This Week in Miami Real Estate: Rental restrictions, agent moves and more

by Andrew Morrell

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Miami and surrounding municipalities are joining a growing list of cities around the U.S. to institute more strict regulations on short-term home rentals like Airbnb. City officials for Miami Beach enacted a law in effect as of Sept. 22 that would require online short-term rental platforms to post the city-issued tax receipt number and resort tax registration ID for all available rentals. Miami Beach already requires any property owner renting out their residence for fewer than six months to register with the city and obtain these licenses, as well as pay associated fees and taxes. Short-term rentals are also only permitted in a certain stretch of South Beach.

Palm Beach County may follow suit with similar measures that were proposed in a recent meeting of county commissioners. According to The Real Deal Miami, the plans already have earned preliminary approval and mirror those in place in Miami Beach. Airbnb and some homeowners who earn income under the service generally don’t support the rules as they would increase compliance costs and make it harder to list rentals.

In other local real estate news:

  • Compass Florida announced new additions to its growing South Florida team in its Coral Gables office. Carole Smith, formerly a senior vice president with EWM, is joining Compass, according to a news release. Smith was at EWM Realty International for 25 years and was ranked among the top-producing agents in Coral Gables during 2017, in terms of sales volume. Compass also announced the addition of McDuffie Realty founders O.J. and Frances McDuffie to their Coral Gables office this week. Prior to entering real estate, O.J. played for the Miami Dolphins as a wide receiver.
  • A mansion in Hillsboro Beach up for auction Nov. 15 may be among the highest-priced residential listings in the country. The 58,000 square-foot Playa Vista will be sold in a live auction with no reserve, but the property is estimated to be worth approximately $159 million. Mayi de la Vega, founder of ONE Sotheby’s International Realty, is the listing agent.
  • Valley National Bank announced it had secured financing for a workforce housing development in Brickell. The project, dubbed Brickell West, includes plans for a 13-story tower at 35 SW 6th Avenue and will include 100 apartment units, many of them priced at affordable levels. Valley National Bank approved a $12.6 million loan to developer 35 SW 6th Ave LLC.
  • New York-based brokerage The Corcoran Group moved its offices and 108 Miami agents to a new location in Palm Beach, and Douglas Elliman may move in to replace them. Palm Beach Daily News reported that Corcoran leased its new space in Coconut Row at 400 Royal Palm Way. Meanwhile, Douglas Elliman may take over the brokerage’s former space as it looks to expand its own footprint. Plans are expected to be finalized by the end of the year.
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