sales in the period, down 18 percent over the year and the 10th highest rate in the U.S. Nationally, the flipping rate was 5.2 percent, down from 5.4 percent last year and 6.6 percent in the first quarter. [Source: Sarasota Herald-Tribune]

Burt Reynolds' gigantic estate will become million-dollar homes

The estate where Burt Reynolds once entertained movie stars in Palm Beach County will become a development of million-dollar homes. The 153-acre Jupiter Farms ranch was the spot where stars could be spotted as they came to film in scenes for “Smokey and the Bandit II,” “B.L. Stryker” and “Striptease.” [Source: South Florida Sun-Sentinel]

Cuba’s real estate market is booming. But will it last?

Since the Cuban government legalized the sale of private residences in 2011, thousands of houses and apartments have changed hands each year. Today more than 8,000 properties are available for sale in Cuba at any one time. Four out of five are in Havana, home to one in four Cubans. [Source: Miami Herald]

South Florida mansions face forfeiture in $1.2 billion Venezuela money-laundering scheme

Federal authorities want to seize two mansions in Coral Gables' ritzy Cocoplum neighborhood, a Miami estate and possibly one of the high-end units the Porsche Design Tower as part of an investigation into an alleged $1.2 billion embezzlement scheme targeting Venezuela's state-owned oil company. [Source: Daily Business Review ]

Realtors sink $4 million into constitutional amendment

After contributing $500,000 earlier in August, the industry group Florida Realtors has put another $4 million into an effort to pass a constitutional amendment that would extend a property-tax cap for commercial and other non-homestead properties. [Source: Florida Politics]

STAT OF THE WEEK
79%
The annual survey by the Associated General Contractors of America shows that 79% of Florida construction companies struggle to hire skilled trade workers, up from 70% in 2016 [Source: The Real Deal]

ALSO TRENDING:

› Investors buy land in downtown South Miami, plan mixed-use project [The Real Deal]
Edgewater Capital Investments just entered the development business with a $1.8 million purchase of vacant land at 7435 Southwest 61st Avenue, where the firm is planning to build a mixed-use project.

› Well known Sarasota real estate attorney, partner switches firms [Business Observer]
Prominent area real estate attorney Tom Luzier is moving from Dunlap & Moran P.A., where he had been a shareholder, to Williams Parker, where he will be a partner. Luzier’s practice covers a variety of transactional matters, representing individuals and businesses in all phases of buying, financing, selling and leasing residential and commercial property.

› McCraney to co-develop over a million square feet of industrial space in Orlando [The Real Deal]
McCraney Property and Tavistock Development Co. will jointly build 1.26 million square feet of space at Infinity Park, a mixed-use business park in Orlando. Construction of the speculative light-distribution and logistics space is scheduled to start by the end of the year.

› Water Street Tampa plans downtown’s first new office towers in decades [Tampa Bay Times]
Water Street Tampa on Thursday unveiled the "work" part of its live-work-play vision for Tampa with a pair of 19- and 20-story office towers — billed as downtown’s first such "trophy" office buildings in 26 years.

Tags: Real Estate eNews

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