November 30, 2020

Florida Trend Real Estate

Florida reports its real estate workers make up a high number of tax-debt cases

| 11/9/2020

Florida reports its real estate workers make up a high number of tax-debt cases

Florida reports an outsized number of real estate professionals owe back taxes, according to an analysis by Solvable.com that examined groups of residents in each state whose tax debts deviate from the national average. Overall, 16.4% of all federal levies go unpaid, according to Solvable, which provides consumers with digital platforms that link them up with companies that can help them with their tax problems. [Source: The Center Square]

The frenzy over South Florida real estate continues — with no sign of cooling

Since August, homebuyers have been in a frenzy over South Florida residential real estate. And there’s no sign of slowing, according to the latest report on signed contracts from real estate brokerage Douglas Elliman. Broward County condos were the most sought, with the number of new signed contracts jumping by a whopping 85.9% between October 2019 and October 2020. [Source: Miami Herald]

Tupperware to remain headquartered in Central Florida

The company closed on a long-term sale-leaseback agreement with O’Connor Capital Partners for approximately 41 acres of land on which Tupperware Brands’ headquarters is located. The transaction transferred approximately 108 acres and is the first of two transactions to finalize Tupperware’s sale of the company’s remaining land in Central Florida to O’Connor Capital Partners. [Source: Direct Selling News]

Florida’s new receivership act provides a new option for lenders

On July 1, 2020, Florida became the ninth state to adopt a version of the Uniform Commercial Real Estate Receivership Act (UCRERA or the act). The act provides a formal process for the appointment and operation of a receiver over commercial real estate, an area that has been plagued by inconsistency because Florida’s courts were bound to follow case law and the specific contract provisions before them. The act provides criteria for courts to appoint receivers and enumerates powers receivers will possess once appointed. [Source: Daily Business Review]

Is Florida OK? How real estate has been faring in the Sunshine State

As the U.S. grappled with the spread of the coronavirus in May, Florida got the jump on most of the country and began to roll back restrictions for bars and restaurants. (New York waited until June before it started to implement such reopenings.) Florida Gov. Ron DeSantis went a step further in late September and lifted all restrictions in the state. Since then, however, Florida has seen a sharp increase in the number of COVID-19 cases and started to deal with another flareup last month. On Oct. 29, the state faced its third consecutive day of at least 4,000 confirmed cases [Source: Commercial Observer]

STAT OF THE WEEK
13,000-square-feet
“It’s so unique—there’s really nothing like it,” said owner Bill Hutchinson, a Dallas-based real estate developer and TV reality star, of the Gothic-style Biscayne Bay mansion. [Source: Mansion Global]

ALSO TRENDING:

› Gables Estates mansion features walls of glass for $49.9 million
The owner of a sprawling eight-bedroom, 11-bath Coral Gables estate purchased last year for $25.5 million has decided to sell the property — and he’s listed it for $49.9 million, nearly twice what he paid for it.

› Tampa seeks to parlay city land in booming West River to kickstart affordable housing
For years, sewer and water pipes have been stacked on the ground near the western bank of the Hillsborough River.

› Jeffrey Epstein’s notorious Palm Beach mansion is about to meet its fate
The infamous Palm Beach, Florida, mansion where convicted sex offender Jeffrey Epstein abused underage girls and young women will soon meet the wrecking ball.

› Protogroup seeking new permit for valet parking lane for $192 Daytona hotel project
A new permit application has been filed for construction of a controversial valet parking lane at the $192 million Protogroup hotel-condominium project.

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'House of Budweiser' under contract in Lake Worth for over $100,000
'House of Budweiser' under contract in Lake Worth for over $100,000

It's called the 'House of Budweiser,' now under contract in Lake Worth for just over $100,000. A U.S. Navy Veteran covered the house with thousands of cans of beer he drank. When you walk up to unit #102 you see some Budweiser wind chimes and you even see a Budweiser sign on the wall. But that's nothing until you open the door.

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