The reconnection of the freight-rail service to PortMiami is in effect. In recent months, the Florida East Coast Railway (FEC) has begun train service carrying cargo containers directly onto PortMiami’s docks. Soon, one to two trains are expected to serve the Port per day. As highlighted by Miami-Dade Mayor Carlos Gimenez during his State of the … Continue Reading
Today, we attended the State of the Ports Luncheon, along with several of our Bilzin Sumberg colleagues and over 1,000 prominent business leaders in our community, including representatives from local government, major cruise lines and the United States Coast Guard. Those in attendance at the annual “State of the Ports” address enjoyed an exclusive screening … Continue Reading
The Rise of the Cash Market We have previously dedicated several posts to the emerging trend among South Florida developers of financing new condominium projects by requiring purchasers to deposit 70-80% of a unit’s purchase price up front. Although the 70-80% deposit approach may seem off-putting, or at least unorthodox to domestic buyers, the large initial … Continue Reading
On Thursday, the Federal Reserve Bank of Atlanta reported on the comeback of the construction crane in downtown Miami, touting it as a harbinger of good things to come in the South Florida condominium market. As reported in the Atlanta Fed’s EconSouth, during the peak of the South Florida construction boom, more than 140 cranes … Continue Reading
Much has been said about the ever diminishing supply of condominium inventory and the reluctance of banks to lend to construct new condominium projects since the market collapse. As previously discussed, several determined developers, including The Related Group, NewGard Development Group, and Terra Group, are relying upon buyer deposits of 70-80% of a unit’s purchase … Continue Reading
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