Will be interesting to see where this and some other similar developments with ground leases set to expire in the coming years.https://hoodline.com/2025/11/pennies-for-paradise-kahala-bea...

Week of November 10, 2025The government’s back open, economic data is catching up, and housing is starting to show life again!

You can catch up with depreciation not taken in the past, including retroactive cost segregation.But 50% allocated to bonus depreciation is way too high for most properties.

However, Even though the property is in service in 2025, you could still do a cost segregation study in 2026 and make a Section 481(a) adjustment to catch up missed depreciation......Anthony,as a tax professional, I'm confirming what Brian said.You will need to use the procedure he mentioned which involves completing Form 3115, as opposed to filing an amended return for 2025.

like any other project we will have to guage interest and showings.. 90% of the homes I built there sold within 45 days OM.. although I have had to rent a few as well and let the market catch up. 

**OPERATING COST REALITY CHECK:**- Insurance: +29% YoY (coastal exposure + reinsurance crisis)- Maintenance: +24% (labor + materials)- Property Taxes: +22% (reassessments catching up)- Condo Fees: +45% since 2021 (SB 4-D structural compliance)**MARKET DYNAMICS:**- Luxury ($1M+): 10.2 months inventory, seeing 10% discounts- Single-family: 6.4 months, still climbing 4% annually- Condo/townhome: 12 months inventory (buyer's market forming)**CAP RATE SPREAD:**- Miami core (Brickell/Downtown): 4.7%- Suburban (Doral/Kendall/Homestead): 5.3%- 60bp spread = biggest arbitrage opportunity in years**INVESTOR BEHAVIOR SHIFT:**Seeing capital rotate from luxury spec plays → workforce housing with stable cash flow.

Give the existing tenants a 4 year "window" to catch up to market rate.

It's kind of a catch 22, because aucions typically reuire proof of funds prior to lending, and you don't want to take the loan, unless you know you're going to win the bid.

Taxes also tend to spike hard on newer buildings once the assessor catches up, especially in areas with rapid development.

Catching discrepancies now prevents messy surprises during tax prep.2.