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Category: Real Estate

Fort Lauderdale’s Short Term Vacation Rental Application Explained

Posted on Jun 21, 2016 in Real Estate

On August 18, 2015, the City of Fort Lauderdale’s Commission adopted Ordinance Article X, Chapter 15 (the “Ordinance”) in order to mitigate the effects of short-term vacation rentals in an attempt to make them safer and more compatible with existing neighborhoods.  The new ordinance became effective on November 1, 2015.  It allows vacation rental home owners to apply for a “Certificate of Compliance” from the City Manager’s Office for the purposes of offering rental services within the City of Fort Lauderdale’s residentially zoned areas. The Ordinance defines “Vacation Rentals” as: Any unit or group of units in a condominium or […]

Olive Judd Represents Buyer in $87M Commercial Real Estate Transaction

Posted on May 18, 2016 in Real Estate

On Tuesday, May 17, 2016, Olive Judd’s real estate team represented buyer Maurice Mann in the closing of an $87,600,000 commercial real estate transaction. Mr. Mann purchased a 352 unit apartment complex known as “Barcelona at Jupiter” and effectuated a 1031 tax deferred exchange by using sale proceeds from an apartment building that he recently sold in New York. The transaction was handled by Steve Hoffman, Kristy Armada, and Nicole Villaroel. Please see the article linked below for more information. “New apartment complex sold for $88 million,” South Florida Business Journal, http://www.bizjournals.com/southflorida/news/2016/05/18/new-apartment-complex-sold-for-88-million.html.  

Discharging Lis Pendens in Property Disputes

Posted on May 9, 2016 in Real Estate

When a lawsuit between parties involves real property, such as a real estate transaction or asset sale, sometimes the purchaser will file a lis pendens in the litigation. The term “lis pendens” literally means a pending suit.  In Florida it is defined as the jurisdiction, power, or control which courts acquire over property involved in a pending suit.  By filing a lis pendens and recording it in the public record, the filing party creates a cloud on the title that effectively prevents the owner from selling his property to a third party until the litigation is resolved. For example, if […]

City of Fort Lauderdale Short Term Vacation Rental Ordinance

Posted on Apr 25, 2016 in Real Estate

On August 18, 2015, the City of Fort Lauderdale’s Commission adopted an ordinance regulating vacation rentals. Prior to developing and adopting the ordinance the City lost its effort to prohibit single-family homes from being used as short-term vacation rentals.  In 2010, the owner of a home used as a vacation rental appealed a code enforcement decision to the Florida Circuit Court after a special magistrate ruled that she had violated city codes by using her single family home as a short term rental. On the appeal to the 17th Judicial Circuit, the Circuit Court Judge, Judge Dale Ross, ruled that the […]

Loan Originator Compensation Rule under Dodd Frank

Posted on Mar 3, 2016 in Real Estate

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act” or simply, “Dodd-Frank”) was enacted in July 2010 in response to the 2008 financial crisis. The Dodd-Frank Act created the Consumer Financial Protection Board (“CFPB”) as the primary regulatory body empowered to enforce new and existing lending regulations. In addition to enforcing new and existing lending regulations, the CFPB was designed to educate consumers and study the financial services and markets. One of the CFPB’s first endeavors was to enact the Loan Originator Compensation Rule (the “Rule”), which implements Dodd-Frank’s requirements, as set by Congress. The Rule functions […]

Internal Revenue Code Section 1031 Tax Deferred Exchange (Part I)

Posted on Feb 19, 2016 in Real Estate

An opportunity to defer taxes and build wealth arises when and individual or entity sells an investment property for more than he or it purchased it for. Generally, tax on the seller’s capital gain is due upon the sale of property. However, Internal Revenue Code Section 1031 provides an exception to this rule and allows a seller of investment property (referred to here as the “Relinquished Property”) to re-invest his proceeds into another investment property (referred to here as the “Replacement Property”) as part of a qualifying “like-kind” Exchange. Often misunderstood by taxpayers, capital gain deferred in an Exchange is […]