Real Estate News

City Commission Approves Miami Worldcenter Plan

By Eleazar David Melendez |

As expected, commissioners approved the agreement that provides benefits to Miami Worldcenter builder of in exchange for a promise to hire locally.

Wells Fargo Tower at 20 N. Orange Ave., Orlando.

Miami's Steelbridge Buys Downtown Orlando Office Tower

By Samantha Joseph |

Steelbridge Capital acquires the 16-story Wells Fargo Tower.

Freddie Mac Headquarters at 8200 Jones Branch Drive, in McLean, Virginia.

A Win for Borrowers? Freddie Mac Testing Pilot Program for Speedier Alternative to Foreclosure

By Samantha Joseph |

Trustees launch a program to sell real estate directly out of bankruptcy court and avoid state court foreclosure delays. But will this program help or hurt borrowers?

Sweet Deal: Sugar Grower Lands $128M Sale

By Samantha Joseph |

U.S. Sugar buys dozens of parcels near Belle Glade in two large deals.

Miami Officials Want Justification for Worldcenter Fee Waiver

By Eleazar David Melendez |

City commissioners are taking a tougher look at a deal that would give away potentially valuable air rights to the developer of the Miami Worldcenter mixed-use project north of downtown.

Graffitti in San Juan, Puerto Rico.

Neighborhood is Reborn Amid Puerto Rico Decline

While tens of thousands of Puerto Ricans have left to seek better opportunities abroad, a few entrepreneurs have tried to make a go of it within San Juan.

If Miami City Commission Approves, Worldcenter Developer's Benefit Could be Millions

By Eleazar David Melendez |

An agreement that could conceivably grant millions of dollars in benefits to the developer of the Worldcenter is set for approval by the City Commission.

1100 Fifth St., Miami Beach

Investors Spend $22.5M on South Beach Retail

By Samantha Joseph |

New York buyers scoop up stores at Alton Road and Fifth Street for $1,241 per square foot.

Front view of insurance agent sitting at his desk with papers and documents ready for his clients to sign them. Focus on a pen.

Un-American Condo Termination Law Needs To Be Changed

By Helio De La Torre |

The condominium termination law is being used by real estate developers to force owners to sell their condos at prices below the purchase price or below the remaining mortgage debt.

Separate Sunny Isles Projects Score Construction Loans

By Eleazar David Melendez |

The 192-unit Jade Signature at 16901 Collins Ave. received a $284 million loan, while the 68-unit Muse condo project at 17141 Collins Ave. got $167.6 million.

St. Jude Melkite Catholic Church at 1501 Brickell Ave.

Appellate Panel Drops Miami's Historic Designation for Brickell Church

By Samantha Joseph |

A three-judge panel rules city commissioners lack the power to preserve the St. Jude Melkite Catholic Church.

Rendering of SOFA-Delray

Related Group Building 1,100 South Florida Apartments

By Samantha Joseph |

The Miami-based developer has four large apartment complexes in the works with home ownership at a 19-year low.

Lending to Minorities Hits 14-Year Low

The share of mortgage lending to minority borrowers fell as regulators struggle to ease credit to blacks and Hispanics shut out of the housing recovery.

Anna Werner, a server at Hardy Park Bistro, with a customer favorite dish, the fish taco.

'Countrified' Restaurant Finds Success Off Beaten Path

By Julie Kay |

Hardy Park Bistro has quickly been discovered by the power lunch crowd in Fort Lauderdale, particularly government and courthouse workers.

Traders Grab Options To Protect Against Housing Slump

Investors are growing concerned that the housing recovery may be derailed when the Federal Reserve increases its benchmark rate.

Barbara Salk

Q&A: Developer Barbara Salk Touts Edgewater Condo Project

By Eleazar David Melendez |

Miami developer Barbara Salk, whose company is building the 36-story Ion condo in the Edgewater neighborhood, talks about her project and the state of the real estate boom.

Congress Backs Restrictions on Law Affecting Condo Deposits

By Samantha Joseph |

A bill that passed both houses of Congress could block regretful condo buyers from suing to recover deposits.

1151 NW 1st Ave.

For $54M Developer Lands Chunk of Miami's Overtown Neighborhood

By Eleazar David Melendez |

Miami Beach developer Michael Simkins has made another purchase on Northeast Eleventh Street in Miami, plunking down $53.7 million for a large warehouse complex and nearby parcels.

New Homes Sales Soar in August

New home sales climbed 18 percent last month, meaning newly constructed homes sold at the fastest pace since May 2008.

Bearish Housing Bets Building on Interest Rate Concerns

Housing starts slumped 14 percent to an annual pace of 956,000 in August after reaching the highest level in almost seven years, Commerce Department data shows. Those figures are at odds with a report showing builder confidence rose in September to the highest level since 2005.

Mandatory Dog Runs? Not for You, Just Your Buildings

By Eleazar David Melendez |

Miami planners are looking at mandating new multifamily buildings provide areas where pet owners can let their four-legged friends out to do their business.

Home Prices Stall as Investors Pull Back

Home prices rose less than economists estimated in July as investors pull back from the property market.

Kathleen M. Williams

Four Seasons Fends Off Claim It Breached on Condo Purchases

By Adolfo Pesquera |

U.S. District Judge Kathleen Williams decided a trial in favor of Four Seasons Hotels Ltd., which was accused of breaching profit-sharing contracts for hotel-condo units at the Four Seasons Millennial Tower in Miami.

Rajon Rondo

Boston Celtics' Rondo Buys Miami Condo for $1.18M

By Samantha Joseph |

The Boston Celtics All-Star point guard buys a 39th-floor, two-bedroom unit at Miami's Paramount Bay tower.

11596 Turtle Beach Rd.

How Much Did Auto Dealer Get for Oceanfront Mansion?

By Samantha Joseph |

West Palm Beach-based auto dealer Charles A. Schumacher sold his seven-bedroom, 10½-bathroom oceanfront estate for $11.73 million.

Existing Home Sales Fall In August

Fewer Americans bought homes in August, as investors retreated from real estate

Steve Lesser

Developers Strive To Resolve Differences Before Litigation

By Samantha Joseph |

Steven B. Lesser of Becker & Poliakoff stresses the importance of resolving differences between partners before they meet at trial.

Spat With Regulators Sends FHA Loans Plunging

Home loans to lower-income Americans are dwindling as Washington regulators and major banks continue to haggle over who pays when riskier mortgages go bad.

Tony Arellano, Exec. VP, Metro 1 Commercial

Plans Would Expand Design District Retail Geography

By Eleazar David Melendez |

Proposed rezoning would expand the Design District Retail Street Special Area Plan by 1.9 acres to include a property north of 42nd Street.

$10M Deal for Palm Beach Gardens Parcel on Intracoastal

By Samantha Joseph |

A developer planning a six-acre mixed-use waterfront project closed on the former Panama Hattie's site.

Stuart Miller

Lennar Profit Rises on More Sales, Higher Prices

Lennar's net income in the quarter was $177.8 million, compared with $120.7 million a year earlier.

350-Unit Project Gets Underway in Pompano Beach

By Samantha Joseph |

Invesca Development Group, which is planning 950 Broward County homes, broke ground last month on Koi Residences and Marina, a $65 million project with hundreds of homes on a 10-acre site in Pompano Beach.

The Cypress Financial Center, 5900 N. Andrews Ave. in Fort Lauderdale

Steelbridge Makes $15 Million on Cypress Financial Center

By Samantha Joseph |

Steelbridge pays $15 million less than its selling price eight years ago on Cypress Financial Center.

Downtown Athletic Club at 200 S. Biscayne Blvd. in the Southeast Financial Center

DavidBartonGym Moving in, Downtown Athletic Center Moving Out

By Eleazar David Melendez |

A downtown gym popular with local lawyers and bankers has closed and is being replaced by a more glam brand.

Flagler Jewelry Center building at 17 E. Flagler St.

Moishe Mana Thinks Downtown Miami is a Good Investment, Buys Another Property

By Eleazar David Melendez |

An Israeli entrepreneur buying up downtown Miami retail scores again with a $4.5 million deal at 17 E. Falgler St.

The Pace of South Florida Foreclosures Has Dramatically Slowed

By Samantha Joseph |

Florida leads the nation in foreclosures long after the housing crisis, but new data show the pace has dramatically slowed in Broward and Miami-Dade counties, and the numbers even fell in Palm Beach County.

Real Estate Tax Would Fund Land Conservation

By News Service of Florida |

A proposed constitutional amendment on the November ballot would redirect documentary stamp tax proceeds to buying environmentally sensitive land.

9999 Collins Ave.

Micky Arison's Mom Loses $2M on Condo Sale, But is She Exploiting Tax Loophole?

By Eleazar David Melendez |

Micky Arison's mother is taking a $2 million paper loss on the sale of luxury units purchased during the recession.

Updated: Worldcenter Project Gets Tentative Green Light, But Final Approval Awaits

By Eleazar David Melendez |

Commissioners warned the developer that final approval at their next meeting would depend on a more robust commitment for creating jobs in the community.

Rendering of the Galleria Mall, in Fort Lauderdale. The owner wants to turn 40 acres around the mall into a development with more than 1,600 luxury condominiums and apartments.

Shop This: $1 Billion Plan for Development Around Galleria in Fort Lauderdale

By Samantha Joseph |

The owner of the Galleria at Fort Lauderdale mall wants to turn 40 acres around the mall into a development with more than 1,600 luxury condominiums and apartments.

Related ISG Expands to Fort Lauderdale, Hires 30 Agents

By Samantha Joseph |

ISG and Related Group aggressively grow their South Florida real estate brokerage. The latest move is a Fort Lauderdale office opening.

Argentina President Cristina Fernandez

Argentina Plans Latin America's Tallest Building

President Cristina Fernandez says the 1,165-foot tower is expected to cost around $300 million and will serve as a center for the entertainment industry, including television and movies studios.

Future of Golf Courses Relies on Cities Shooting for 'PAR'

By Chad S. Friedman |

PAR, which stands for the Florida Department of Economic Opportunity's adaptation planning strategies and stands for "protect, accommodation and retreat," attempts to address the negative impacts of sea-level rise.

June Hoffman

State Appeals Court Sides With Broker in Commission Fight

By Eleazar David Melendez |

A state appeals court decision is a new "arrow in the quiver" for brokers looking to secure commissions on real estate deals and is likely to "give heartburn" to sellers and title agents looking to close disputed deals quickly.

09/10/14- Miami-  Mario Suarez, Partner, Zyscovich Architects, with balcony view at Casa Moderna, 1100 Biscayne Blvd. European hotelier Melia will be upscaling the hotel.

Get Ready For This European Hotel Operator to Spend In Miami

By Samantha Joseph |

With $20 million for renovation and expansion, the ME Miami hotel will open in the spring at 1100 Biscayne Blvd.

One World Trade Center

13 years later, Lower Manhattan's Revival Nearly Complete

Building at the 16-acre World Trade Center site is set to be substantially completed in the next year, following delays, litigation, disputes and power plays.

Joe Sloboda, partner at Jafrejo Holdings LLC and Florida Restaurant Franchise Group shown at VooDoo BBQ & Grill

2014 Commercial Real Estate Annual Report

By Review staff |

As foreign capital floods into the South Florida market through the EB-5 visa program, South Florida's retail market shines, while hospitality real estate from iconic luxury properties to rundown mom-and-pop operations is attracting investor interest.

Rendering of SeaBranch, the project at the center of the Martin County lawsuit

Developers Wanted Farmland Rezoned, County Said No, Now They Are Suing for $3.4M

By Samantha Joseph |

Developers whose rezoning application was shot down are demanding the Martin County Commission pay them $3.4 million in lost property value.

60,000-square-foot beachfront estate Le Palais Royal

Have $139M to Spend? This 60,000-Square-Foot Estate Could be Yours Then

By Samantha Joseph |

The oceanfront Le Palais Royal is one of the most expensive residential listings in the country. The pool alone is larger than most homes at 4,500 square feet, not to mention the underground garage, built for more than 30 cars.

Zoning Board OKs Miami Worldcenter Changes

By Eleazar David Melendez |

The Miami zoning board unanimously approved zoning changes that will let the sprawling Miami Worldcenter project move forward based on the developer's plans.

4th DCA Rules For Homeowners In Hurricane Coverage Dispute

By Adolfo Pesquera |

The Fourth District Court of Appeal rules for homeowners on when bad faith claims are ready but cautioned the new interpretation may be ready for review by the Legislature.

2011 photo of Joan Rivers arriving for the White House Correspondents' Association dinner in Washington, D.C.

Loss No. 2: Socialite Loses To Joan Rivers, Then Over Fisher Island Mansion Loan

By John Pacenti |

A socialite who lost her Manhanttan condo catfight with Joan Rivers also loses in a beef over her Fisher Island mansion loan.

Jack Seiler, City of Fort Lauderdale Mayor

Fort Lauderdale Hires CBRE As Public Real Estate Manager

By Samantha Joseph |

Fort Lauderdale mayor Jack Seiler is bringing in professional help to cut costs and look for missed revenue from its 700-parcel real estate portfolio.

Joseph R. Gosz

Broward Judge Orders New Foreclosure Auction After Rejecting $5,200 Sale

By Samantha Joseph |

Homeowners facing foreclosure use claims of a botched auction to block a sale by their lender. 'The same objection could potentially be made in hundreds or perhaps thousands of foreclosures,' attorney Joseph R. Gosz said.

Dang! New Heat Forward Luol Deng Drops $4.6M On Historic Miami Home

By Samantha Joseph |

Luol Deng paid $4.6 million for a renovated five-bedroom, four-bath mansion North Bayshore Drive, just minutes from the American Airlines Arena.

Housing Market Stumbling

Home prices, which have risen 29 percent since bottoming in 2012, increased 8.1 percent from June 2013, the smallest 12-month gain since January 2013.

Office Landlord Plans To Go Public For $2.5B

Paramount Group, a New York-based real estate investment trust, plans a $2.5 billion initial public offering.

Westin Diplomat Resort at 3555 S. Ocean Dr., Hollywood

Westin Diplomat Sold In $535.5 Million Deal

By Samantha Joseph |

Thayer Lodging Group paid $460 million for the 1,000-room, beachfront hotel, $20 million for a neighboring 18-hole golf course and $55.5 million for several adjacent parcels.

Touted as New Town Square, this rendering shows two major downtown thoroughfares, Biscayne Blvd. and I-395, underground and replacing acres of pavement with public parkland adjoining Miami's Museum Park

I-395 Going Underground? Miami Park Plan Would Do Just That

By Eleazar David Melendez |

A cross-section of Miami's civic, business and political leadership is considering burying the intersection of I-395 and Biscayne Boulevard.

Broccoli Rabe and Sausage pizza at Verde restaurant at the Perez Art Museum

Power Lunch: Art Museum's Restaurant Is A Hidden Gem

By Julie Kay |

Verde at the Perez Art Museum hasn't been open a year yet it has almost tripled the expectations of its manager as it attracts the power lunch crowd.

Court Rejects $5 Million Hurricane Insurance Claim By Boca Condo Complex

By Adolfo Pesquera |

A Palm Beach County condominium association's third insurance claim for Hurricane Wilma damage is rejected in favor of the Florida Insurance Guaranty Association.

Elan 33 West.Address: 6300 SW 24th Place, Davie.Property type: Apartment complex with 246 units constructed in 2013 on about 15.5 acres.Price: $78.86 million, or $320,386 per unit.Seller: CRP-Grep College Crossings LLC, linked to Washington-based Carlyle Group LP.Buyer: AR Davie LLC, linked to New York-based homebuilder AVR Realty Co. LLC.Past sale: $10.07 million on June 25, 2012 for land

Luxury-Apartment Boom Favors Millennial Renters

Rents in the Washington, D.C., region declined 0.1 percent in the second quarter, compared with national average gains of 3.3 percent.

Fewer Cash Sales Actually Good News For South Florida

By Samantha Joseph |

Fewer cash sales in Palm Beach and Miami-Dade counties isn't necessarily bad news--it may mean a better market for mortgages.

Music Stars Willy Chirino, Wife Lissette Sell Miami House For $4M

By Eleazar David Melendez |

A Cuban-American music superstar couple has sold their Miami house, bidding goodbye to the ritzy neighborhood they've lived in for over 20 years.

John Halula, William G. McCullough and Ilana Strickon

Holland & Knight Team Works $290M Surf Club Redevelopment Loan

By Eleazar David Melendez |

John Halula, William G. McCullough and Ilana Strickon of Holland & Knight helped arrange a $290 million construction loan for the Surf Club Four Seasons Private Residences and Hotel.

Home Price Gains Slow In June

Yearly price growth weakened in all 20 cities surveyed,with Miami and Tampa still at least 33 percent below their housing bubble peaks.

Office complex at 950-1000 S. Pine Island Road

Dallas Investor Pays $128M For Plantation Office Towers

By Samantha Joseph |

A company linked to Dallas-based Lincoln Property Co. pays $125 per square foot for two mid-rise towers at Pine Island and Peters roads.

CityPlace Tower in West Palm Beach

CityPlace Office Building Sells For $150M

By Samantha Joseph |

The 18-story tower developed by the Related Cos. and Crocker Partners is sold by a California rea estate investment trust.

150 SE 2nd Ave. was converted into condos

Downtown Miami Office Space Being Sold Off To Investors

By Eleazar David Melendez |

Interest from Latin American investors—in particular Argentine entrepreneurs used to such investments back home—is bringing the South Florida market in office condos back from the dead.

Sales Of New Homes Decrease In July

Fewer Americans bought new homes, proof that the housing sector is struggling to gain traction.

The home of former Miami Dolphins wide receiver Brandon Marshall in Southwest Ranches

You Can Have Ex-Dolphins WR Brandon Marshall's House In Southwest Ranches For A Mere $4.9 Million

By Samantha Joseph |

Chicago Bears wide receiver Brandon Marshall's Southwest Ranches home features a chef's kitchen, built-in Smarthome technology and a free-form heated pool with spa and summer kitchen.

Kelly L. Smallridge

Cancer Treatment Center Puts Headquarters In Boca Raton

By Samantha Joseph |

Vicinitas Cancer Care leased 45,000 square feet of office space at 1200 N. Federal Highway for its new headquarters.

Existing Home Sales Rise For Fourth Time

Sales of existing homes rose to their highest level in nearly a year.

Brett D. Lieberman and Thomas M. Messana

Bankruptcy Judge Approves $75M Aventura Office Sale Pushed By 6 Percent Shareholder

By Samantha Joseph |

A rarely used bankruptcy section helps 30 partners avoid foreclosure on a Aventura office complex.

Rendering of Brickell View Terrace

Affordable Housing on Brickell? Say Hi to Brickell View Terrace

With all the luxury condos being built, land prices are soaring making it difficult for the average person to afford a condo. Affordable housing developers must find creative ways to get their projects done.

Six-Property Lincoln Road Retail Portfolio Goes Mind Boggling Amount

By Eleazar David Melendez |

In one of the largest South Florida real estate deals in recent memory, the properties on Miami Beach's Lincoln Road high street retail district have traded hands.

Loews Miami Beach

Loews Miami Beach Lands $175 Million Loan

By Eleazar David Melendez |

Miami Beach's Loews hotel has received a $175 million mortgage, one of the biggest refinacings in Miami-Dade County this year.

525 NW 77th St.

Marriott Residence Inn Sells For $12M In Boca Raton

By Samantha Joseph |

Blackstone pays $100,000 a room for the hotel west of I-95 between Clint Moore Road and Linton Boulevard.

Cabinet Considers Sale Of Broward Land To Strata Group

By News Service of Florida |

Members of the Florida Cabinet were poised to approve the sale of a 6.4-acre vacant parcel in Broward County that is owned by the Department of Management Services.

Housing Starts Hit Highest Level In Eight Months

Housing starts surged in July, underscoring the recent pickup in builder optimism as the residential real-estate market gains some traction.

Blackstone Suffers Setback in Irish Real Estate Drama

On July 29, Irish property developer Michael O'Flynn realized that Blackstone Group LP was trying to gain control of his real estate empire, which includes the country's tallest residential tower. Ten weeks earlier, the private equity firm had bought $2.4 billion of loans to O'Flynn's companies and the developer personally.

Ezra Katz

Private Equity Firms Fill South Florida Financing Gaps

By Eleazar David Melendez |

Private equity bets on the South Florida housing market are filling a need for hundreds of millions of dollars in construction financing that's otherwise not being provided by banks.

The 13,300-seat stadium court is the centerpiece of the Tennis Center at Crandon Park facility, home of the Sony Open in Miami, Florida since 1987.

Break Point: Key Biscayne Tennis Expansion Challenged

By Adolfo Pesquera |

The Third District Court of Appeal considers an appeal that could nullify a Miami-Dade referendum on proposed expansion of the Crandon Park tennis stadium.

Homebuilder Confidence Hits 7-Month High

Builder confidence increased by double digits in the Midwest but declined in the South.

Il Lugano Hotel Sells In Fort Lauderdale

By Samantha Joseph |

Berger Singerman attorney Barry Lapides leads a $24 million condo hotel deal in Fort Lauderdale.

07/09/14-- Miami-- The historic Dade County Courthouse at 73 W. Flagler St. currently is attempting to secure and restore the facade, which has been dropping in chunks.

So Long Historic Dade County Courthouse? Some Say It's Time For A New One

By John Pacenti |

Miami-Dade's chief judge says it's time to retire the historic Dade County Courthouse as the building fights basement flooding and other structural problems.

NYC's Next Hot Areas Targeted With Property Funds

New York's real estate world is filled with tales of ordinary people who bought property decades ago and saw values skyrocket to the millions. Seth Weissman is seeking investors to get in early on the next hot neighborhoods.

Ka-Ching! Sweetwater Student Housing Apartments For FIU Sell For $43.5M

By Samantha Joseph |

The seller inks a sweet deal on a Sweetwater student housing complex, or $80,260 per bedroom.

$76M Price Tag For Boca Raton Office Complex

By Samantha Joseph |

One Boca Place west of I-95 changes hands for $124 per square foot.

FANNIE MAE

Fannie Mae Loses Case Over $100K In Fees

By Samantha Joseph |

The Federal National Mortgage Association lost in the Third District Court of Appeal against Miami Beach's Alden Hotel Condominium Association in a dispute over more than $100,000 in delinquent dues on a foreclosed unit.

Hedge Fund Latest To Bet On Housing Recovery

Senator Investment Group LP, the hedge-fund firm backed by Blackstone Group LP, disclosed a 6.3 percent holding in mortgage insurer Radian Group Inc.

$820 Million Earmarked For South Florida By Blackstone

By Eleazar David Melendez |

New York's Blackstone Group, one of the largest private equity firms in the planet, has committed more than three-quarters of a billion dollars to two South Florida projects.

First-Time Buyers Hit With Bigger Down Payments

Economist Dean Maki says bank have become much tighter on credit, making it harder for first-time buyers with limited credit histories.

Pit Bull Versus Housing Anti-Discrimination: Case Weighs Protection For Support Animal In Condo

By Alessandra Stivelman |

A federal case in Miami pits a county pit bull ban against housing anti-discrimination laws.

Coldwell Banker Moving To New Gables Office

By Eleazar David Melendez |

Coldwell Banker Residential Real Estate has inked a long-term lease for approximately 14,000 square feet of space at 4000 Ponce de Leon Blvd. in Coral Gables.

Miami Architects Merging With Canadian Firm

By Eleazar David Melendez |

ADD Inc., a 210-person architecture and planning firm based in Boston and Miami, has agreed to merge with Edmonton, Alberta-based Stantec Inc.

Jose Antonio Hernandez-Soluan, president, The Easton Group and and Paul Douglas, president, Easton Development.

Getting Creative: Filling Lakes For New Development Projects

By Samantha Joseph |

Easton Group's Jose Antonio Hernandez-Solaun and Paul Douglas said they have to get creative to find land for new projects, such as filling a lake in Pembroke Park.

Phillips Point office on South Flagler in West Palm Beach

West Palm Office Complex Tops 96% Occupancy

By Samantha Joseph |

Phillips Point, a Class A office property on South Flagler Drive, closed $46.5 million in recent leases.

Home Supply getting Worse For First-Time Buyers

An inventory crunch for entry-level houses has only worsened during the past year as discounted foreclosures become scarce and cash-paying investors snap up affordable listings to convert to rentals.