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Inside South Florida Real Estate

March 18, 2022


Proptech


Snappt Raises $100 Million To Help Landlords Flag Fraudulent Rental Applications. The startup addresses the problem of financial document fraud by rental applicants, by providing landlords with a software platform that can detect when pay stubs and bank statements have been fraudulently altered. More than just a surface-level scan, the software analyzes the source code behind the documents to make sure it matches that of legitimate forms by banks and financial institutions. The startup claims its technology has a 99.8% accuracy rate, while roughly 12% of the forms it processes are flagged as fraudulent.
According to the company, 12.8% of the applications in Florida contains some type of fraud.


Market


According to data to be released Wednesday by the National Association of Hispanic Real Estate Professionals (NAHREP), the Latino homeownership rate increased to 48.4 percent in 2021, up from 47.5 percent in 2019, the highest level since the mid-2000s. (The Black homeownership rate reached 45.3 percent in 2020, up from 42.1 percent in 2019, census data show.). Access full report



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Best February Ever for Miami Real Estate Sales, Miami-Dade County total home sales rose 13.2% year-over-year in February 2022, from 2,485 sales to 2,814. Miami single-family home transactions decreased 7.9%, from 1,093 to 1,007 because of low inventory. Miami existing condo sales increased 29.8%, from 1,392 to 1,807. It marks the 17th consecutive month of double-digit year-over-year condo gains. Read More at Miami Realtors.


Remote Work


According to a poll by management consultancy Advanced Workplace Associates, Just 3% of white collar workers want to return to the office five days a week. A full 86% of employees want to work from home at least two days a week, the consultancy said after surveying nearly 10,000 people around the world across areas including finance, technology and energy. All age groups felt the same way, they added. Workers reported a preference for commuting into cities on Tuesdays, Wednesdays and Thursdays, raising the prospect of empty offices for the rest of the week. Source Bloomberg Wealth


New Developments



Beitel Group of Brooklyn paid $47M for sites in Miami's Edgewater. The developer told The Real Deal they are planning to build over 600 apartments, ground floor retail, and office space above the retail.








Developers have unveiled plans to build a twin-tower project in Sunny Isles called St. Regis Residences with luxury condos.
The first tower will feature 194 Residences featuring 2, 3 and 4 bedrooms ranging in size from 1,950 to 4,680 square feet. The second tower will be including 180 Residences and the residential complex will have more than 70,000 SF of spectacular amenities. The towers will be situated along 435 linear feet of pristine beach.
Construction is expected to begin in early 2023, with completion in 2026.
Fortune International Group and Chateau Group are the developers and Arquitectonica is the architect of the two new towers. Interiors are by São Paulo-based Anastassiadis.
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