Real Estate News

Bruce Jacobs, of Bruce Jacobs & Associates

Foreclosure Defense Firm Claims CFPB Rule Violations

By Samantha Joseph |

Defense attorneys say the rush to clear the foreclosure backlog gives lenders a loophole to bypass federal rules that protect homeowners.

Matt Damon

Matt Damon Sells Miami Beach Mansion for $15.38 Million

By Eleazar David Melendez |

Oscar winner Matt Damon unloaded an expansive North Bay Road property for a 6 percent gain on the 2005 purchase price.

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

It's Cheap, But EB-5 Capital Isn't Easy Money

By Samantha Joseph |

Thanks to a burgeoning federal immigration program offering permanent residence to foreign investors, South Florida developers are raising millions of dollars through EB-5 funding.

Rendering of Pegasus at Gulfstream Park

dbrTV: You Don't See This Everyday on a Construction Site

With more than 150,000 construction site injuries a year, companies like Skanska are trying to do something about it.

Unexpected City Demands Put Squeeze on Miami Worldcenter Plans

By Eleazar David Melendez |

Unexpected demands from public officials and the unyielding economics of the real estate boom are putting a squeeze on the massive Miami Worldcenter after the projected groundbreaking was pushed back three months into 2015.

When complete, Centro Miami will have about 350 loft-style residences arranged across 37 floors, ranging from 500  to 1,100 square feet.

Slideshow: Centro Miami is Going Up Fast

Centro is a collection of approximately 350 loft-style residences arranged across 37 floors in downtown Miami.

Lucie Tondreau

Suspended North Miami Mayor Convicted in Mortgage Fraud

By John Pacenti |

A jury found Lucie Tondreau guilty of engineering an $8 million mortgage fraud before she was elected.

Alan B. Levan is the former head of BankAtlantic

Jury: BankAtlantic Chairman Alan Levan Defrauded Investors

By John Pacenti |

A federal jury in Miami finds former BankAtlantic Bancorp chairman Alan J. Levan defrauded investors on the verge of the housing crash in 2007.

View of Flagler St. from SE 3rd Ave looking west in Downtwon Miami, Fl.

Miami Project to Overhaul Flagler Street Delayed

By Eleazar David Melendez |

The plan calls for Flagler Street to be leveled with wider sidewalks added so that it can occasionally become a pedestrian promenade.

People of the Year for 2014

By Review staff |

Welcome to South Florida, 2014. As in most years, celebrities left their marks. Here are 25 of the most interesting celebrity cases of the year.

First Mortgage REIT in Latin America Tailored to U.S. Investors

By Paola Iuspa-Abbott |

The creation of Mexico's first mortgage real estate investment trust may foreshadow more liberal investment vehicles in Latin America.

Bankruptcy Judge Voids Sale of New Jersey's Revel Casino

By Wayne Parry |

Revel has asked the bankruptcy court to let the auction's runner-up, South Florida developer Glenn Straub, buy the property.

Terranova Corp. is spending about $30 million to redevelop two buildings on Meridian Ave., a corridor connecting Lincoln Road to a proposed massive redevelopment site around the Miami Beach Convention Center.

No Place to Go Except Up for Terranova on Lincoln Road

By Samantha Joseph |

Terranova Corp. says pent-up demand for high-end Miami Beach space is causing it to expand buildings upward in the Lincoln Road shopping district.

Why Areas With Good Jobs Have Hard-to-Afford Homes

By Josh Boak |

Around the country, areas with the strongest job markets increasingly have some of the costliest homes. And areas with the most affordable homes lack a solid base of middle-class jobs that attract workers.

Broward County Property Appraiser Lori Parrish

Here's How the Broward Property Appraiser Trumped the County Commission on Appeal

By Adolfo Pesquera |

Broward County commissioners must pay the county appraiser the budget assigned to her by the state, an appellate panel ruled.

Third District Court of Appeal

Bursting Housing Bubble Forces Court to Decide Liens

By John Pacenti |

A state appellate court has unraveled a multimortgage foreclosure case on a prime Miami Beach home that resulted in the Florida Bar discipline.

Tiger Woods-Designed Golf Course To Be Built in Dubai

Tiger Woods will design an 18-hole championship golf course to be built by Damac Properties in Dubai almost four years after another planned course was canceled in the wake of the city's property-market collapse.

Lauderdale Westin Sells for $149 Million

By Eleazar David Melendez |

The Fort Lauderdale hotel seels for $345,000 per door in a large transaction that bookends a year full of monster hospitality deals in Broward County.

Seniors a Pillar of Housing Market With High Ownership Rate

Bill Braswell is staying put in his Virginia home even though he could sell it for 10 times what he paid in 1980 and some of his retired friends are moving to warmer climates.

DoubleTree Hotel on 1808 S. Australian Ave. in West Palm Beach

Tiny Hotel Rooms Follow High Land Prices in Yotel Growth

Real estate colleagues questioned Justin Palmer's purchase of a boarded-up, eight-story San Francisco office building for $17.7 million, almost double the price paid for it six years before. Then he told them his plan.

322-Unit Senior Community Sells in Lauderhill

By Eleazar David Melendez |

The Forest Trace community sells for $59.5 million, or $185,000 per unit.

Finra Seeks 'Measured' Mortgage-Bond Transparency

Six years after a global financial crisis exacerbated by the lack of transparency in the market for U.S. mortgage debt, regulators are planning only a small step toward offering the public more information on trading.

870 S. Military Trail.

Deerfield Industrial Office Complex Sells for $51 Million

By Eleazar David Melendez |

The seven-building industrial-office complex trades in one of the biggest Broward County transactions of its kind this year.

Ronny Finvarb

Real Estate Exec Buys Mansion of Imprisoned Developer for $4M

By Eleazar David Melendez |

A South Florida real estate executive has scooped up a Bal Harbour home that used to belong to a real estate figure who's now behind bars.

15040 Loxahatchee Road

Hovnanian Buys Parkland Acreage for $53 Million

By Eleazar David Melendez |

The Broward County assemblage on the edge of the Everglades sells for $300,000 an acre.

Robinson & Cole Opens Miami Office

By Julie Kay |

The Connecticut-based insurance law firm has closed its Sarasota office and opened one in Miami with two lawyers.

CoreLogic: Home Prices Accelerated in October

U.S. home prices rose at a faster year-over-year pace in October than in September, snapping a seven-month slowdown.

Related, SBE Hotel Group Land $157M Loan

By Eleazar David Melendez |

Canyon Capital Realty Advisors is providing the loan for construction of the SLS Brickell Hotel and Residences project in Miami's Brickell neighborhood.

Johnny Bench

$3 Million Jupiter Mansion Is Latest Catch for Johnny Bench

By Eleazar David Melendez |

The Hall of Fame catcher scoops up a $3.3 million gated mansion from former St. Louis Cardinals pitcher Matt Morris.

Bocce Bar at 3250 NE 1st Ave. in Miami

Power Lunch Bocce: When a Competing Chef Offers a Rave Review, Whole New Ball Game

By Julie Kay |

Already the darling of the art and design crowd, Bocce in Midtown Miami is being discovered by power lunchers.

Home Price Gains Slow for 10th Straight Month

Miami posted the strongest 12-month gain at 10.3 percent, followed by Las Vegas at 9.1 percent.

Related Condominium Development president Carlos F. Rosso

Developers Flock to Miami Midtown for Housing Resurgence

By Samantha Joseph |

Midtown Miami is back, and developers are latching on to the neighborhood's arts-centric vibe for condo marketing.

Miami Commission OKs Midtown Wal-Mart; Legal Challenge Expected

By Eleazar David Melendez |

City commissioners made one revision before approving a Midtown Miami store, but opponents may be heading to court again.

Hialeah Condo Association Revived in Bankruptcy

By Samantha Joseph |

In a rare move, the struggling Bella Luna condo association filed for Chapter 11 bankruptcy protection to stave off fallout from the the housing crash.

FANNIE MAE

Senator's Proposal Would End U.S. Control of Fannie, Freddie

Sen. Tim Johnson wants to give Fannie Mae and Freddie Mac another chance to prove they can carry the home loan system as private companies.

Rendering of the new Miami Marine Stadium in Key Biscayne

Officer of Company Vying for Miami Marine Stadium Makeover on Verge of Bankruptcy

By Eleazar David Melendez |

As a company founded by a Miami attorney asks to lead a $121 Million redevelopment of the city-owned Miami Marine Stadium, one of the principals likely to show up at City Hall to make that case appears to be on the verge of personal bankruptcy, the Daily Business Review has learned.

Rendering of the new Miami Marine Stadium in Key Biscayne

Here's Why the $121M Miami Marine Stadium Project was Scrapped

By Eleazar David Melendez |

City Commissioner Francis Suarez said our story on Federico Coupe filling for personal bankruptcy protection in October after fighting off creditors for years, was the final nail in the coffin for the proposal.

Home Sales Rise at Fastest Pace for Year

Economists say the brisk pace of home sales in October is a sign the sluggish housing market is turning around.

Paramount Raises $2.3B in Record US REIT IPO

Paramount Group Inc., an office landlord, raised $2.3 billion in the largest-ever initial public offering for a U.S. real estate investment trust.

Foreclosure

Law Firm Salvages Foreclosure Lawsuit After David Stern Implosion

By Adolfo Pesquera |

A legacy foreclosure suit from the Law Office of David J. Stern was salvaged by a replacement law firm in favor of U.S. Bank.

Home Construction Drops 2.8 Percent in October

Construction of new homes fell slightly in October after a big surge the previous month, but the weakness was largely driven by the volatile apartment sector.

Wells Fargo, U.S. Not Optimistic on Mortgage Pact

Lawyers for the U.S. and Wells Fargo & Co. told a judge they doubt they can reach a settlement in a government lawsuit accusing the bank of home-mortgage fraud, a person familiar with the matter said.

Rendering of the new Miami Marine Stadium in Key Biscayne

Miami Marine Stadium Makeover Comes With $121M Investment

By Eleazar David Melendez |

A redevelopment plan for the Miami Marine Stadium would add adding thousands of square feet of commercial operations to the grounds around the landmark concert venue.

As Lawsuits Mount, Will Developer Nick Mastroianni Pay Latest Judgment Against Him?

By Samantha Joseph |

An EB-5 fundraising dispute led to an $800,000 judgment against North Palm Beach developer Nick Mastroianni.

South Florida Wendy's Portfolio Sells for $26.5M

By Samantha Joseph |

A dozen Wendy's outlets with above-average sales are sold by a Coral Springs company.

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

Institutional Money Taking Bigger Share of Region's Real Estate

By Samantha Joseph |

Institutional investors are scooping up thousands of South Florida properties from commercial to residential.

Supreme Court to Consider When Second Mortgage can be Void

The Supreme Court said it will decide whether homeowners who declare bankruptcy can void a second mortgage if the home's market value has dropped below the amount they owe on the first mortgage.

Chinese Developers Have Their Eyes on Miami Market

By Eleazar David Melendez |

A Chinese developement executive tells a Miami condo conference about China's interests in bringing its financier-builder concept to South Florida.

Regulator Criticized for Urging 3% Down Payments

Mel Watt, director of the Federal Housing Finance Agency, says a return to 3 percent down payment is a "narrow effort" to bring more minorities into the housing market.

Simon Ma

Simon Ma's Art is Beautiful, But His Message to Developers is Stunning

By Eleazar David Melendez |

A successful Chinese artist who moonlights as an artistic director on real estate ventures across the world has a message for developers: you're doing it all wrong.

Christopher Wayne White

Decades Behind Bars is Not the Kind of Luxury This Broker is Used to

By Samantha Joseph |

A luxury real estate broker faces decades behind bars after pleading guilty to seven counts of wire fraud.

589 N. County Road, in Palm Beach

Palm Beach House With Checkered Litigation History Sells for $25M

By Samantha Joseph |

Construction billionaire Leo Vecellio's former Palm Beach house sells 25,000-square-foot mansion.

Investors Buy $22 Million Coral Gables Office Building

By Eleazar David Melendez |

Two groups that have combined on four joint ventures picked up the 10-story tower at 901 Ponce de Leon Blvd.

Remy Jacobson, a Wynwood investor, center, with his attorneys Michael D. Joblove, left, and Aaron S. Blynn

Seller's Remorse! Wynwood Real Estate Deal Enforced After Two-Year Delay

By Samantha Joseph |

A contentious closing on a $3 million deal sparked a two-year legal brawl in Miami for a seller accused of reneging on the contract in hopes of a bigger payday.

4th DCA

4th DCA Reverses Boca Raton Foreclosure

By Samantha Joseph |

A missing property description cost Wells Fargo a foreclosure in the Fourth District Court of Appeal.

Beazer Quarterly Profit Nearly Hits $60 Million

Beazer Homes USA Inc. reported fiscal fourth-quarter profit of $59.8 million.

Rendering of 1010 Brickell tower

Regional, Community Banks Combine on $76M Miami Condo Loan

By Eleazar David Melendez |

A consortium of bankers won a financing deal for the construction of a 387-unit Brickell project.

Mahesh Pattabhiraman, Apollo Bank Senior VP and chief lending officer

Good News for Investors: Small Banks Have Running Room on Real Estate Lending

By Samantha Joseph |

Community banks in South Florida are stepping up financing for real estate deals.

Alan B. Levan is the former head of BankAtlantic

BankAtlantic, Ex-Chairman Face SEC Trial Tied to Housing Collapse

By John Pacenti |

Alan B. Levan, the former head of BankAtlantic, is in trial on a civil complaint filed by the SEC over statements he made during a conference call.

Fort Lauderdale Office Tower Sells for $112M

By Samantha Joseph |

AGS Property Corp. paid $345 per square foot for the Broward Financial Center.

Protest for the legalization of medical marijuana

New Pot Shops on the Block Not Always So Popular

The booming new marijuana industry has an image problem. Not with government officials and the public—but with other businesses.

Donna Abood

Avison Young Buys Abood Wood-Fay, Colliers International South Florida

By Samantha Joseph |

Canadian real estate powerhouse Avison Young will acquire the 70-employee Miami-based brokerage Colliers International South Florida and add millions of square feet to its management portfolio.

Rendering of Empire World Towers slated to be at 300 Biscayne Blvd, Downtown Miami, Florida.

Miami's 300 Biscayne Sells for $80 Million

By Eleazar David Melendez |

The sale of the downtown Miami trophy asset was held up by receivership litigation.

Vegas Nightclub May Pay Tab for $185M Caesars Loan

By Christopher Palmeri |

Caesars Entertainment Corp., the casino owner saddled with $24 billion in debt, has a new source of income—from a nightclub on the Strip—to help refinance a loan.

Sears Plans to Remake Aventura Mall Property

By Lauren Coleman-Lochner |

Sears will overhaul the 12-acre property with an open-air development that includes dining, other retailers, a scaled-down Sears store, hotel and offices.

Pallazzo di Amore, A Beverly Hills, California, estate with a 12-bedroom Mediterranean-style mansion and a vineyard is listed for $195 million, the highest current asking price in the U.S.

Beverly Hills Mansion on the Market for a Record $195M

By Nadja Brandt |

A Beverly Hills, Calif., estate with a 12-bedroom Mediterranean-style mansion and a vineyard is listed for $195 million, the highest current asking price in the U.S., the property's broker said.

Construction of Brickell City Centre

Judge Sides With Brickell City Centre on Falling Debris Complaints From Shop Next Door

By Eleazar David Melendez |

A small business is stepping up a year-old legal fight against its gigantic neighbor, Brickell City Centre, claiming construction materials are dropping on its property from hundreds of feet in the air.

Caribbean condos at 3739 Collins Ave.

The Seller of a Two-Bedroom Condo in This Building Just Made a Nice Profit

By Samantha Joseph |

A two-bedroom luxury Miami Beach condo just sold for a whopping $3.3 million, or about $2,050 per square foot.

Rendering of Grove Station Tower, 184 apartments and 6,000 square feet of retail space less than a block away from the Coconut Grove Metrorail station.

What Developers of Apartment Tower Under Construction in the Grove are Banking on May Surprise You

By Samantha Joseph |

A new residential tower is rising north of Miami's Coconut Grove as developers focus on transit-oriented projects.

Wine and Food Festival Organizer Lee Schrager Buys in Gables for $2.6M

By Eleazar David Melendez |

Celebrated South Florida tastemaker Lee Schrager has purchased a house in Coral Gables' French City Village.

Firm's Accounting Errors Roil Real Estate Empire

The accounting scandal at American Realty Capital Properties Inc. is threatening to upend a real estate empire built by Nicholas Schorsch in an industry where reputation propels growth.

Parking lot where Miami Worldcenter will be at west side of NE 2nd Ave between 9th St and 8th St.

Boutique Hotel Planned at Miami Worldcenter Site

By Eleazar David Melendez |

A new boutique hotel is the first project planned for the second phase of the mixed-use development and is looking to take advantage of an increasingly favorable funding environment.

Susan Trevarthen and Eric Hockman

Old Liens May Still Haunt Investors in Zombie Foreclosures

By Samantha Joseph |

Eric Hockman of Weiss Serota and Lauderdale-By-The-Sea town attorney Susan Trevarthen succeeded in enforcing $328,000 in code enforcement liens against a real estate investor.

Mercantil Buys Coral Gables Headquarters

By Eleazar David Melendez |

Mercantil Commercebank bought its longtime Coral Gables headquarters for $75 million and so announced a dip in quarterly earnings.

Logo of Edge Steak and Bar located inside the Four Seasons Hotel in Miami

Power Lunch: If You Didn't Know About Edge in the Four Seasons, You've Missed Out

By Julie Kay |

Edge in the Four Seasons is the quintessential power lunch spot and lures lunchgoers with one of the few private dining patios on Brickell.

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.

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.

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.

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.