We are now in the midst of Season on Singer Isalnd! Most condos are lite up at night as everyone is escaping the cold winter weather up north. Five condos on the north end of Singer Island have been rapidly trying to complete their seawalls before turtle season starts on March 1st. As we complete February 2014, let’s recap the latest stats for condominium re-sales on Singer Island:
- February saw 11 condo re-sales on Singer Island. The sold prices averaged 96% of list price.
- Seventy-three percent of the condo re-sales were under $500K.
- The average Days-on-Market (DOM) for these sales has jumped to 248 or a little over eight months.
- There was one short sale in February.
- The highest re-sale in February was The Resort 1052 for $1,615,000 ($524/SF), and the least expensive sale was Aquarius 405 at $245,000 ($175/SF).
- As of the end of February, condo inventory decreased slightly to 170 units.
- Price per square foot of the older condos (built 1969-1989) decreased to $250; and the price per square foot of the newer condos (built 2003-2008) increased to $467.
Turtle Season is Upon Us
Every year sea turtle nesting season begins March 1 and ends October 31. Lights visible from the beach during nesting season adversely affect both adult sea turtles and hatchlings by affecting their ability to find the ocean. ERM conducted a study to evaluate the effect of corrective lighting on reducing sea turtle disorientations. The study found that by reducing the number of lights visible from the beach, fewer disorientation events occurred and fewer numbers of disoriented hatchlings were observed which resulted in a lower percentage of nests disoriented. For further information go to: http://www.co.palm-beach.fl.us/erm/coastal/sea-turtles/nesting.htm
EB-5 VISA: COMPETING FOR INVESTORS ON A GLOBAL SCALE
The EB-5 visa may be a good fit for those who seek entry to the U.S. and the opportunity to buy residential property, including individuals, couples and families who prefer to live and school their children in the U.S.; foreign nationals on long waiting lists for other visas; entrepreneurs who want to start a U.S. business; and affluent buyers who want a second home in the U.S. and more flexibility to use it.
Countries around the world strive to lure global capital onto their shores using a variety of sophisticated techniques. Many wealthy individuals are willing to invest sizable funds to qualify for residency and the right to enter and leave at will. The United States uses its EB-5 investment visa to fund projects that create American jobs.
Applicants must commit $500,000 to $1,000,000 to a new business or project that will create at least ten jobs over a specified time period and submit a detailed business plan to be approved by the USCIS. Upon approval of the application process, an investor receives conditional U.S. residency. Permanent residency can be granted after a 2 year conditional period if the employment objectives are fulfilled. Investors receive conditional green cards for themselves, their spouse and any children under the age of 21. U.S. developers gain access to low-cost international capital for projects.
THREE UNIQUE REGIONAL CENTER PROJECTS….
- Discovery Times Square is a new large-scale exhibition and experiential museum that used EB-5 funding during the construction. As an official Discovery Channel promotional partner, its exhibitions include King Tut, Harry Potter and Titanic artifacts. DTS opened in 2013 and is the fifth most visited museum in New York City. It has generated over 590 new jobs.
- The Marriott Corporation has used EB-5 funding for 14 of its recent hotel developments. This and other projects will have generated over 4,200 direct and indirect jobs in an around the hotel at its completion.
- The Florida Restaurant Franchise Group (FRFG) has tapped EB-5 funding for restaurant development. Three of its brands, Five Guys Burgers, VooDoo BBQ & Grill, and Twin Peaks Restaurant, are expanding in the Palm Beach Regional Center. With several EB-5 projects complete, FRFG is now in its eighth EB-5 offering and has generated over double the number of jobs required by the USCIS.
Who applies? As many as 80 percent of applicants to the U.S. and other countries investment visa programs are Chinese citizens’ seeking to emigrate with their families. China now has more than a million millionaires (assets under management in U.S. dollars) and a growing number of ultra-high net worth households, wealthy individuals from Russia, United Arab Emirates, Brazil and South Africa are the next largest groups applying for investment visas around the world.
Applying for the EB-5 visa is a complicated process requiring and extraordinary amount of paperwork as well as due diligence on the project.
Call the Walker Real Estate Group if you need guidance in this endeavor. As Certified International Specialists (CIPS), Walker Real Estate Group strives to educated customers in all aspects of the Real Estate market including global perspectives.
Our Market Update provides detailed information regarding condos newly listed, pending and sold on Singer Island for the current month.
Enjoy this information prepared just for you!
CALL us today if you are thinking about selling or buying! Your referral is our best compliment!
2014 is starting off to be another great year for the Walker Real Estate Group; as the #1 Sales Team on Singer Island, our goal is to provide our customers a true concierge experience in all their real estate transactions.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].