Florida Real Estate and Community News by MMD Realty

Applications for the EB-5 program have maxed out for the first time in the program's 24-year history.

Created by the Immigration Act of 1990, the program allows foreign nationals to obtain the right to live in the United States by investing a minimum of $1MM, or in economically distressed areas just $500,000, and creating or preserving 10 jobs for U.S. workers not related to the investor. Applications for the visa investor program have almost tripled since the end of the 2011 fiscal year from 3,800 to the maximum allowed 10,000 which capped out last week. 

 

By law, no country is permitted to fill more than 7 percent of slots, but the Department of Homeland Security is allowing Chinese immigrants to take over unused slots from other countries.

80 Views, 0 Comments.

Prestige Estate Properties, the luxury division of MMD Realty, LLC, the elite South Florida real estate firm founded in 2011 by Michael Wekerle, of Dragon’s Den-Canada, Michelle Farber Ross and Dan Marino, welcome Boca Raton resident and luxury specialist, Melissa Johnson “MJ”.

Broker and Managing Partner, Michelle Farber Ross explains, “I’m thrilled to have MJ (Melissa) join our team. She is a seasoned Luxury Realtor who specializes in the Palm Beach County area.” She continued, “Melissa has a background in creative event planning and has organized some notable events throughout the Palm Beach social and polo scenes. We will be launching a series called “Prestige Estate Properties Portfolio Events” beginning with an exclusive Broker’s event at our

35 Views, 0 Comments.

A team of researchers are now analyzing the Miami crime scene, and the results will be written into the upcoming film 'Bad Boys 3'.

In a June interview, executive producer Jerry Bruckheimer told Collider, "We always focus on the place where the action is going to take place...we bring in experts that are currently analyzing what's actually going on down in Miami with criminals and what they're doing." The entire film will take place and be filmed in Miami. 

Actor Martin Lawrence confirmed in August that the movie was in the works, though the plot is still unknown. Will Smith will also be returning to the franchise. The original Bad Boys was released in 1995.

117 Views, 0 Comments.

At $139 million, the most expensive home listed for sale in South Florida, and the country, is in Broward County. 

The 60,000 square foot estate, named "Le Palais Royal", sits on 4.4 acres with 465 feet of beachfront on Millionaire's Mile in the exclusive enclave of Hillsboro Beach, Florida.

The above image is the driveway as it splits to the garage and to the main entrance complete with cascading waterfall.

Currently under construction with a completion date slated for the end of 2015, the home "palace" will have 11 bedrooms, 17 bathrooms, and a first-ever private IMAX Theater for 18 of your closest friends. Other features include a 492-foot private dock capable of accommodating yachts up to 185 feet in length, an underground garage for 30

116 Views, 0 Comments.

South Florida derives 60% of its electricity from natural gas - more than any other major metropolitan area in the U.S., according to analytics firm Energy Points, cited by the Wall Street Journal.

Electric cars that are charged in Miami or Fort Lauderdale will receive a higher MPG equivalent than cities like Kansas City that receives most of its power by coal, but lower than cities like Seattle that are predominantly powered by hydroelectricity.

The MPG equivalent rankings only measure environmental footprint. Actual electricity prices in Miami are only slightly below average compared to the rest of the U.S.

168 Views, 0 Comments.

Cash real estate deals are starting to decline across South Florida, which could be a positive indicator that banks are willing to get back into residential lending.

 

South Florida is still one of the top regions in the nation for all-cash sales, but these sales are declining. Palm Beach County saw a 12 percent drop in cash deals over the last year, accounting for just 42 percent of all transactions from July 2013 to July 2014. According to the Realtors Association of the Palm Beaches, this is the lowest percentage of all-cash sales in the county in 4 years.

Miami-Dade County saw a less-dramatic drop. From July 2013 to July 2014, all-cash sales dropped from 63 percent to 58 percent, according to the Miami Association of Realtors.

Many experts

220 Views, 0 Comments.

Fall Luxury Portfolio is live for viewing - Bonus, Glengary Glenn Ross snippet for motivation!

Just returning from our trip to Manhattan and the Hamptons. What a productive week it was! Melissa Johnson and I met with top producing agents throughout the city and the Hamptons, as well as buyers and we were able to get a property under contract!

Can't wait for Ocean Reef this weekend, and London next month. As in Glengary Glenn Ross, ABC.... "Always Be Closing" Check out a classic video of Alec Baldwin in GGGR - Always Be Closing.

188 Views, 0 Comments.

Underwater mortgages have fallen dramatically across South Florida, despite slowed increases in home prices.

 

In the second quarter of this year, 22 percent of all mortgages in the South Florida metropolitan area were considered underwater, down from 34 percent a year ago, according to Zillow data cited by the Sun-Sentinel. Zillow predicted that negative equity will fall even further to at least 19 percent over the next year.

Underwater negative mortgages were at their peak in the fourth quarter of 2011, when nearly half of the mortgages homes in South Florida were worth less than what was owed.

180 Views, 0 Comments.

The median existing home price in Broward County hit $285,000 last month, a 3 percent increase, year-over-year, the Greater Fort Lauderdale Realtors announced.

And in Palm Beach County, the median price for a home reached $280,000, a 4 percent jump from July 2013.

Even though prices went up, the increases have shrunk considerably in recent months, according to the Sun-Sentinel.

Demand remains strong, however, with 1,516 Broward homes trading in July, 3 percent gain over last year. In Palm Beach County 1,515 homes sold in July, a 15 percent increase.

231 Views, 0 Comments.

Downtown Boca Raton, which has traditionally limited building heights to 100 feet, isn’t known for its skyscrapers. But that could soon change.

A proposed luxury condo project called “New Mizner on the Green” would rise 30 stories, or close to 300 feet, making it by far the tallest structure in downtown Boca. The development would replace 244 town houses at 210 SE Mizner Boulevard.

Developer ELAD National Properties claims that the 500-unit tower would nearly double downtown Boca Raton’s tax base, adding $5 million to tax rolls, according to the Sun-Sentinel.

“Downtown Boca Raton needs high net worth households to attract and sustain luxury retailers and high quality restaurants,” the developer argues in a statement. “The disposable income

218 Views, 0 Comments.