Real Estate News

Ben Moss

Selling Home Without Listing It? A Lot More Do It Than You Might Think

By Samantha Joseph |

Pocket listings, where buyers and sellers skip publicly circulated real estate listings, are rising as the South Florida residential market rebounds.

It's Getting Ugly Now In One Bal Harbour. Partner Wants $17.5 Million For Fraud

By John Pacenti |

A former co-owner has sued his business partner over a loan for the purchase of One Bal Harbour Hotel & Spa.

Michael Nunziata, VP and principal at 13th Floor Investments and division president of Central Communities LLC, is shown at the site of their new development in Tamarac.

Tamarac In Transition With Plans For a 23-Acre City Center

By Samantha Joseph |

More then 40 developers are expressing interest in creating a city center complex on Commercial Boulevard in a city best known as a retirement haven.

Rendering of All Aboard Florida's West Palm station

All Aboard Florida Previews West Palm Beach Station Plans

By Samantha Joseph |

The West Palm Beach hub would be a nearly 60,000-square-foot station and platform off Quadrille Boulevard between Datura and Evernia streets.

JPMorgan Threatens To Stop Originating FHA Loans

JPMorgan Chase's Jamie Dimon wants clearer rules over when the government will demand triple penalties.

W Hotel on 3101 Bayshore Dr. in Fort Lauderdale

Related Spends $90 Million On W Fort Lauderdale Condo Hotel Units

By Eleazar David Melendez |

The owner of a Fort Lauderdale condo hotel has disposed of much of the property in a bulk sale at a steep discount from previous unit sales to New York-based Related

Palm Beach County Land Deal Worth $77 Million

By Samantha Joseph |

A 1,216-acre quarry that led to the downfall of former Palm Beach County Commissioner Tony Masilotti sold for $77 million.

Commissioner Marc Sarnoff

Plans For Miami Streetcar System Revived

By Eleazar David Melendez |

Long left for dead, plans for a Miami streetcar are alive again and could be up for public discussion by September.

Blackstone Buys CatalunyaCaixa Mortgages For $4.87 Billion

Blackstone Group LP, stepping up bets on Spain's economic recovery, is buying about $8.7 billion of mortgages from CatalunyaCaixa SA for $4.87 billion.

Pet Amenities A Rising Trend For Homebuilders

Standard Pacific Homes is building and selling homes in 27 developments from Florida to California and is believed to be the first to offer a pet suite as an option in every one.

Construction of New U.S. Homes Declines On Plunge In South

Housing starts unexpectedly declined in June to a nine-month low, led by a record plunge in the South that shows the construction industry must still overcome hurdles before it can contribute more strongly to U.S. economic growth.

The Metropica project proposed in Sunrise

Neighbor Not Happy With Mega Project, Files Suit Against Metropica

By Samantha Joseph |

A neighboring shopping center has filed suit against the $1 billion Metropica project, which received final city approval Tuesday.

Delray Beach Historic Marina District Put On Historic Register

By Samantha Joseph |

Delray Beach's historic marina district was built primarily between 1922 and 1943 and highlights the designs of prominent architects including Gustav Maas, Sam Ogren Sr. and John Volk.

Ivana Trump

Ivana Trump Sells Palm Beach Mansion For $16.6 Million

By Samantha Joseph |

Socialite and entrepreneur Ivana Trump made millions by selling the property she bought for $4.4 million in March 1994.

Record $125M Gets You An Acre At Mouth Of The Miami River

By Eleazar David Melendez |

A multimillionaire Argentinian family has plunked down $125 million for 1.11 acres site at the mouth of the Miami River next to the Epic Hotel, a record for undeveloped land in Miami.

115 SE 1 St. Miami

A New Downtown Miami Condo Tower Is Actually Being Proposed Here

By Eleazar David Melendez |

A proposed Downtown Miami residential condo tower is looking to push the envelope in more ways than one.

Tucker & Tighe attorney John Bernstein

A Clear Path For Condo Associations To Recover Overdue Fees?

By Samantha Joseph |

Broward Circuit Judge Sandra Perlman's ruling against Fannie Mae could clear the way for condo associations looking to recover overdue fees after foreclosure.

Psst. Wanna Sell Your House? Agents Using Private Listings

Real estate agents are increasingly pitching sellers to skip the multiple listing service and let the agent market the home privately.

Citigroup To Pay $7B In Subprime Mortgages Probe

Citigroup agrees to pay $7 billion to settle a federal investigation into risky subprime mortgages, which helped bring on the financial crisis.

FANNIE MAE

Fannie-Freddie Propose Liquidity Rules For Mortgage Insurers

Radian Group and MGIC Investment are among mortgage insurers that would need to fill a financial gap under new financial-strength rules proposed by the Federal Housing Finance Agency.

Gerard Yetming, Senior VP, CBRE, stands on the north side of the Miami River. He is marketing the lot behind on the south side of the river.

Upstream Investor Interest On The Miami River

By Samantha Joseph |

Investment dollars for residential and mixed-used projects are flowing into the Miami River's northern industrial corridor.

Downside Of Low U.S. Mortgage Rates? Less Selling

By Christopher S. Rugaber |

Would-be home sellers across the country are grappling with a once-in-a-lifetime problem: They have mortgage rates so absurdly low it would hurt them financially to sell.

Top U.S. Mortgage Salesman's Daughter Not Sold

By Lorraine Woellert |

Sara Stevens isn't sold on the idea of homeownership even though her dad, David Stevens, is the chief executive officer of the Mortgage Bankers Association.

American Homes CEO Sees More Takeovers Amid Consolidation

By John Gittelsohn |

As large investors such as American Homes gain access to lower-cost capital and develop greater management efficiencies, they will be positioned to buy smaller operators.

Jean Francois Roy

New Condos: Where There's Water, There's Redevelopment

By Samantha Joseph |

A veteran South Florida real estate investor is spending $38 million on dated Fort Lauderdale waterfront real estate for small-scale condo projects.

Green Street to Sell a Majority Interest to Golden Gate

By Hui-yong Yu |

Green Street Advisors Inc., a 29-year-old U.S. real estate research company, agreed to sell a majority stake to private-equity firm Golden Gate Capital to finance growth.

Pedestrians walk on Biscayne Blvd as the Miami Trolley makes a to SE 2nd St in Downtown Miami.

Believe It Or Not: South Florida Has Walkable Future

By Eleazar David Melendez |

A think tank study says Miami has the potential to become the fourth-most walkable metropolitan area in America. Here's why that might not be so out there.

Tiny Houses Big With Owners Seeking

By Nina Glinski |

Aldo Lavaggi can support himself as a folk musician in New York's Hudson Valley thanks to the 105-square-foot home he built on a friend's farmland in the Berkshires.

Cerberus, Blackstone Loosening Credit For Landlords

By Heather Perlberg and John Gittelsohn |

Cerberus Capital Management, which initially targeted landlords with multimillion-dollar loans, is financing low-volume deals for small investors through its FirstKey Lending, with looser terms than government-backed mortgages from Fannie Mae and Freddie Mac.

All-Aboard-Ft. Lauderdale Rendering

All Aboard Florida Unveils Plans For Fort Lauderdale Station

By Samantha Joseph |

Apart from discussing a 60,000-square-foot train station, developers said little else about the project they say will funnel $333 million into Broward County.

All-Aboard-Ft. Lauderdale Rendering

All Aboard Florida Unveils Plans For Fort Lauderdale Station

By Samantha Joseph |

Apart from discussing a 60,000-square-foot station, developers said little else about the "game changing" project they say will funnel $333 million into Broward County.

The Salesforce Tower stands in San Francisco in this artist rendering released to the media on April 10, 2014.

Office REITs Plan Most Construction In Decade

By Brian Louis |

Michael Knott of Green Street said office REITS are "going out the risk-reward spectrum by starting more developments rather than buying."

Coral Reef View

Project Nears As Developer Closes On $22 Million UM Deal

By Samantha Joseph |

Ram Realty Services LLC is at work on 900 apartments and 300,000 square feet of retail near Zoo Miami after it closed on the $22.1 million purchase of 80 acres from the University of Miami.

Richard LeFrak

Homebuyers Avoiding Chores Fuel Condo-Hotel Revival

By Nadja Brandt |

A rebounding hospitality market is joining with rising demand for luxury homes, spurring developers to construct new full-service hotels and ask premium prices for residential units associated with a high-end brand.

For-Profit College to Sell Most Campuses

By Kimberly Hefling |

The troubled for-profit education company Corinthian Colleges Inc. and the Education Department reached an agreement late Thursday that has 85 of the company's 100-plus campuses going up for sale, and 12 others closing.

Jeri Muoio, mayor, City of West Palm beach.

West Palm Beach Cuts Building Fees 20 Percent

By Samantha Joseph |

West Palm Beach slashes building fees after reaching $250 million in construction in a year.

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

Carlyle Sells Davie Luxury Complex for $78M

By Samantha Joseph |

Carlyle Group scores a big return on a $78 million apartment sale near the Nova Southeastern University campus.

Lenders Lose Right To Sue To Recover On This

By Samantha Joseph |

Foreclosure defense attorneys estimate as many as 100,000 mortgage debts on foreclosed South Florida homes were wiped out this week by a year-old state law.

Morning Brief: Five Stories Worth Reading

Welcome to today's edition of Morning Brief - must reading about South Florida and our legal and real estate communities.

You Won't Believe How Many Residential Units Miami Worldcenter Wants To Add To Downtown Miami

By Eleazar David Melendez |

Three towers would add 1,083 units, significantly running up the tally of announced residences in downtown Miami.

dbrTV Video: South Florida's Changing Boutique Hotel Market

By John P. Hernandez |

As investors pour billions into Miami's real estate market, boutique hotel popularity is soaring and the appetite for them is changing that segment of the hospitality market. Under the new owners, many boutique hotels are developing a unique identity.

710-750 S. Powerline Road

Commercial Printer Leases 87,600 Square Feet in Deerfield Beach

By Samantha Joseph |

JKG Group's $8 million lease is the second largest in Broward County this year.

Aerial view of downtown Miami

Debt Dwindling In New Commercial Mortgage Boom

Owners of U.S. properties from skyscrapers to hotels have extinguished $17 billion of debt before it was due during the past 12 months, more than four times the amount retired before maturity in 2011 and 2012 combined.

The Bankers Club at 2 S. Biscayne Blvd, 14th Floor

This 32-Year-Old Downtown Miami Institution Shuts Down

By Julie Kay |

It's the end of an era as the last of downtown Miami's luncheon clubs, The Bankers Club, closes, a victim of new restaurants opening downtown and professionals opting for quicker lunches.

Walgreens at 100 Lincoln Road

Lincoln Road In Transition: ArtCenter For Sale, Walgreen Cashes Out

By Eleazar David Melendez |

ArtCenter South Florida hopes for millions. Walgreen collects $28 million for its two-story store east of Collins Avenue.

Richard Siemens, president and CEO, Siemens Group

$185M Boca West Condo Project Set For 2015 Delivery

By Samantha Joseph |

Siemens Group, a notable country-club community developer, plans 120 high-end units on seven acres in Boca West.

Home Prices Are Up, But Gains Are Slowing

Data provider CoreLogic says U.S. home prices were up 8.8 percent in May from a year ago, and more homes are coming on the market.

Pending Sales Of Existing Homes Rise Most In Four Years

Housing demand is benefiting from cheaper borrowing costs, a stronger employment outlook and easier access to credit for some households.

Down Arrow

Housing Sales Hurt By Downturn In Immigration

Dayton, Ohio, found a fix for its foreclosure-laden housing market: Political leaders are encouraging immigrants from Mexico, Nigeria and Turkey to move there and buy houses.

Miami Beach Residents Unhappy With Construction

By Eleazar David Melendez |

Miami Beach Mayor Philip Levine said citizen concerns about traffic, construction and infrastructure are intimately linked.

Victor Ballestas, principal, Integra Investements LLC at a waterfront lot where he is planning to build a condominium project.

He's Got His Sights On Bay Harbor Islands

By Samantha Joseph |

After a lull blamed on the housing crash, investors return to pour millions into projects in Bay Harbor Islands.

Plantation Sheraton Hotel Sale Unlikely To Close

By Samantha Joseph |

A Chinese businessman's plans to purchase the Sheraton hotel at Plantation's Fashion Mall and affiliate with Starwood have faltered.

Fastest-Growing Metro Area In U.S. Has No Crime Or Kids

That The Villages, the most rapidly expanding U.S. metro area, is a Manhattan-sized retirement village -- with more golf carts than New York has taxis -- highlights the transformation of the world's demographic profile.

Dan Adelstein, director of real estate and franchise sale, Orange Theory Fitness.

Retail Landlords Are Pumped About Gyms

By Samantha Joseph |

Fitness centers led by YouFit Health Clubs, Orangetheory Fitness and Crossfit are driving up retail occupancy.

Construction crews beginning the pre-drilling work along the eastern edge of the A1A in an effort to adapt to the new normal caused by sea level rise.

Report: Adapt to Rising Sea Levels Now!

By Eleazar David Melendez |

A new report prepared by a Miami-Dade County sea level rise task force is urging the county to hire engineers ... and get ready to use land use planning to mitigate the costs of rising seas.

Stuart Miller

Lennar 2Q Results Beat Wall Street Estimates, Home Deliveries Up

Lennar's profit and revenue handily beat Wall Street expectations in the second quarter as it delivered more houses at higher prices and orders for new homes continued to climb.

Starter Homes Show Homeownership Dreams Alive And Well

LGI Homes' strategy of luring renters with low-cost houses and assisting them with getting mortgages has spurred record sales.

6503 N. Military Trail, Boca Raton

Boca Raton Condo Conversion Sells For Nearly $75 Million

By Samantha Joseph |

Mizner Court at Broken Sound, a 450-unit multifamily complex in Boca Raton, was purchased in a $74.75 million deal.

The FEC boat slip between the American Airlines Arena and Museum Park in Downtown Miami.

It Won't Be Home To Beckham's MLS Team, But FEC Boat Slip May Attract These Events

By Eleazar David Melendez |

The city agency that manages downtown Miami's Museum Park is working to woo sailing ships.

FANNIE MAE

Hazard Insurers May Face Suit Over Fees to Fannie-Freddie

The regulator of Fannie Mae and Freddie Mac will consider suing insurers who charged excessive fees for hazard coverage paid by the two government-owned mortgage companies, an auditor's report said.

$14M Verdict For Lawyer Who Accused New York Developer Of Civil Conspiracy

By Julie Kay |

A jury awards damages against New York investor Harvey Silverman, who was accused of civll conspiracy in a real estate deal.

Rendering of the Miami World Expo Center

Halt! Zoning Board Puts Brakes On Miami Worldcenter

By Eleazar David Melendez |

The city board wants to wait until Sept. 3 before considering zoning changes that could vastly alter the 10-block development north of downtown Miami.

U.S. Attorney General Eric Holder Jr.

Mortgage Investors Want To Limit Deals To Bank Cash

U.S. Attorney General Eric Holder received a letter last week asking him to stop banks from saddling them with the costs of probes into sales of the debt.

Home Prices Rise At A Slower Pace Than Expected

Sellers' ability to ask ever-higher prices has diminished as smaller wage gains make it difficult for some prospective buyers to qualify for financing.

David's Cafe at 1058 Collins Ave.

David's Cafe on Collins Avenue Sells For $9.89 Million

By Eleazar David Melendez |

A 420 percent profit on an investment made less than five years ago persuaded the owner of South Beach landmark David's Cafe to shut its doors earlier this year, a broker involved in the sale told the Daily Business Review.

Sales Of U.S. Existing Homes Up 4.9 Percent In May

Sales of previously owned U.S. homes posted the best monthly gain in nearly three years in May, providing hope that housing is beginning to regain momentum lost over the past year.

$71 Million Buys Hilton Cabana Miami Beach

By Samantha Joseph |

A Maryland-based real estate investment trust pays $310,000 per room for the Hilton Cabana Miami Beach.

JPMorgan Said to Plan Sale of $304 Million Mortgage Bonds

JPMorgan Chase & Co. is planning a sale of U.S. home-loan bonds without government backing, adding to evidence that the market for the securities is beginning to pick up steam.

Rendering of the Miami World Expo Center

City May Cut Zoning Limits For Miami Worldcenter

By Eleazar David Melendez |

The city Planning, Zoning and Appeals Board will take up the proposal that would better fit the needs of the Miami Worldcenter developer.

Bank Of America Fair Game For Mortgage Securities Lawsuits

U.S. District Judge Max O. Cogburn Jr. ruled claims were properly laid out that Bank of America lied to investors about the projected health of residential mortgage-backed securities.

Roxanne Register

Downtown Delray Beach Looks Toward 'Next Big Thing'

By Samantha Joseph |

Mixed-used developers are revitalizing downtown Delray Beach, where CBRE broker Roxanne Register says their interest is creating a new spark.

Chad Carroll, Samantha DeBianchi and Chris Leavitt

Bravo TV Show To Highlight 'Sexy Vibe' Of Miami Market

By Samantha Joseph |

Bravo TV's reality show "Million Dollar Listing Miami" features brokers Chad Carroll, Samantha DeBianchi and Chris Leavitt.

3333 Duck Ave.

In Second Largest Deal This Year, These Key West Apartments Sold For $39.5M

By Eleazar David Melendez |

In a joint venture with Boston-based Rockpoint Group, Miami Beach investor Mast Capital purchased the West Isle Club apartments at 3333 Duck Ave. in Key West.

Daniel F. Benavides, Detra Shaw-Wilder, Ken Hartmann, and Doug Wolfe

Setai Management Firm Wins $10 Million Lehman Suit

By Samantha Joseph |

A property manager forced out of the Setai Resort & Residences in Miami Beach won more than $10 million in damages against the now-defunct Lehman Brothers Holdings Inc.

Home Building Declined 6.5 Percent In May

The pace of U.S home construction slipped in May with many Americans still struggling to afford new houses.

Boca Raton Marriott at Boca Center

New York Investors Pay $58 Million For Boca Raton Marriott

By Eleazar David Melendez |

A New York REIT has paid $57.7 million for a Boca Raton Marriott, betting hospitality growth in Palm Beach County will make the investment worthwile.

Terrazas River Park Village condo at 1861 NW South River Dr.

From Rentals To Condos, Buildings Chase Middle-Income Buyers

By Samantha Joseph |

Developers of condos built during the downturn are working with preferred lenders to attract local buyers and compete with flashier, newer projects.

SunTrust Plaza at 201 Alhambra Circle

Odebrecht Construction Signs Lease In Coral Gables

By Eleazar David Melendez |

With various stadiums they built or refurbished making their World Cup debut, Brazilian construction giant Odebrecht Construction Inc. had a different kind of rollout in South Florida as the company signed a 17,788-square-foot office lease in Coral Gables.

Quantum on the Bay condominiums at 1900 N. Bayshore Dr.

Residents Of This Lux Condo Say Developer Terra Group Did Shoddy Work

By Samantha Joseph |

Homeowners want a judge to force developer Terra Group to fix drains and other claimed infrastructure flaws at Miami's Quantum on the Bay condominiums.

4 Indian Creek Island Road

$21 Million Gets You A Vacant Lot on Indian Creek Island

By Samantha Joseph |

A company formed by a Russian lawyer paid $21.6 million for a vacant lot facing Biscayne Bay on exclusive Indian Creek Island.

Publix Acquires Store In Davie's Paradise Promenade Plaza

By Samantha Joseph |

Publix Supermarkets is expanding its real estate portfolio, closing an $11.6 million deal for space in Davie's Paradise Promenade plaza.

Old Downtown Miami Post Office at 100 NE 1st Ave.

Find Out How Much This Historic Downtown Miami Building Sold For

By Eleazar David Melendez |

The landmark downtown Miami building at 100 NE First Ave. was picked up by a buyer looking to refurbish the historic former post office and set up a boutique shopping experience.

Many Seek New Homes Near Cities But Are Priced Out

The average price of a newly built home nationwide has reached $320,100—a 20.5 percent jump since 2012 began.

First World Cup Winner? Brazilian Builder Odebrecht

Odebrecht helped erect or expand four World Cup stadiums, financed with $675 million in subsidized loans.

Zoning committee of the Wynwood Business Improvement District (BID)

Why Wynwood Property Owners Don't Want To Be Bound By Miami 21

By Eleazar David Melendez |

Property owners in Miami's Wynwood neighborhood are pushing the city to let them significantly stray from Miami 21 zoning standards in a coordinated effort to create a more densely populated hot spot.

Jeff Morr

Why Jeff Morr Decided To Turn Over Control Of Majestic Properties To Douglas Elliman

By Samantha Joseph |

New York-based Douglas Elliman buys Majestic Properties to extend its reach in South Florida.

Rendering of the proposed soccer stadium

Miami Gives Red Card To David Beckham's Proposed FEC Soccer Stadium

David Beckham's dream for a downtown Miami soccer stadium for his MLS team took a severe blow after the City of Miami took the site next to the American Airlines Arena at Museum Park off the table.

Courtenay Yergens, director of real estate and development at MD Now Medical Centers

Urgent Care Centers The New Darlings Of Retail

By Samantha Joseph |

More medical tenants are setting up in shopping centers in South Florida.

CFE Architects, PA. website's MAX Miami page showing collection of renderings

Sidelined By The Recession, Plans For Mixed-Use Tower In Omni Area Revised

By Eleazar David Melendez |

Plans in Miami for a mixed-use tower sidelined by the Great Recession are back on the drawing boards as a residential project supported by a $7 million government subsidy.

Western Asset Plans On Feeding Non-Agency Loan Demand

Western Asset Management Co. plans to specify to lenders the mortgages it wants them to make, say interest-only, before it buys them.

Robert Fautz, CEO of Fautz Associates

Why Is This New Yorker Putting Money Into Hollywood's Liberia Neighborhood?

By Samantha Joseph |

Robert Fautz plans to put $33 million into the Liberia neighborhood of Hollywood, including renovating the Rosewood Shops, named after a survivor of the Rosewood massacre.

Miami Beach City Manager Jimmy L. Morales

Miami Beach Officials Unveil Hotel Plan

By Eleazar David Melendez |

Plans are unveiled for an 800-room hotel near the Miami Beach Convention Center.

DoubleTree In Deerfield Beach Sells for $14 Million

By Samantha Joseph |

New York investors acquire a Deerfield Beach DoubleTree hotel at a discount.

John Alschuler, Chairman, HR & A Advisors

A Second Chance To Pitch For Beckham's MLS Soccer Stadium

By Eleazar David Melendez |

John H. Alschuler Jr., chairman of land-use advisory firm HR&A Advisors Inc., has been top counselor to soccer entrepreneurs in New York and Miami.

2700 NW 25th Street, Pompano Beach

$50 Million Price Tag For FedEx Ground Center In Pompano

By Samantha Joseph |

A teachers pension fund buys the build-to-suit center from the developer, Levine Properties.

Miami Worldcenter Opponents Want Street Closure Decision Reversed

By Eleazar David Melendez |

Two Miami Worldcenter opponents are suing the city, hoping to turn back the clock on the mixed-use development.

Sonesta Fort Lauderdale

Sonesta Fort Lauderdales Sells For $65M To Hospitality REIT

By Samantha Joseph |

The Sonesta Fort Lauderdale has been sold for $65 million to a Massachusetts-based real estate investment trust.

Boca Apartment Complex Sell for $80M

By Samantha Joseph |

An Illinois teachers pension fund sells a 336-unit Boca Raton apartment complex for $80 million.

Marquis at 1100 Biscayne Blvd.

Would You Like A Six-Bedroom Suite ... Or A Couch?

The wealth gap is being felt in vacations as the wealthy are looking for ever-more pampering while many others are seeking new ways to economize.

28 Star Island Drive

Vacant Star Island Parcel Sells for $10M To End Lawsuit

By Eleazar David Melendez |

A Star Island sale ends a longrunning lawsuit over who gets to keep the vacant parcel.