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]
› Gables Estates mansion features walls of glass for $49.9 million [SunSentinel]
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 [Tampa Bay Times]
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 [Orlando Sentinel]
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 [Daytona Beach News Journal]
A new permit application has been filed for construction of a controversial valet parking lane at the $192 million Protogroup hotel-condominium project.