Real Estate News

Fidel Castro

Who Claims What Property Seized in Cuba? Fact and Figures

Soon after Fidel Castro came to power, his government seized the refineries, hotels and sugar plantations that were the most visible signs of the American hold on the island's economy.

Tamarina Restaurant located at 600 Brickell Ave.

Power Lunch: At Tamarina, 'They're Doing Things Just Right' (Slideshow)

By Eleazar David Melendez |

The Tamarina restaurant in Miami's Brickell Financial District is a designer niche with Italian leanings.

The Lyric Theater

Will $2M in Grants to Two Politically Connected Organizations Bring Nightlife to Overtown?

By Eleazar David Melendez |

Miami's Southeast Overtown-Park West Community Redevelopment Agency is pushing a nighttime initiative with $2 million in grants to two organizations.

In Property Tax Disputes, Taxpayers Want Their Interest Back

By Noreen Marcus |

The Rennert Vogel law firm files a proposed class action for interest on Miami-Dade County property taxes when bills are disputed.

Number-One

Office Guide 2015

They're already trophy buildings, but some of South Florida's Class A office towers are getting mulitimillion-dollar upgrades as investors compete for wealthy tenants. Plus, the South Florida office market is tightening and Brickell construction sets the bar high.

Michael Erickson

South Florida Office Market Tightens on Limited Construction

By Samantha Joseph |

Lenders have little appetite for the offic sector now that residential projects are selling at a record pace and multifamily units across the region are trading at higher prices.

Rendering of Parque Towers, 330 Sunny Isles Blvd.

$136M Construction Loan Approved for Sunny Isles Condo Complex

By Samantha Joseph |

Arnstein & Lehr works the $136.5 million financing for the 320-unit Parque Towers, which received funding from Wells Fargo.

Miami's Overtown CRA May Be Left With Biggest Bill for Tri-Rail Station

By Eleazar David Melendez |

A plan to create a Tri-Rail station as part of the All Aboard Florida project in downtown Miami assigns a $28 million share to the Overtown community redevelopment agency.

Looking for a Job Near Home? Good Luck, It's Getting Harder

A Brookings Institution report out found that the number of jobs within a typical commuting range dropped 7 percent between 2000 and 2012 in major U.S. metropolitan areas.

2245 N. Miami Ave.

Developer Jeronimo Hirschfeld Buys 2 Lots in Wynwood for $15M

By Samantha Joseph |

Jeronimo Hirschfeld pays $192 per square foot for 1.8 acres and has a mixed-use complex in mind.

You Can't Build That! Island Gardens Opponent Claims the Watson Island Project is Illegal

By Eleazar David Melendez |

A longtime opponent of the Island Gardens project proposed for Miami's Watson Island claims he has found a "smoking gun" in city records that show the development is illegal

Home Sales Rebound Slightly in February

Home sales remained sluggish due to tight inventories, affordability problems and nasty winter weather.

Lennar Builds More Rentals as Slow Sales Pace Persists

By John Gittelsohn Bloomberg News |

Lennar Corp., the second-largest U.S. homebuilder, is raising its bet on rental housing as the pace of sales continues to drag.

1455 Yamato Rd, Boca Raton, FL 33431

Here's What $2B Buys You in South Florida

By Eleazar David Melendez |

Pennsylvania-based American Realty Capital Properties scoops up a portfolio of South Florida hotels worth over $100 million as part of the $1.93 billion deal with financial giant Goldman Sachs.

Fashion Mall at 321 N. University Drive, Plantation

Sold! Winning Bidder Offers $38M for Plantation's Fashion Mall

By Samantha Joseph |

A bankruptcy auction leaves Boca Raton's Encore Housing Opportunity Fund as the winning bidder--with plans for a life-work-play redevelopment on the 33-acre site.

Anidjar & Levine spend $3M on a New Fort Lauderdale Office

By Samantha Joseph |

The personal injury law firm will move to its new office this fall.

Stuart Miller

Lennar Profit Jumps 47% on Home Sales

Lennar Corp. beat Wall Street expectations with a 47 percent boost in first-quarter profit on a jump in home sales.

Al Capone's house

(Slideshow) Al Capone's Old Miami Beach Estate Gets Major Makeover

By Eleazar David Melendez |

An Italian real estate company recently renovated Al Capone's old Palm Island haunt as part of a business plan that values historic preservation.

Property at 2621 NW 2nd Ave. in Wynwwod

Investors Beat Own Record for Wynwood Real Estate in Miami

By Eleazar David Melendez |

A New York fund that burst into Miami's Wynwood district paying previously unheard-of sums has done it again—this time shattering its own per-square-foot record set in January.

The Nonprofit Behind Billions in Mortgage Aid Is a Mess

Hoping to deliver relief to Americans pounded by the financial crisis, the government has poured billions of dollars into a sort of Red Cross for homeowners.

Glen H. Waldman

It's Getting Ugly in Sunny Isles: Neighbors not Happy With Ritz-Carlton Residences Developers

By Samantha Joseph |

Neighbors accuse developers Edgardo Defortuna and Manuel Grosskopf of secretly buying up neighboring condos to protect views at their proposed Ritz-Carlton Residences in Sunny Isles Beach.

Panorama Tower rendering

Concrete Pour Set for Miami's Panorama Tower

By Eleazar David Melendez |

The builders of Panorama Tower on Miami's Brickell Avenue have scheduled what they are calling the "largest single foundation concrete pour in Florida’s history" this weekend to create the pad for an 83-story tower.

Tre Italian Bistro located at 270 E. Fllager St.

Downtown Miami's Tre Closes; Foodie Place to Come

By Eleazar David Melendez |

Tre Italian Bistro, popular with downtown lawyers, has sold. Jar + Fork is the likely replacement.

And the Finalists for our Annual Top Dealmakers are...

By Review staff |

The Daily Business Review announced the finalists for its annual Top Dealmakers awards. Winners will be announced at a May 8 luncheon.

Marcus & Millichap brokers Jonathan Gerszberg and Andy Charry

$8M for Miami Warehouse? Price Might Climb That High in Wynwood

By Samantha Joseph |

Here's why brokers think they'll get $430 a square foot for a 19,000-square-foot warehouse.

Reese Stigliano

Sunrise Approves Last Charter School for at Least a Year

By Samantha Joseph |

Broker Reese Stigliano closed a $3.6 million land deal for a charter school in Sunrise in the nick of time—just before the city put a one-year moratorium on charter school application.

HUD Says $16.7 Billion of Loan Sales Reduced Foreclosures

The sale of $16.7 billion in nonperforming loans by the U.S. Housing and Urban Development Department helped the owners of about 16,700 homes avoid foreclosure, the agency said.

The Coconut Grove Playhouse was a theatre in the Coconut Grove neighborhood of Miami, Florida, United States. The building was originally constructed as a movie theater called the Player's State Theater. It opened on January 3, 1927, as a part of the Paramount chain. The movie house was designed by the architect Richard Kiehnel of Kiehnel and Elliott. It was built by local realtors Irving J. Thomas and Fin L. Pierce. Albert Peacock was the contractor.

Coconut Grove Playhouse Plan: $40 Million in Next Two Years

By Eleazar David Melendez |

The Miami-Dade County Commission will consider a plan to create two theaters within the grounds of the historic Coconut Grove Playhouse.

Rendering of Broadstone Harbor Beach

$22.1 Million Land Deal Sets Table for Fort Lauderdale Apartments

By Samantha Joseph |

Alliance Residential Co. is planning nearly 400 apartments on a redevelopment site on the Art Institute of Fort Lauderdale campus.

Prologis Sells Miramar Office-Industrial Complex for $59M

By Samantha Joseph |

The sale to Blackstone's IndCor unit priced the complex at $108 per square foot.

Living Not So Large: In Home Quest, Millenials Look to Smaller Homes

Millenials are going small in their hunt for housing.

Florida Capital

Florida House Likely to Pursue Limited Land Buying

By News Service of Florida |

A House committee that crafted a newly approved water-policy plan is now looking at how a voter-approved increase in conservation dollars should be used for land management.

The Surf Club

Thorn in Developer's Side, Couple Says They Were Cut Out of Surf Club Redevelopment Deal

By Eleazar David Melendez |

Even as construction proceeds on the luxurious revamp of Surfside's famed Surf Club, a couple who were members of the landmark is suing the project's developer.

5030 N. Bay Road, Miami Beach

Ricky Martin's Former Mansion Can be Yours for $21 Million

By Samantha Joseph |

Feeling crazy rich? Then Ricky Martin's former Miami Beach estate could be yours for a cool $21 million.

Oceanbleau rendering

Luxury Pitches for Broward Beach Condos, Resorts

By Samantha Joseph |

Developers are pumping money into a four-mile stretch of beach in Hollywood and Hallandale Beach, creating luxury condos with million-dollar price tags.

HSBC Bank Arranges $87M Loan for Second Marina Palms Tower

By Eleazar David Melendez |

The North Miami Beach project secures the loan to complete construction of the 468-unit condo complex on the Intracoastal Waterway.

Panorama Tower rendering

Record $340M Loan Issued for Miami's Soon-to-be Tallest Building

By Eleazar David Melendez |

The Panorama Tower under construction on Brickell Avenue has received the largest construction loan ever recorded in Miami-Dade County.

No Default Notice Means No Foreclosure, 4th DCA Rules

By Samantha Joseph |

Deutsche Bank's failure to send a notice of default to the home named in a foreclosure filing kills the case, the Fourth District Court of Appeal rules.

Hall of fame quarterback Dan Marino, here in 1984 with the Miami Dolphins

Dan Marino Goes Deep, Buys Unit in Fort Lauderdale's Priciest Condo

By Samantha Joseph |

Miami Dolphins NFL Hall of Famer Dan Marino is getting a new home in Fort Lauderdale's most expensive condo development, Auberge Beach Residences & Spa.

Jeremy Alters

Affair Allegations, Tampered Texts, Stay Tuned! Jeremy Alters' Bar Trial has Just Begun

By Julie Kay |

The Florida Bar's trial against Jeremy Alters alleging he is responsible for $1.1 million in trust account shortages began Tuesday and could last three weeks.

Real Estate Crowdfunding Seen Topping $2.5 Billion in 2015

Crowdfunding for real estate is likely to jump to $2.57 billion worldwide this year, two and a half times the total in 2014, as more people become comfortable with the investing model, research company Massolution said.

Setai Miami Beach

Miami Beach's Setai Hotel Sells for $90 Million

The families behind Jordache jeans and the Von Furstenberg fashion line spend $750,000 per room on the Collins Avenue property.

Brickell City Centre under construction

Construction Picks Back Up, But It's a Different Gig Now

As Florida's housing market tanked seven years ago, construction worker David Rager saw jobs dry up. So he left construction, along with 2.3 million others nationwide during the economic downturn, and got a job installing traffic signals and street lights.

At 789 Ft. the Four Seasons Hotel is the tallest building in Florida

Developers Pushing FAA for Sky-High Miami Towers

By Eleazar David Melendez |

Just weeks after the Federal Aviation Administration pushed back against plans for high-flying Miami skyscrapers, developers are joining efforts to save their tall proposals.

Georg H. Ketelhohn

Legislative Bills Would Make Life Easier for Contractors, Designers

By Samantha Joseph |

Construction defect and claim notices would change under bills being considered in the legislative session starting Tuesday.

Miami superstar musical couple Emilio and Gloria Estefan

Gloria and Emilio Estefan's Star Island Home Listed for $40M

By Eleazar David Melendez |

Emilio and Gloria Estefan's secondary Star Island house is up for sale, listed for a price that would set a record for the glitzy Miami Beach enclave.

Trader Joe's at 9205 S. Dixie Hwy.

Trader Joe's Is Coming to Davie

By Samantha Joseph |

The gourmet grocer signs a lease at the Tower Shops southeast of I-595 and University Drive.

19575 Collins Ave.

(Slideshow) Someone Paid $12M for the Entire 24th Floor at This Sunny Isles Condo

By Samantha Joseph |

A private buyer bought the 5,000-square-foot unit on the entire 24th floor of the Regalia tower.

Pending Home Sales Reach 18-Month High

The number of Americans signing contracts to buy homes rose at a healthy pace in January, a sign that home sales are poised to accelerate after

Bar at Il Mulino New York inside the Acqualina

Power Lunch: Il Mulino, a Great Place to Make Multimillion-Dollar Deals

By Eleazar David Melendez |

Il Mulino New York in Sunny Isles Beach serves up a luxurious power lunch scene for real estate brokers trying to close multimillion-dollar deals.

3rd DCA Hands Prive Victory in Sidewalk Dispute

By Samantha Joseph |

Homeowners lose a temporary injunction against the Aventura developers behind a disputed luxury condo project.

Dick’s Sporting Goods CEO Edward Stack

Dick's Sporting Goods CEO Buys North Palm Beach Mansion

By Samantha Joseph |

Dick's Sporting Goods CEO Edward Stack pays $12 million for a 9,000-square-foot home built on a private beachfront acre.

Why Lenders Love the $2.5 Million Home Loan

Home loans from $1 million to $5 million were the fastest growing part of the jumbo market in January, according to purchase application data from the Mortgage Bankers Association. Wealthy borrowers are seeking even bigger loans this year while luxury housing prices rise and lenders lure them with competitive terms.

Steady Home Price Gain Reflects Low Supply, Weak Sales

U.S. home price increases leveled off in December, reflecting a weak sales environment and a small number of homes for sale.

Panorama Tower rendering

(Slideshow) This Will Be Miami's Tallest Tower

When it is completed in 2017, Panorama Tower will be Miami's, and Florida's tallest tower.

Royal Palm Hotel at 1535 Collins Ave.

This South Beach Hotel Goes for $278 Million

By Eleazar David Melendez |

A Maryland-based hotel REIT is buying the 393-room James Royal Palm for $707,379 per key .

Indy 500 and “Dancing with the Stars” champ Helio Castroneves

Racer, Dancer Helio Castroneves Buys North Miami Beach Not-Yet-Built Condo

By Samantha Joseph |

Indy 500 and "Dancing with the Stars" champ Helio Castroneves buys a waterfront condo.

The Miami skyline in 2014 with Brickell on the left and Downtown to the right.

(Slideshow) The Five Tallest Buildings in Miami are...

Miami is experiencing another building boom. Cranes dominate the skyline almost as much as buildings do. So before all these new buildings are completed, here is a list of the five tallest buildings in Miami.

This Person Scaled Rise Brickell City Centre Building and Posted Photos on Instagram (Slideshow)

On Instagram he goes by @open.world and for some reason, he likes to scale buildings in downtown Miami and then post about it.

Contractors Support Bill on Construction Defect Notice

By K. Stefan Chin |

Companion bills would change notice requirements to give contractors more opportunities to address alleged construction defects and avoid litigation, writes attorney K. Stefan Chin.

Darius Kasparaitis, Tim Lobanov, Gennady Barsky of The Verzasca Group

Russian Investors Plan Something Strange for Miami's Luxury-Happy Market: Something More Modest

By Eleazar David Melendez |

A group of Russian investors is taking an uncharacteristic dive into Miami's residential real estate market by betting more modest housing is a better investment opportunity than building yet another amenity-laden waterfront tower.

Rendering of the Armani condos in Sunny Isles Beach

Dezer is Giving Armani a Chunk of Money to Design Elements for the Common Areas of Latest Condo (Slideshow)

By Samantha Joseph |

It's worth eight figures for Giorgio Armani to select the design elements for the common areas at a condo tower to be built by the Related Group and Dezer Development.

Biggest Residential Project Loan This Year: JPMorgan Lends $75M

By Eleazar David Melendez |

Money for the Brickell-area complex represents the biggest loan to a Miami residential project this year.

Housing Rents Rise in January

U.S. home rental prices rose at a steady rate in January, but prices barely budged or even dipped in parts of the Midwest and Mid-Atlantic.

777 Brickell Ave.

Brazilian Contractor Lands $140M Brickell Building

By Eleazar David Melendez |

The buyers who plunked $140 million for a waterfront Brickell office building are linked to a large Brazilian contractor, public records show.

First-Time Buyers See Housing Turning Point

Federal regulators adjusted mortgage rules to reduce risks for lenders and cut premiums and down payments, opening the door for more first-time homebuyers.

Donald Trump

Why Was Donald Trump in a Miami Courtroom?

By Eleazar David Melendez |

Celebrity developer Donald Trump testifies at a trial in a dispute with a tenant at the Trump National Doral Miami resort.

Nonprofits Earn $500K From Low-Income Housing Fund

By Eleazar David Melendez |

A Miami city agency is routing $500,000 in money borrowed for Overtown low-income housing to two nonprofits.

Aerial view of downtown Miami

Sun, Sand and Stir Fry? Miami Woos Chinese for Property: Cities

Miami has a Little Havana and Little Haiti, a neighborhood known as Westonzuela and even the Venetian Islands. What it doesn't have is a Chinatown.

Andy Ansin

It's a Good Time to Be a South Florida Industrial Landlord

By Samantha Joseph |

Vacancy rates are dropping, lease rates are rising, and new projects are underway.

Carlos Ferreira de Melo

Melo President Buys Blue Diamond Condo

By Eleazar David Melendez |

Carlos Ferreira de Melo bought a double unit in Miami Beach's Blue Diamond tower for $3.79 million, the most spent in that building during the current real estate cycle.

This Class A Brickell Office Tower Sells for $140M

By Eleazar David Melendez |

The Class A office tower at 777 Brickell Ave. has traded for $140 million, or $485 per square foot.

America's Golf Courses Host Meth Labs, Rattlesnakes

Real estate developers are working against zoning laws and deed restrictions to shut down unprofitable golf courses and develop the land for new homes.

John Olson, U.S. Bankruptcy Judge

Judge Rules Fashion Mall Must Be Sold at Auction

By Samantha Joseph |

U.S. Bankruptcy Judge John Olson rejected a plan to convert Fashion Mall's owner from a Chapter 7 bankruptcy to a Chapter 11 reorganization.

Shai Zamanian and Preeya Malik

Why These Two Miami Attorneys are Pushing EB-5 Visas in Dubai for Skyrise

By Eleazar David Melendez |

Shai Zamanian and Preeya Malik are trying to persuade people in Dubai to invest in Miami through the federal cash-for-visas EB-5 program.

Formerly owned by pop-star Enrique Iglesias, this Sunset Island home is listing for just under $25 million

Got $25 Million? Enrique Iglesias' Former Miami Beach Mansion (Slideshow) Can be Yours

By Samantha Joseph |

The "I'm a Freak" singer paid $3 million for the half-acre lot in 2000 and built an estate three years later. He sold the property for $7.85 million in 2004 to Marc Puleo, founder of PetMed Express.

Antonio Villamil

What Happened to the Latin American Cash in South Florida Real Estate?

By Samantha Joseph |

Economic adviser Tony Villamil said economic volatility in Latin America is stemming the flow of investors who paid cash for 90 percent of their U.S. deals.

Emerson Fittipaldi

Former Formula One and Indy 500 Champ Emerson Fittipaldi Buys Grove Penthouse

By Samantha Joseph |

Coconut Grove, one of Miami's oldest neighborhoods, is a new development hot spot. One of the latest buyers is race car driver Emerson Fittipaldi.

The $50M Sale of This Retail Center Is Palm Beach's Biggest This Year

By Eleazar David Melendez |

The Publix-anchored Polo Club Shoppes is traded by a New York real estate investment firm to a partnership linked to Atlanta's Jamestown.

Mark Zuckerberg

The Strange Fight Over Mark Zuckerberg's Bedroom

Mark Zuckerberg bought a piece of property after the owner threatened to build a house that would look into Zuckerberg's master bedroom.

DBR Announces Lifetime Awards, Attorney of the Year Finalists

By Review staff |

The Daily Business Review announces its first Professional Excellence Awards winners.

Exterior of The Hub Stores at the Franklin Hotel, located at 860 Collins Ave on Miami Beach

This Miami Beach Hotel's Concept to Attract European Retailers is Pretty Cool

By Samantha Joseph |

Think small and temporary. That's how a Miami Beach hotel is attracting European retailers to rent everything from wall space to turnkey popup stores.

Octavio Rinaldi

Argentinian Investors See Future in Brickell, Downtown Miami

By Eleazar David Melendez |

Octavio Rinaldi of Miami-based CWV Realty Group said a Brickell assemblage purchased for $16.25 million is "the tip of the iceberg."

Controversy Follows Watson Island Project

By Eleazar David Melendez |

Critics and boosters of a stalled mixed-use project on Miami's Watson Island found little common ground during a panel discussion.

Bellini Williams Island

What $4.36 Million Buys You in Aventura...

By Samantha Joseph |

...A penthouse with four bedrooms, 6½ baths and a price tag of $880 for each of its 5,000 square feet.

South Florida Economic Outlook 2015: Much to be Excited About

By Review staff |

Job growth, a renewed real estate boom and airport infrastructure, highway refurbishments and seaport expansion, all bode well for South Florida in 2015.

Down Arrow

REITs Poised to Fall as Estimate Outperformance Says Sell

After outpacing the S&P 500 Index for the duration of the bull market, real estate investment trusts may be getting ahead of themselves.

Renters Gain as Kids in America Move Out of Parents' Houses

Parents who've been waiting for their grown children to move out may finally be in luck.

Area 31 Terrace area overlooks the Miami River in the Epic Hotel

Power Lunch: At Epic's Area 31, It's All About the View

By Eleazar David Melendez |

On the terrace, "the stellar view by itself makes it unique," says Mika Mattingly, a commercial real estate broker who likes to power-lunch with out-of-town clients at Area 31.

How Many Homes Can Pulte Build on $48 Million Acreage it Purchased?

By Eleazar David Melendez |

The 260-acre purchase off Interstate 95 in Palm Beach County is approved for 275 homes.

Remodels Boom as Owners Choose Upgrades Over New Houses

Spending on renovations may rise to a record this year as homeowners with low interest rates decide to stay put and remodel their existing homes.

Mary Beth Reed, Director of Marketing & Business Development, Roof System Services, and David Hume, of David Hume Real Estate.

After Hours: Commercial Industrial Association of South Florida's 15th Annual Industrial Report

The Commercial Industrial Association of South Florida hosted its 15th annual Industrial Report at the Country Club of Coral Gables.

Home Ownership at Lowest in Two Decades

The share of Americans who own their homes was 64 percent in the fourth quarter, down from 64.4 percent in the previous three months.

Gold Coast Beer Distributors

Cheers! Beer Warehouses in Doral and Homestead Sell for $44 Million

By Eleazar David Melendez |

An Illinois food service company acquires two South Florida facilities from Gold Coast Beverage Distributors.

Foreclosure

Should've Been Straightforward, But See How a Clerical Error Put BofA on Wrong End of Foreclosure Case

By Samantha Joseph |

What can go wrong in a foreclosure case went wrong in two Broward Circuit cases--the wrong legal description and a misplaced promissory note in the clerk's office.

Steven Medwin

IndCor Signs 2015's Largest Industrial Lease for South Florida

By GlobeSt.com |

IndCor Properties has inked a 324,000-square-foot lease transaction with Floor and Decor Outlets of America at its Countryline Business Center in Miramar.

Homebuilders Boost Buyer Incentives to Increase Sales

As the key spring U.S. home-selling season approaches, buyers are finding deals on new houses as builders focus on boosting revenue.

Aerial view of downtown Miami

Meet Miami's $500M Brokers

The heat has returned to the Miami's real estate market. Construction for over 300 new residential towers are in the pipeline and business is booming. But is it another bubble?