Broward Council of the MIAMI Association of REALTORS

                                                                                                     

                

  • Total Miami Home Sales Jump Double Digits in August 2018

    Sep 20, 2018
    Total Miami-Dade County home sales surged 13.3 percent year-over-year in August with single-family homes and condominium markets posting double-digit gains as total luxury sales, median prices and dollar volume increased, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Colombia Continues to be Top Country Searching for Miami Homes

    Sep 17, 2018
    Colombian consumers registered the most international web searches for Miami homes in June, according to a new report by the MIAMI Association of Realtors (MIAMI). Colombia registered 12 percent of all international searches on MIAMI’s portal, www.MiamiRealtors.com, in June 2018. Colombia has led the rankings for seven consecutive months.
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  • MIAMI Realtors Showcase South Florida Real Estate at Brazilian Convention

    Sep 14, 2018
    The MIAMI Association of REALTORS® (MIAMI) promoted South Florida real estate at one of Brazil’s largest real estate events, the Secovi-SP Convention, on Aug. 26-28 in São Paulo. Secovi-SP, Latin America’s largest trade union, was MIAMI’s first of 178 foreign partner associations worldwide.
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  • JTHS-MIAMI Realtors Raises Money for Palm Beach’s Center for Child Counseling

    Sep 13, 2018
    The Young Professionals Network of the Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) donated about $7,560 to the Center for Child Counseling in Palm Beach Gardens from proceeds raised from their annual Battle of Bartenders event.
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  • South Florida Office Dollar Volume Surges in 2Q 2018

    Sep 04, 2018
    South Florida office dollar volume rose to its highest value in the past three quarters, according to the new 2Q 2018 The Quarterly Report – South Florida Commercial Real Estate released by data firm Vizzda (Visual Data) and the MIAMI Association of Realtors Commercial (MIAMI Commercial).
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  • Miami Existing Condo Sales Continue Upward Trend in July

    Aug 22, 2018
    Miami-Dade County existing condominium sales increased year-over-year for the fifth time in the last seven months as median prices rose for all properties in July 2018, 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 to Exhibit at Colombia’s Largest Real Estate Expo

    Aug 09, 2018
    The MIAMI Association of REALTORS® (MIAMI) will again promote South Florida’s lifestyle and real estate market at Colombia’s largest property showcase, El XII Gran Salón Inmobiliario – Feria Internacional, starting today through Sunday, Aug. 12 in Bogotá, Colombia. MIAMI will make a South Florida market presentation at the 13th annual expo, which is expected to attract 30,000 visitors and 200 exhibitors.
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  • Miami Condominium Sales Rise in 2Q 2018

    Aug 08, 2018
    Miami-Dade County existing condominium sales surged 5.6 percent in 2Q 2018 as median prices for all properties rose for the 26th 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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  • JTHS-MIAMI Realtors Collect School Supplies for Boys & Girls Clubs of Palm Beach County

    Aug 06, 2018
    The Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) collected $800 worth of school supplies for Boys & Girls Clubs of Palm Beach County children during its annual school supply drive.
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  • Colombia Continues to be Top Country Searching for Miami Homes

    Jul 24, 2018
    Colombian consumers registered the most international web searches for Miami homes in April, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia registered 12.2 percent of all international searches on MIAMI’s portal, www.MiamiRealtors.com, in April 2018. Colombia has led the rankings for five consecutive months.
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  • Luxury Sales Continue to Rise while Limited Supply in Lower Price Points Results in Fewer Sales, Increased Prices

    Jul 23, 2018
    Miami-Dade County luxury real estate sales continue to increase while lower price points experience strong demand and limited supply, resulting in price increases countywide, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • 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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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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