Real Estate News

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.