Florida reports real estate agents account for high number of tax debt cases
Florida reports that a disproportionate number of real estate professionals owe back taxes, according to an analysis by Solvable.com that looked at groups of residents in each state whose tax debts deviate from the national average. Overall, 16.4% of all federal levies go unpaid, according to Solvable, which provides consumers with digital platforms that connect them to businesses that can help them solve their tax problems. [Source: The Center Square]
South Florida real estate frenzy continues – with no signs of cooling
Since August, home buyers have been in a frenzy over South Florida residential real estate. And there is no sign of slowing down, according to the latest report on signed contracts from real estate broker Douglas Elliman. Broward County condos were the most sought after, with the number of new contracts signed increasing 85.9% between October 2019 and October 2020. [Source: Miami Herald]
Tupperware will remain based in central Florida
The company has entered into a long-term sale and leaseback agreement with O’Connor Capital Partners for approximately 41 acres of land on which the Tupperware Brands head office is located. The transaction transferred approximately 108 acres and is the first of two transactions to complete the sale by Tupperware of the company’s remaining land in central Florida to O’Connor Capital Partners. [Source: Direct Selling News]
Florida’s new receivership law offers new option for lenders
On July 1, 2020, Florida became the ninth state to pass a version of the Uniform Commercial Real Estate Receivership Act (UCRERA or the law). The law provides a formal process for the appointment and operation of a receiver on commercial real estate, an area that was plagued by inconsistencies because Florida courts were required to follow specific case law and contractual provisions including they were seized. The law sets out the criteria for courts to appoint receivers and lists the powers that receivers will have once appointed. [Source: Daily Business Review]
Is Florida OK? How real estate is doing in the Sunshine State
As the United States grappled with the spread of the coronavirus in May, Florida gained the upper hand over most of the country and began lowering restrictions on bars and restaurants. (New York waited until June before it began implementing such reopenings.) Florida Governor Ron DeSantis went further in late September and lifted all restrictions in the state. Since then, however, Florida has seen a sharp increase in the number of COVID-19 cases and began to face another outbreak last month. On October 29, the state faced its third consecutive day of at least 4,000 confirmed cases [Source: Commercial Observer]
STAT OF THE WEEK 13,000-square-feet “It’s so unique – there’s really nothing like it,” said owner Bill Hutchinson, a Dallas-based real estate developer and reality TV star, of the Gothic-style Biscayne mansion. Bay. [Source: Mansion Global]
›Gables Estates mansion showcases glass walls for $ 49.9 million [SunSentinel]The owner of a sprawling eight-bedroom, 11-bath Coral Gables estate bought last year for $ 25.5 million has decided to sell the property – and he’s listed it for $ 49.9 million, almost double what he paid.
›Tampa seeks to showcase city land in the booming West River to revive affordable housing [Tampa Bay Times]For years, sewer and water pipes have been piled on the ground near the west bank of the Hillsborough River.
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