MIAMI -- Foreign tourists who for years have crowded Florida’s shopping malls to buy clothes and electronics, are now flocking to real estate offices to snatch up apartments and homes at bargain-basement prices.
The investors, mainly from Europe and Latin America, are jostling over apartments in Miami’s trendy South Beach neighborhood selling for $70,000-$100,000, and in less exclusive areas to the north where they start at around $50,000.
“The buying opportunities are maybe the best ever. Who knows if we’ll see prices again like today’s in Miami Beach,” Keys Real Estate agent Michelle Iglesias told AFP.
Property prices in Miami have fallen by almost half (47%) since the real estate bubble peaked in 2006, according to Standard & Poor’s Case-Shiller 20-City Home Price index.
Analysts predict that real estate market prices will not increase until the banks get rid of all their foreclosed properties and there are more jobs in the region.
“Unemployment is still high. People are afraid of losing their homes and credit is hard to get,” said Standard & Poor’s vice-president Maureen Maitland.
In and around Miami, banks each month repossess about 5,000 properties, including apartments and commercial real estate, for delinquent mortgage payments, according to real estate brokerage Codovultures Realty, which has 250,000 such properties on its books across southern Florida.
But foreign investors have kept prices from plunging even further, the Miami Association of Realtors said in its November report. “The international buyers continue to fuel market strengthening, we continue to observe positive signs,” said association president Oliver Ruiz.
Beatriz Lamanda from Venezuela bought two apartments north of Miami Beach for a reduced price of $80,000.
“I’d rather put my money in real estate than leave it in the bank. In a few years I’ll make a nice bundle because the prices are going to go up, no question,” she told AFP.
In the “Icon,” a three-building apartment complex by French designer Philippe Stark in Brickell, Miami’s newest financial district, apartments are selling for $250,000, down from $370,000 two years ago.
“We’ve sold 350 units in the last few months. Most of the buyers are international,” Fortune International’s Alejandra Castillo told AFP. -- AFP
Source: http://www.bworldonline.com/main/content.php?id=22914
The Criscitos has been selling South Florida luxury and commercial real estate for over a decade and has sold over $1 billion dollars of property. They work as a multi-lingual team speaking english, Spanish, Italian and Portuguese. They carved out a niche as a leading boutique real estate company with two distinct divisions -residential and commercial- both personally overseeing by Marcela and Anthony Criscito.
Thursday, December 16, 2010
Wednesday, December 15, 2010
3 hotels sold in South Beach
A trio of historic buildings in Miami Beach has been purchased by South American real estate and hotel group Lennox Miami Corp.
The $14.7 million sale included the 62-room Peter Miller Hotel at 1900 Collins Ave.; the 12-unit Miller Apartments at 229 19th St. and the 12-unit Peter Miller Apartments at 1915 Liberty Ave.
All of the buildings were designed in the 1930s by architect Russell Pancoast.
The seller was Kabo Realty Corp., based in Miami. M1 Hospitality Group, a division of real estate brokerage and investment firm Metro 1 Properties in Miami, represented both parties.
Plans for the properties have not been announced, but the broker said the new owners could potentially add more rooms as well as a pool and spa to the hotel.
-- HANNAH SAMPSON
• Ex-UBS banker enters plea: A former banker at Switzerland's UBS pleaded not guilty Tuesday in Miami to a tax fraud conspiracy charge that accuses him of helping a wealthy U.S. client hide assets from the Internal Revenue Service.
Renzo Gadola, 44, entered his plea at a brief hearing after court documents were unsealed charging him with the crime.
The documents claim Gadola and an unnamed second Swiss banker helped an unidentified Mississippi man hide an account at UBS and open another secret account at a second Swiss bank.
Prosecutors say he and the other banker tried to prevent the client from disclosing his secret accounts to the IRS. During a November meeting at a Miami hotel, according to court documents, Gadola told the client the likelihood that his new accounts would be discovered was ``practically zero percent.''
• Sheraton hangs shingle: A former Wyndham hotel will open under a new brand Wednesday: Sheraton Miami Airport Hotel & Executive Meeting Center.
The first Sheraton in Miami-Dade, the hotel at 3900 NW 21st St. has undergone $2 million in upgrades over the last four months in preparation for the change. The hotel, with 405 guest rooms and a 20,000-square-foot meeting center, is owned by Maryland-based Thayer Lodging Group.
Sheraton adds the Miami hotel as part of an expansion that will bring 50 new hotels to the brand's portfolio over the next three years.
• Mandarin Oriental shines in guide: Just one spa in Florida received the top rating from Forbes Travel Guide -- and it's in Miami.
The Spa at Mandarin Oriental, Miami was one of only 20 spas worldwide to receive five stars from the guide, formerly Mobil Travel Guide. This was the third year in a row that The Spa received the award.
Forbes Travel Guide rates hotels, restaurants and spas throughout the U.S., Canada, Beijing, Hong Kong and Macau. This year, 54 hotels, 23 restaurants and 20 spas received five stars.
Only three Florida hotels received the five-star award: Four Seasons Resort Palm Beach, The Ritz-Carlton, Palm Beach and The Ritz-Carlton, Naples
Source: http://www.miamiherald.com/2010/12/15/1973903/3-hotels-sold-in-south-beach.html
The $14.7 million sale included the 62-room Peter Miller Hotel at 1900 Collins Ave.; the 12-unit Miller Apartments at 229 19th St. and the 12-unit Peter Miller Apartments at 1915 Liberty Ave.
All of the buildings were designed in the 1930s by architect Russell Pancoast.
The seller was Kabo Realty Corp., based in Miami. M1 Hospitality Group, a division of real estate brokerage and investment firm Metro 1 Properties in Miami, represented both parties.
Plans for the properties have not been announced, but the broker said the new owners could potentially add more rooms as well as a pool and spa to the hotel.
-- HANNAH SAMPSON
• Ex-UBS banker enters plea: A former banker at Switzerland's UBS pleaded not guilty Tuesday in Miami to a tax fraud conspiracy charge that accuses him of helping a wealthy U.S. client hide assets from the Internal Revenue Service.
Renzo Gadola, 44, entered his plea at a brief hearing after court documents were unsealed charging him with the crime.
The documents claim Gadola and an unnamed second Swiss banker helped an unidentified Mississippi man hide an account at UBS and open another secret account at a second Swiss bank.
Prosecutors say he and the other banker tried to prevent the client from disclosing his secret accounts to the IRS. During a November meeting at a Miami hotel, according to court documents, Gadola told the client the likelihood that his new accounts would be discovered was ``practically zero percent.''
• Sheraton hangs shingle: A former Wyndham hotel will open under a new brand Wednesday: Sheraton Miami Airport Hotel & Executive Meeting Center.
The first Sheraton in Miami-Dade, the hotel at 3900 NW 21st St. has undergone $2 million in upgrades over the last four months in preparation for the change. The hotel, with 405 guest rooms and a 20,000-square-foot meeting center, is owned by Maryland-based Thayer Lodging Group.
Sheraton adds the Miami hotel as part of an expansion that will bring 50 new hotels to the brand's portfolio over the next three years.
• Mandarin Oriental shines in guide: Just one spa in Florida received the top rating from Forbes Travel Guide -- and it's in Miami.
The Spa at Mandarin Oriental, Miami was one of only 20 spas worldwide to receive five stars from the guide, formerly Mobil Travel Guide. This was the third year in a row that The Spa received the award.
Forbes Travel Guide rates hotels, restaurants and spas throughout the U.S., Canada, Beijing, Hong Kong and Macau. This year, 54 hotels, 23 restaurants and 20 spas received five stars.
Only three Florida hotels received the five-star award: Four Seasons Resort Palm Beach, The Ritz-Carlton, Palm Beach and The Ritz-Carlton, Naples
Source: http://www.miamiherald.com/2010/12/15/1973903/3-hotels-sold-in-south-beach.html
Friday, December 10, 2010
Documentations For Purchasing Miami Real Estate Buildings
After the long period of waiting, when you finally get to accumulate the funds to afford a Property, you start looking for prospective homes. After some days of consideration, you produce up your mind to purchase a specific Home. Regardless of the fact that that you are experienced or not, the mile long list of essentials for Buying a Property will surely bewilder you. Property sellers, bucks lenders and Miami Real Estate agents have every Correct to stipulate for relevant documents so that they might rightly evaluate your ability to pay them back. When you fail to submit even one of these documents, your preferrred Dwelling will stay a ideal forever. to prevent such a situation, you should be mindful beforehand, of the essentials, so which you may instantly produce them when needed.
Listed here are some of the documents You’ll need before closing the Miami Real Estate deal. The first records you need to show are of income tax, IRS W-2 form, asset statement and other fiscal documents. The lending institute or entity will desire a promissory note to be able to pull out your credit record. If they feel that you might be financially instable, then you might face potential difficulty in sanctioning the loan. Next, you have to show your bank statement, which will establish your ability to pay off the mortgage.
An insurance policy is also very necessary. Your lender will request for this as an assurance, in case of events of damage or deficit of Asset. This guarantees escape from the risk of losing the dollars they lent you. Preparing your payment stubs is an additional compulsory point. this could reflect the payment you receive per payday and your status as a full time employee. If, you have a spouse’s stub to add to, You’ll stand a much better chance to connect up the requirements of the lending company. Apart from a cashier’s check, you should prepare one of your own. Ensure that your Miami Real Estate lawyer or agent updates you about it.
The last, but not the least is your identification card. Carry two such cars along with your a career forms. The HR team of the company you work for will fill it up and authenticate it for you. Before you buy the Property, you can also ask your Miami Real Estate agent to assist you Through.
To purchase Miami Real Estate homes at Excellent price, contact us. Our agents will instruct you Through all the formalities. In case you are searching for Miami Realtors in your location please take a look at our web site today by simply clicking the link.
Source: http://www.favstocks.com/documentations-for-purchasing-miami-real-estate-buildings/0329173/
By Chandler Man
Listed here are some of the documents You’ll need before closing the Miami Real Estate deal. The first records you need to show are of income tax, IRS W-2 form, asset statement and other fiscal documents. The lending institute or entity will desire a promissory note to be able to pull out your credit record. If they feel that you might be financially instable, then you might face potential difficulty in sanctioning the loan. Next, you have to show your bank statement, which will establish your ability to pay off the mortgage.
An insurance policy is also very necessary. Your lender will request for this as an assurance, in case of events of damage or deficit of Asset. This guarantees escape from the risk of losing the dollars they lent you. Preparing your payment stubs is an additional compulsory point. this could reflect the payment you receive per payday and your status as a full time employee. If, you have a spouse’s stub to add to, You’ll stand a much better chance to connect up the requirements of the lending company. Apart from a cashier’s check, you should prepare one of your own. Ensure that your Miami Real Estate lawyer or agent updates you about it.
The last, but not the least is your identification card. Carry two such cars along with your a career forms. The HR team of the company you work for will fill it up and authenticate it for you. Before you buy the Property, you can also ask your Miami Real Estate agent to assist you Through.
To purchase Miami Real Estate homes at Excellent price, contact us. Our agents will instruct you Through all the formalities. In case you are searching for Miami Realtors in your location please take a look at our web site today by simply clicking the link.
Source: http://www.favstocks.com/documentations-for-purchasing-miami-real-estate-buildings/0329173/
By Chandler Man
Thursday, December 9, 2010
Selling A Miami Real Estate Asset: Behind The Scenes
Selling a Miami Real Estate Asset is no mean feat as there is loads of work which needs to be performed in order to produce it a good results. What goes on behind the scenes before the actual selling process is what matters most. Unlike Buying a Property, selling is a very much more difficult job as their needs to be a lot of deliberation and Organizing before one could actually be confident about selling a Property. usually estate sellers employ experienced agents to represent their Property and its advertising campaigns along with all the Dwelling showings. These agents specialize themselves as Asset sellers and are pretty adept at their job.
With the Miami Real Estate market being so saturated, were you can effortlessly locate several Units at the exact rate, one needs to keep his/her Asset in pristine situation to stand a chance of selling it. For which, you need to have to renovate your estate in way which it looks and feels Brand new. This includes all key and insignificant repairs along with the expected cosmetic changes. Most consumers just really don’t look at Property prices; in fact the condition of the estate is what matters most to them. Although preparing the estate to an immaculate condition does involve a lot of Expenditures, but its well worth the gamble.
When selling a Property be it Brand new or old, what purchasers observe at first is the predicament of the landscape just outside your estate. In case the surroundings are messed up then this might easily act against you and sway off Asset buyers. Small little things like maintanence the gutters, preserving the garden, care the pool etc will present a cleaner look besides attracting consumers towards your Miami Real Estate.
Most Miami Real Estate buyers tend to be emotional whilst making their decision. Knowing the preferences and tastes of the buyer can support you sell the Property quite simply. This is where a quality agent may help you out. Deliberating the likes and dislikes of the buyer demands the agent to perform a little bit of study before he/she could prepare the estate accordingly. Although selling an estate is never straightforward, with the Appropriate agent on hand you could readily sell your Asset and times even double up on your earnings margins.
searching for a Miami Real Estate Asset in a posh location, to open a store or organization outlet, then, communication us. The premises we sell are in appropriate locations to fit the purpose.
Source: http://www.favstocks.com/selling-a-miami-real-estate-asset-behind-the-scenes/0529238/
By Chandler Man
With the Miami Real Estate market being so saturated, were you can effortlessly locate several Units at the exact rate, one needs to keep his/her Asset in pristine situation to stand a chance of selling it. For which, you need to have to renovate your estate in way which it looks and feels Brand new. This includes all key and insignificant repairs along with the expected cosmetic changes. Most consumers just really don’t look at Property prices; in fact the condition of the estate is what matters most to them. Although preparing the estate to an immaculate condition does involve a lot of Expenditures, but its well worth the gamble.
When selling a Property be it Brand new or old, what purchasers observe at first is the predicament of the landscape just outside your estate. In case the surroundings are messed up then this might easily act against you and sway off Asset buyers. Small little things like maintanence the gutters, preserving the garden, care the pool etc will present a cleaner look besides attracting consumers towards your Miami Real Estate.
Most Miami Real Estate buyers tend to be emotional whilst making their decision. Knowing the preferences and tastes of the buyer can support you sell the Property quite simply. This is where a quality agent may help you out. Deliberating the likes and dislikes of the buyer demands the agent to perform a little bit of study before he/she could prepare the estate accordingly. Although selling an estate is never straightforward, with the Appropriate agent on hand you could readily sell your Asset and times even double up on your earnings margins.
searching for a Miami Real Estate Asset in a posh location, to open a store or organization outlet, then, communication us. The premises we sell are in appropriate locations to fit the purpose.
Source: http://www.favstocks.com/selling-a-miami-real-estate-asset-behind-the-scenes/0529238/
By Chandler Man
Friday, December 3, 2010
Miami Pending Home Sales Up 26% in November
Miami, FL - Total cumulative pending home sales - including single-family homes and condominiums - in Miami-Dade County increased 26 percent in November compared to a year earlier, from 8,288 to 10,495, and increased 2.3 percent, up from 10,264, compared to the previous month according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
November marks the fourth consecutive month of increased pending home sales in Miami-Dade County. A sale is listed as pending when a contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. "As an indication of future sales, consistently increasing pending sales is a very positive sign for the South Florida real estate market," said Jack H. Levine, 2010 chairman of the board of the MIAMI Association of REALTORS.
Pending sales of condominiums in Miami-Dade County continue to perform stronger than that of single-family homes. In November, condominium pending sales increased 38 percent compared to the previous year, from 4,414 to 6,094 and increased 3.68 percent, up from 5,878 the previous month.
Pending sales of single-family homes in November increased 14 percent from the previous year, from 3,874 to 4,401, and increased .34 percent from the previous month, when pending single-family home sales totaled 4,386. "The current strengthening Miami real estate market is motivating all types of buyers to act now," said Oliver Ruiz, 2010 residential president of the MIAMI Association of REALTORS.
Source: http://www.thestreet.com/story/10937134/1/miami-pending-home-sales-up-26-in-november.html
By DQNews.com 12/02/10 - 12:12 PM EST
November marks the fourth consecutive month of increased pending home sales in Miami-Dade County. A sale is listed as pending when a contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. "As an indication of future sales, consistently increasing pending sales is a very positive sign for the South Florida real estate market," said Jack H. Levine, 2010 chairman of the board of the MIAMI Association of REALTORS.
Pending sales of condominiums in Miami-Dade County continue to perform stronger than that of single-family homes. In November, condominium pending sales increased 38 percent compared to the previous year, from 4,414 to 6,094 and increased 3.68 percent, up from 5,878 the previous month.
Pending sales of single-family homes in November increased 14 percent from the previous year, from 3,874 to 4,401, and increased .34 percent from the previous month, when pending single-family home sales totaled 4,386. "The current strengthening Miami real estate market is motivating all types of buyers to act now," said Oliver Ruiz, 2010 residential president of the MIAMI Association of REALTORS.
Source: http://www.thestreet.com/story/10937134/1/miami-pending-home-sales-up-26-in-november.html
By DQNews.com 12/02/10 - 12:12 PM EST
Thursday, December 2, 2010
Art of the deal
New Yorkers who regularly visit Miami often talk about how hard it is to get any work done there — how the city's lazy, beautiful people just bounce around to beaches, restaurants, hotel lounges, nightclubs, house parties and boat parties.
But the reality is more complicated. There’s no other American city that works this hard at partying and is full of so many people hustling for business while they’re partying. And this is especially true when it comes to selling real estate during the Miami social season, which kicks off with a big splash this week as Art Basel and dozens of satellite events take over South Beach and beyond.
Miami is always a place where out-of-towners can show up to a random apartment party, mention that they might want to buy a vacation home and find themselves talking to a broker and a salesperson of furniture packages while they’re still drinking their first glass of champagne. And with thousands of New Yorkers and rich foreigners in Miami for Art Basel, developers and brokers all over the city know that this week is an especially good time for marketing their real estate.
“Out of all the different festivals in Miami, Art Basel is the one that brings in the kind of demographic that is really prime for our properties,” says local broker Mark Zilbert, who specializes in luxury condos. “We’re working seven days a week. And people come into town with no intentions of buying, but they get caught up in the moment.”
In October, we visited the site of 3 Indian Creek, a new, listed-for-$60-million house that’s part of a private, extremely exclusive 300-acre community whose homeowners include Carl Icahn, Julio Iglesias and Art Basel chairperson Norman Braman. Designer and co-owner Felix Cohen greeted us wearing frayed jeans and a white shirt with paint stains. He offered a quick tour of the 30,000-square-foot mansion while contractors were hard at work all around us.
There was no time to waste, Cohen said, because he had a serious deadline. The house, which had already been visited by potential buyers, among them Alex Rodriguez, had to be ready for Art Basel week. Cohen admitted that he was “nervous” about the timing, but 3 Indian Creek (which is being marketed in New York by Prudential Douglas Elliman’s Oren Alexander) was indeed unveiled with a party on Tuesday.
That was the same evening the W South Beach Hotel & Residences held the official Art Basel opening party. The W, like many Miami spots, is hosting events all week and hoping that some art collectors also turn into homebuyers.
Other highlights of the week include:
The Icon Brickell condo building downtown has a Scope Art Show film premiere on Friday and just unveiled its new iPhone/iPad app, which offers neighborhood information, floor plans and event locations. In addition, the Fortune International brokerage is having open houses at Icon Brickell and Jade Ocean in Sunny Isles Beach, where brokers and potential buyers can pick up “VIP Basel” bags with passes to various art events.
The $2.3 billion Midtown Miami mixed-use project is hosting several fairs, including Art Miami, Red Dot Fair, Scope and Art Asia, and offering an exhibit from London artist Willard Wigan, who creates ultra-tiny sculptures that can only be seen through a microscope.
The new JW Marriott Marquis, part of the billion-dollar Metropolitan Miami mixed-use project downtown, has partnered with Christie’s on an exhibit with pieces by Andy Warhol, Damien Hirst, Keith Haring, Eduardo Chillida and others.
The tony Golden Beach community (where Ricky Martin has put his mansion on the market and where Basel-participating artist Bruce Weber lives) is offering tours with Mayor Glenn Singer to show off the town’s $30 million renovation.
In Wynwood, an emerging area near the Design District, the Bakehouse Art Complex is offering a tour of local studios while also showcasing its two galleries (the Audrey Love Gallery has an exhibit inspired by the seven deadly sins, while the Swenson Gallery is selling budget-friendly $100 5-by-7-inch pieces) and 33,000 square feet of exhibition space
But the reality is more complicated. There’s no other American city that works this hard at partying and is full of so many people hustling for business while they’re partying. And this is especially true when it comes to selling real estate during the Miami social season, which kicks off with a big splash this week as Art Basel and dozens of satellite events take over South Beach and beyond.
Miami is always a place where out-of-towners can show up to a random apartment party, mention that they might want to buy a vacation home and find themselves talking to a broker and a salesperson of furniture packages while they’re still drinking their first glass of champagne. And with thousands of New Yorkers and rich foreigners in Miami for Art Basel, developers and brokers all over the city know that this week is an especially good time for marketing their real estate.
“Out of all the different festivals in Miami, Art Basel is the one that brings in the kind of demographic that is really prime for our properties,” says local broker Mark Zilbert, who specializes in luxury condos. “We’re working seven days a week. And people come into town with no intentions of buying, but they get caught up in the moment.”
In October, we visited the site of 3 Indian Creek, a new, listed-for-$60-million house that’s part of a private, extremely exclusive 300-acre community whose homeowners include Carl Icahn, Julio Iglesias and Art Basel chairperson Norman Braman. Designer and co-owner Felix Cohen greeted us wearing frayed jeans and a white shirt with paint stains. He offered a quick tour of the 30,000-square-foot mansion while contractors were hard at work all around us.
There was no time to waste, Cohen said, because he had a serious deadline. The house, which had already been visited by potential buyers, among them Alex Rodriguez, had to be ready for Art Basel week. Cohen admitted that he was “nervous” about the timing, but 3 Indian Creek (which is being marketed in New York by Prudential Douglas Elliman’s Oren Alexander) was indeed unveiled with a party on Tuesday.
That was the same evening the W South Beach Hotel & Residences held the official Art Basel opening party. The W, like many Miami spots, is hosting events all week and hoping that some art collectors also turn into homebuyers.
Other highlights of the week include:
The Icon Brickell condo building downtown has a Scope Art Show film premiere on Friday and just unveiled its new iPhone/iPad app, which offers neighborhood information, floor plans and event locations. In addition, the Fortune International brokerage is having open houses at Icon Brickell and Jade Ocean in Sunny Isles Beach, where brokers and potential buyers can pick up “VIP Basel” bags with passes to various art events.
The $2.3 billion Midtown Miami mixed-use project is hosting several fairs, including Art Miami, Red Dot Fair, Scope and Art Asia, and offering an exhibit from London artist Willard Wigan, who creates ultra-tiny sculptures that can only be seen through a microscope.
The new JW Marriott Marquis, part of the billion-dollar Metropolitan Miami mixed-use project downtown, has partnered with Christie’s on an exhibit with pieces by Andy Warhol, Damien Hirst, Keith Haring, Eduardo Chillida and others.
The tony Golden Beach community (where Ricky Martin has put his mansion on the market and where Basel-participating artist Bruce Weber lives) is offering tours with Mayor Glenn Singer to show off the town’s $30 million renovation.
In Wynwood, an emerging area near the Design District, the Bakehouse Art Complex is offering a tour of local studios while also showcasing its two galleries (the Audrey Love Gallery has an exhibit inspired by the seven deadly sins, while the Swenson Gallery is selling budget-friendly $100 5-by-7-inch pieces) and 33,000 square feet of exhibition space
Wednesday, December 1, 2010
Visa deal funding realty, investors get homeland
At a time international investors are drawn to Miami's real estate bargains, the government's EB-5 visa program is an attractive vehicle for them to invest here in exchange for US residency.
Exclusive Visas, an EB-5 consulting firm based in Weston, is advising developers of several projects that would boost the local economy and create jobs while offering participating investors permanent residency for them and their families.
These projects include the University of Miami's Life Science and Technology Park, rising in Miami's health district, and the planned construction of 50 Sonic fast-food restaurants throughout Miami-Dade and Broward counties.
Fred Burgess, president of Exclusive Visas, has been a practicing attorney for 20 years and got involved in the EB-5 program in 2007.
His firm advises clients on how to apply for a regional center and demonstrate the creation of a certain number of jobs to get the federal government to approve the projects.
The EB-5 visa program was created by the government to provide employment-based visas. The government basically requires a foreign national to invest $500,000 to $1 million into a venture that would create 10 sustainable jobs and in exchange, receive a green card.
If the project is in a geographic area of high unemployment, the investor is only required to put in $500,000.
Basically, Mr. Burgess said, "we need to make sure their funds come from credible sources and that they don't have a criminal background."
One project Mr. Burgess has been working on is UM's Life Science and Technology Park.
Under the EB-5 program, developer Wexford Miami is raising $20 million capital from 40 participating investors.
"They are close to selling off," he said. "That EB-5 project will be filled by the end of this year."
He is also advising Miami-based QueensFort Capital Corp., which bought exclusive development rights to build 50 Sonic restaurants in Miami-Dade and Broward in the next four years.
The development firm is acquiring the land where it plans to build the restaurants at discounted prices, which benefits the investors involved. It is seeking six to eight investors per package of two to four restaurants.
Carolina Oliva, QueensFort Capital's senior vice president, said right now most interest in the Sonic project is coming from China, Latin America — particularly Venezuela and Mexico — and the Middle East.
Mr. Burgess and his team travel globally with clients to market their projects, making frequent trips to countries such as China, Korea and Venezuela.
"We travel throughout the world regularly, so we know what the market is looking for and we can advise companies raising capital how to structure their project so it's attractive to the investor," he explained.
Some internationals are drawn to invest in these ventures because they want to come to the US for social, political and even climate reasons.
"We have a big push from Mexico and Venezuela for safety and political reasons," respectively, he said.
More than half of EB-5 visas come from China and Korea, Mr. Burgess noted, adding that when the program first took off it became popular in the United Kingdom.
Although this government-backed visa program has been in place since the 1990s, he said, it got little use until the regional center model was added in 2003.
But the model kept sunsetting every six months, until in October 2009 President Obama extended it three years with a push to make it permanent.
Today, he said, more than 120 projects nationwide are participating under the regional center model.
Source: http://www.miamitodaynews.com/news/101202/story4.shtml
By Yudislaidy Fernandez
Exclusive Visas, an EB-5 consulting firm based in Weston, is advising developers of several projects that would boost the local economy and create jobs while offering participating investors permanent residency for them and their families.
These projects include the University of Miami's Life Science and Technology Park, rising in Miami's health district, and the planned construction of 50 Sonic fast-food restaurants throughout Miami-Dade and Broward counties.
Fred Burgess, president of Exclusive Visas, has been a practicing attorney for 20 years and got involved in the EB-5 program in 2007.
His firm advises clients on how to apply for a regional center and demonstrate the creation of a certain number of jobs to get the federal government to approve the projects.
The EB-5 visa program was created by the government to provide employment-based visas. The government basically requires a foreign national to invest $500,000 to $1 million into a venture that would create 10 sustainable jobs and in exchange, receive a green card.
If the project is in a geographic area of high unemployment, the investor is only required to put in $500,000.
Basically, Mr. Burgess said, "we need to make sure their funds come from credible sources and that they don't have a criminal background."
One project Mr. Burgess has been working on is UM's Life Science and Technology Park.
Under the EB-5 program, developer Wexford Miami is raising $20 million capital from 40 participating investors.
"They are close to selling off," he said. "That EB-5 project will be filled by the end of this year."
He is also advising Miami-based QueensFort Capital Corp., which bought exclusive development rights to build 50 Sonic restaurants in Miami-Dade and Broward in the next four years.
The development firm is acquiring the land where it plans to build the restaurants at discounted prices, which benefits the investors involved. It is seeking six to eight investors per package of two to four restaurants.
Carolina Oliva, QueensFort Capital's senior vice president, said right now most interest in the Sonic project is coming from China, Latin America — particularly Venezuela and Mexico — and the Middle East.
Mr. Burgess and his team travel globally with clients to market their projects, making frequent trips to countries such as China, Korea and Venezuela.
"We travel throughout the world regularly, so we know what the market is looking for and we can advise companies raising capital how to structure their project so it's attractive to the investor," he explained.
Some internationals are drawn to invest in these ventures because they want to come to the US for social, political and even climate reasons.
"We have a big push from Mexico and Venezuela for safety and political reasons," respectively, he said.
More than half of EB-5 visas come from China and Korea, Mr. Burgess noted, adding that when the program first took off it became popular in the United Kingdom.
Although this government-backed visa program has been in place since the 1990s, he said, it got little use until the regional center model was added in 2003.
But the model kept sunsetting every six months, until in October 2009 President Obama extended it three years with a push to make it permanent.
Today, he said, more than 120 projects nationwide are participating under the regional center model.
Source: http://www.miamitodaynews.com/news/101202/story4.shtml
By Yudislaidy Fernandez
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