Latest news with #Miami-area
New York Post
2 days ago
- Business
- New York Post
Once red-hot, South Florida's real estate market is in a months-long slump — here's why
Whether it's a market meltdown or a much-needed course correction, dismal home sales in South Florida are sticking around. New data compiled by the Miami Association of Realtors reflects a once-hot market in a persistent state of rebalancing. The dollar volume of sales across Miami-Dade, Broward and Palm Beach counties clocked in at $5.6 billion in May — a marked decline from $6.1 billion last May, the Real Deal reported. 'It's a validation of what we've anticipated and seen in the marketplace over the past few months, maybe even the last couple of years,' Miami-based broker Mick Duchon of Corcoran told The Post. 'Since interest rates peaked, we've seen a slowdown across the market, especially in parts of the commoditized condo space.' Advertisement 6 Sluggish condo sales have become a crisis for South Florida real estate. Mdv Edwards – 6 Luxury buyers are proving to be a resilient segment of an otherwise depressed market. Felix Mizioznikov – New waterfront villas and glittering penthouse condos are still selling at a healthy pace, but success in that corner is tempered by the grim realities of the middle market — namely condos. Advertisement While cash-rich luxury buyers can afford to breeze through the market, the average South Florida buyer is still chafing at high mortgage rates and insurance costs. New upkeep requirements on condos following the fatal 2021 Surfside condominium collapse are making older units increasingly difficult to sell. Miami-area sales dropped 20% compared to May of last year, according to the Miami Association of Realtors. Condo sales took a particular hit with a 25% dive. Nearby Broward County, which encompasses Fort Lauderdale, saw a 18% drop in sales, with a 24% dip in condo closings. Real estate insiders confirmed a steady decline in the housing market in recent months, but told The Post that numbers vary wildly across South Florida's polarized housing stock, from embattled, aging condos to attractive, multimillion-dollar new builds. 6 Today's Miami homebuyers want resilient properties in prime locations, leaving aged buildings to flounder on the market. Francisco – Advertisement 6 The consequences of the 2021 Surfside condo collapse are still reverberating. Getty Images 'There's different generations of our market, particularly Miami Beach,' Miltiadis Kastanis of Compass told The Post. 'There's pre-COVID and post-COVID. And there's pre-Surfside collapse and post-Surfside collapse,' Kastanis added. 'Those are two monumental happenings that have adjusted our real estate market, because people are less inclined to buy in an older, aging building.' Relief for the condo market is on the horizon, however. Governor Ron DeSantis signed legislation this week to ease the burden of rising fees and regulations on condo homeowner associations. Advertisement The supply of affordable homes under $400,000 across the region remains tight. Median prices in Miami-Dade rose year-over-year from $650,000 to $675,000 — the 162nd consecutive month of price appreciation since December 2011. The single-family market in Miami-Dade County was a rare bright spot in the Miami Realtors report, charting 4% price growth, but sales still declined. In nearly all other markets and categories, prices declined alongside sales. 6 Prices remain elevated in well-heeled Palm Beach, but the recent cadence of sales is closer to 2019 than 2022. Solarisys – 6 Market insiders characterize South Florida's single-family downturn as a normalization, rather than a reckoning. Felix Mizioznikov – A confluence of seasonal slowdowns, rate-wary buyers and oppressive condo rules have made for a stormy outlook in South Florida. Even the Palm Beach market saw a 12% decline in sales year-over-year. Johnny DelPrete at Douglas Elliman, based in the northern area of Palm Beach County, characterized the downturn as a period of stabilization. DelPrete said Palm Beach sellers and buyers are on more equal footing than they were in the recent past. 'I think the best way to summarize the current market is that it's just normalizing,' DelPrete said. 'We had that huge surge from the pandemic, then went from no inventory to now having months and months of inventory.' Advertisement While demand is ever-present, Duchon said, the brokers manage expectations of wary buyers and eager sellers. 'Oftentimes, people will pick out one deal over the past four years and try and meet that sale,' Duchon said. 'When, in order to sell today, we have to adjust the price to the market.'
Yahoo
4 days ago
- Politics
- Yahoo
Trump administration eyes ‘Alligator Alcatraz' for migrant detentions
The Trump administration is expediting plans for a new Florida detention site for immigrants lacking permanent legal status and awaiting deportation by tapping into funds that had been set aside to house asylum-seekers during the Biden administration. 'Under President Trump's leadership, we are working at turbo speed on cost-effective and innovative ways to deliver on the American people's mandate for mass deportations of criminal illegal aliens,' Homeland Security Secretary Kristi Noem said in a statement. 'We will expand facilities and bed space in just days, thanks to our partnership with Florida.' Noem said the Department of Homeland Security (DHS) will use money from the Federal Emergency Management Agency's (FEMA) Shelter and Services Program to build out the Miami-area project, which has been dubbed 'Alligator Alcatraz,' through the Florida Division of Emergency Management (FDEM). Florida Gov. Ron DeSantis (R) is backing the plan, and on Monday his administration moved to take over the proposed property after failing to reach an agreement with local officials over costs. 'Governor DeSantis has insisted that the state of Florida, under his leadership, will facilitate the federal government in enforcing immigration law,' the governor's office said in a statement to The Hill, outlining DHS's approval of federal funding for the project. 'Florida will continue to lead on immigration enforcement.' FDEM Director Kevin Guthrie wrote in a letter to Miami-Dade County Mayor Daniella Levine Cava (D) that the state would begin immediately using the Dade-Collier Training and Transition Airport under the governor's emergency powers authority. 'Time is of the essence,' he wrote. 'We must act swiftly to ensure readiness and continuity in our statewide operations to assist the federal government with immigration enforcement.' Levine Cava's office didn't immediately respond to The Hill's request for comment. Under the DHS's approved plans, the FDEM is expected to build and manage the facility, which will be used for immigrants arrested in the Sunshine State and for U.S. Immigration and Customs Enforcement (ICE) transfers. An initial temporary site could open in days for hundreds of detainees, with expansions through July. When opened, the facility is projected to cost about $450 million a year. Noem accused former President Biden of using the FEMA fund 'as a piggy bank to spend hundreds of millions of American taxpayer dollars to house illegal aliens, including at the Roosevelt Hotel that served as a Tren de Aragua base of operations that was used to shelter Laken Riley's killer.' Venezuelan immigrant José Antonio Ibarra, 26, was convicted of murder and sentenced to life in prison last fall for killing Riley, a 22-year-old Georgia nursing student. Ibarra's former roommate testified during his trial that Ibarra lived at the taxpayer-funded migrant shelter at the Roosevelt Hotel in New York City before moving to Georgia. FEMA funds were given to New York City Mayor Eric Adams's immigrant housing program, which included the shuttered midtown Manhattan hotel, to accommodate the influx of thousands of asylum-seekers following the COVID-19 outbreak and Biden's election. Trump kicked off a sweeping immigration crackdown shortly after returning to the White House in January that prioritized deportations and eliminated funding for housing services for migrants. Florida Attorney General James Uthmeier pitched the idea last week of detaining immigrants in the country illegally at an unused 39-square-mile site near the Everglades and coined it as a potential 'Alligator Alcatraz.' 'People get out, there's not much waiting for them other than alligators and pythons —nowhere to go, nowhere to hide,' he said in a video touting the swampy site on the social platform X. 'Within just 30 to 60 days after we begin construction, it could be up and running and could house as many as 1,000 criminal aliens.' Uthmeier's office didn't immediately respond to The Hill's request for comment on the DHS's update. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
4 days ago
- Politics
- The Hill
Trump administration eyes ‘Alligator Alcatraz' for migrant detentions
The Trump administration is expediting plans for a new Florida detention site for undocumented migrants awaiting deportation by tapping into funds that had been set aside to house asylum seekers during the Biden administration. 'Under President Trump's leadership, we are working at turbo speed on cost-effective and innovative ways to deliver on the American people's mandate for mass deportations of criminal illegal aliens,' Homeland Security Secretary Kristi Noem said in a statement. 'We will expand facilities and bed space in just days, thanks to our partnership with Florida.' Noem said the Department of Homeland Security (DHS) will use money from the Federal Emergency Management Agency (FEMA)'s Shelter and Services Program to build out the Miami-area project, which has been dubbed 'Alligator Alcatraz,' through the Florida Division of Emergency Management (FDEM). Florida Gov. Ron DeSantis (R) is backing the plan and on Monday his administration moved to take over the proposed property after failing to reach an agreement with local officials over costs. 'Governor DeSantis has insisted that the state of Florida, under his leadership, will facilitate the federal government in enforcing immigration law,' the governor's office said in a statement to The Hill, outlining DHS's approval of federal funding for the project. 'Florida will continue to lead on immigration enforcement.' FDEM director Kevin Guthrie wrote in a letter to Miami-Dade Mayor Levine Cava (D) that the state would begin immediately using the Dade-Collier Training and Transition Airport under the governor's emergency powers authority. 'Time is of the essence,' he wrote. 'We must act swiftly to ensure readiness and continuity in our statewide operations to assist the federal government with immigration enforcement.' Cava's office didn't immediately respond to The Hill's request for comment. Under DHS's approved plans, the FDEM is expected to build and manage the facility, which will be used for migrants arrested in the Sunshine State and U.S. Immigrations and Customs Enforcement (ICE) transfers. An initial temporary site could open in days for hundreds of detainees, with expansions through July. When running, the facility is projected to cost about $450 million a year. Noem accused former President Biden of using the FEMA fund 'as a piggy bank to spend hundreds of millions of American taxpayer dollars to house illegal aliens, including at the Roosevelt Hotel that served as a Tren de Aragua base of operations that was used to shelter Laken Riley's killer.' Venezuelan migrant José Antonio Ibarra, 26, was convicted of murder and sentenced to life in prison last fall for killing Riley, a 22-year-old Georgia nursing student. Ibarra's former roommate testified during his trial that Ibarra lived at the taxpayer-funded migrant shelter at the Roosevelt Hotel in New York City before moving to Georgia. FEMA funds were given to New York Mayor Eric Adam's migrant housing program, which included the shuttered midtown Manhattan hotel, to accommodate the influx of thousands of asylum-seekers following the COVID-19 outbreak and Biden's election. Trump kicked off a sweeping immigration crackdown shortly after returning to the White House in January that prioritized deportations and eliminated funding for housing services for migrants. Florida Attorney General James Uthmeier pitched the idea last week of detaining undocumented migrants at an unused 39-square-mile site near the Everglades and coined it as a potential 'Alligator Alcatraz.' 'People get out, there's not much waiting for them other than alligators and pythons —nowhere to go, nowhere to hide,' he said in a video touting the swampy site on the social platform X. 'Within just 30 to 60 days after we begin construction, it could be up and running and could house as many as 1,000 criminal aliens.' Uthmeier's office didn't immediately respond to The Hill's request for comment on DHS's update.
Time of India
14-06-2025
- Business
- Time of India
Highlights from Trump's business and income disclosure
Donald Trump reported more than $600 million in income from crypto, golf clubs, licensing and other ventures in a public financial disclosure report released on Friday. The annual financial disclosure form, which appeared to cover the 2024 calendar year, shows the billionaire president's push into crypto added substantially to his wealth. He also reported large fees from developments and revenue from his other businesses. A Reuters calculation shows the president reported assets worth at least $1.6 billion, overall. SOME HIGHLIGHTS FROM THE REPORT: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo INCOME FROM HOTELS AND GOLF: The income figures provided are essentially revenue, not net profit after subtracting costs. Total golf, restaurant and hotel-related income in the United States was $378 million plus another $22 million in management fees. Live Events Trump's three golf-focused resorts in Florida - Jupiter, Doral and West Palm Beach - and his private members' club at Mar-a-Lago generated at least $217.7 million in income. Trump National Doral, the expansive Miami-area golf hub known for its Blue Monster course, was the family's single largest income source at $110.4 million. Income from golf and hotels in Ireland and Scotland was 19 million euros plus 28.7 million pounds sterling ($38.9 million). CRYPTO: Trump listed $1.16 million in income from his NFTs - digital trading cards in his likeness - while First Lady Melania Trump earned around $216,700 from license fees on her own NFT collection. ROYALTIES: Royalty money from a variety of deals was at least $26 million. That included $1.3 million from the Greenwood Bible (its website describes it as "the only Bible officially endorsed by Lee Greenwood and President Trump"); $2.8 million from Trump Watches, and $2.5 million from Trump Sneakers and Fragrances. OVERSEAS LICENSE FEES: License fees from foreign firms for the use of the Trump name generated upwards of $36 million, including $5 million from a development in Vietnam, $10 million in development fees from a project in India and almost $16 million for a Dubai project. TRUMP'S INVESTMENTS: Trump's four investment accounts showed bulk of his investments are in fixed income, with amounts up to $5 million each in a range of corporate, municipal and U.S. government debt. Equity investments were smaller, with a maximum of $250,000 in individual company stocks. Larger investments included more than $50 million in the Schwab Government Money Fund and as much as $25 million each in an Invesco short-term Treasury fund and in alternative investment manager Blue Owl Capital.
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First Post
14-06-2025
- Business
- First Post
Trump earned $57 mn in crypto, $217 mn from golf clubs in 2024, financial disclosure shows
While Trump has said he has put his businesses into a trust managed by his children, the disclosures show how income from those sources still ultimately accrues to the president read more The proposed legislation could tax remittances and dwindle the flow of money from US to India. AI-generated representational image US President Donald Trump on Friday (June 13) published the first annual financial disclosure form of his second term, revealing more than $600 million in income from crypto, golf clubs, licensing and other ventures. The report covers the 2024 calendar year. Overall, the president revealed total assets worth $1.6 billion in the report, reported Reuters. In the annual filing signed June 13, Trump reported $57.35 million in revenue from token sales at World Liberty Financial, a crypto firm tied to his family. He also declared owning 15.75 billion governance tokens in the project. STORY CONTINUES BELOW THIS AD While Trump has said he has put his businesses into a trust managed by his children, the disclosures show how income from those sources still ultimately accrue to the president - something that has opened him to accusations of conflicts of interest. Some of his businesses in areas such as crypto, for example, benefit from US policy shifts under him and have become a source of criticism. The cryptocurrency listings and other details in the disclosure cover activities only through December 2024, missing most of the funds raised by the Trump family's crypto ventures. Given how quickly the Trump family has struck deals during his rise to the presidency, the filing feels like a snapshot of a time when they were just dipping into crypto but still focused mainly on real estate and golf clubs. A meme coin launched earlier this year by the president, called $TRUMP, has reportedly generated about $320 million in fees. However, it's unclear how much of that money went to a Trump-controlled entity versus its partners. The Republican businessman-turned-politician's wealth spans crypto, real estate, and a significant portion tied to his stake in Trump Media & Technology Group (DJT.O), which owns the social media platform Truth Social. In addition to income from his businesses, the president reported at least $12 million in earnings, including interest and dividends, from passive investments worth at least $211 million, according to a Reuters calculation. STORY CONTINUES BELOW THIS AD The disclosure showed income from various assets including Trump's properties in Florida. Trump's three golf-focused resorts in the state - Jupiter, Doral and West Palm Beach - plus his nearby private members' club at Mar-a-Lago generated at least $217.7 million in income, according to the filing. Trump National Doral, the expansive Miami-area golf hub known for its Blue Monster course, was the family's single largest income source at $110.4 income figures provided are essentially revenues, not net profits after subtracting costs. The disclosure underlined the global nature of the Trump family business, listing income of $5 million in license fees from a development in Vietnam, $10 million in development fees from a project in India and almost $16 million in licensing fees for a Dubai project. Trump collected royalty money, also, from a variety of deals - $1.3 million from the Greenwood Bible (its website describes it as 'the only Bible officially endorsed by Lee Greenwood and President Trump'); $2.8 million from Trump Watches, and $2.5 million from Trump Sneakers and Fragrances. STORY CONTINUES BELOW THIS AD Trump listed $1.16 million in income from his NFTs - digital trading cards in his likeness - while First Lady Melania Trump earned around $216,700 from license fees on her own NFT collection. (With inputs from Reuters)
