Feds widen hunt for dirty money in Miami real estate

The federal decree comes at a bad time for Miami real estate. Overbuilding and a slump in wealthy foreign buyers are hurting sales. the average sales price for luxury condo units on Miami Beach fell 21 percent year over year in the second quarter of 2017, according to a report from brokerage Douglas Elliman, Two thirds of those sales were cash.

MIAMI – The federal government says its hunt for dirty money in luxury real estate in South Florida and other high-priced housing markets is working – and the temporary initiative is being.

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Feds widen hunt for dirty money in Miami real estate Miami Herald Wake up and smell the dirty money. That’s the message federal regulators are sending to the real estate industry in Miami. and other high-priced housing markets. On Tuesday, the U.S. Treasury Department announced it would extend and expand a temporary.

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More from the Naples Daily News. Feds widen hunt for dirty money in Miami real estate The U.S. Treasury Department will now track wire transfers in seven luxury real estate markets, including South.

Wake up and smell the dirty money. That’s the message federal regulators are sending to the real estate industry in Miami and other high-priced housing markets. On Tuesday, the U.S. Treasury Department announced it would extend and expand a temporary initiative designed to uncover criminals laundering money through real estate. The decree targets secretive shell companies – corporations that don’t have to reveal their true owners – buying luxury homes.

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The federal government says its hunt for dirty money in luxury real estate in South Florida and other high-priced housing markets is working – and the temporary initiative is being extended yet again. Since 2016, the U.S. Treasury Department has mandated that secretive shell companies buying luxury homes with cash in certain areas disclose their true owners to the government.

The hunt for dirty money in Miami real estate is working – and will continue, feds say. Typically, GTOs last for six months. The latest order applies to the areas that have already been under government scrutiny: miami-dade, Broward and Palm Beach counties; the New York City boroughs of Manhattan, Brooklyn, Queens,