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May 24, 2019
It's the SALT tax, stupid: Here's why luxury home sales have surged

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Florida Trend Real Estate

It's the SALT tax, stupid: Here's why luxury home sales have surged

| 5/6/2019

It’s the SALT tax, stupid: Here’s why luxury home sales have surged

While the greater housing market has experienced a nationwide slowdown, the appetite for luxury homes in Miami Beach has surged. Sellers and brokers attribute that in large part to the December 2017 federal tax overhaul, which limited the ability of taxpayers to deduct state and local taxes — dubbed SALT — from their income in 2018. For ultra-wealthy residents in high-tax states, the savings from living in a state like Florida that doesn’t have a personal income tax could be enough to buy a luxury home in Miami. [Source: The Real Deal]

Will new Opportunity Zones rules propel an office boom?

When Michael Tillman’s PTM Partners bought property in Overtown in February to build an 18-story apartment complex, it became one of the first Miami-based real estate firms to utilize the Opportunity Zone program. The federal program is seen by many as the biggest economic boost to the real-estate industry since the 1031 Exchange. But given the murkiness of the Opportunity Zone guidelines, developers have been slow to get shovels in the ground. [Source: The Real Deal]

How zoning affects growth in Florida

It may sound mundane, but zoning and building regulations affect us intimately because they hit us where we live. Florida Matters investigates balancing growth with historic and environmental preservation, whether inclusionary zoning policies can help create affordable housing and how zoning and transportation options are connected. [Source: WJCT]

Redfin launches mortgage lending in Florida, Maryland, and Tennessee

Homebuyers in Florida, Maryland, and Tennessee can now turn to Redfin for their mortgage, as the online real estate brokerage announced this week that its mortgage arm, Redfin Mortgage, is now available in those three states. Redfin launched its mortgage lending operations in January 2017 and has consistently expanded its mortgage business since then. See the announcement from Redfin and read more at Housingwire.

Tampa Bay commercial real estate ‘is on fire.’ But for how long?

Despite rising construction costs and a “hint of conservatism” in lending, Tampa Bay's extraordinary building boom could continue for several more years. And despite concerns about an oversupply of apartments and storage units, any gluts are apt to be temporary and limited to certain geographic areas. [Source: ]

                                                                                    

Trend Mention

Small Business Leadership Conference 2019 ULI Summit

               

June 13th & 14th, come to the ULI Florida Summit to connect with 650+ of Florida’s leading real estate experts and land use practitioners from private practice, public sector and academia to learn how to get ahead of change in creating and sustaining thriving communities. The 2019 Summit will focus on today’s changing markets, trends, and opportunities, feature leading industry professionals. Network with top real estate professionals from around Florida, including developers, attorneys, engineers, architects, and land use planners. Early Bird Rates End on April 26th! Register here. 

STAT OF THE WEEK
$3.7 million
The 1937 Van Wezel Estate on Lido Key has been renovated, updated and listed for $3.7 million by Joel Schemmel of Premier Sotheby’s International Realty. When Schemmel saw the house 13 years ago, he thought it was an “absolute teardown.” [Source: Sarasota Herald-Tribune]

ALSO TRENDING:

› Lawmakers vote to limit Florida’s local affordable housing rules
Florida lawmakers approved a bill Friday that could restrict local governments’ ability to create affordable housing units, as well as require that those who lose development disputes in court to pay both parties’ legal fees. The change place additional restrictions on zoning decisions local governments make and could throw up road blocks for future local measures that tie affordable housing creation to new developments, although the approved legislation is not as broadly restrictive as a previous version.

› 70-year-old quaint beach home in Old Naples sells for $25.5 million
A 70-year-old beach house in Naples has sold for $25.5 million. The quaint three-bedroom, 3½-bath home at 325 Gulf Shore Blvd. N., in Old Naples sold March 29. It last sold in 1987 for $1.275 million. Built in 1948, the salmon-colored home with teal shutters sits on nearly 2 acres overlooking the Gulf of Mexico with 240-feet of beach frontage.

› City gives tenants inside Jacksonville Landing 30 days to get out
The city of Jacksonville has officially taken over the leasing rights for The Jacksonville Landing and sent letters May 1 to the tenants inside the riverfront mall, giving them 30 days to pack up and get out. Tony Sleiman's company, which had leased the property for 15 years, was paid $15 million in a settlement that broke Sleiman Enterprise's lease with the city and put an end to an ongoing legal fight.

› Three’s a charm? Michael Shvo, partners add to oceanfront assemblage in Miami Beach
Michael Shvo and his partners are planning to buy their third property, the South Seas Hotel, as they expand their oceanfront assemblage in Miami Beach. The partnership of SHVO, led by Shvo; Bilgili Holdings, led by Serdar Bilgili; and Deutsche Finance America, put the South Seas at 1751 Collins Avenue in South Beach under contract.

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