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Thumbs up on Florida residential real estate purchases

Florida's tag as the Sunshine State positively influences individuals and businesses thinking of relocating. Many people choose homes in community associations, whether condominium, cooperative or homeowner associations.

And, indeed, Florida's pull seems borne out by on-point data recently released by the National Association of Realtors (NAR): Florida leads every other state in the country as a favorite choice of foreigners looking to put down dollars on a new home in the United States.

And that lead is significant. In fact, the NAR cites Florida's overwhelming supremacy among all states in what has become a resurging realty market for international buyers, with the Tampa Bay Times noting a central NAR finding that "foreign buying is focused first and foremost on Florida."

Here's a stunning statistic: Reportedly, more than one-fifth of all domestic residential purchase activity engaged in by buyers from other countries over a recent one-year period occurred in Florida!

That is clout, and something that bodes well for the state looking forward. The level of Florida-tied purchases from April of last year to March this year was nearly double that of what occurred in California and Texas over the same time frame. Those two states saw the second highest residential purchase growth in the country.

Even from a national perspective, domestic purchases by foreigners have rocketed in recent months. The NAR estimates that the scores of billions of dollars currently being spent on foreigners for U.S. residential properties is breaking all existing records.

It is also noteworthy that much of this money is going into condominiums and the number of new condominium developments is growing dramatically in Florida. This not only means new housing is coming online, it also means the market for retail and business services is expanding. It's important to have legal guidance, especially as the Florida legislature has just passed critical amendments to laws governing real property and community associations.  Major changes were made to the Florida Condominium Act and became effective July 1, 2017. Some of these amendments appear to put Condominium board members in criminal jeopardy for any missteps. Quite a number of the amendments are well intended, but just confusing.

Many of these changes by the Florida legislature were in response to a Grand Jury Report coming out of Miami-Dade County this past year, detailing kickbacks and fraud by condominium officers and managers. Read this stunning report here at Miami-Dade State Attorney Rundle's website: http://www.miamisao.com/wp-content/uploads/2017/02/Grand-Jury-Report-Final.pdf

Our office keeps up with changes in the law so we may effectively assist and advise our clients. Visit our website:

http://www.naplesattorney.net/practice/real-estate-commercial-litigation/

and see additional blogs. http://www.naplesrealestatelitigationattorney.com/2016/09/what-are-the-duties-of-a-board-of-administration-for-a-condo-or-community-association.shtml

We'll be posting new blogs to demonstrate the reach of the new and sometimes confusing amendments to Florida Statute 718 on Condominiums.

All blogs are intended only as general guidance for the public, not specific advice.  Remember, the law is constantly changing and each client's circumstances are unique.

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