Broward Council of the MIAMI Association of REALTORS

                                                                                                     

                

  • Palm Beach County Condominium Luxury Sales Jump 28 Percent in December

    Jan 22, 2019
    Palm Beach County condominium luxury home sales jumped 28 percent in December as $1-million-and-up homebuyers continue selecting Palm Beach’s incredible live, work and play lifestyle, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Broward Single-Family Home Median Prices Increase in December

    Jan 22, 2019
    Broward County single-family home median sale prices rose 2.9 percent to $350,000 in December 2018 as Broward existing condos sold between $400K to $600 increased 4.3 percent year-over-year, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Mid-Market Miami Single-Family Home Sales Rise 9.4 Percent in December

    Jan 22, 2019
    Mid-market Miami single-family home sales rose 9.4 percent in December, evidence of strong demand in one of the nation’s most sought-after real estate markets, according the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
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  • MIAMI Realtors Sign Four International Agreements at Miami International Congress

    Jan 07, 2019
    The MIAMI Association of Realtors (MIAMI) signed four international collaboration agreements during its recent Miami International Congress. MIAMI now has 204 international partners. These alliances create business opportunities for MIAMI members, enhance Miami’s global position and strengthen the local economy. The bilateral agreements also provide resources, visibility and connections for MIAMI’s international partners.
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  • MIAMI Realtors Partners to Host Miami Shores Plaza 98 Monthly Events

    Dec 26, 2018
    The MIAMI Association of Realtors (MIAMI) is partnering to host free monthly community events from 5-8 p.m. on Jan. 12, Feb. 9, March 9 and April 13 at Miami Shores’ new community destination, Plaza 98, at 9802 NE 2nd Ave. The events are open to all ages and feature family entertainment and games and food and drink for purchase.
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  • Palm Beach County Condominium Sales Continue Rising in November

    Dec 19, 2018
    Palm Beach County condominium sales have now increased in 12 of the last 13 months after another strong November of condo sales, according to a new report by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Broward Condo Sales Rise for Eighth Consecutive Month

    Dec 19, 2018
    Broward County existing condominium sales increased for the eighth consecutive month in November as total Broward home sales increased 4.3 percent year-over-year, according to a new report by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Miami Real Estate Posts Fifth Consecutive Month of Rising Home Sales

    Dec 19, 2018
    Total Miami-Dade County home sales increased 7 percent year-over-year in November, marking the market’s fifth consecutive month of year-over-year transaction gains, 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 Signs 15 New Collaboration Agreements with AMPI Chapters in Mexico

    Dec 17, 2018
    The MIAMI Association of REALTORS® (MIAMI) is honored to have recently signed 15 new international collaboration agreements with local chapters of AMPI, the Mexican Association of Real Estate Professionals, at the 2018 AMPI National Real Estate Congress in Oaxaca, Mexico.
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  • South Florida’s Biggest Open House Weekend Set for December 8-9

    Dec 07, 2018
    The MIAMI Association of REALTORS® (MIAMI) is organizing South Florida’s biggest open house weekend of the year for December 8-9. MIAMI expects more than 2,000 properties at every price range to host open houses in Miami-Dade, Broward, Palm Beach and Martin counties. More than $1 billion in houses and condos are participating.
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  • Palm Beach County Home Sales Register Robust October

    Nov 21, 2018
    Total Palm Beach County home sales increased 17.1 percent year-over-year in October as median prices and dollar volume rose 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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  • Broward Existing Condo Sales Continue Upward Trend, Surge 20 Percent in October

    Nov 21, 2018
    Broward County existing condominium sales increased for the seventh consecutive month in October, this time rising 20 percent year-over-year, as total Broward County home sales surged 15.1 percent year-over-year, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Miami Real Estate Posts Fourth Consecutive Month of Rising Home Sales

    Nov 21, 2018
    Total Miami-Dade County home sales surged 14.7 percent year-over-year in October, marking the market’s fourth consecutive month of year-over-year home transaction gains, 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 Partners with FIABCI-Arabic Countries

    Nov 21, 2018
    The MIAMI Association of REALTORS® (MIAMI) recently signed an international collaboration agreement with FIABCI-Arabic Countries during FIABCI World President -Elect and FIABCI-Arabic Countries President Walid Moussa’s visit to Miami, increasing MIAMI’s international partners to 180 (the most of any U.S. Realtor association). The alliance will create business opportunities for MIAMI members, enhance Miami’s global position and strengthen the local economy. FIABCI-Arabic Countries includes United Arab Emirates, Lebanon, Bahrein, Tunisia, Saudi Arabia, and Kuwait.
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  • MIAMI Realtors and Turkey Federation Sign International Partnership

    Nov 21, 2018
    The MIAMI Association of REALTORS® (MIAMI) signed an international honorary reciprocal agreement with Türkiye Tüm Emlak Müşavirleri Federasyonu (TEMFED) at the 24th Annual Miami International Real Estate Congress in Coral Gables, increasing MIAMI’s international partners to 179 (the most of any U.S. Realtor association). The alliance will create business opportunities for MIAMI members, enhance Miami’s global position and strengthen the local economy.
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  • Total Palm Beach Home Sales Increase in 3Q 2018

    Nov 07, 2018
    Total Palm Beach County home sales increased 7.4 percent in 3Q 2018 as median prices for all properties rose, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Total Broward Home Sales Increase in 3Q 2018

    Nov 07, 2018
    Total Broward County home sales increased 5.9 percent in 3Q 2018 as median prices for all properties rose, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Total Miami Home Sales Jump in 3Q 2018

    Nov 05, 2018
    Total Miami-Dade County home sales surged 15.2 percent in 3Q 2018 as median prices for all properties rose for the 27th 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 International Real Estate Congress to Feature Delegates from 12 Countries

    Oct 22, 2018
    Delegates from 12 foreign countries will participate in the 24th annual MIAMI Association of REALTORS® (MIAMI) International Real Estate Congress on Oct. 28-30 at the Biltmore Hotel. More than 300 real estate professionals will attend the prestigious event, which will feature 20 industry speakers, numerous panels and marketing sessions.
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  • Total Miami Home Sales Surge a Year after Hurricane Irma

    Oct 19, 2018
    Total Miami-Dade County home sales surged 35.7 percent last month a year after Hurricane Irma brought minimal damage and stalled hundreds of sales in September 2017, 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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