Miami Real Estate and Miami Local News

April 29, 2019

Did you inherit a house?

Did you inherit a house? First and foremost I would like to extend my condolences, as I’m sure this is not an easy topic to discuss or easy times for you.  Unfortunately, death comes to us all and as family members of a loved one we must handle their properties/estates/accounts, etc. Probate is the legal process required in order to distribute assets after someone passes away.  Whether someone passed away without a testament, referred to as intestate or with a testament, referred to as testate, a probate attorney will be required to handle the probate process.  It’s important to consult with various specialized attorneys in the field in order to choose the one you feel most comfortable with and is most knowledgeable and experienced with the process.  It’s also important to choose an attorney who specializes in probates, as this can make the process much smoother, comfortable and quick.  

Many times there’s a piece of real estate as part of the probate case which needs to be sold. I’ve had cases where the decedent no longer lived in the house as they were now living with family members locally in the same city and state or out of state, etc. Regardless, the property needs to be sold and you're facing a task you were not planning on having to handle and do not have time to handle. At this point you will have several options, of which one is to list the property for sale.   I suggest you seek the consultation of a experienced and compassionate real estate agent who has worked probate cases and is familiar with the process, as this will have a direct impact on the effectiveness on making this a smooth process.

I hope this helped a bit in clarifying a complicated process in very difficult times. Please feel free to contact me with any questions, I’ve worked many probate sales and it will be a pleasure to bring you some comfort.  786.471.4125

For extended information on the probate process and a few good articles, visit https://probatefirm.com/probate-101/ In no way am I implying you should use this law firm but they do specialize only in probate and have great information on their website and could be one to consider interviewing if you don’t know where else to turn to, here’s a place to start.

Posted in Selling Your Home
April 11, 2019

ZIP CODE 33015 MARKET ANALYSIS

Posted in Market Updates
April 11, 2019

UPDATED KENDALL BREEZE MARKET ANALYSIS

 

 

Posted in Market Updates
March 22, 2019

Buying real estate in your name or LLC?

Buying Property in Your Own Name or Through a Company

During the last decade, limited liability companies (LLC) have become a widely used option for acquiring real estate in the United States. Despite the benefits that LLCs offer, they’re not always the best way to carry out real estate transactions. For many investors, the cost of starting and maintaining a company as a means of preventing the effects of lawsuits isn't convenient for their financial interests.

 

Benefits of Purchasing Through an LLC

 

·      Protects the owner from possible property related lawsuits. This means that, in the case of a lawsuit, they can only go after a specific property and not any other asset.

·      It allows you to deduct many of the expenses generated by the property.

·      The LLC structure helps to avoid estate taxes. Since the legal entity never dies, even upon the death of the owner of the company, they will reduce inheritance taxes.

·      The mortgage loan interest could be deducted from income taxes if the LLC has only one member (single-member LLC).

·      LLCs usually pay lower filing and maintenance fees than other types of corporations.

·      Unlike other types of corporations, a non-resident foreigner can start an LLC.

·      Great flexibility in the distribution of profits.

 

Should I Open an LLC for Each Property? 

Starting an LLC for each property may provide greater protection. This way, the investor limits the liability of each of the properties. If multiple properties are under the same LLC, the liability of one property could expose the other properties. On the other hand, if each LLC owns one property, the maximum liability will be subject only to that property. However, due to start-up, management and maintenance costs of multiple LLCs, it's common for investors to keep multiple properties under a single LLC.

 

Estimated Costs of an LLC 

·      Start-up costs: Approximately $400 to $700

·      Regular annual registration fees: Approximately $200 (Florida) to $400 (Delaware).

·      Accountant fees for management and annual tax return (before May 1st in Florida, before June 1st in Delaware.) Fees vary depending on the service and structure that each client requests.

 

What Do You Need to Open an LLC?

·      Corporate name

·      An address in the United States (if you don’t have one, usually the accountant or lawyer that creates the LLC will use his office address for this purpose)

·      Names of the owners (may be a husband and wife)

·      Articles of organization of the company (prepared by lawyer or accountant)

·      Operating agreement (prepared by lawyer or accountant)

 

How Long Does the Formation Process Take?

 The process takes between three and five workdays in Florida and from five to seven workdays in Delaware.

 

Florida LLC vs. Delaware LLC

The main difference between the two is privacy.

·      They're a matter of public record in Florida.

·      The information is private in Delaware

 

I bought a property in my own name. Can I transfer it to an LLC?

It's important to plan this out before purchasing the property. If you’ve already purchased the property under your name, it is possible to transfer the property to an LLC. However, it is extremely important to consult with an accountant and/or lawyer who can analyze your specific case and determine any possible legal and financial implications. It's important to determine:

 

·      If FIRPTA applies (foreign investors)

·      Transfer costs

·      Other closing costs (determined by lawyer or accountant)

 

 

LEGAL NOTICE: These provisions are complex and require the knowledge and experience of a certified public accountant and/or real estate attorney who can assess the potential implications. The material contained herein is provided for informational purposes only. It should not be used by the reader as a source of legal advice. Always consult with a real estate lawyer or accountant for guidance. 

Posted in Buying a Home
March 7, 2019

Miami Learning Experience School Annual Walk-a-Thon

Another special event happening this weekend!

Join Miami Learning Experience School, Sunday, March 10th at Tropical Park in Miami at their annual walk-a-thon benefiting children and adults with special needs.  The Annual Walk With Me is an event held to raise funds for purchase of equipment and technology which help children and adults with special needs on a daily basis.  Last year the event brought in a total of $35,000 which all went directly to the benefit of those with special needs.  Let’s make a difference this year and beat the $35,000 raised in 2018.  Many of the children in our communities (and their parents) have worked terribly hard to make this event happen as well as the help of many sponsors.  There are students from local middle and high schools dedicated to making this a memorable fund raising event. IT TAKES A VILLAGE!

Posted in Community News
March 7, 2019

Relay for Life! Let's stop cancer!

DR. GORDON "GORDY" KLATT 

Cancer has reared its ugly head in most of our families. Unfortunately, most of us have been affected by

this horrible illness some way or another, a friend, family member or neighbor.  Starting March 9th be part of the 33rd RELAY FOR LIFE, a fundraising event held at Baptist Health in Kendall with the mission of raising funds to CURE CANCER. We need more research to help those affected by cancer to offer a larger chance of calling themselves cancer survivors and beating this monster of a disease. 

Relay for Life began with an idea of one single man, Dr. Grodon Klatt “Gordy” who walked and ran for 24 hours in Tacoma, Washington to raise awareness and money for cancer in May 1985.  Gordy raised $27,000 after walking and running 83.6 miles around a track while friends, family and patients cheered him on.  The following year he was joined by 19 teams who also walked and ran for a grueling 24 hours with the same mission: CURE CANCER, $33,000 were raised in 1986 and Relay for Life was born. 

Cancer is not bias and hits men, women and children, with men having a higher chance of being diagnosed (1 in every 3 as per American Cancer Society). It’s no longer just your family history…. the foods we eat, environment, chemicals, radiation and so many other factors make it possible for anyone to suffer from cancer.

I myself know how horrible this disease is, my grandmother passed at 37 from ovarian cancer. I had a dear friend of mine battle this monster while our daughters attended grade school. It was beautiful to see how all school families came together to help and support her and her baby girl, she has since passed but not without a brutal fight and surprising every doctor with her faith and strength, IT TAKES A VILLAGE and that’s what we were. One of my mother’s great friends recently finished her 6 rounds of chemo and is slowly strengthening her body after the toxic meds but she’s fighting and will win the battle, I have faith in that.

With this I ask that everyone become aware and support those suffering from cancer. If you can’t make it, then donate whatever you can, $5 is what we spend on a Starbucks coffee.

Gordy passed away in 2014 from heart failure after battling stomach cancer, he was 71.  But he left a legacy that will live forever. 

Posted in Community News
March 6, 2019

Coral Gables seeking artists!

Coral Gables seeks artist for Giralda Sky art installation

The City of Coral Gables wants to cover Giralda Plaza with art. The search is on to find an artist with the best idea for a public art installation overhead on Giralda Plaza, the city’s popular pedestrian plaza in Downtown Coral Gables. The winning proposal will be on display this summer.

Last summer, Coral Gables launched the highly successful “Umbrella Sky” at the plaza. Building on the success of the installation, Coral Gables seeks artist-designed installations worthy of similar global recognition and social engagement.

The city’s Historical Resources and Cultural Arts Department which manages the city’s Art in Public Places program, in partnership with the Economic Development Department, is calling for proposals from professional-working national and international artists for the creation of a temporary three-month installation from June to August 2019.

The budget for the entire project is $150,000 (plus additional costs if city provides attachment system) and is all-inclusive of artwork creation, fabrication, installation, and other related costs. The city is looking for art which is environmentally sustainable in materials and theme.

Interested artists are asked to submit concept sketches for the temporary art installation through an online RFP by Mar. 15. For qualifying artist criteria, details on the selection process, and other project requirements, visit www.CoralGables.com/GiraldaSky.

 

Miami’s Community Newspaper

 

 

Posted in Community News
March 5, 2019

The return of Coconut Grove Playhouse?

The plan to revamp the historic Grove Playhouse could finally get a green light.

 

A rendering shows the restored front of the Coconut Grove Playhouse building at left with a new, freestanding 300-seat theater on the right and a new plaza at center. ARQUITECTONICA/MIAMI-DADE COUNTY

A long delayed Miami-Dade County plan to revamp the shuttered Coconut Grove Playhouse will face its final regulatory hurdle on Tuesday, when Miami’s historic preservation board is set to review a controversial scheme that would shrink the historic theater.

If the board approves, the county will have a full green light on its plan to reopen the storied playhouse, which closed 13 years ago after running aground financially. Under a complex 2013 lease deal with the state of Florida, which owns the theater property, the county must reopen it by 2022.

Nearly two years ago, the preservation board first approved a county proposal to restore the theater’s protected and defining 1927 Mediterranean front while replacing its massive auditorium with a new 300-seat theater. That smaller size is what would be financially and artistically viable, backers of the plan say. Some preservationists and theater lovers have fought demolition of the original auditorium, which the county says retains little architectural value.

Numerous legal and political challenges delayed the board’s vote on a final, detailed blueprint for the restoration, the new stand-alone theater and a companion garage that would replace the playhouse’s surface parking lot.

The preservation board’s hearing, originally scheduled for February, was postponed a month when city staff could not upload the project plans to board members’ computer displays on the dais because of technical issues.

The city’s preservation officer, Warren Adams, has recommended that the board approve the county proposal. Board approval is final unless someone appeals to the City Commission. That’s unlikely, however, since courts have made it harder for residents to gain legal standing to do so.

Last year, a judge overturned a Miami Commission vote that would have required a larger, 600-seat theater and preservation of the original auditorium after ruling that two Grove residents who had appealed the board’s original OK of the county plan lacked standing. The ruling also concluded the commission lacked authority to order preservation of the auditorium because the 2005 historic designation of the playhouse explicitly excluded its interior.

Over the past several months, the county plan won the endorsement of the city’s Urban Development Review Board and approval by the planning board. In December, the Knight Foundation boosted the project’s prospects by announcing a $2 million gift to supplement the $20 million earmarked by the county.

The new theater would be run by GableStage, an award-winning small company now based at the Biltmore Hotel.

 

ANDRES VIGLUCCI

MARCH 05, 2019 06:00 AM,

 

UPDATED MARCH 04, 2019 06:38 PM

 

Posted in Community News
March 5, 2019

CocoWalk's First New Tenant - Los Generales Mezcal & Grill

This rendering shows the what the revamped CocoWalk will look like (right now, it’s rubble).
This rendering shows the what the revamped CocoWalk will look like (right now, it’s rubble). 
Posted in Community News
Feb. 28, 2019

INVESTORS DO YOU KNOW ABOUT OPPORTUNITY ZONES?

opportunity zone

Are you a real estate investor? Are you interested in increasing your wealth by investing in real estate? Well no matter what your position is on the matter you must understand and know what Opportunity Zones are and how they help your pocket.

WHAT IS AN OPPORTUNITY ZONE? On December 22, 2017 the Tax Cuts and Jobs Act added the tax code, Opportunity Zones.  These are areas with economically distressed communities where investments MAY be eligible for tax savings. The state has designated these Opportunity Zones and have been certified by the Secretary of the U.S. Treasury. This has not been around for long, in fact they became available in April 2018.  Initially Opportunity Zones were available in only 18 states and today they are available in certain areas of ALL 50 states.

The idea behind Opportunity Zones is economic development in distressed communities, motivating investors to invest in areas/communities that need to be spruced up with new construction, rehabs, better living conditions.  This will create jobs in these communities and assist in increasing value for the area. Investors will be eligible to defer capital gain taxes when investing in a Qualified Opportunity Fund until the sale of that investment, of course there are conditions in place to this benefit.  If the investor holds the property for a minimum of 5 years they may benefit from a 10% savings on deferred gains, if they hold it for more than 7 years there’s a 15% savings on deferred gains and if investment is held over 10 years the investor is eligible for an increase to its fair market value on the date the investment is sold.

By the way, you may have an opportunity zone near you and not know it. I was surprised to see some pockets nearby.  You may already invest in an opportunity zone and not know it!!

Education is power and savings. Learn more about OPPORTUNITY ZONES here!

MAP OF OPPORTUNITY ZONES!  

Don’t forget to with your CPA regarding Opportunity Zones tax benefits.

Posted in Buying a Home