Life is grand in Miami. Opulence, elegance and wealth flow from the sprawling oceanfront penthouses through the veins of its sun-kissed owners to the bottles of Champagne being popped on mega yachts in the city’s many beautiful harbors. It’s paradise for the rich and famous, and with new residential towers on the rise, high-end amenities being added and billionaires moving to town, Miami is quickly becoming the year-round stomping ground for America’s elite.
According to Forbes, there are 51 billionaires living in Florida, with most of them residing in South Florida. Carnival’s Micky Arison, U.S. Secretary of Commerce Wilbur Ross Jr. and H. Wayne Huizenga are some of the household names, while hedge fund wizard David Tepper recently moved his Appaloosa Management down from New Jersey to call Miami Beach home. Why do these folks live where you vacation?
“We have more amenities, more restaurants and just more options geared towards the locals—that coaxes the clients to stay longer,” says Dan Hechtkopf, director of luxury sales at Douglas Elliman, who recently helped sell $80 million in property between Park Grove and Arbor in Coconut Grove alone. “Over the past 10 years Miami has really changed from being primarily for vacationers to now being more of an actual place to live full-year round.”
Source: Here’s Where the World’s Billionaires Are Buying Homes in Miami
Kelly and Patrick Lynch moved to London from New York City 15 years ago, but because they wanted their two young daughters to experience life in the United States, they decided to buy a vacation home in Palm Beach.
“Summer vacation for our girls was only six weeks, but they had longer vacations during the school year, so a home in Palm Beach allowed us to take advantage of the town’s lovely prime season and give our girls beachy holidays,” Kelly explains.That was in 2013, when they bought their five-bedroom, 6½-bath Island Colonial-style home at 231 Nightingale Trail on the North End.
Source: On the Market: Palm Beach vacation house right for London family
After an exhausting Van Halen world tour in 1995, musician Sammy Hagar wanted nothing more than to spend a week relaxing in Hawaii. One week turned into two, two turned into a month and soon, the Red Rocker started looking for a home to buy.His wish list was long: 10 acres of land, a pool and spa, a guesthouse, space for a recording studio and access to Hawaiian fruits and vegetables growing on the grounds.One Maui property fit the bill, and he snatched it up on sight. Now, after 22 years of ownership, Hagar is ready to say goodbye, listing the oceanfront villa for $3.299 million.
Source: Rock star Hagar ready to say goodbye to Maui retreat
There has been some very heavy Hurricane Irma cleanup and repair costs for many Southwest Florida condominiums and neighborhoods. Of course none of these unexpected costs were in the association’s budget for this year. So, how are associations going to pay the Irma damage and repair bills coming due?There are basically three ways to pay these bills: Borrow from the bank, raise the regular assessments in the 2018 budget, or levy special assessments. As most associations don’t want to pay bank interest unless necessary, and they also don’t want to raise regular assessments that much year to year, the most chosen method we are seeing associations using is levying special assessments.
Source: Does association need to levy a special assessment for Irma damage?
South Florida condominium developers are decreasing the deposit requirements for buyers, but why is up for debate. Buyers who want to buy at Canvas, a 513-unit building rising at 1630 NE First Ave. in Miami; Aria on the Bay, a 648-unit tower rising at 1770 N. Bayshore Drive in Miami; and Riva, a 100-unit building completed in Fort Lauderdale, can put down 20 percent. That’s less than the previous requirement of 50 percent, although Riva previously required only 35 percent. Aria’s developer, the Melo Group
Source: South Florida Condo Developers Open Door to Lower Deposits
If you work hard to put a roof over your head, then you will want to listen to what Dave Roodvoets has to say.With 35 years of experience studying hurricane damage, he is an expert on roofs, and, of special interest to Floridians, why they fail in windstorms.Roodvoets is a leader of the Roofing Industry Council on Weather Issues (RICOWI), which sends teams to disaster areas so the damage may be inspected and the cause of failures determined. He has worked with the Florida Code Alliance and is a member of the RICOWI wind and hail investigation teams.
Source: HAROLD BUBIL: Florida’s newer roofs passed the Irma test