investors Archives - Rava Realty

Florida lawmakers advance questionable real estate bills

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Florida lawmakers advance questionable real estate bills

Florida lawmakers have passed a number of bills during the session that could have a significant impact on the real estate market.

Senate Bill 102 is among the most consequential, as it allocates over $700 million for affordable and workforce housing and offers tax incentives to developers, as well as giving local agencies the power to oversee inspections of condo and co-op buildings within three miles of the coastline.

Another new law, House Bill 837, is designed to make it harder to sue insurance companies, while a proposed bill ...

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Investment firm bids $102M for 20 acres in Miami’s UES

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Investment firm bids $102M for 20 acres in Miami’s UES

B Group Capital Management submitted a $102 million stalking horse bid for nearly 20 acres in Miami’s Upper Eastside and El Portal that are tied to a lawsuit alleging *EB-5 fraud.

The Miami-based real estate investment firm seeks to acquire the former U.S. immigration building site spanning 3.5 acres at 7880 Biscayne Boulevard, and a 15.9-acre former trailer park at 8500 Biscayne Boulevard.

Both properties are now controlled by a court-appointed receiver, following a settlement agreement ...

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Waiting for European buyers

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Waiting for European buyers

Foreign purchases of US residential real estate dropped in 2021 to $54.4 billion….$11 billion less than in 2010 and down from $77.9 billion in 2019….down from 2017 when $153 billion was sold! In 2016 $102.6 billion was sold and in 2015 it was $103.9 billion. The threat of more restrictive foreign ownership restrictions and curtailed visas for foreign buyers along with covid travel restrictions decimated this audience. I expect they’ll return now – especially European buyers – seeking a safe haven in the USA.

(source: Leonard Steinberg – Compass)

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NYC’s last batch of new condos with 421a tax abatements

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NYC’s last batch of new condos with 421a tax abatements

Condos built under the 421a tax abatement program, are starting to fade away to a point where there will eventually not be any more.

Created in 1971 to spur development in neglected neighborhoods of New York, the 421-a program allowed condo buildings to be exempted from millions of dollars in property taxes for 10 to 25 years, depending on location and other criteria. The program expired in 2016, but the tax breaks persist depending on when a building was built. Owners of 421-a apartments pay a fraction of the property’s full taxes during a period of ...

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Manhattan Luxury Reality Check

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There were 121 closings at $4 million and above in January 2022, 50 less than December. The Average Closing Price was $8,111,567 down -18%, meanwhile, the Median Closing Price was $6,125,797 down a nominal -0.4%. The Negotiability Factor, that is the average discount from the last asking price, was 4.55% down from 6.62% during the previous month. The pace of the market was basically unchanged since the Average Days On the Market were 155 compared to 153 for the properties ...

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Miami Has Now Become “The Most Important City In America”

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Miami Has Now Become “The Most Important City In America”

Miami has become the most important city in America, FT Magazine has declared.

The city is now considered to be a “paradise of freedom,” attracting people from everywhere and of every political persuasion, the magazine wrote.

Many of the new arrivals are now attracted by the open environment in the city, in addition to the usual attractions of low taxes and good climate.

“The Miami Movement,” as mayor Francis Suarez calls it, gained momentum when Covid hit, and has grown so large that it has changed the city in a ...

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