Real Estate News

Realtor Claudia Rubio with Xtreme Realty Team in front of a typical listing in Grand Isles division of Silver Lakes in Miramar.

Is Zillow a Threat to Real Estate Agents? Some Say Yes

By Samantha Joseph |

Can't beat them? Some agents join forces with Zillow, while others remain skeptical about the growing online real estate listing powerhouse.

Boat Show a Great Place to Find Luxury Homebuyers

By Samantha Joseph |

The best place to hook millionaire homebuyers this weekend? The Fort Lauderdale International Boat Show.

53,025-square-foot assemblage between NE 13th Terr. and NE 14th St. from NE 1st Ave. to Miami Court

Melo Group Acquires City Block Near Arscht Center. Next Big Project?

By Eleazar David Melendez |

Longtime Miami developer Melo Group has acquired a full city block in central Miami just west of the Arscht Center, the Daily Business Review has learned.

Construction in the Design District of Miami on NE 39th Street between 1st and 2nd Avenues

20 Percent Stake in Design District Complex Sells for $280M

By Eleazar David Melendez |

A joint venture between retail giant General Growth Properties and Ashkenazy Acquisition is acquiring a 20 percent interest from the master developer for $280 million, which values the entire project at $1.4 billion.

Tablet with chart displayed

CFPB Finds Homeowners Harmed by Loan Companies

The 3-year-old U.S. consumer protection agency said it discovered that the largest mortgage servicers have been mishandling loan modifications and harming borrowers since new rules came into effect in January.

The Westin Diplomat, 3555 S. Ocean Drive, Hollywood

Here are the Biggest South Florida Real Estate Deals for the Past Year

By Review staff |

What exactly is driving the market? Starting with the jaw-dropping $535.5M deal for the Westin Diplomat, to the 40 underutilized acres around the Galleria at Fort Lauderdale, here are the biggest deals in South Florida.

Rodolfo Ishak

Brazilian Developer Bucks Trend With Overtown Project

By Eleazar David Melendez |

Rodolfo Ishak has been developing towers in Brazil for over 30 years. He sat down with the DBR to talk up his first Miami project.

Want a Condo? Better Hurry. With Improved Housing Market, Condos Selling Quickly

By Samantha Joseph |

John Warsing, sales manager of Terrazas Miami where 30 sales closed in 30 days, likes that "seasoned developers getting back in the game."

Pending Home Sales Rise Modestly in September

Tight credit and price increases through the middle of 2013 have limited buying activity.

The Mall at Wellington Green

This Wellington Mall Sells as Part of $1.4 Billion Deal

By Samantha Joseph |

North of $340 million—that's how much a private equity firm paid for the Mall at Wellington Green.

The Miami Tower, 100 SE 2nd St, is a 47-story, landmark office skyscraper in Miami, Florida, United States. It is located in central Downtown. It is currently the 8th tallest building in Miami and Florida. On April 18, 2012, the AIA's Florida Chapter placed it on its list of Florida Architecture: 100 Years. 100 Places as the Bank of America Tower.

TotalBank Moving HQ to Miami Tower Space

By Eleazar David Melendez |

TotalBank is leasing three floors, has a ground-floor branch and will put a sign on top of the landmark tower.

Google Said to Buy Six Office Buildings for $585M

By Hui-yong Yu and Brian Womack |

The properties are part of the Pacific Shores Center office park in Redwood City, Calif., about 11 miles from Google's main office in Mountain View.

Lenders Facing Housing Crash Rules Deny Borrowers

By Alexis Leondis and Clea Benson |

Federal regulations, enacted after the collapse of the subprime market spurred the financial crisis, are boosting mortgage costs this year.

US New Home Sales Nearly Flat in September

By Josh Boak |

Sales of new homes were nearly flat in September after the August numbers were revised downward.

Shelborne Wyndham Grand South Beach, 1801 Collins Avenue, Miami Beach, FL 33139

Wyndham Adjusted Profit Tops Wall Street's View

Wyndham Worldwide Corp.’s third-quarter net income rose 10 percent as revenue improved across all business segments.

Echo Brickell

$124M Construction Loan to Add Condos on Brickell

By Eleazar David Melendez |

Los Angeles financier Canyon Capital Realty Advisors is making a splash in Miami, closing on the Echo Brickell project and working toward another loan on a nearby tower.

Patrick M. Duffy, Vice Chairman, Newmark Grubb Knight Frank

It's a Great Time To Be a Miami Office Landlord

By Samantha Joseph |

Miami's office sector reaches its highest occupancy in five years.

Skyrise rendering

Who's Telling the Truth? Skyrise Developer Escalates Fight With Miami Mayor

By Eleazar David Melendez |

The developer of the proposed Skyrise entertainment tower in downtown Miami says his request for aid from Miami-Dade County has been on the table for months.

Matt Rieger, president and CEO of Housing Trust Group at the Village Place project in Fort Lauderdale

Why This Miami Developer is Going Out of his Comfort Zone

By Samantha Joseph |

A Miami developer ventures out of its comfort zone, encouraged by rising demand in the multifamily sector.

Remax broker Hector Vidaurre, right,  with Alex Guerrero, Los Angeles Dodgers second baseman

Dodgers Infielder, Cuban defector Alex Guerrero, Buys in Weston's Windmill Ranch Estates

By Samantha Joseph |

Los Angeles rookie and Cuban defector Alex Guerrero spends $2.5 million on five-bedroom estate.

Miami Company Buys 13 Apartment Communities in Florida

By Samantha Joseph |

Tzadik Management takes over $81 million worth of apartments in acquisitions across Florida.

Housing Slowdown Ending? Existing Home Sales Rise in September

Homes sold in September at their fastest pace of the year, a sign that the housing market slowdown may be ending.

FANNIE MAE

Fannie-Freddie Clarify Buyback Rules to Help Ease Credit

Fannie Mae and Freddie Mac will spell out when they will force lenders to buy back loans that were issued based on false or inaccurate information.

State Seeks Fine Against 2 Miami Companies for Unlicensed Mortgage Work

By Adolfo Pesquera |

The Florida Office of Financial Regulation gave notice of intent to fine two Miami-based companies $25,000 each for processing mortgage loans without a mortgage lender license.

Charter Schools Borrow at Record Pace Led by Texas

The institutions, privately run with public funding, have sold $1.6 billion of securities in 2014.

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.

Skyrise 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.

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.

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.

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.