Trump’s Impact On The South Florida Real Estate Market
By Ismael Rodriguez
Trump’s presidency will not only affect the U.S. economy as a whole, but also bring much needed growth to a real estate market in South Florida that suffered a slowdown in 2016.
According to a survey of top industry professionals released by law firm Berger Singerman, 28 percent of the real estate community attributed their optimism to the presidential elections, while the overall 53 percent credited the new construction of condo projects and under-valued neighborhoods in Little Havana, Little Haiti and Miami River.
One major commercial deal following the presidential election, and a preview of what to expect this year, came in the form of $517 million for downtown Miami’s iconic Southeast Financial Center by a Spanish investor.
“There could be some soft spots, but the overall takeaway is that it’s a good time to be in real estate in South Florida,” Barry Lapides of Berger Singerman told the press.
In another note, President Donald J. Trump, a man who made his fortune as a developer, will have the final say on a federal anti-money laundering initiative known for targeting areas like Miami, with booming real estate markets made up of foreign investors, and set to expire come Feb. 23.
He can either strengthen the grip on the real estate market or choose not to renew or expand the regulations enforced by the Financial Crimes Enforcement Network (FinCEN)—the U.S. Treasury Department agency responsible for monitoring commercial and residential deals for signs of dirty cash, helping detect criminals who stash money in real estate.
“As we are still in the data-gathering phase, we cannot speculate on any future actions,” Stephen Hudak, a FinCEN spokesman, told the press. The agency described the regulations as a pilot program to decide if the real estate market deserves permanent anti-money laundering rules.