A battle is going on concerning the preservation of a mansion sitting on Miami Beach’s Star Island. The home was built in 1925 and designed by the first registered architect in Florida. The mansion is now scheduled for demolition.
Developers are hoping to tear the home down in order to create a 20,000-square-foot estate at or near the same location. However, while reexamining whether historic homes like this can be saved, there is a push going on to save the mansion. Miami Beach officials have now held a number of meetings looking for ways to update preservation laws that would protect these mansions from being torn down and preventing certain kinds of structures from being erected.
Investors have become more cautious since the real estate market debacle in 2008. A great many high-risk property fund managers that relied heavily on debt financing ended up in collapse during this period.
One response has been for investors to take a greater interest in core real estate. Though the increased demand for “core” buildings has resulted in lesser returns, many investors are looking at core real estate due to inflationary concerns. JP Morgan Chase & Co. has in place a $21 billion core fund. Blackstone Group LP has also been moving into the core business.
One Boca Raton-based land trust company was named in a judgment involving hundreds of homes across Florida. The company acquired close to 100 homes in Palm Beach County and was said to have owned more than 250 properties statewide. However, the state shut the company down in September 2012 over what the Florida attorney general stated was a foreclosure-rescue scheme.
A judgment against the firm rescinded deeds that were signed over to the firm in Palm Beach County. A suit brought by the attorney general’s office in Broward County continues, however.
Since the end of the economic recession, home prices have been on the rise. Home prices rose across Florida last year by 20 percent or more. Not everyone is pleased as middle-class buyers have still not always had a place to turn. Many real estate investors have been moving into the residential market and buying […]