Desperate South Florida homeowners who have turned to short-term rentals to generate much-needed cash flow in recent months may soon be out of luck. Responding to complaints from Miami Beach residents fed up with party goers renting weekly or even nightly, Commissioner Jonah Wilson is supporting a new law that would prohibit rentals less than six months.
"I think anywhere from one month to three months will be what the definition of a short-term rental will end up being." The Beach hotel industry wants the penalties for would-be landlords to be even more severe by sticking them with the same hotel taxes, license fees and ADA-compliance standards Beach hotels must adhere to. The Miami Beach Commission votes on the issue next month.
The U.S. Bankruptcy Court has retained Ameribid to organize the auction of Indigo Bay, a new waterfront development in Islamorada. The development, which is nearly complete, is being auctioned off as one bid including all 25 waterfront townhouse villas and a 14-slip marina. The Court has already received one qualified bid for $8 million, so the next bid at auction will begin at $8.3 million. Ameribid President Louis Fisher says this a special opportunity for the right buyer,
"This Project lends itself as a unique opportunity to acquire a boutique resort property in a market that is scarce of anything similar. This will be a Bankruptcy Auction, with all permits in place, and clear and marketable title for the successful bidder"
There were 40 at the market peak in 2006, less than 10 last year, and only 1 still standing today. And they're not likely to be seen again in the Miami skyline for another 7 to 10 years according to Peter Zalewski of Condo Vultures, LLC. Canada's
Report On Business gives a sweeping overview of the state of the U.S. economy by focusing first on the housing glut in Miami. The article notes that now-defunct Lehman Brothers financed as many as 50 condo projects in South Florida. Zalewski is optimistic the federal bank bailout will work and "
bottom-feeding buyers, spooked out of the stock market, will be able to borrow again and invest in 'bricks and mortar.'" 
Desperate South Florida homeowners who have turned to short-term rentals to generate much-needed cash flow in recent months may soon be out of luck. Responding to complaints from Miami Beach residents fed up with party goers renting weekly or even nightly, Commissioner Jonah Wilson is supporting a new law that would prohibit rentals less than six months. "I think anywhere from one month to three months will be what the definition of a short-term rental will end up being." The Beach hotel industry wants the penalties for would-be landlords to be even more severe by sticking them with the same hotel taxes, license fees and ADA-compliance standards Beach hotels must adhere to. The Miami Beach Commission votes on the issue next month.
The U.S. Bankruptcy Court has retained Ameribid to organize the auction of Indigo Bay, a new waterfront development in Islamorada. The development, which is nearly complete, is being auctioned off as one bid including all 25 waterfront townhouse villas and a 14-slip marina. The Court has already received one qualified bid for $8 million, so the next bid at auction will begin at $8.3 million. Ameribid President Louis Fisher says this a special opportunity for the right buyer, "This Project lends itself as a unique opportunity to acquire a boutique resort property in a market that is scarce of anything similar. This will be a Bankruptcy Auction, with all permits in place, and clear and marketable title for the successful bidder"
There were 40 at the market peak in 2006, less than 10 last year, and only 1 still standing today. And they're not likely to be seen again in the Miami skyline for another 7 to 10 years according to Peter Zalewski of Condo Vultures, LLC. Canada's Report On Business gives a sweeping overview of the state of the U.S. economy by focusing first on the housing glut in Miami. The article notes that now-defunct Lehman Brothers financed as many as 50 condo projects in South Florida. Zalewski is optimistic the federal bank bailout will work and "bottom-feeding buyers, spooked out of the stock market, will be able to borrow again and invest in 'bricks and mortar.'" 
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