Inside The PROFILEmiami Fall Real Estate Showcase & Forum 2018

PROFILEmiami, Miami's leading real estate news platform, hosted its first annual PROFILEmiami Fall Real Estate Showcase & Forum on November 13, 2018. The evening was filled with education and networking, bringing together Miami’s local real estate leaders: top architects, brokers, developers, investors, real estate professionals, luminaries and government officials. The forum featured four informative topic panels including Miami’s Private Use of Public Land, Opportunity Zones, Sustainable Development as well as The Tokenization of Real Estate.

“We choose topics to explore that are having a major effect on Miami real estate today,” said Demetri Demascus, Founder & Publisher of PROFILEmiami. “Our goal is to provide an atmosphere of education where the general public and real estate professionals can learn from some of the leaders in their field as well as have the opportunity to connect with them in person.”

Our panelists for Miami’s Private Use of Public Land featured John Greco, Deputy City Attorney - City of Miami, and Xavier E. Albán, Assistant City Attorney - City of Miami, who explored the process that the city, state and county take when it comes to private developers approaching them about operating on public land.

An Exploration Into Opportunity Zones featured Thomas Volpe, CEO of Sikari Fund, Sheri Colas-Gervais of the Beacon Council, and Miguel Pinto, President & Managing Broker of Apex Capital Realty. The panel introduced the economic incentives of investing in Opportunity Zones in Miami and how to find opportunity zone properties and the tax advantages.

The Sustainable Development panel brought together Jon Cardello, Vice President at Stantec, Martin Pinilla, Managing Partner of Barlington Group, and Jeremy Waks of Oak Ventures and developer of Arbor Coconut Grove, to explore sustainable technologies and design in Miami real estate.

The evening capped off with The Tokenization of Real Estate, which brought together Kim Prior of Shutts & Bowen, Peter Debs of Bitfinance, and Jorge Guerra, President of Miami Association of Realtors; together they explored how tokenizing real estate assets can make access to capital and equity easier, while unlocking secondary liquidity and value for investors. The panels were moderated by Demetri Demascus, Founder & Publisher of PROFILEmiami as well as Katya Demina, Editor of PROFILEmiami.

Thank you to our partners Tesla, Apex Capital Realty, RealDax, BB Capital Group, Hallandale Beacon, Miami Design District, Game Day Skincare and our panelists.

Nukondo: Capturing the International Buyers Market in Miami

South Florida has and continues to be a hotbed for international buyers, according to the 2017 Survey conducted by the Miami Association of REALTORS. Foreign buyers purchased 15,400 residential units (between August 2016 - July 2017), totaling over $7.2 billion in sales in the Miami-Dade, Broward, Palm Beach, and Martin counties.

A new real estate tech company called Nukondo is attempting to capitalize on this market segment. Their app provides a platform for real estate developers and new construction brokers to stay informed on the latest luxury projects. It standardizes and distributes this information globally, so that buyers and their agents can decide which condominium is most suited for their needs.

After three months of beta-testing, Nukondo has successfully on-boarded 72 of the most prominent projects in Miami such as One Thousand Museum, Missoni Baia, and Turnberry Ocean Club, with over 10,000+ units in inventory. “Our app helps developers expose their projects globally 24/7, allowing them to speed up sales and cut marketing costs,” says founder Jorge Brugo. “Be informed when you’re searching for that special new condominium and make sound buying decisions.”

Nukondo exposes international buyers to the Miami and Florida markets and directs them to a condominium sales team. In Miami, these international buyers are primarily coming from:

1. Argentina: 15%

2. Venezuela: 11%

3. Canada: 11%

4. Colombia: 9%

5. Brazil: 8%

The company will move into its full release once user feedback and content curation have been finalized. The company plans to scale beyond its pilot market of Miami, into other major U.S. and international metropolitan cities.

Article by: Katya Demina & Stephanie Warren

Extortion & MLS Manipulation: Inside Kevin Tomlinson Vs. The Jills Legal Battle

The drama has now wrapped up in a high-profile legal drama between real estate broker big-wigs Kevin Tomlinson of ONE Sotheby's International Realty vs. The Jills of Coldwell Banker, led by Jill Eber and Jill Hertzberg. While the legal proceedings have wrapped up, this is a case where there are no winners. Tomlinson was sentenced in August 2018 to an extended period of probation and has been banned from the real estate industry after being convicted on 2 counts of extortion. Tomlinson had threatened to expose The Jills for manipulation of Multiple Listing Service (MLS) property sales data unless they paid him $800,000 to keep quiet. Tomlinson will now endure 2 years of probation with an ankle monitor followed by an additional 15 years of probation. Tomlinson had faced 30 years in jail for his actions.

In the Tomlinson vs. The Jills case, The Jills took full responsibility for the manipulation, pinning the actions on a rogue employee, Juan Carlos Otoya, and claiming that they were unaware and don't use the MLS. The Jills had manipulated listings on the MLS 552 times between 2011 and 2015, erasing 23,740 days on market from the firm's listings sales velocity on over $372 million worth of property. Tomlinson had filed a complaint with the Miami Association of Realtors in regards to The Jill's inflated sales data. Despite the admission, neither Otoya nor The Jills have been punished or further investigated and it is believed that the drama behind the Tomlinson extortion case has overshadowed the MLS manipulation complaint. 

Unexplored in the court proceedings, should The Jills have known of the manipulation, using the manipulated data to secure listings could constitute as fraud, defined "as the the wrongful or criminal deception intended to result in financial or personal gain." While the manipulation of MLS data can make a realtor look good to prospective clients, both buyers and sellers alike, the manipulation of MLS data can also effect everything down the line in the real estate industry such as home appraisal value, mortgages, and the accuracy of comparable sales data, which can be used from everything previously mentioned to an buyer's fair ability to make the proper choice of property and offer price based on data backed to be accurate. Additionally, their statements under oath that they were unaware of the manipulation could constitute perjury should they have made any references to the manipulated data previously during either showing, listing appointment or negotiation. There is currently no investigation made public into the matter.  

Watch The Full Panel From PROFILEmiami's "State Of The Sunny Isles Real Estate Market Event"

Local leaders, luminaries and real estate professionals converged at The Ritz-Carlton Residences, Sunny Isles Beach sales gallery on May 2, 2018 for an in-depth discussion about the state of the Sunny Isles Beach real estate market. Fortune International Group and Château Group, developers of The Residences, hosted the panel in tandem with real estate news outlet PROFILEmiami, spotlighting important insights about the City and its continued growth. Attendees of the breakfast event were locked in discussion about the strong retail and development growth that has taken hold in Sunny Isles Beach, including an analysis of some of the major factors that have contributed to the area’s recent construction boom.    

Panelists:

• Edgardo Defortuna, President and CEO of Fortune International Group
• Dana Goldman - City of Sunny Isles Beach Vice Mayor  
• Jorge L. Guerra Jr., President of the Miami Association of Realtors
• Boris Kozolchyk, Colliers International Executive Vice President
• Moderated By: Demetri Demascus, Founder PROFILEmiami 

Watch the video above or: https://youtu.be/fzwuJXa1h_4

Watch the Coffee Hour: https://youtu.be/pIrPpWrSUu8

Check out the full gallery and get the inside scoop from PROFILEmiami Present's "The State of The Sunny Isles Real Estate Market Panel"

PROFILEmiami, REALDAX & Creative Glue Present Blockchain in Real Estate On June 28 6-8 PM In Little River

Real Estate is one of the oldest industries in the world with the least amount of true innovation. Blockchain technology, on the other hand, has only been around a few years but has been disrupting industries left and right, including Real Estate. We believe cross-industry collaboration fosters innovation, and that shifting traditional contexts, we can usher in new perspectives. Drawing from multiple pools of knowledge and ways of looking at things will bring novelty and creativity to the table.

At this Crypto Hour, "Blockchain in Real Estate," we will be discussing the different areas of the real estate industry that Blockchain technology can innovate. This includes: Brokers/Agents, Escrow/Legal, Mortgage Brokers, Direct Lenders, Title Insurance, and Deed/Title Registration.

Some of the question you may have that we're going to answer:

• Is it possible to close an RE transaction with Cryptocurrency?
• What would be required for Blockchain to be established in real estate?
• How does the mortgage industry view crypto assets when issuing loans?
• Is Title Insurance going to be a thing of the past?
• Do I have to worry about not having a job in the future?
• And more!!!

A big thank you to our sponsor's and partners who are helping make this all possible:

• 360 Spaces, a beautiful new Co-working space located right in Little River, for their amazing venue!
• Creative Glue, an experiential marketing, and event production agency that aims to bridge the gap between business and creativity.
• PROFILE Miami, who is your one-stop destination for Miami Real Estate news and content. They provide up-to-date coverage on the hottest new developments, market trends, and the coolest homes in Miami's ever-changing landscape.

Also a big thank you to our partners who are going to be keeping us refreshed at this event - Hooch, Wynwood Brewery!

RSVP: bit.ly/360blockchain

Panelists:

• Jorge Guerra Jr. - President for the Miami Association of Realtors
• Hector Garcia - RKTR Agency
• Demetri Demascus - Founder of PROFILEmiami & Investor
• Twinee Villanueva - IHouse Token
• Moderated By: Spencer Lyon - REALDAX

Agenda:

• 6:00 - Check-in / Networking
• 7:00 - Panel Talk
• 7:45 - Q&A