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Business, MSM Online, Real Estate

2024 Real Estate Legislative Changes in Florida’s Real Estate Landscape

By Julio GuzmanAs the real estate market in Florida, particularly in Miami Dade County, continues to evolve, several key legislative items are making a significant impact. Florida Realtors play a critical role in these legislative developments, particularly through their annual participation in the Greater American Realtor Days (GARD) in Tallahassee, FL during the Florida legislative session. Their advocacy ensures that real estate policies are aligned with industry needs, influencing positive changes in the legislative landscape. This article delves into four major topics that are reshaping the industry, addressing both the challenges and opportunities they present. 1. Rising Property Insurance Costs The surge in property insurance premiums in Florida is a multifaceted issue, significantly impacted by several key factors. The state is facing this challenge head-on, with a series of reforms aimed at stabilizing insurance costs and providing relief to homeowners and businesses. – Impact of Natural Disasters: Florida’s vulnerability to hurricanes and tropical storms is a primary driver of the increased insurance claims, leading to higher premiums. – Litigation and Fraud: The state has seen a rise in insurance-related litigation and instances of fraud, such as inflated claims, which contribute to escalating costs. – High Reinsurance Costs: The frequent severe weather events have also led to increased reinsurance costs for insurers, a burden that often gets passed down to policyholders. – Market Challenges: Due to these factors, the property insurance market in Florida has become less profitable, leading some insurers to exit the market or reduce coverage, further reducing competition and increasing rates for consumers. – State Interventions: In response, the state is taking several measures. These include encouraging new insurers to enter the market, supporting the ‘depopulation’ of Citizens Property Insurance to foster a more competitive insurance market, and leveraging global reinsurance support. Additionally, in Governor Desantis 2024 proposed budget he earmarks a $409 Million allocation to help reduce insurance premiums potentially by 5%- 6% through tax relief, particularly targeting properties valued under $750,000. These measures aim not only to lower premiums but also to ensure the long-term sustainability of the property insurance market in Florida. Through these comprehensive efforts, Florida aims to address the root causes of the property insurance crisis and create a more stable and affordable insurance landscape for its residents. 2. Hometown Heroes Housing Program To support essential community workers, the Hometown Heroes Housing Program provides affordable housing options to healthcare professionals, teachers, law enforcement officers, and firefighters. This program, part of the Live Local Act, offers zero-interest loans and incentives, recognizing the pivotal roles of these individuals and addressing the state’s affordable housing needs. 3. Business Rent Tax Reduction Aimed at promoting a business-friendly environment, the reduction in the business rent tax from 4.5% to 2% in 2024 is a significant legislative step. This reduction is expected to stimulate business growth and economic competitiveness in Florida’s commercial real estate sector. 4. Condominium Reform Florida is also focusing on condominium reform to enhance governance, maintenance, and financial transparency. These reforms are designed to protect consumers, improve management standards, and boost confidence in condominium investments, a crucial segment of Florida’s real estate market. The Role of Florida Realtors in Legislative Advocacy Florida Realtors play a critical role in these legislative developments, particularly through their annual participation in the Greater American Realtor Days (GARD). Their advocacy ensures that real estate policies are aligned with industry needs, influencing positive changes in the legislative landscape. The intersection of legislative initiatives and real estate in Florida presents a dynamic landscape of challenges and opportunities, particularly in Miami. As stakeholders – including homeowners, investors, developers, and industry professionals – engage with these legislative items, their involvement is crucial in shaping a resilient and thriving real estate market in the Sunshine State.

MSM Online, Real Estate, Sponsored

Miami Real Estyle – 6174 Pine Tree Drive Miami Beach

  6174 Pine Tree Drive is a contemporary streamlined beauty located in Miami Beach. This three bedroom, three bathroom property is complete with all the necessary features to enjoy Miami Beach living at its finest. Private electric gate entry, front porch ocean breeze, clear glass french doors that open to an oversized pool and pergolas for outdoor entertainment. Its proximity is to all that Miami Beach has to offer. Enjoy a walk to the pristine beaches of the Atlantic Ocean while shopping and dining at local shops and restaurants. www.6174PineTreeDrive.com Listing courtesy of The Belkis Jorge Group with Coldwell Banker Residential Real Estate. SOLD!    

MSM Online, Real Estate

Miami Real Estyle – 608 W Dilido Drive Venetian Island

608 W Dilido Dr – Miami Beach, Florida Photography courtesy of Douglas Elliman Striking 2-story contemporary waterfront estate on prestigious Venetian Island, nestled between Miami Beach and Midtown, offers residents an incomparable lifestyle accomplished only with 180º of northeastern bay and city views and direct access to Biscayne Bay. Built in 2003 with over 5,600 sf of interior living space this gated 5-bedroom, 5.5-bathroom property has been completely reconceived with exceptional finishes throughout. Residential features include 5 en suite bedrooms, Master with private terrace, den/study, separate laundry area, chef’s kitchen and expansive formal living area. Double-height ceiling and floor-to-ceiling windows reveal open bay views. Outdoor living space is complete with lush foliage, climate-controlled pool, and private dockage. “Built in 2003 by the current owners for their own personal use they were forward thinking when they designed this beautiful contemporary home which has qualities that you will find in today’s new construction without the hefty price tag. It is also priced below many vacant lots of older homes in the area, making this a truly excellent opportunity. The home features 30’ ceilings,  floor to ceiling windows on the main floor allowing for an abundance of natural light and air all day long, and a private gate providing additional privacy and security.” –Allen Davoudpour, Broker Associate with Douglas Elliman

Digital Edition, LIFESTYLE, Living, Real Estate, The Issue

Miami Real Estyle: Trending Homes in Miami

By Angela Betancourt As Miami’s economic landscape continues to improve, developers are not wasting any time building elaborate projects that have put the city in the global spotlight. World renowned architects, designers, and famous brands, have been sought to create some of the most luxurious homes and condos Miami has ever seen. Among the list of lavish and opulent residences are Paraiso Bayviews, The Surf Club Four Seasons, and Casa Playa; all of which are setting a new standard for luxury living in Miami. CASA PLAYA Located just 15 minutes north of The Four Seasons Surf Club is Casa Playa, the single-family mansion and private oceanfront retreat, in the prestigious Golden Beach neighborhood. Miami Golden, the developer behind Casa Playa recently held a private event for prospective buyers to get a glimpse of the home being built at 699 Ocean Boulevard. When complete, Casa Playa will have an impressive 8 bedrooms, 12 bathrooms, access to a private beach, 6,000 square feet of terraces, 5,000-square foot home spa and fitness level, a home theater, a lap pool with a waterfall, a safe room, and numerous spa pools. A drawing room with a hidden staircase and staff quarters with a separate entrance are just a few additional highlights. The home is currently on the market for a staggering $36 million. One of the most important things to note about this property is its green factor. Casa Playa was designed by Chad Oppenheim who is known within the industry for his socially and environmentally conscious architecture. The temperature-controlled retreat has an energy-efficient green rooftop and a three story exterior ecowall that will feature 25 different plant species growing around a spiral staircase. Casa Playa is located at 699 Ocean Blvd, Golden Beach, FL For more information, please visit http://miamigolden.com/properties/699/ THE SURF CLUB FOUR SEASONS HOTEL & RESIDENCES Across the bay in Surfside, the Miami-based private real estate investment company Fort Capital, has joined forces with the Four Seasons to develop The Surf Club Four Seasons Hotel & Residences. Located at 9011 Collins Avenue, The Surf Club Four Seasons is a luxury residential and hotel development project currently under construction on nine acres of ocean front property. The development is preserving the landmark Surf Club, which was designed by Russell Pancoast in the 1930s. For the past 80 years, the club’s old world charm and glamorous interior made it one of the most exclusive clubs in Miami Beach. Architect Richard Meier, a Pritzker Prize winner, is embracing that history as he creates modern new additions. When the building is complete, there will be two transparent 12 story residential towers, a private membership club, two restaurants, four swimming pools, a state-of-the-art spa and fi tness center, more than 40 beach cabanas, and an expansive park and ocean-side gardens. The residences comprise 157 homes, including 12 penthouses with incredible views of the Atlantic Ocean and Downtown. The units will range in size from 1,800 to 7,800 square feet with floor to ceiling glass walls and up to twenty-foot-high ceilings. The smooth “lift and glide” terrace doors lead residents to large terraces and uninterrupted views of the Atlantic Ocean. Select rooftop residences have private swimming pools, atriums with private indoor courtyards, and outdoor showers and kitchens. Though all the units are being constructed with exceptional quality, the 12 penthouses are distinguished by their extraordinary design. They range in size from, 5,400 to 7,500 square feet with a vast amount of private outdoor entertaining and recreational areas. Rooftop gardens, private swimming pools, outdoor living and dining rooms, and private beachfront cabanas are just some of the extra perks. The Surf Club Four Seasons Hotel & Residences is located at 9011 Collins Ave, Surfside, FL 33154 For more information, please visit www.thesurfclub.com PARAISO BAYVIEWS 50 years ago, the Edgewater community, which begins just north of the Omni, was a vibrant neighborhood until it came into hard times in the 1990’s. Today, the neighborhood has found a new identity and has become a hot commodity for real estate. Paraiso Bayviews is the latest addition to Edgewater’s new luxury Paraiso Bay compound, a high-end development project being built by The Related Group. This building and its sister towers are credited for helping infuse new life in the Edgewater area and has become an attractive option for buyers looking for a resort-style environment. In a city dominated by million dollar condos, Paraiso Bayviews is garnering a lot of attention for its affordable prices which start at $340K. However, there are no sacrifices in amenities. Boasting 44 stories and 396 units, the building has a very contemporary architectural design that’s showcased throughout the property. There are lush gardens, outdoor lounge areas, and marina and boat slips. In addition to an onsite restaurant managed by chef Michael Schwartz, residents will also enjoy a private theater, fi tness center, rooftop pool, a tennis court, and much more; all with 1,000 feet of Biscayne Bay waterfront as the backdrop. Each unit is move-in ready and showcases nine foot ceilings, spacious terraces, floor to ceiling resistant glass panels, and modern appliance packages. The project’s international interior and industrial designer Karim Rashid is recognized as one of the most important industrial designers of our time and evolved his trademark colors and bold shapes for a softer more natural approach to the project. Paraiso Bayviews is located at 600 NE 31st Street, Miami, FL 33137 For more information, please visit www.paraisobayviews.com If these three trending residential projects are any indication, it has never been a better time to explore Miami’s flourishing real estate market scene. From more affordable options to the double digit millions, Paraiso Bayviews, The Surf Club Four Seasons Hotel & Residences, and Casa Playa, all showcase just how great Miami luxury living can be.

MSM Online, Real Estate

Miami Real Estyle – Patricia Delinois, Miami’s Luxury Real Estate Messiah

With a long-standing list of accomplishments and her sultry, chocolate locks, real estate tycoon, Patricia Delinois, President & CEO of Century 21 Premier Elite Reality, makes sure to get what she wants – and visibly deserves. This Luxury Real Estate Messiah and NBCUniversal Style Network star, staked her claim to fame long before Andy Cohen and pernicious catfights. For the award winning broker, seamlessly globalizing the 305’s real-estate market, while helming 175 agents deemed a lucrative cakewalk to the philanthropic enthusiast. Although a fluent speaker in three languages – French, Spanish, and English – the property powerhouse fancies one language in particular – selling; she fills us in on her landholdings hypnosis that has foreign affairs and local buyers alike, buzzing. MSM: Did the credit crisis of 2008 have a significant impact on your business and ability to sell homes? In 2008 we had over 46,000 properties available for sale on the market. Clients were asking for rentals, rentals, rentals!! Prices kept dropping and real estate offices were closing. Banks were not lending, mortgage brokers were all closing their companies. It was a very sad, difficult time and a tough process to get anything sold! MSM: What makes Century 21 Premier Elite Realty successful? At the end of 2011 we noticed that sales were up 4 percent from 2005 which was the boom year. A shift was beginning. This shift we were experiencing was due to the foreign buyer. Miami was suddenly on everyone’s radar. The Wall Street Journal named us the “new global city” 62 percent of the buyers now buying in Miami are foreign buyers and 90 percent of those buyers are buying cash. What makes our company different is we are an international company. We focus on foreign clients from all over the world. 48 percent of the business done by Century 21 is outside of the US. We are the most recognized real estate brand in the world. We also are the only real estate company to have an inter-office MLS, providing access for all of our agents and clients to listings from all of our offices around the world through our global MLS website Century21global.com. MSM: Describe your average client profile in the Miami market. Are they in the market to invest or to live in the property? The average Miami buyer is either from one of the large northern cities like New York, Chicago, Boston and Washington DC or they come from other countries in Europe, Asia and South America. We currently have a lot of traffic from Brazil, Argentina, Venezuela, France, Columbia and a considerable number of buyers from Canada, Mexico, Russia and China. They want to invest in properties in Miami for security, safety, political, and financial reasons. Most foreign buyers feel more comfortable investing money in Miami than in their own country. They also see the incredible potential in appreciation as this city is transforming at an extremely rapid pace. Many buyers come to invest in America, but others purchase their properties as full or part time homes. MSM: How is the Miami luxury real estate market rebounding since the 2008 housing crash and where do you project pricing trends to move over the next 2 years? Wealthy buyers love the international feel that Miami provides along with sunny weather, gorgeous beaches, thriving nightlife, glamour, entertainment and global business opportunities. They find our per sq. ft. prices much lower than in their own cities and want to own a second or even third residence in Miami. The demand for luxury properties has been fueling the construction and price growth. Miami is a city that is being compared to cities like New York, LA or Paris but we really are still a very new young city with tremendous growth potential. We are quickly becoming a world class city, attracting global attention and boosting real estate price appreciation. We are looking forward to a very strong healthy real estate market in the next years to come. MSM: Are you showing more condos or houses? Both have a strong demand right now depending on the clients lifestyle. MSM: What do you see as the hottest growing part of Miami right now? We have had our third consecutive record sales year and two years of double digit price appreciation. Miami real estate is booming from affordable housing to luxury properties and this is just the beginning. Prices are still around our 2004 pre boom prices and with the combination of very low interest rates we are offering a perfect buying opportunity. Miami is not large. We have the Everglades on one side and the Atlantic on the other side combine that with the increasing population and strong buying demand is making most of Miami real estate attractive everywhere! Currently we are still seeing tremendous growth downtown, in the Brickell area, and all along the Biscayne corridor. The Wynwood area, Doral area and the Design District. In addition there is tremendous growth in Coral Gables, Coconut Grove and all over Miami Beach. Miami has that international appeal keeping our residential and commercial real estate market hot for years to come!   1643 Brickell Ave #3102 The hottest buy on Brickell. In one of the most prestigious buildings in Miami the Santa Maria This is a fabulous two story residence in the sky. Priced at $5,900,000 3467 N Moorings Way Coconut Grove Florida Stunning Moorings Estate. For the distinguished buyer who appreciates the arts, enjoys a waterfront lifestyle and requires the ultimate in privacy and security, this exquisite 1929 DeGarmo, is located in the most coveted, guard-gated Coconut Grove neighborhood, The Moorings. Designed by renowned architect Walter DeGarmo, this magical and romantic, walled and gated estate has been lovingly restored to its original splendor. Magnificent finishes and décor exemplify the grandeur and old world charm that you would expect of one of the most beautiful properties in all of South Florida. A masterpiece of Mediterranean inspired architecture, it is surrounded by the most enchanting courtyards, incredible landscape, beautiful gardens and loggia lined patios, all on the water’s edge.Priced at $8,950,000 Click here

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