The median price for single-family homes in the Orlando region that closed in March increased 6.3% over March 2017 to $249,900. The median price for condos increased 19.4% during that same period to $122,900.

“The operative language that requires a taxpayer to have held an interest in a property for three years refers to capital assets -- and that doesn't pick up commercial real estate.”

Dranoff is turning his focus to his luxury condominium and rental developments, including the nearly completed rental property One Theater Square, adjacent to the New Jersey Performing Arts Center in Newark, NJ.

The new Brody Ranch community will bring 199 condominiums, single-family homes and duplexes to Sonoma County, where fires destroyed 5,130 homes, with 21 of the units to be sold at below-market rates.