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Inside South Florida Real Estate

Week of March 7, 2022



Legislation


A new proposal, in Miami -Dade could have voters deciding whether to impose a temporary freeze on some housing costs. New legislation introduced by a Miami-Dade commissioner is the first step to the county triggering an obscure Florida law that lets local governments ask voters to endorse emergency “rent control” measures that would determine how much some landlords could charge tenants for one year. Read more at: Miami Herald


New rules


Miami-Dade County will require its more than 6,000 condominiums and homeowner associations to release financial statements and information about building maintenance to the public after a collapse last year in Surfside that killed 98 people.

New rules approved will mandate that they submit documents about budgets, financial accounts, maintenance, engineering reports, planned capital projects and insurance certificates to a public database to be created by the county. The information had been previously available to owners and buyers under contract, but could be hard to access by other parties, including real-estate agents.

The legislation by Commissioner René Garcia requires the submissions by February 2023, with the documents then uploaded onto a county database available to the public.



House Market

A record number of U.S. properties are now worth $1 Million or more. According to a recent a study from Redfin, as February 2022, estimates that 8.2% of homes nationwide are valued at $1 million or higher, which equates to some 6 million properties. That’s up from 3.5 million homes, or 4.8% of the nation’s housing stock, two years earlier. Miami increased from 6.6%, share of homes worth at least US$ 1 million in 2020 to 11.2% in 2022.


Mortgage

Milo, a crypto lending company, launched a crypto mortgage department where clients can apply to receive a loan to buy U.S. real estate if they put up an equivalent amount of money in Bitcoin. Instead of using a cash down payment, a FICO credit check, or income on a tax return to evaluate a potential borrower’s creditworthiness, Milo evaluates potential borrowers based on their crypto wealth and the value of the property they are hoping to buy. In exchange for locking up their crypto, borrowers will receive a 30-year mortgage for their home purchase, which can be paid in monthly installments to Milo. Interest rates for the loan range from 5% to 8%, and vary depending on the amount of Bitcoin the individual can put up as collateral.

Zoom Out The estimated $2T cryptocurrency sector is witnessing increased investments in recent times.

VC investments in crypto projects topped $25B in 2021.


New Developments Cipriani to Launch First-Ever, Ground-Up Residences, Cipriani Residences Miami

Located at 1420 South Miami Avenue in Miami, will feature 3 luxury towers spanning over 2.8 acres, The largest Cipriani tower will rise 80-stories and will feature 397 one to four-bedroom units with views of Biscayne Bay, Brickell skyline, and Simpson Park. The 2 smaller towers haven't been revealed yet but will rise 59 stories and 50 stories tall.

Cipriani is currently working with Mast Capital and Arquitectonica.
















The developers of The St. Regis Residences, Miami have released new interior renderings.

Building amenities include a tearoom, fitness center and open-air exercise deck, lap pools, golf virtual reality room and a bar with water views.

Sales are now underway at the project’s East Tower, which will have 149 residences.

Prices start at $2.8 million, with unit sizes starting at two bedrooms with 2,300 square feet.


The St. Regis Residences











Developed by JDS Development Group, a new Brickell Supertall tower called Major has been formally filed with Miami-Dade County Planners. Featuring 1,049 feet of height.


Zoom in

  • 259 residential units

  • 50,490 square feet of commercial / food and beverage spaces

  • Approximately 250 parking spaces (stacked spots accessible by car elevator)




Inside South Florida, the latest in the news in residential, commercial in real estate to stay up-to-date, ahead of the curve and get smart in less than 5 minutes. By AdB Realty 

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