Monday, April 3, 2023 / by Dave Magua
The Building Safety Act for Condominium and Cooperative Associations was signed into law by Florida Governor Ron DeSantis on May 26, 2022. The law brings about several changes to Florida's condominium and cooperative association laws, specifically regarding building inspections and reserves.
For buildings over three stories tall, mandatory inspections begin once the building reaches 30 years of age, and for buildings within three miles of the coastline, mandatory inspections must begin at year 25.
The Building Safety Act also requires mandatory reserve funding for structural integrity components and promotes transparency between the board of directors and association members.
Structural integrity reserve studies, which are a key change brought about by the law, must be conducted every 10 years, and funding for these reserves is mandatory. Developers must now establish reserve accounts, and the law mandates what should be included in the structural integrity reserve studies.
To . ...
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Wednesday, March 29, 2023 / by Dave Magua
Day of Closing
Property Walkthrough:
1. The buyer will walk through the property to make sure that everything is in the condition agreed upon in the sales contract, and that any required repairs have been made.
2. Final Closing Disclosure Review: The buyer will review the final closing disclosure, which outlines all the costs associated with the transaction, including the down payment, closing costs, and any prorated expenses.
Signing of Documents: The buyer will sign all the necessary documents, including the mortgage agreement, promissory note, and deed of trust.
3. Payment of Closing Costs: The buyer will pay all the closing costs, including the down payment, closing costs, and any prorated expenses.
4. Title Transfer: The title of the property will be transferred from the seller to the buyer, and the deed will be recorded with the appropriate government office.
5. Disbursement of Funds: The funds will be disbursed. ...
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Thursday, March 23, 2023 / by Dave Magua
The Federal Reserve increased the federal funds rate by 25 basis points, marking its highest level since 2007. Additionally, the Fed plans to continue reducing securities on its balance sheet, indicating ongoing monetary tightening. The Fed has revised its projections for GDP growth, unemployment, and inflation in 2023, with weaker GDP growth, lower unemployment, and higher inflation expected. The federal funds rate is expected to reach its peak at 5.1%, indicating the potential for one more rate hike this year. Despite stubbornly high inflation, the consensus is that the rate-hiking cycle is coming to an end, with the Fed likely to begin cutting rates by the end of the year. Tighter lending conditions and a weakening economy will likely keep capital markets activity subdued, but greater certainty on the interest rate outlook could lead to a recovery in the latter half of 2023.
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Thursday, March 16, 2023 / by Dave Magua
Miami-based logistics firm Bulk Express Transport snagged an industrial site in the city’s Brownsville neighborhood for $17 million.
A Bulk Express affiliate paid $3.8 million per acre for the 4.4-acre site with a 14,000-square-foot warehouse, according to Vizzda. The buyer obtained a $13 million mortgage from Banesco USA. The seller, CUSA Investments managed by Jose Francisco Da Costa Gomez in Miami, paid $650,000 for the property in 2001, records show. The site has been used as a truck and container outdoor storage facility. The warehouse was completed in 1958, records show.
Founded more than 30 years ago, Bulk Express provides long haul transportation services of municipal solid waste, recyclables, construction and demolition debris, contaminated soils, ash, sludge and other materials, according to a press release. In December, Fort Lauderdale-based private investment firm Alterna Equity Partners acquired Bulk Express and its affiliates. The industrial sector ...
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Wednesday, March 15, 2023 / by Dave Magua
TPA Group bought an industrial development site west of Loxahatchee Groves for $36 million.
The Atlanta-based firm bought nearly 60 acres of land at 20305 State Road 80, in an unincorporated area of west Palm Beach County, from an affiliate of mining company Palm Beach Aggregates, according to records and real estate database Vizzda. TPA took out a $10 million loan from the seller.
The purchase breaks down to nearly $603,000 per acre.
TPA also has the right of first refusal to purchase another 37 acres nearby, according to records.
Palm Beach Aggregates is a mining company that also has interests in waste wood processing and owns land leased for sugar cane growing, its website shows. The firm, based in Palm Beach County and led by Enrique Tomeu, mines aggregate source material that’s used in construction.
In 2019, Palm Beach Aggregates filed an application to the county for an industrial project on 138 acres, including the land that traded. It would hav ...
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