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seedfinance · 3 years

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Tech Rallies, Nasdaq Just Shy of New Highs

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The Nasdaq composite Pushed higher Thursday, except for a few points to a new closing record, which reverses the script on how the tech-heavy index behaved for much of 2021.

The US Federal Reserve yesterday announced higher inflation expectations and signaled that the rate hikes could come sooner than previously expected. Both factors were blamed for the underperformance of the Nasdaq earlier this year, but today the composite far outperformed its blue-chip index peers.

Robust gains in tech and tech stocks like Nvidia (NVDA, + 4.8%), Amazon.com (AMZN, + 2.2%) and Tesla (TSLA, + 1.9%) drove the Nasdaq up 0.9% to 14,161, just below its previous high of 14,174.

“Based on our ongoing correlation studies between [interest] In interest rates and the equity markets / sectors, we believe technology could continue to lead on a relative basis in the short term, “says Dan Wantrobski, technical strategist at Janney Montgomery Scott proves to be ‘temporary’ or if a longer-term issue emerges here.”

The S&P 500 (from slightly to 4,221) and Dow Jones industry average (-0.6% to 33,823) were more restrained, partly hindered by a surprising increase in weekly unemployment registrations; Last week’s 412,000 applications were the largest number of applications submitted since mid-May.

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Also on Thursday, Congress passed a law making June 12 or June 19 the 12th federal holiday, and President Joe Biden signed it into effect. It goes into effect immediately, with federal employees being given a paid day off on Friday, June 18 (June falls on Saturday this year). The stock and bond markets will remain open tomorrow, although it is widely expected that they will celebrate the holiday in the future.

The story goes on

Other action on the stock exchange today:

The small cap Russell 2000 declined for the fourth year in a row, plunging 1.2% to 2,287.

Healthcare (THC, + 2.8%) rose today due to some M&A activity. The Texas-based healthcare provider sold five hospitals and associated medical practices in Florida counties of Miami-Dade and Southern Broward for $ 1.1 billion to privately owned Steward Health Care.

Lennar (LEN, + 3.6%) was another notable climber today. The housing stock rebounded after the company reported better-than-expected earnings and revenues in the second fiscal quarter, while the gross margin in housing was also above analysts’ consensus estimate.

US crude oil futures fell 1.5% to finish at $ 71.04 a barrel after the Fed’s relatively restrictive tone on Wednesday (which forecast higher rates in 2023) boosted the US dollar.

A rising greenback weighed on Gold futuresalso, with the malleable metal down 4.7% to settle at $ 1,774.80 an ounce.

The CBOE volatility index (VIX) Leveled 2.2% lower at 17.75.

Bitcoin Prices were down 2.4% to $ 37,765.72. (Bitcoin is traded 24 hours a day; the prices reported here are from 4:00 p.m. on every trading day.)

Stock chart for 061721

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Billionaires unload those 25 stocks

We keep an eye on the best minds on Wall Street and what opportunities they have in mind all year round. That’s because you can gain an advantage by drawing on the in-depth knowledge of analysts who keep a close eye on the stocks in their coverage universe, and by following the market moves of large institutional managers and stock pickers (think Warren Buffett) who have far greater research resources than your average investor.

However, while we are primarily focusing on Wall Street’s “smart money” buying records – like these 30 billionaire rate stock picks – it is also worth investigating what they are selling.

Today we highlighted 25 stocks billionaires sold in the last quarter.

But we encourage you to read carefully.

Yes, in some cases billionaires and other institutional managers dumped stocks because they lost confidence in the underlying companies … but in others, a turn to exit after a fiery run might just be prudent profit-taking.

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source https://seedfinance.net/2021/06/18/tech-rallies-nasdaq-just-shy-of-new-highs/

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walterfrodriguez · 4 years

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Movers & Shakers: Top One Sotheby’s team joins Compass, shakeup at CBRE & more

Ivan Chorney and Michael Martirena

A top team at One Sotheby’s International Realty joined Compass. The Ivan and Mike Team, which was One Sotheby’s No. 2 team in 2019, joined Compass earlier this month. The four-person team, led by Ivan Chorney and Michael Martirena, closed more than $100 million in sales last year.

David Bateman left NAI Partners in Houston to become managing director of CBRE for Broward and Palm Beach counties. Bateman will oversee CBRE’s three offices and more than 70 employees. He previously led agency leasing operations for the Houston brokerage. Arden Karson, who joined CBRE as senior managing director for South Florida in 2017, will be stepping down, according to a spokesperson.

CBRE promoted William “Tripp” Gulliford to executive managing director of Florida. He will report to Chris Connelly, CBRE’s Group President, Americas Advisory Services. Gulliford will oversee CBRE’s eight Florida offices and the growth strategy for its advisory services. He was previously senior managing director of CBRE’s north Florida region, and before that was managing director of EverBank Commercial Advisors.

Land use and zoning attorney Anthony Recio returned to Weiss Serota Helfman Cole & Bierman as a partner. Recio took a three-and-a-half-year sabbatical at a Buddhist retreat. He primarily represents developers, investors and lenders in South Florida, and has experience with tax credit financing guidelines and has worked with local governments.

Melsie Ordoñez joined Stantec as buildings engineering principal in its Miami office. Ordoñez will oversee and support engineering for hospitality, institutional, and aviation projects while developing the local healthcare, lab-research facility and ports-marine markets for Stantec.

Fortune Development Sales and Shoma Group named Maria Elena Plasencia director of sales for Ten30 South Beach, a 43-unit project in Miami Beach. Plasencia has worked on projects that include Residences by Armani/Casa and Porsche Design Tower. She’ll be based out of Ten30’s sales center at 1116 15th Street, which is set to open at the end of June.

William Domsky joined Lee & Associates as principal, focusing on industrial and office sales and leasing in South Florida. Domsky was previously with CBRE, where he handled corporate real estate advisory service and tenant representation in New York and Long Island. At CBRE, he completed leases and sales valued at up to $47 million.

Berger Commercial Realty/CORFAC International hired two senior property managers, Ian Miranda and Erica Portes, to work on the company’s Seagis portfolio in Miami-Dade County. Most of the portfolio is industrial real estate. Miranda previously managed the Miami Tower in downtown Miami. Portes was a senior property manager for Prologis.

The post Movers & Shakers: Top One Sotheby’s team joins Compass, shakeup at CBRE & more appeared first on The Real Deal Miami.

from The Real Deal Miami & Miami Florida Real Estate & Housing News | & Curbed Miami - All https://therealdeal.com/miami/2020/05/26/movers-shakers-top-one-sothebys-team-joins-compass-shakeup-at-cbre-more/ via IFTTT

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alfredrserrano · 5 years

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Developer scores financing for West Kendall affordable housing project

Matt Rieger and a rendering of Paradise Lake Apartments

Housing Trust Group closed on financing for a $25 million affordable housing community in West Kendall.

HTG secured $21.6 million in financing for Paradise Lakes Apartments, a garden-style complex at 8905 Southwest 169th Court in Miami. That includes $14.5 million in 9 percent Low Income Housing Tax Credit Equity from City Real Estate Advisors; a $5.5 million loan from KeyBank; and $1.6 million in soft financing from Miami-Dade County. Soft financing provides concessions to borrowers, like below-market interest rates and long repayment periods.

The three-story, 76-unit building is expected to be delivered in April 2021. Preleasing would start at the end of this year, with monthly rents ranging from $401 to $1,443. The units will be set aside for residents earning between 30 percent and 80 percent of the area’s median income.

Paradise Lakes Apartments will have 56 one-bedroom, one-bathroom apartments, and 20 two-bedroom, two-bathroom units, all ranging from 688 square feet to 1,108 square feet. The three-story building will include 11,388 square feet of ground-floor retail space.

The building will have a clubroom with a kitchen and lounge seating, a fitness center, computer room, community garden, smart storage lockers, electric car charging stations and bicycle storage. It’s being designed and built by Modis Architects, HSQ Engineers and Gomez Construction Co.

The developer paid $2.8 million for the 2.7-acre property in March 2019. Altis at Kendall Square LLC, an affiliate of the Altman Companies, sold the site to HTG. The property is next to Altis at Kendall Square, a luxury apartment community developed by Altman.

Last month, HTG closed on $25 million in financing for Village View, a new senior affordable housing development in Fort Lauderdale’s Flagler Village.

Housing Trust Group has five affordable housing projects in Miami-Dade, including Courtside Apartments in Overtown with retired NBA player Alonzo Mourning, and Wagner Creek in the Miami Health District. The developer is also expected to build an affordable housing apartment building for seniors next to Williams Park in Overtown, called Father Marquess-Barry Apartments.

The company, led by president and CEO Matthew Rieger, has more than 7,000 affordable and market-rate apartments in Florida, Georgia, Texas and Arizona, plus another 2,000 units in the pipeline.

The post Developer scores financing for West Kendall affordable housing project appeared first on The Real Deal Miami.

from The Real Deal Miami https://therealdeal.com/miami/2020/02/11/developer-scores-financing-for-west-kendall-affordable-housing-project/ via IFTTT

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actutrends · 5 years

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Trump works to avoid evangelical defections in 2020

” There are a lot of evangelical Americans who maybe didn’t support President Trump in the last election because they didn’t believe he was a true ally, however who are now taking a review at him because of his record,” said a Trump project adviser.

It’s a method that is drawing some uncertainty. While Trump’s spiritual advisors hail the president as their greatest champion considering that Ronald Reagan, the policies they point to– a limiting migration policy, visit of anti-abortion judges, rollback of environmental guidelines and support for Israel– are often the very same issues driving essential spiritual constituencies further far from the president.

” The evangelical neighborhood has never been 100 percent lockstep conservative. The 20 percent of white evangelicals who do not like Trump consist of more youthful citizens, college-educated voters and rural moms,” said Diana Butler Bass, a scholar of American religion.

” That the Trump project thinks they could pull those individuals away after annoying them for three years reveals an extremely thin understanding of the nature of American evangelicalism,” she added.

Indeed, ahead of Trump’s Friday appearance, Florida Democrats released a letter signed by 12 Christian leaders from 5 Florida counties that attracted the president: “We can not stand idly by while you attempt to co-opt our religion for your political gain and claim support from our neighborhood.”

The letter decried Trump for pressing policies that it stated are antithetical to Christian faith: “There is definitely nothing great or virtuous about tearing immigrant households apart, cutting programs for the bad while giving numerous millions of tax cuts to the wealthiest amongst us, or threatening to take away healthcare from those with pre-existing conditions– all of which are lynchpins of your agenda.”

The president’s allies say he requires to include just 3 or 4 portion indicate his 65- point margin of triumph among white evangelicals in 2016 in order to compensate for compromising support among other demographics, including college-educated white citizens and rural males and females. At the very same time, they plan to target spiritual citizens outside the white evangelical neighborhood who alter more conservative and live in essential 2020 battleground states– thus the Florida area for Trump’s speech on Friday.

Former GOP Rep. Carlos Curbelo of Florida described the president’s see to Miami as “a political two-fer” for the president, since the crowd is most likely to include Hispanic voters and religious people. Trump lost Miami-Dade County by almost 300,000 votes in 2016, but current polling has actually revealed as lots of as 41 percent of Hispanic citizens authorize of his handling of the economy– a figure the project says gives it an opening in the crucial county.

Trump will develop on the same themes he discussed in his speech at the yearly Worths Voter Summit in October, the consultant said. The president’s appearance at the conservative gathering last fall also came at a tough juncture in his relationship with the evangelical neighborhood. To appease top religious allies who decried a wanted troop withdrawal from Syria as rash and irresponsible, Trump utilized the speech to reveal his administration would launch $50 million in help to Syria “to secure persecuted ethnic and spiritual minorities.”

The president’s assistants took similar precautions during the course of impeachment to avoid any crack in the president’s assistance among evangelicals: On a Thursday afternoon prior to your home voted to impeach him, Trump met in a conference room with more than a lots influential Christian and evangelical pastors who had been invited to the White Home to pray for the president and the nation.

” Honored to hope for @realDonaldTrump and our nation! Talked about the many great achievements under the management of President Trump.

It’s unclear, nevertheless, if such overtures will work with white evangelicals who did not support the president in 2016 due to the fact that they were hesitant of his conservative authentic, opposed to his policy program and cautious of his character. An even higher challenge exists with Trump’s attempt to court religious Hispanics and African Americans: Just 12 percent of black Protestants supported Trump in 2016, and he lost Hispanic Catholics to Hillary Clinton by a 41- point margin, according to exit information by Seat Research.

” My total sense is the approximately 20 percent of white evangelicals who did not vote for Trump are beautiful baked in,” Butler Bass said, including that the exact same opts for Hispanics and blacks who determine as evangelical however did not support the president four years back.

Moreover, it could take more than expanding his assistance among white evangelicals and other religious voters to ensure a path to success next November.

In addition to his constant decline in assistance among suburbanites and college-educated voters, a handful of statewide elections last fall recommend the president might perform worse with rural voters in 2020, who voted for him by a 27- point margin in2016

In Kentucky’s gubernatorial election last November, five rural counties that supported Trump in 2016 voted against incumbent Republican politician Gov. Matt Bevin, in spite of the president’s pleas for such locals to support Bevin’s quote for a second term. Rural voters likewise added to Democratic gains in Virginia, where the GOP lost control of the state’s General Assembly.

Still, evangelical turnout for Republicans stayed consistent in last fall’s off-year gubernatorial, state legal and special congressional elections, according to exit data About 75 percent of white evangelical citizens supported GOP prospects last fall and in the 2018 midterms.

The concern for Trump is whether that pattern will hold when he’s on the ballot in November.

Matthew Dixon added to this report.

The post Trump works to avoid evangelical defections in 2020 appeared first on Actu Trends.

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juditmiltz · 5 years

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Anti-development activists warn locals against selling to prospectors in Little River

The Miami City Commission is expected to vote on the proposed 8.2 million-square-foot Magic City Innovation District project at the end of March.

It isn’t every day that a food hall with 15 restaurants opens just a few blocks away from the bedroom municipalities of Miami Shores, El Portal and Biscayne Park. So when Nick Hamann celebrated the grand opening of the Citadel at 8300 Northeast Second Avenue in late January, the event attracted hundreds of people eager to sample cocktails, pizza slices and gourmet tacos. And when Hamann threw another party a few weeks later, this time celebrating the food hall’s “official” grand opening, dozens of folks flocked to the building once again.

Hamann, who owns four properties nearby, was always attracted to this part of Miami. “The corridor north of 82nd Street in particular had an amazing tree canopy, and the streetscape was very charming,” Hamann explained in an email to The Real Deal. “It is also a main artery connecting Miami neighborhoods from North Miami to the Design District and beyond to Downtown/Brickell.”

That artery falls within the neighborhood of Little River, an area that is roughly bounded by Northeast Fourth Avenue, Northwest Seventh Avenue, 62nd Street and the winding Little River waterway. Back in the late 19th century, it was a kind of suburb of Lemon City, a frontier settlement of a then-sparsely populated South Florida. After being annexed by the city of Miami in 1925, Little River evolved into an industrial area. During the 1970s, it was an affordable place for Haitian immigrants to live and set up businesses. As a result, most of Little River became known as Little Haiti.

Yet in recent years, developers and investors are seeing Little River as a cheaper alternative to the Design District and Wynwood, where retail rents can range between $40 and $300 per square foot per month. On and near the unofficial southern border of Little River, one team of real estate investors is hoping to get the Miami City Commission to approve an 8.2 million-square-foot residential and commercial project called the Magic City Innovation District.

But most other Little River investors are purchasing homes and apartments, upgrading retail plazas and office buildings and turning warehouses previously used as storage space, mechanics’ shops and artists’ workshops into high-end retail and office spaces.

Many of these developers also tend to embrace the Little River label — something that infuriates many local activists who believe these investors are trying to remove the Haiti moniker to make the area more marketable.

For example, Hamann’s Citadel event in late January didn’t just attract foodies from the Shores. It also attracted picketers carrying signs declaring that this neighborhood was still Little Haiti. This was in response to press materials sent out by Hamann that declared the Citadel was located in “historic Little River.”

The Citadel and most of the Little River area are indeed located inside the officially-designated Little Haiti neighborhood. On May 2016, after years of lobbying by Haitian activists who resented developers pushing the Little River and Lemon City labels, the Miami City Commission proclaimed an official Little Haiti neighborhood with borders that extended as far south as 54th Street, as far west as Northwest Seventh Avenue, as far north as the Little River waterway and as far east as Northeast Fourth Avenue.

Hamann said both he and Little Haiti activists are right. “Little River is a neighborhood within Little Haiti,” he said.

Turning up the heat

Identified as a hot market for house flippers by RealtyTrac in 2016 and by Zillow Group in 2017, Little River and Little Haiti are seeing homes continue to appreciate. Ines Hegedus-Garcia, a Realtor affiliated with Related ISG International Realty, said MLS data indicated that Little River home prices increased 156 percent, from $64 to $164 a square foot, in the past five years. In the entire official Little Haiti neighborhood, housing prices went up 233 percent, from $51 to $170 a square foot, in the last five years.

The reason for the price jump is simple: Homes in Little Haiti had been cheap. “The single-family home market under $350,000 is a hot market anywhere in Miami-Dade County because the inventory is hard to find,” Hegedus-Garcia explained. “Affordable areas start morphing into more affluent areas, and price ranges are only bound to go up. This makes it an extremely attractive market, especially because the area is just starting to see positive changes in its commercial corridor.”

Commercial sales transactions are also on the rise. About $113 million in commercial sales took place in Little River between 2011 and 2018, according to an analysis by Colliers International of data provided by Real Capital Analytics. Last year saw $26.1 million worth of commercial deals in Little River, according to Colliers. The year before, in 2017, there was $10.1 million in commercial property transactions in the neighborhood.

Mitash Kripalani, vice president of capital markets at Colliers’ Miami office, said the increase in sales volume is being driven by rising property values farther south in areas like Brickell, the Design District, Edgewater and Wynwood, as well as places east of Little River like the MiMo District and the Upper Eastside. Real estate investors, Kripalani suggested, are following the advice given by famed retired hockey player Wayne Gretzky: “Skate to where the puck is going, not where it has been.”

“The puck has been gradually moving in the direction of Little River,” Kripalani said.

Compounding that migration is the displacement of small-business owners and startups from the downtown area and Wynwood. “People are getting priced out of rents in Wynwood and the Design District,” Kripalani said. In addition, he added, such tenants are finding the same gritty and edgy atmosphere they once enjoyed in Wynwood in Little River, “except the rents are more reasonable.”

Tony Arellano, managing partner of Dwntwn Realty Advisors, agreed that businesses displaced from Miami’s core are migrating toward the new office space that’s available in Little River. In fact, affordability was the reason Arellano set up the offices of Dwntwn Realty within the Morgan Reed Group’s Rail 71 retail center in Little River. In Wynwood, office rates range between $40 and $80 a square foot. “In Little River, it might be $24 a square foot, so there’s a big difference,” Arellano said.

Another factor driving investment activity in Little Haiti and Little River is the promise offered by one of the country’s newly designated Opportunity Zones, economically distressed areas in which investors can develop properties and save taxes on their capital gains, especially if those investments are held longer than five years.

Mauricio Zapata, broker associate and principal of Chariff Realty Group, admitted he’s been getting a lot of phone calls about Little River due to it being located in an Opportunity Zone.

“It’s still a new concept, but it’s driving people right now and putting more eyes on this area,” Zapata said.

The gentrification debate

The Magic City Innovation District, if approved by the Miami City Commission, is the sprawling project that could change the Little River the most. The proposed community would have buildings as tall as 25 stories on 17.8 acres of land and would include 2,246 residential units, as well as offices, hotels, retail and educational uses. Its development team includes Tony Cho, president of Metro1 Companies; technology and real estate investor Robert Zangrillo; Cirque du Soleil founder Guy Laliberté; and condo developer Plaza Equity Partners. (Zangrillo was one of several prominent individuals charged by federal prosecutors in mid-March with taking part in a sprawling college admissions and testing scheme.)

The project is facing resistance from local activists. Marleine Bastien, executive director of the Family Action Network Movement, said Magic City threatens to speed up the pace of gentrification that’s already taking place in Little Haiti. She noted that older apartment buildings near the innovation development that once offered rental rates below $1,000 a month are already being demolished. As for the new apartments that Magic City plans, Bastien said an individual will need to make $60,000 or $70,000 a year to afford living in them, an amount beyond the reach of most Little Haiti residents.

“Of course [Magic City] will lead to [more] gentrification. You don’t need to be a rocket scientist to understand that,” said Bastien, who is leading a coalition of activists campaigning against Magic City’s approval.

But it isn’t just renters who are threatened by gentrification. Bastien said that brokers are already “harassing” elderly homeowners in Little Haiti in order to “pressure” them to sell.

Fellow Realtor Hegedus-Garcia agreed that the approval of “megaprojects like Magic City are factors for increases in pricing.”

Cho, however, said he and his partners have made efforts to reach out to the surrounding community in order to build a “culturally sensitive urban development that is intended to be a job creator, an innovation hub, everything we were asked for.” Magic City’s developers have embraced the Little Haiti “moniker” and given donations to local nonprofits. They’ve also promised to hire people residing in Little Haiti first if the city approves the project’s special area plan.

During a Feb. 28 City Commission meeting, Magic City’s developers made another offer: In exchange for the city’s approval of the entire Magic City Innovation District, they will give $31 million to a not-yet-formed Little Haiti Community Revitalization Trust that will provide affordable housing and other community enhancements and programs in the neighborhood.

The innovation district has some support from Haitian residents and activists affiliated with Concerned Leaders of Little Haiti, a group that is mentioned in the development agreement with the city.

Leonie Hermantin, a consultant for nongovernment organizations on Haitian matters, is a board member of Concerned Leaders of Little Haiti. Hermantin said she shares Bastien’s concerns over the future of Little Haiti, as well as about the exodus of Haitian residents due to high rents and the overall poor condition of the neighborhood. “It was a fight to get a bus shelter,” Hermantin said.

Still, Hermantin said her group sought to mitigate the “negative impacts” of Magic City. “[Bastien] says no to development, and we say that development cannot be stopped,” said Hermantin, later adding: “We welcome and respect her voice, but we’re looking for solutions.”

Those solutions include educating homeowners not to sell their houses so cheaply as they used to do. “They’re selling out of ignorance,” Hermantin said. “Their mom died. Their grandmother died. And they live in Atlanta and they’re not aware of what’s going on.”

But thanks to the efforts of activists like herself and Bastien, Hermantin claimed, Little Haiti homeowners aren’t falling prey to lowball offers made by real estate agents quite as often. “We’ve been actively educating homeowners about speculators,” she said.

Political consultant Rulx “Ringo” Cayard said his family still owns properties in Little Haiti. The Citadel building used to be one of the properties Cayard co-owned until he and his partners sold it for $535,000 in 1997. Cayard insisted that projects like the Citadel and Magic City are the best things that have ever happened to Little Haiti and Little River. “Property values will go up, which means somebody who bought a house for $60,000 or $100,000 is now going to get $200,000 or $400,000,” he said.

Cho, who has been investing or brokering deals in Little River and Little Haiti for the last 17 years, said the increased investment in the area is part of the “natural progression [of development] taking place along the eastern core of Greater Miami.” But Cho said investors shouldn’t expect a quick profit.

“It requires long-term thinking to come into these types of neighborhoods; this is not a place to get in and get out,” Cho said. “It takes longer than one would hope. It’s not for the faint of heart. It’s something that requires a lot of stamina.”

from The Real Deal Miami https://therealdeal.com/miami/issues_articles/little-river-miami-real-estate/#new_tab via IFTTT

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usatrendingsports · 7 years

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Jeffrey Loria reportedly sharing no income from Marlins’ sale with Miami-Dade County

Jeffrey Loria will not learn this — he clearly does not care what folks consider him. However he has billions of , so what does it matter?

In a transfer that comes as a shock to nobody aside from, apparently, Miami-Dade County, Loria has reportedly elected to provide precisely $Zero to the county after promoting the Miami Marlins for $1.2 billion, per The Miami Herald.

Loria purchased the group for $158 million in 2002, and has been fleecing the realm ever since. Most notably, he received the town able the place it was pressured to pay for almost all of Marlins Park, which was opened in 2012. The county footed $500 million that it didn’t have, so it bought bonds on Wall Road — which it’s best to by no means, ever do.

Deadspin did the maths for what the stadium would value Miami-Dade in actual , and it is grim. It is going to owe $2.four billion for the $500 million mortgage by the final due cost in 2048. Loria hard-balled the county, and Miami-Dade needed to maintain the Marlins.

And Loria rewarded the county’s kindness in a approach that solely Loria can: by giving them nothing. The settlement, which came about in 2012, entitled the county to revenue shares if Loria bought the group inside 10 years of it. Nevertheless, Loria’s legal professionals have discovered a loophole that may get Loria off the hook for any income sharing in any respect.

Per The Miami Herald:

However Loria might deduct group debt, sure bills and taxes tied to a sale, and county officers and group executives privately predicted Loria would not agree to surrender any of his income from the October sale to Derek Jeter and companions. Loria purchased the Marlins in 2002 for $158 million, and it is described by the league and present possession as a money-losing franchise.

In different phrases, Loria made out like a bandit that occurs to have a personal jet as a getaway automotive. Loria’s legal professionals despatched a report that confirmed how these bills got here out. The Miami Herald studies:

About $280 million in debt that lowered the income from the $1.2 billion sale, plus an agreed-to underlying worth of the franchise of about $625 million, primarily based on it getting extra worthwhile annually. Add in practically $300 million in taxes tied to the sale by Loria and companions, and Loria’s accountants declare the sale amounted to a lack of $141 million. Loria additionally deducted the $30 million charge paid to the monetary advisors employed to barter the deal.

County officers, naturally, had been reportedly livid. Norman Braman was adamantly towards the group funding a brand new ballpark, and he mentioned that the county ought to have intervened lengthy earlier than Derek Jeter and Bruce Sherman had been negotiating a deal for the group.

“It is outrageous,” Braman mentioned, per The Herald. “Sherman by no means would have closed on his deal if the county had asserted itself earlier than.”

There is not any approach Loria ever meant to share a dime; that is his M.O. Nevertheless, county officers needed to study that one final time, the exhausting approach.

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kbcpagroup-blog · 4 years

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How Much Will it Cost to Hire an Accountant to Do My Taxes?

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Your decision about whether to enlist a professional or document your own taxes with the assistance of accounting software should be founded on how agreeable you are with numbers, your knowledge of basic tax rules, and how much time you are eager to spend. When the Tax Cuts and Jobs Act (TCJA) became effective on January 1, 2018, it rolled out some general improvements to the tax code. Specifically, there were many changes made to organized allowances. This has made recording taxes more convoluted, in any event, for those acquainted with the tax code.

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juditmiltz · 5 years

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Anti-development activists warn locals against selling to prospectors in Little River

The Miami City Commission is expected to vote on the proposed 8.2 million-square-foot Magic City Innovation District project at the end of March.

Hamann said both he and Little Haiti activists are right. “Little River is a neighborhood within Little Haiti,” he said.

Turning up the heat

“The puck has been gradually moving in the direction of Little River,” Kripalani said.

Mauricio Zapata, broker associate and principal of Chariff Realty Group, admitted he’s been getting a lot of phone calls about Little River due to it being located in an Opportunity Zone.

“It’s still a new concept, but it’s driving people right now and putting more eyes on this area,” Zapata said.

The gentrification debate

But it isn’t just renters who are threatened by gentrification. Bastien said that brokers are already “harassing” elderly homeowners in Little Haiti in order to “pressure” them to sell.

Fellow Realtor Hegedus-Garcia agreed that the approval of “megaprojects like Magic City are factors for increases in pricing.”

The innovation district has some support from Haitian residents and activists affiliated with Concerned Leaders of Little Haiti, a group that is mentioned in the development agreement with the city.

from The Real Deal Miami https://therealdeal.com/miami/issues_articles/little-river-miami-real-estate/#new_tab via IFTTT

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juditmiltz · 5 years

Text

Anti-development activists warn locals against selling to prospectors in Little River

The Miami City Commission is expected to vote on the proposed 8.2 million-square-foot Magic City Innovation District project at the end of March.

Hamann said both he and Little Haiti activists are right. “Little River is a neighborhood within Little Haiti,” he said.

Turning up the heat

“The puck has been gradually moving in the direction of Little River,” Kripalani said.

Mauricio Zapata, broker associate and principal of Chariff Realty Group, admitted he’s been getting a lot of phone calls about Little River due to it being located in an Opportunity Zone.

“It’s still a new concept, but it’s driving people right now and putting more eyes on this area,” Zapata said.

The gentrification debate

But it isn’t just renters who are threatened by gentrification. Bastien said that brokers are already “harassing” elderly homeowners in Little Haiti in order to “pressure” them to sell.

Fellow Realtor Hegedus-Garcia agreed that the approval of “megaprojects like Magic City are factors for increases in pricing.”

The innovation district has some support from Haitian residents and activists affiliated with Concerned Leaders of Little Haiti, a group that is mentioned in the development agreement with the city.

from The Real Deal Miami https://therealdeal.com/miami/issues_articles/little-river-miami-real-estate/#new_tab via IFTTT

#The Real Deal Miami

0 notes