Broward Council of the MIAMI Association of REALTORS

                                                                                                     

                

  • Colombia Continues to be Top Country Searching for Miami Homes

    Jul 09, 2018
    Colombian consumers registered the most international web searches for Miami homes in March, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia registered 11.9 percent of all international searches on MIAMI’s portal, www.MiamiRealtors.com, in March 2018. Colombia has led the rankings for four consecutive months.
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  • South Florida Multifamily Transactions, Prices Rise in 1Q

    Jun 26, 2018
    South Florida multifamily real estate transactions jumped 8.5 percent year-over-year in 1Q 2018 and per-unit multifamily prices increased in Miami-Dade, Broward and Palm Beach counties, according to the new 1Q 2018 The Quarterly Report – South Florida Commercial Real Estate
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  • JTHS-MIAMI Realtors Collect 364 Pounds of Food for Needy Palm Beach Residents

    Jun 25, 2018
    The Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) collected 364 pounds of non-perishable food for the Palm Beach County Food Bank in April as part of its annual JTHS-MIAMI’s “Move for Hunger” Food Drive.
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  • Colombia Leads Countries Looking for Miami Homes in February

    Jun 25, 2018
    Colombian consumers registered the most international web searches for Miami homes in February, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida remains the most-searched U.S. market by international consumers and a top-five market for homebuyers in the world’s six largest regions, according to February data.
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  • Miami Luxury Home Sales Jump in May 2018

    Jun 20, 2018
    Total Miami luxury home sales rose 24.1 percent year-over-year in May as existing condominium sales rose for the second consecutive month, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Miami Realtors Join Chapman Partnership to Feed Homeless

    Jun 18, 2018
    Continuing its changing communities initiative, MIAMI Association of Realtors (MIAMI) members and peers again fed dinner to 500 homeless residents on June 14 at the Chapman Partnership’s Downtown Miami Homeless Assistance Center.
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  • Miami Existing Condo Sales Jump 24.6 Percent in April

    May 24, 2018
    Miami’s existing condominium market posted its best April in three years as condo transactions jumped 24.6 percent and condo dollar volume surged 40.8 percent year-over-year, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. Miami single-family home sales and residential prices rose.
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  • MIAMI REALTORS® Launches MIAMI Platinum PLUS for its Members

    May 17, 2018
    The MIAMI Association of REALTORS® (MIAMI) is now offering its members subscriptions to MIAMI Platinum PLUS, an exclusive and unparalleled suite of upgraded Realtor products and services, so Realtors can utilize an even higher level of industry tools to improve and expand their business while enhancing the home buying and home selling process for the public.
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  • Miami Luxury Home Sales Soar in 1Q 2018

    May 15, 2018
    Total Miami luxury home sales surged 12.3 percent in 1Q 2018 as median prices rose for the 25th consecutive quarter, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • MIAMI REALTORS CEO Named to South Florida’s Most Influential Business Women

    May 14, 2018
    MIAMI Association of REALTORS® (MIAMI) Chief Executive Officer Teresa King Kinney was named one of the top 25 Most Influential Business Women in South Florida. The South Florida Business Journal honored Kinney’s strong record of leadership, community involvement and industry innovation at an event on May 11 in Fort Lauderdale.
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  • Miami Luxury Single-Family Home Sales Jump in March

    Apr 23, 2018
    Miami luxury single-family home sales posted double-digit gains as median prices for all properties continued rising in March, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • South Florida Industrial Real Estate Prices, Transactions Rise in 4Q

    Apr 23, 2018
    South Florida industrial real estate prices increased 11.4 percent year-over-year in the 4Q 2017 and the Miami-Dade, Broward and Palm Beach tri-county region posted its second highest industrial transaction volume for the year,
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  • Patricia Anglero Elected 2018 Broward President of the MIAMI Realtors

    Apr 07, 2018
    The MIAMI Association of REALTORS® (MIAMI) has elected Fort Lauderdale broker Patricia C. Anglero as its 2018 Broward Council president. She and all of MIAMI’s leadership boards were installed Feb. 2 at the MIAMI 2018 Inaugural and Awards Celebration.
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  • MIAMI REALTORS Commercial Partners with Research and Data Firm Vizzda to Provide South Florida Commercial Statistics Reports

    Apr 05, 2018
    MIAMI Association of Realtors Commercial (MIAMI Commercial) has formed a strategic alliance with Vizzda (Visual Data) to provide The Quarterly Report – South Florida Commercial Real Estate, which will offer comprehensive commercial research and statistics to MIAMI’s 46,000 members and the consumers they serve.
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  • MIAMI Realtors Commercial Association Rebrands as MIAMI Commercial

    Apr 05, 2018
    The MIAMI Association of REALTORS® (MIAMI) has rebranded its commercial real estate organization, to MIAMI Commercial. MIAMI Commercial’s new name and logo is part of MIAMI’s successful expansion of the commercial reach of the Miami Association of Realtors that enhances the 25-year-old organization, which was formerly the Realtors Commercial Alliance MIAMI (RCA MIAMI).
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  • Miami Condo, Luxury Home Sales Rise in February  

    Mar 21, 2018
    Miami existing condominium and total luxury home sales increased in February, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Miami Realtors Expands Presence of South Florida Real Estate at Global Expo

    Mar 14, 2018
    The MIAMI Association of REALTORS® (MIAMI) has increased its presence by 400 percent at the world’s largest commercial real estate conference, MIPIM. MIAMI Realtors will have exhibits promoting South Florida at MIPIM from March 13-16 in Cannes, France as part of the National Association of REALTORS® (NAR) expanded U.S. pavilion. This year, MIAMI has significantly expanded the U.S. and MIAMI/South Florida presence by adding its own adjacent exhibit space.
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  • Colombia Leads Countries Looking for Miami Homes in January

    Mar 13, 2018
    Colombian consumers registered the most international web searches for Miami homes in January, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida remains the most-searched U.S. market by international consumers and a top-five market for homebuyers in the world’s six largest regions, according to January data.
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  • Urgent Legal Alert from Florida REALTORS General Counsel

    Mar 06, 2018
    Recently, Florida Realtors became aware of several lawsuits filed against real estate brokers in Miami Dade and Broward counties concerning allegations of discriminatory advertising—a violation of fair housing laws. Specifically, brokers are being sued for discriminating against tenants with Section 8 vouchers. These violations, however, pertain to local ordinances, not the Federal Fair Housing Act. Under these local ordinances, landlords and Realtors are precluded from discriminating against tenants with Section 8 vouchers, as this falls under the protected class "source of income."
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  • Miami Condo, Single-Family Home Sales Jump in January

    Feb 22, 2018
    Miami existing condominium and single-family home sales rose in January as $1 million-and-up luxury transactions jumped for all properties, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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Popular Visa Program Helps Finance Major Miami Projects, Create Jobs

by | Oct 21, 2015

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A popular federal visa program used by Miami developers to finance major projects is helping South Florida developers tap into the China market, create jobs, facilitate more local affordable housing, and help pay for projects that may have not been developed.

The EB-5 Immigrant Investor Program, which was recently extended by the federal government to Dec. 11 as changes to the program continue to be debated, is administered by U.S. Citizenship and Immigration Services. EB-5 was established in 1990 to grant permanent residency to a foreign investor and their immediate family members who funds at least $500,000 to $1 million of the construction cost for a project that creates at least 10 domestic jobs.

The program, which wasn't widely used until six years ago when the Department of Homeland Security clarified a rule to allow temporary construction jobs to count toward the job-creation tally, helps developers raise mezzanine loans to fund construction of commercial projects. Mezzanine loans take a collateral interest in the equity of the developer, but are secondary to first mortgages. EB-5-related loans are much cheaper than the double-digit interest rates of private mezzanine loans.

EB-5 Financing Used Nationally
EB-5 money helped fund a Marriott hotel in Los Angeles, the Barclays Center sports and entertainment complex in Brooklyn, N.Y., and is being used to develop the massive Hudson Yards site in Manhattan, in addition to other projects.

In Miami, the $430 million SkyRise Miami tower in downtown Miami has been granted EB-5 status. The tower is seeking 540 foreign investors in the hopes of raising $270 million. Miami Beach's Hotel Astor has also been approved for EB-5 financing, among other projects.

EB-5 Investors Looking to Help Their Families
Ronnie Fieldstone, a Miami attorney who specializes in EB-5 projects, spoke about EB-5 financing at this month's RCA Miami Super Conference hosted by the MIAMI Association of REALTORS® (MIAMI). Fieldstone said most EB-5 investors want to relocate to the U.S. so their children can have a better life and gain better education.

"One third of all foreign students in the United States are from China," Fieldstone said at the RCA Miami Super Conference. "They are by far the largest foreign student population. That's why they are coming here. They first want to educate their children in the U.S."

If they complete their lengthy review and are granted permanent residency, EB-5 migrants pay U.S. income taxes and tend to boost local economies according to studies. A report by the research management firm, Minnesota IMPLAN Group, found EB-5 spending supported 28,000 jobs; contributed $2.2 billion to the U.S. gross domestic product (GDP); accounted for $346,790,317 in federal taxes; $218,437,866 in state and local taxes in 2010 to 2011.

Boosting the Economy, Job Creation
The program has provided $11 billion in funding and created 73,000 jobs nationwide since its inception in 1990, according to U.S. Citizenship and Immigration Services.

China Impact
Chinese nationals are the biggest foreign buyers of U.S. real estate in terms of units, dollar volume and price paid, according to a recent report by the National Association of Realtors® (NAR). China is also the largest recipient of EB-5 Visas, collecting 85 percent of all issued EB-5 Visas in 2014.

Miami, which has long been a center for Latin American flight capital and investment, would like to secure more investment from the world's most populous country. The EB-5 program is one way to bring more Chinese investment to Miami, Fieldstone said.

Chinese buyers represented 2 percent of all international closed sales in Miami-Dade and Broward Counties in 2014, according to the 2014 Survey of International Home Purchases Conducted by the National Association of Realtors Research for MIAMI Association of REALTORS® (MIAMI). That's a 50 percent increase from 2012 and 2011 when China comprised 1 percent of transactions. Latin America represented 68 percent of South Florida's international clients.

EB-5 Regulation
Annually, the EB-5 Program accounts for less than 1 percent of the visas issued by the U.S. Throughout the process, EB-5 investors are subject to the same background checks and national security screenings as applicants in any other visa category. Their ability to apply for citizenship is subject to the same criteria as other visa holders.

Miami's EB-5 Regional Center
In 2014, the city of Miami received approval to operate as one of the few government-owned and managed EB-5 regional centers in America. Miami's EB-5 Regional Center covers projects in Miami-Dade, Broward, and Palm Beach counties.

There are more than 900 regional centers across the U.S., about 75 in Florida.

The Miami EB-5 Regional Center's first project is the $800 million Panorama Tower project, which is seeking $160 million in EB-5 dollars. In the future, Miami Mayor Tomas Regalado wants the city's EB-5 regional center to help finance affordable housing in the tri-county area.

Potential Changes to the EB-5 Program
Congress is expected to make changes to the EB-5 program before December. Proposed changes include increasing the minimum investment from $500,000 and $1 million to $800,000 and $1.2 million, respectively. If approved, these would be the first increases in the program's 25-year history.

Fieldstone is hopeful Miami can attract more EB-5 financing, particularly from the Chinese.

"The Chinese have dramatically affected New York, Seattle, and other cities with billions of dollars of investment," Fieldstone said. "I'm hoping South Florida gets more of that capital."

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