Build-to-rent housing market explodes as investors rush in
Build-to-rent housing market explodes as investors rush in
During the foreclosure crisis nearly a decade ago, investors plowed into the housing market, buying millions of distressed homes and turning some of them into lucrative rentals. They transformed the once mom-and-pop market of single-family rentals into a large-scale, formally managed asset class — and it is still growing, in fact faster than ever. The regular existing home market is very pricey, so investors are now turning to a new strategy: Buy new. And suddenly, the so-called build-to-rent market is exploding.[Source: CNBC]
Aston Martin’s high rise in Miami will be the tallest residential building south of New York
Aston Martin, the legendary British carmaker, is stepping into the real estate business in Miami with what it calls the tallest all-residential tower south of New York. Better yet, buy the main penthouse and you get a rare Aston Martin Vulcan, an 820-horsepower, all-carbon fiber race car. List price: $2.5 million. [Source: South Florida Sun-Sentinel]
What rich millennials look for in a luxury home, according to real-estate agents
For rich millennials, luxury homes are largely about function. Business Insider spoke to real-estate agents in three popular states among rich millennials — New York, California, and Florida — about what the demographic looks for in a luxury home. While specifics depend on the buyer's situation — like whether they're married, single, or have kids — some common themes cropped up. [Source: Business Insider]
Column: Buying landlocked property carries significant risks
An easement is a right held by one property owner to make use of the land of another for a limited purpose, as a right of passage. Understanding these rights will provide you with information that will allow you to analyze the risks of buying the property without the easement. Once you understand exactly how an easement works, and what provisions should be included to provide the rights your intended use requires, you can assess the risks. [Source: Florida Times-Union]
Delray Beach, Florida is hot with luxury development
The once sleepy town of Delray Beach, Florida about 50 miles north of Miami was a community people often moved to because glitzy neighboring Boca Raton’s was too pricey. Today Delray Beach is in-demand with a growing population of about 70,000. Over the last decade or development in Delray has gone upscale, transforming downtown Delray Beach. [Source: Forbes]
$110 million
An oceanfront Palm Beach estate sold for more than $110 million, according to sources, marking the most expensive single-family home sale in the tony town. [Source: The Real Deal]
› Feds to seize Miami real estate allegedly tied to $60M Venezuelan money laundering scheme [The Real Deal]
The federal government will seize two Miami properties tied to an alleged money laundering and bribery scheme involving Venezuelan officials and the country’s state-run electricity company, Corporación Eléctrica Nacional, also known as Corpoelec.
› Manatee County growth sparks call for new solutions [WUSF]
In 1950, Manatee County had 34,000 people. Today, there are around 400,000. In another generation, it's expected to have more people than Sarasota County. A forum was held Thursday at Bradenton's Pier 22 on how to plan for that growth. On average, 6,000 people move into Manatee County every year. Planning for all those new people has created some friction among long-time residents.
› New 50-story Brickell tower to be mostly offices [Miami Today]
A developer plans a gleaming skyscraper rising 50 stories in the heart of Brickell. Watson Investigations LLC is proposing a project called 888 Brickell Plaza at 830 SE First Ave., on the corner of Southeast Eighth Street and Southeast First Avenue.
› Two more big Tampa Bay condo communities are becoming rentals [Tampa Bay Times]
As the demand for apartments continues to grow, two more Tampa Bay condo communities are on track to become exclusively rentals. Last week, a New York-based company paid $7.3 million for 109 of the 240 condos in Enclave at Sable Point in St. Petersburg's Pinellas Point area. And on June 7, Tampa-based Robbins Property Associates and a partner obtained financing to buy 312 of the 390 condos in Arbors at Carrollwood in north Tampa. The transactions are the latest in a trend that caused an uproar a few years ago and led to changes in state law to better protect individual condo owners from so-called "bulk buyers.''</p