Real Estate News

Bank Of America Loses $6 Billion Tied To Mortgage Costs

Brian T. Moynihan, who compared cleaning up Bank of America's mortgage mess to lugging a backpack up a mountain, posted his fourth quarterly loss since he became chief executive officer.

Mayfair Hotel & Spa at 3000 Florida Ave.

Mayfair Hotel & Spa Bought Again By Former Owners

By Eleazar David Melendez |

Miami's Mayfair hotel and 136 condo units have sold for $27.6 million to a group that includes previous owners tied to the former Ceebraid-Signal.

The former California Golf Club

This Former Golf Course In Miami Is Largest Land Deal Of The Year

By Eleazar David Melendez |

The shuttered 181-acre California Golf Club in North Miami sells to a New York developer for $19 million.

Firm Financials

Homebuilder Confidence Edges Up In April

U.S. homebuilders' confidence in the housing market rose modestly in April but remained at low levels for the third straight month, constrained by tight credit for home buyers and a shortage of workers and available land.

Hedge Funder Wayne Holman Buys Star Island Property for $28M

By Eleazar David Melendez |

The latest buyer on Miami Beach's Star Island is a New York hedge funder linked to the SAC Advisors insider trading scandal.

Curry Park rendering

Zoning Rules May Be Rewritten For Currie Park

By Samantha Joseph |

West Palm Beach is considering a zoning change to encourage development near Currie Park across from the Intracoastal Waterway.

Is This Riviera Beach Marina Project A Game Changer?

By Samantha Joseph |

The city and a private partner are laying the infrastructure for a massive $375 million redevelopment project in Riviera Beach. The success of the marina district and the ongoing improvements along the Broadway corridor are literally changing the face of this city.

Comerica Building

Brookwood Acquires Fort Lauderdale's Comerica Office Building

By Samantha Joseph |

The buyer of the $32.5 million Comerica tower says Fort Lauderdale's rebounding real estate market influenced the purchase.

2699 S. Bayshore Dr.

First Of Many? Mast Capital's Purchase In Coconut Grove

By Eleazar David Melendez |

The office building at 2699 S. Bayshore Drive wasn't actively marketed, but Mast CEO Camilo Miguel Jr. enticed the deal by offering $13.5 million more than the building sold for in 2012.

Jeff Morr

For Landlords Several Small Tenants Better Than One Large One

By Samantha Joseph |

Landlords are learning there's a big risk associated with relying on one tenant. The trend in South Florida is to find several smaller ones to lesson the pain of a sudden exit.

Kevin Crowder and Chris Roog

West Palm Beach Says Its Economy Depends On Real Estate Investment

By Samantha Joseph |

A far-reaching economic development plan that was the focus of a City Commission workshop tries to create jobs, grow the tax base and attract business to West Palm Beach.

Rendering of Renaissance Charter School

Abandoned Hollywood Print Shop Re-Purposed as Charter School

By Samantha Joseph |

Developer MG3 has broken ground on a $35 million charter school in Hollywood.

FANNIE MAE

New Fannie, Freddie Based On Old Apartment Model

The Fannie Mae and Freddie Mac divisions that lent to apartment landlords came out of the financial crisis relatively unscathed, partly because of better underwriting.

$190 Million of Bonds to be Issued for Boca Raton Retirement Center

An agency of Palm Beach County plans to issue $190 million of revenue bonds for a nonprofit developer to build a retirement community.

Trader Joe's at 9205 S. Dixie Hwy.

Retail And Industrial Guide 2014

By Review staff |

Trader Joe's in South Florida is a boon to the region, brokers and analysts say. Meanwhile, the industrial market is facing a squeeze thanks to growing demand from the logistics and international trade sector.

1270 NW 11 Street

Developers Enjoy Bullish Market With Industrial Projects

By Eleazar David Melendez |

The South Florida industrial market is facing a squeeze as demand from the growing international trade and logistics sector pushes against the potential for long-term scarcity of industrial infrastructure.

Trader Joe's

Trader Joe's A Grand Slam For South Florida Retail

By Samantha Joseph |

Retail brokers and analysts hail Trader Joe's entry into South Florida as boon to real estate landscape.

Houses.com Finds Partner To Help Strengthen Platform

By Eleazar David Melendez |

Miami-based Houses.com, a real estate classifieds site and online brokerage, is forming a partnership with Coral Gables-based Bayview Asset Management.

Benjamin M. Lawsky

New York Financial Chief Exerts Power Over National Lenders

While Benjamin Lawsky's purview is confined to New York state, he's used his leverage over licensing to dictate business practices to global banks, consulting firms and non-bank lenders.

The Beverly House sits on about 6 acres atop a private knoll three blocks from Sunset Boulevard

Mansion From Horse Head Scene In 'The Godfather' For Sale

The house of fictional movie producer Jack Wolz in 'The Godfather,' where he woke up with a horse head in his bed before letting out a horrific scream, is on the market for $135 million.

Miami Children's Signs Large Lease For Hospital Administration

By Eleazar David Melendez |

Miami Children's Hospital System is moving its administrative headquarters to a newly leased 79,156-square-foot office at Waterford at Blue Lagoon.

13450 W. Sunrise Blvd.

Sawgrass Lake Center Sells for $45.2 Million

By Samantha Joseph |

Investors in Orlando and Boston form a joint venture to buys the Sawgrass Lake Center office complex in Sunrise for $45 million.

Dannell Ellerbe

Dolphins Linebacker Ellerbe Buys In Davie

By Samantha Joseph |

Miami Dolphins linebacker Dannell Ellerbe buys a $1.55 million Davie mansion less than 10 miles from training camp.

Home Sales Poised To Surge With Spring

The housing market's spring selling season, the March through June period when more than half of U.S. home sales take place, is getting a late start this year because so much of the country has been in the grips of bad weather.

Barry Mukamal

Justice Watch: Suit Claims D.R. Horton Left Miami Gardens HOA In A Mess

By John Pacenti |

Bankruptcy trustee Barry Mukamal claims homebuilder D.R. Horton left a Miami Gardens homeowner association in financial ruin when the housing bubble burst.

1 Hotel & Homes

Developer, I'll Keep The Penthouse For Myself

By Eleazar David Melendez |

New York developer Richard LeFrak is keeping a penthouse for himself at the 1 Hotel and Homes on Collins Avenue in Miami Beach.

Pascal's on Ponce

Power Lunch: Pascal's On Ponce

By Julie Kay |

With stiff competition nearby, Pascal's on Ponce in Coral Gables has managed to flourish since 2000 by offering authentic French cuisine, top-notch service and a quiet, intimate setting without budget pricing.

Tablet with chart displayed

Average 30-Year Mortgage Rises to 4.40%

Average U.S. rates on fixed mortgages rosein the wake of comments by Federal Reserve Chairman Janet Yellen suggesting that the Fed could start raising short-term interest rates by mid-2015.

3rd DCA

Grove Isle Condo Association's Suit Wrongfully Dismissed

By John Pacenti |

The Third District Court of Appeal allows a condominium association in Miami's Coconut Grove to pursue its lawsuit against a hotel and spa operator.

Jack McCabe

Real Estate Insight With Jack McCabe: Rising Population Expected To Keep Market Humming

By Jack McCabe |

Expectations for a 20-year population growth cycle in Florida—along with foreign buyers—will feed the South Florida real estate market, according to real estate columnist Jack McCabe.

Casino Miami Jai Alai

Casino Miami Jai Alai Auctioned Off For $155 Million

By Adolfo Pesquera |

Florida Gaming Corp. auctioned the casino to its primary lender, ABC Funding LLC, amid competition from other bidders.

Sarah Alhassid

Bank Of America, Nationstar Face Forced-Place Insurance Suit

By John Pacenti |

A class action lawsuit claims Bank of America and Nationstar Mortgage threaten seniors with foreclosure in a forced-place insurance ruse.

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

Miami Worldcenter Developer Accused Of Not Keeping Neighbors Informed

By Eleazar David Melendez |

Miami Worldcenter Associates got blasted for "bad communication" with those likely to be affected by the 750,000-square-foot retail project planned on 17 acres in Miami.

350 Las Olas Blvd.

Las Olas High-Rises Acquired For $204 Million

By Samantha Joseph |

The luxury Class A towers at 350 and 450 E. Las Olas sold to a company linked to a Chicago-based real estate investment group.

15 Star Island

Philanthropist Buys Former Vanilla Ice Home On Star Island

By Eleazar David Melendez |

The nine-bedroom, 11-bathroom home at 15 Star Island Drive had listed for as much as $18.9 million but sold for a 38 percent premium over the $12.75 million it fetched at auction in late 2011.

Bernardo Fort-Brescia, Principal, Arquitectonica, gives presentation of the Miami Beckham United efforts to bring MLS soceer to Miami.

Parking Is Key Worry For Beckham MLS Soccer Stadium

By Eleazar David Melendez |

In revealing proposed plans for a soccer stadium at PortMiami, backers delve into prospects for parking near the planned 25,000-seat facility.

Puerto Ricans Visit Expo For Move To Florida

Thousands of Puerto Ricans streamed into the island's main convention center to learn how to prepare for a potential move to Florida.

Roy Black

Win Some, Lose Some, Roy Black Lost This Case Over Property Boundary

By Julie Kay |

A judge has sided with a millionaire investor who sued prominent attorney Roy Black over a boundary dispute between their exclusive Star Island properties in Miami Beach.

Matias Koretzky

Technology Links South American Investors With South Florida Properties

By Eleazar David Melendez |

Matias Koretzky is pitching South Florida residential real estate from a tech startup that got its start in Argentina and Brazil.

Miami Class Action Accuses JPMorgan Chase Of Robosigning

By Julie Kay |

In a lawsuit that mirrors class actions filed on behalf of homeowners in foreclosures cases, a class action has been filed in Miami federal court against JPMorgan Chase alleging Chase Bank used robo-signed affidavits to obtain default judgments against credit cardholders.

Douglas Centre.800 Douglas Road

Douglas Entrance Sold For $101 Million

By Samantha Joseph |

A Chicago-based real estate investment company sells the landmark Douglas Entrance office complex in Coral Gables for $101 million to two institutional investors.

Investor Completes $20 Million Assemblage In Coconut Grove

By Samantha Joseph |

An investor spends $20 million quietly assembling at least three commercial sites in the retail section of Miami's Coconut Grove.

Deanna Lobinsky

Office Guide 2014: Changing Tide For Landlords

By Samantha Joseph and Eleazar David Melendez |

It's not quite a landlord's market, but it's not the tenant's paradise that landlords have suffered through since the financial crisis.

Lance A. Benson

Shared Office Space No Longer An Embarrassment

By Eleazar David Melendez |

Changing perceptions about what a professional office environment should be have made it popular for companies to lease shared office suites.

Real Estate Deals Delayed? Blame The IRS

By Samantha Joseph |

To prevent fraudulent tax returns, the Internal Revenue Service is using a more conservative approach to issue tax identification numbers to foreign investors. A side effect, though, may be a delay in U.S. real estate deals.

Derik Reichenbach

Bioresource Makes $4 Million Move To Weston

By Samantha Joseph |

Bioresource Technology Inc. relocated in February, leaving Miramar after 14 years to occupy 26,000 square feet in the Weston Business Plaza.

Jeremy Shapiro

Industrial Market Benefits As Retailers Focus On Line

By Samantha Joseph |

Online shopping is feeding growth in the industrial market since retailers still need storage space for the inventory heading to their customers.

Homebuilder Confidence Edges Higher In March

U.S. homebuilders' confidence in the housing market edged higher this month, reflecting improved demand for new homes as the traditional spring home-selling season ramps up.

FANNIE MAE

Senate Draft Bill Seeks to Wind Down Fannie Mae in Five Years

Bipartisan Senate legislation would wind down Fannie Mae and Freddie Mac in five years and in the interim would maintain the current arrangement in which the mortgage financiers pay all of their profits to the Treasury.

Donald Trump

You're Cleared! Donald Trump Wins Liability Suit

By Adolfo Pesquera |

A Fort Lauderdale jury cleared Donald Trump of liability to depositors in the failed development of a beachfront condo-hotel tower.

Ugo Colombo

Ugo Colombo Wins $2M Judgment Over Corporate Jet

By John Pacenti |

A Miami jury has sided with real estate developer Ugo Colombo, ordering Dacra Development Corp. to pay $2 million in maintenance fees for costs associated with a corporate jet jointly owned.

Rendering of Fourteenth & Ocean

Eastern Pompano Beach May Be Next Development Hot Spot

By Samantha Joseph |

Pompano Beach's community redevelopment agency has successfully positioned the eastern side of the city for new private investment.

Gil Dezer

Miami Luxury Condos Revive With Buyer Cash Deposits

Gil Dezer had 850 unsold condominiums on his hands five years ago and almost $500 million in loans coming due as credit markets froze and buyers disappeared. Today, he's back in the market with what he sees as a safer bet: a 132-unit luxury project for auto enthusiasts called the Porsche Design Tower.

9101 SW 69th Court

'Bullheaded' Move Ends Up Costing Pinecrest $415,000

By John Pacenti |

An attorney for a homeowner says the former attorney for the village of Pinecrest cost the small Miami-Dade County community $415,000 in a forfeiture case.

7th Avenue, view looking NE

Suit: Missing Roads On $200 Million Development

By Samantha Joseph |

A homeowner association is suing Delray Beach over two roads missing for a new plan for Atlantic Crossing, a $200 million downtown development.

FANNIE MAE

So Long Fannie? New Bill Wants To Eliminate Fannie Mae

Fannie Mae and Freddie Mac would be eliminated and private interests would be on the hook for the first 10 percent of mortgage losses under a bill leaders of the Senate Banking Committee plan to introduce within days.

Planning Board Raises Density In Miami's Wynwood

By Eleazar David Melendez |

A Miami advisory board's approval of higher density for a residential mid-rise in the Wynwood neighborhood opens the door to future condominiums.

FANNIE MAE

Hedge Fund Partner Reaps Profit From Shorting Fannie

Todd T. Westhus was the mastermind behind Perry Capital's 2010 purchase of Fannie Mae and Freddie Mac preferred shares at 2 cents on the dollar.

2507 N. Ocean Blvd.

This Pompano Beach Hotel Site Back On The Market

By Samantha Joseph |

A receiver is authorized to liquidate the 2.8-acre site adjacent to the Hillsboro Inlet that has a 25-slip marina and preliminary approval for a hotel and restaurant development.

Jose Luis Ferreira de Melo, center, with sons Carlos, left, and Martin

Rejected! Melo Group's Plan for 36-story building Near Arsht Center

By Eleazar David Melendez |

A Miami advisory board rejected a plan by high-profile developer Melo Group to build a 36-story building on an acre in a blighted area west of the Adrienne Arsht Center for the Performing Arts.

3rd DCA

3rd DCA Limits Condo Association Fees In 'All Too Familiar' Case

By Eleazar David Melendez |

Reviewing a case a second time, the Third District Court of Appeal cuts off liability for unpaid homeowner association fees after foreclosure.

Americans Shut Out of Home Market Threaten Recovery: Mortgages

First-time homebuyers hurt by rising prices and tougher credit standards are disappearing from the market, slowing the pace of the three-year recovery.

Congress Poised To Undo Unpopular Flood Insurance Law

Less than two years after Congress approved a landmark bill to overhaul the federal flood insurance program, lawmakers are poised to undo many of the changes after homeowners in flood-prone areas complained about sharp increases in premiums.

Broward Correctional Institution, 20421 Sheridan St.

On Sale, Florida's Death Row For Women

By Samantha Joseph |

The shuttered Broward Correctional Institution, once home to Florida's death row for women, is up for sale: 66 acres on Sheridan Street near State Road 27.

Lot at 212 NE 23rd Street.

Find Out How Much This Edgewater Land Finally Sold For In Drawn-Out Deal

By Eleazar David Melendez |

United Teachers of Dade sells a 1.6-acre lot in Miami's Edgewater neighborhood but misses out on booming prices under a contract signed more than a year ago.

150 SE Second Ave.

Downtown Miami Chase Bank Building Acquired For $23.5 Million

By Eleazar David Melendez |

The 14-story Chase Bank Building at 150 SE Second Ave. last sold for $16.4 million in June 2012 at a slight discount from the mortgage granted by defunct Capmark Bank.

Florida Legislative Roundup: Commercial Lease Taxes, Insurance Costs Are Top Real Estate Priorities

By Samantha Joseph |

Florida is the only state that collects sales tax on commercial rent, levying a 6 percent fee that generates $1.2 billion in annual revenue.

FANNIE MAE

Miami Money Manager Asks Giants To Reinvest

Fairholme Capital Management's Bruce Berkowitz wants Fannie Mae and Freddie Mac to retain earnings rather than repay the Treasury Department.

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

$300M Deal Approved For Forced-Place Insurance Dispute

By John Pacenti |

Chief U.S. District Judge Federico Moreno has approved a $300 million settlement with JPMorgan Chase over forced-place homeowner insurance.

Tiny Houses Help Address Nation's Homeless Problem

While tiny houses have been attractive for those wanting to downsize or simplify their lives for financial or environmental reasons, there's another population benefiting from the small-dwelling movement: the homeless.

Foreclosure

Foreclosures Surging in New York-New Jersey Market

The epicenter of the U.S. foreclosure crisis is shifting to New Jersey and New York, threatening a housing rebound in one of the country's most densely populated areas.

08/19/11-- Miami Beach-- Pietro Belmonte, Managing Director, Associate Broker, Douglas Elliman Florida, stands in front of condos South Beach.

Real Estate Insight: A Glance At Trends for 2014

Jack McCabe predicts what will happen this year in the real estate market.

2211 Vista Parkway rendering

New Demand For Industrial Development, Developers Get Busy

By Samantha Joseph |

A developer plans $12.5 million in industrial development in response to new demand after five-year lull.

Bob Swindell

A Conversation With Greater Fort Lauderdale Alliance's Bob Swindell

Bob Swindell, president & CEO of the Greater Fort Lauderdale Alliance sits down with Edward Pozzuoli, President of Fort Lauderdale based law firm Tripp Scott, to discuss economic development in Broward County.

Silverspot Theatre construction at the Promenade at Coconut Creek

Malls Remake Themselves While Urban Street Retail Thrives

By Samantha Joseph |

Urban street retail is booming, while malls move to create live-work-play environments.

three blue houses on white background

U.S. Home Sales Plunge

Sales of existing U.S. homes plummeted in January to the worst pace in 18 months. Cold weather, limited supplies of homes on the market and higher buying costs held back purchases.

FANNIE MAE

Fannie Earns $6.5B In 4Q; Repaying U.S. Bailout

Fannie Mae posted net income of $6.5 billion from October through December, its eighth straight profitable quarter. Fannie will have repaid its full government bailout after paying its fourth-quarter dividend.

Wall Street Landlords Buy Bad Loans for Cheaper Homes

Wall Street-backed landlords are showing a greater appetite for bad mortgages as a source for cheap property as the supply of foreclosed homes declines while housing prices continue to climb.

Flagler Drive in West Palm Beach. This is the southern end of the new proposed financial district, anchored on the left by the Esparante building.

West Palm Beach In Need Of Premium Office Space

By Samantha Joseph |

A strong push to recruit financial services firms has left West Palm Beach in need of Class A office space.

John Boehner

House Speaker John Boehner Buys Marco Island Condo

Boehner and his wife have bought a luxury $835,000 condominium in a 14-story tower known as The Tampico on Marco Island.

Tablet with chart displayed

Waning Mortgage Refinancings Make New Deals Safer, Moody's Says

A trend of fewer homeowners refinancing their mortgages as interest rates climb is helping to curb sales of home-loan bonds without government backing. It's also making new notes being issued safer, according to Moody's Investors Service.

Builders Begin Work On Fewer Houses Than Forecast

Despite the bleak report, economist Richard Moody assures, "The housing market recovery is still intact."

Steven Carlyle Cronig

Defamation Suit Against This Coral Gables Attorney Dismissed

By John Pacenti |

Colombian real estate investor Jorge Arevalo accused Coral Gables attorney Steve Cronig of cutting him out of a deal for a Brickell property.

Down Arrow

Homebuilder Confidence Slumps Over Weather Concerns

Snowstorms last week helped reduce homebuyer traffic to its slowest pace since April.

Miami Beach's Faena House Gets $300 Million Construction Loan

By Samantha Joseph |

Advised by Akerman lawyers, Faena Group and Access Industries get a $300 million construction loan for Faena House in Miami Beach from HSBC Bank USA.

Arnstein & Lehr Renews Lease At Southeast Financial Center

By Julie Kay |

Chicago-based Arnstein & Lehr signs a lease renewal and lease at the Southeast Financial Center in downtown Miami.

15701 Collins Ave.

Fortune, Chateau Partnership Has Sights On Sunny Isles Condo Tower

By Eleazar David Melendez |

Two prominent South Florida developers are pursuing a joint venture to develop an oceanfront high-rise condo on two adjacent parcels in Sunny Isles Beach.

You Won't Believe How Much Money Judge Awards To Developer Mordechai Boaziz

By John Pacenti |

A Miami judge has awarded developer Mordechai Boaziz $21.5 million in a long-running fraud suit against a partner in several large real estate projects.

Rendering Paramount Fort Lauderdale Beach

Equity Financing To Fund Paramount Fort Lauderdale Beach

By Samantha Joseph |

The developer of Fort Lauderdale beach's first condo building without a hotel component in 10 years is using equity to finance early-stage construction.

Chip LaMarca

A Conversation With Broward County Commissioner Chip LaMarca

Edward J. Pozzuoli, President of Fort Lauderdale based law firm Tripp Scott, sits down with Broward County Commissioner Chip LaMarca to talk about the local economy and how the commercial and residential real estate market is coming back in Broward County.

Homebuilder Stocks Have Risen 20 Percent Since November

After several years of confidence in other areas of discretionary spending, the rebound in shares of homebuilders may signal that investors are anticipating a stronger spring selling season.

Foreclosure

4th DCA Reverses Lake Worth Woman's Foreclosure

By Julie Kay |

The Fourth District Court of Appeal has reversed a foreclosure brought by JPMorgan Chase Bank against a Lake Worth woman on the bank's legal standing to sue.

Gil Dezer

Developer Dezer Plans Project In North Miami Beach

By Eleazar David Melendez |

Luxury condo developer Gil Dezer plans to build at least 600 residential units on the east side of his family's freshly acquired Intracoastal Mall in North Miami Beach.

Tablet with chart displayed

Unexpected Drop In Mortgage Rate Sends Many House Hunting

The average rate for a 30-year fixed mortgage in the United States fell to 4.23 percent last week, an almost three-month low. The drop in borrowing costs means some buyers will purchase a home sooner than they had planned.

3111 N University Drive

Renovations Planned After $12.6M Purchase Of Coral Springs Office Building

By Samantha Joseph |

Investors spend $12.6 million for the former Preferred Exchange Tower in Coral Springs, and they have plans to invest $2 million on renovations.

3600 W Hillsboro Blvd.

These Coconut Creek Apartments Sold For How Much?

By Samantha Joseph |

Bell Partners buys Hillsboro Bay Club, a 15-year-old lakeside development with 366 apartments, fitness center, community theater, clubhouse, Internet cafe, tennis court, business center, walking trails and resort-style pool with sun deck.

The Adrienne Arsht Center for the Performing Arts

Odebrecht Reconsiders Reliance On Public Sector Projects

By Samantha Joseph |

Coral Gables-based construction giant Odebrecht USA is considering private development in addition to government projects.

Home Prices Rise In Fewer U.S. Markets In Fourth Quarter

Economist Lawrence Yun says home prices have risen faster than incomes and mortgage interest rates are higher, so "this is beginning to hamper housing affordability."

Manhattan's Big Banks Resist Lure Of New Office Towers

Five of the six largest New York leases since the end of 2012 have been renewals. Credit Suisse Group, Citigroup and UBS have all decided to stay put.

Fashion Mall's Multimillion-Dollar Makeover Begins

By Samantha Joseph |

Construction crews are revamping the office space as part of a five-stage redevelopment of Plantation's long-shuttered Fashion Mall.