This Week in Miami Real Estate: Irma fallout, voting results and more

by Kelly McCabe

Voters around the country showed up to the polls on Election Day 2017, and the ballots in the Miami metro area included measures related to real estate. Outgoing Mayor Tomas Regalado’s $400 million Miami Forever general obligation bond was passed, according to the Miami Herald. It includes measures to upgrade storm drains, flood pumps and sea walls to ease future flooding. 

Miami Beach voters also approved a measure to rezone North Beach to allow for a master plan to revitalize a mixed-use district spanning 10 blocks. 

Elsewhere in the Miami area: 

  • Florida officials are cracking down on unlicensed contractors who are fraudulently trying to benefit from Hurricane Irma cleanup. Five have been arrested in Hillsborough County and 73 others have been charged in the Tampa Bay area, according to Construction Dive
  • Nearly 63 percent of Miami renters spent more than 30 percent of their income on rent last year, making it the most expensive city for renters in the country, according to a new study from Apartment List
  • Back on the market is a three-bedroom, 3,030-square-foot South Beach condominium owned by Continuum investor Stuart Eichner. The listing price, $11.5 million, is about 10 percent less than the original listing price last year, according to The Real Deal Miami.  
  • A new Bay Harbor condo project, Ability by Acierto, just acquired a $14 million construction loan from LV Lending. The development, which is 41 percent sold, has units ranging from 900 to 2,100 square feet and about $600,000 to just less than $2 million, according to The Real Deal
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