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How the Climate Crisis Is Threatening American Homeownership
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Betting on Florida real estate could be a big mistake Jeffrey Greenberg/Education Images/Universal Images Group/Getty Images This story is available exclusively to Insider subscribers. Become an Insider and start reading now.
South Florida faces a climate crisis as rising sea levels imperil real estate in coastal areas.
New residents and investors who moved there in droves during the pandemic need to know the risks.
The increased likelihood of flooding endangers trillions of dollars of coastal real estate.
The real-estate scene might seem bright in the Sunshine State, but clouds loom on the horizon.
Thanks to the pandemic, Florida is booming. Executives,startup founders, and companies have flocked to Miami and West Palm Beach in droves from Wall Street and Silicon Valley thanks to Florida s enticing tax breaks and balmy climate. Record-low mortgage rates and location-flexible remote work helped fuel a home-bu
Industry insiders say likely logistics companies and e-commerce operators would be likely acquisition targets.
Retail REIT Simon Property Group, the country’s largest operator of regional malls, is riding the SPAC wave. We don’t know yet where that wave will take the company, but industry insiders offer a number of guesses.
On Jan. 29, Indianapolis-based Simon filed paperwork with the U.S. Securities and Exchange Commission (SEC) to form a special purpose acquisition company, or SPAC. The SPAC, called Simon Property Group Acquisition Holdings Inc., seeks to raise at least $300 million through an IPO.
A “blank check” SPAC is a shell company with no operations that’s set up for the sole purpose of raising cash via an IPO and eventually acquiring an existing company. It’s considered a less costly, less complicated fundraising alternative to a traditional IPO.
Shelborne South Beach and Seagull Hotel (Shelborne, Google Maps)
The hotel market was among the hardest hit sectors of the coronavirus pandemic in 2020, resulting in many owners scrambling to survive.
After many hotels laid off the majority of their staff in March and subsequent months, a number of properties remained closed until the winter. And some have yet to reopen, as domestic and international travel remains low.
In South Florida, the pandemic led to forbearance agreements with lenders, some foreclosure filings, new equity investors, out-of-court UCC foreclosures, merging of ownership, and properties hitting the market. For properties marketed for sale – either on the market or quietly among brokers – pricing is another issue, as many sellers and opportunistic buyers can’t agree on valuations, experts say. As a result, few hotels traded in 2020, and the two largest deals – each for $120 million – closed in January, before the pandemic caused a major disruption to
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