Real Estate News

Court Rejects Permit for Miami Midtown Wal-Mart Store

By Eleazar David Melendez |

A Miami-Dade Circuit Court appellate panel rejects a special permit issued for the proposed store.

Skyline rendering

All Private Development? Not So Fast! Miami's Skyrise Wants Public County Funds

By Eleazar David Melendez |

A towering downtown Miami tourist attraction wants to get off the ground with $9 million in funding from Miami-Dade County--after previously promising a strictly private development.

Is Market Turmoil a Gift for Refinancers?

A sudden plunge in mortgage rates has millions of Americans considering refinancing their mortgages.

Housing Starts Rise as Construction Firms Regain Footing

Housing starts for September climbed 6.3 percent to a 1.02 million annualized rate from a 957,000 pace in August, the U.S. Commerce Department reported Friday.

Entrance to Airport Corporate Center, an 11 building office park, near Miami International Airport

Office Park Near MIA Acquired

By Samantha Joseph |

Miami's Airport Corporate Center sold in a nine-figure deal between a Houston REIT and a CBRE investment fund.

Tablet with chart displayed

Mortgages Slump Relative to Treasuries on Refi Risk

The U.S. mortgage-bond market is lagging behind the rally in government debt on concern that more homeowners will refinance at lower interest rates, damaging returns.

Plantation's Fashion Mall Owners File Bankruptcy Petition

By Samantha Joseph |

Stepping away from months of infighting, the Fashion Mall owners have filed for Chapter 7 bankruptcy liquidation.

Premium Point Buys Home Rental Company

Anilesh Ahuja, former head of residential mortgage-backed securities at Deutsche Bank, acquired a majority stake in Residential Capital Management.

Gerard Yetming

Condo Conversion Redux? Real Estate Experts Disagree

By Eleazar David Melendez |

Is a flurry of condo conversions the obvious next stage of the real estate boom? Some real estate experts see the potential.

Vizcayne condo tower, at 253 NE 2nd St.

Vizcayne Condo Associations Not Happy With Private Equity Firm That Finished Construction

By Samantha Joseph |

Two condo associations at the downtown Vizcayne towers sue to avoid paying construction costs on a project that went through bankruptcy during the housing crash.

Harvey Hernandez is managing director of Newgard Development Group. His company is calculating rents in Miami’s urban core, currently around $2.31 p.s.f. will go up as high at $3.50 p.s.f.

Experts: Get Ready for Much Higher Rents in Miami

By Eleazar David Melendez |

Developer Harvey Hernandez is predicting a 19 percent bump in central Miami rents in the midst of a new construction boom.

Billionaire Jeff Greene Buys West Palm Beach Waterfront Parcel

By Samantha Joseph |

The real estate mogul spends $1.5 million for the former home of a historic synagogue.

3515 Windmill Ranch Road in Weston

Yankees' Beltran Sells Weston Mansion for Record Price

By Samantha Joseph |

Yankees outfielder Carlos Beltran scored the highest sale price in Weston this year with the $4.1 million sale of his eight-bedroom mansion.

Third District Court of Appeal

Court: Key West Housing Is Tight, But Rules Are Rules

By John Pacenti |

The Third DCA says a Key West business owner can't add apartments to his strip mall units without permission.

The Related Group paid $20.45 million per acre for the site at 1400 Biscayne Blvd. across from the Adrienne Arsht Center

Miami Deal: Related Pays Cool $20M Per Acre Next to Arsht Center

By Samantha Joseph |

The Related Group spent $57.25 million for 2.8 acres near downtown Miami. The site sold for $31.52 million in 2010.

225 E. Las Olas Blvd. (Bldgs. 31 and 32), Fort Lauderdale, Broward College

Looking To Invest in Rentals? Fort Lauderdale is the Place

By Samantha Joseph |

A new report by housing analysis firm RealtyTrac identifies the Fort Lauderdale metropolitan area as one of the nation's top college towns for multifamily investments.

Lawyers See Boom in Construction Practice

By John Pacenti |

South Florida law firms say they are gearing up to capitalize on legal work thrown off by the latest construction boom.

317 Ocean Blvd. in Golden Beach

What Buyers Didn't Know About Golden Beach Mansion May Shock You

By Eleazar David Melendez |

A Golden Beach home on Ocean Boulevard sold for a record $22.5 million, but the mansion allegedly had defects and mold unknown to the California buyers.

Builders Offer Freebies as Housing Market Cools

Builders from California to Orlando are sweetening offers with pools and built-in barbecues as sales slow in some of the country's most volatile housing markets.

Big Aviation Lease Fills Miami Airport Industrial Park

By Eleazar David Melendez |

Two industrial buildings in the Miami Airport West submarket are fully occupied after an aviation repair company signed two mammoth lease commitments.

Downtown at the Gardens mall

San Diego REIT Buys Palm Beach Gardens Mall for $142M

By Samantha Joseph |

A California real estate investment trust paid $141.5 million for the Downtown at the Gardens shopping center.

South Florida's Glenn Straub Wants Revel Auction Reopened

Glenn Straub said a "life or death" medical issue hindered his ability to counter Brookfield's winning offer for Atlantic City's Revel Hotel and Casino.

Panorama Tower rendering

Panorama Tower, First Miami Project Gets EB-5 Visa Bonus for Foreign Investors

By Samantha Joseph |

Tibor Hollo's new Panorama Tower will be Miami's tallest building and the first to participate in a regional EB-5 visa program.

Donald Trump

Trump Taking Name Off Closed Atlantic City Casino

Donald Trump and his daughter, Ivanka, are suing against Trump Entertainment, claiming the company let the Trump Plaza casino fall into such disrepair that it violated quality standards agreed to by both sides.

Waldorf Astoria

Chinese Buy NYC Waldorf Astoria for Nearly $2 Billion

Hilton is still expected to manage the 1,232-room Waldorf Astoria, which will undergo a major renovation.

New Porsche Dealership is Coming to Davie

By Samantha Joseph |

Penske Automotive Group has town approval to open the new dealserhip southwest of I-75 and Griffin Road.

Lebron James

Fit for Another King: LeBron Lists Miami Manse for $17M

By Samantha Joseph |

Miami Heat defector LeBron James, who left the Heat for Cleveland, wants out of the South Florida real estate market as well.

Faith Hope Consolo, Chairman, The Retail Group, Douglas Elliman Real Estate, New York.

Douglas Elliman Exec Sees South Florida Attracting Luxury Retailers

By Eleazar David Melendez |

Faith Hope Consolo, chairman of Douglas Elliman Real Estate's retail team, offers her views of the South Florida market.

Zhen Zeng Du

Judge Rules on Dispute in Favor of Fashion Mall Owner

By Adolfo Pesquera |

The signature of a Chinese investor Zhen Zeng Du on a key corporate document was ruled a forgery, opening the door to the judicial dissolution of a company controlling the $300 million Fashion Mall makeover in Plantation.

Camilo A. Lopez, president and managing director of the Solution Group

Rising From the Dust of the Recession, Developer Targets Middle Class Revamping Once Stalled Project

By Samantha Joseph |

Georgetown was meant to be a gleaming lakefront subdivision with high-end condos near the football fields, soccer pitches and an aquatic center. Plans change.

Branden Albert

Dolphins Branden Albert Buys Davie Home 6 Miles from Training Camp

By Samantha Joseph |

His new home is a 6,564-square-foot mansion with a home theater, marble and wood floors, mirrored dressing room, three-car garage and master bedroom with den.

Fashion Mall Control Getting Ugly: Chinese Owner Asks Judge to Oust Partner

By Adolfo Pesquera |

Zhen Zeng Du listened through an interpreter as his Duane Morris attorneys tried to convince Broward Circuit Judge Jack Tuter that he has jurisdiction to rule on Du's motion to dissolve a Florida limited liability company.

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

In Rebuttal: Another Take on Condo Termination Law

By Commentary by Mark B. Schorr |

There seem to be a lot of misconceptions about Florida's condo termination law and how it fits into condo operations.

Worldcenter Could Add $24M in Property Tax, But is Developer Trying to Keep Most of it?

By Eleazar David Melendez |

Miami Worldcenter Associates expects to generate $22.4 million in property taxes once the 27-acre project is finished in 2019.

Tiger Woods Opening Restaurant in Jupiter

By Samantha Joseph |

The golf legend plans a 5,900-square-foot restaurant at Jupiter's Harbourside Place.

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.

Home Prices Rise at Slowest Pace in Two Years

Property values increased 6.7 percent from July 2013, the smallest 12-month gain since November 2012.

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.