Real Estate News

Renters Gain as Kids in America Move Out of Parents' Houses

Parents who've been waiting for their grown children to move out may finally be in luck.

Area 31 Terrace area overlooks the Miami River in the Epic Hotel

Power Lunch: At Epic's Area 31, It's All About the View

By Eleazar David Melendez |

On the terrace, "the stellar view by itself makes it unique," says Mika Mattingly, a commercial real estate broker who likes to power-lunch with out-of-town clients at Area 31.

How Many Homes Can Pulte Build on $48 Million Acreage it Purchased?

By Eleazar David Melendez |

The 260-acre purchase off Interstate 95 in Palm Beach County is approved for 275 homes.

Remodels Boom as Owners Choose Upgrades Over New Houses

Spending on renovations may rise to a record this year as homeowners with low interest rates decide to stay put and remodel their existing homes.

Mary Beth Reed, Director of Marketing & Business Development, Roof System Services, and David Hume, of David Hume Real Estate.

After Hours: Commercial Industrial Association of South Florida's 15th Annual Industrial Report

The Commercial Industrial Association of South Florida hosted its 15th annual Industrial Report at the Country Club of Coral Gables.

Home Ownership at Lowest in Two Decades

The share of Americans who own their homes was 64 percent in the fourth quarter, down from 64.4 percent in the previous three months.

Foreclosure

Should've Been Straightforward, But See How a Clerical Error Put BofA on Wrong End of Foreclosure Case

By Samantha Joseph |

What can go wrong in a foreclosure case went wrong in two Broward Circuit cases--the wrong legal description and a misplaced promissory note in the clerk's office.

Gold Coast Beer Distributors

Cheers! Beer Warehouses in Doral and Homestead Sell for $44 Million

By Eleazar David Melendez |

An Illinois food service company acquires two South Florida facilities from Gold Coast Beverage Distributors.

Steven Medwin

IndCor Signs 2015's Largest Industrial Lease for South Florida

By GlobeSt.com |

IndCor Properties has inked a 324,000-square-foot lease transaction with Floor and Decor Outlets of America at its Countryline Business Center in Miramar.

Homebuilders Boost Buyer Incentives to Increase Sales

As the key spring U.S. home-selling season approaches, buyers are finding deals on new houses as builders focus on boosting revenue.

Aerial view of downtown Miami

Meet Miami's $500M Brokers

The heat has returned to the Miami's real estate market. Construction for over 300 new residential towers are in the pipeline and business is booming. But is it another bubble?

Years After Crisis, Subprimes Are Bank With Different Name

The business of bundling riskier U.S. mortgages into bonds without government backing is gearing up for a comeback. Just don't call it subprime.

Jeff Atwater

Atwater Not Ready to Replace Insurance Commissioner

By News Service of Florida |

State Chief Financial Officer Jeff Atwater isn't ready to discuss a Louisiana official tabbed by Gov. Rick Scott as a possible replacement for Florida's longtime insurance commissioner.

St. Joe Gets SEC Wells Notice on Securities Violations

St. Joe Co., a northern Florida real estate developer, received a Wells notice from the U.S. Securities and Exchange Commission indicating the agency will file an action for securities-law violations, according to a regulatory filing.

Camilo A. Lopez, president and managing director of the Solution Group

Cassa Brickell Project Touts Condos With Open Space

By Eleazar David Melendez |

Camilo Lopez, president of the Solution Group, says the 10-story Cassa Brickell introduces a concept called "air houses."

Acre in Miami's Wynwood Sells for $7 Million

By Eleazar David Melendez |

A New York investor extends its substantial Wynwood holdings at $138 per square foot.

New Home Sales Jump 11.6 Percent

Sales of new U.S. homes accelerated strongly in December, a sign that home-buying may improve this year after a lackluster 2014.

Home-Sales Winning Streak Ends, First-Time Buyers Go Missing

A three-year winning streak for sales of previously owned homes in the U.S. ended in 2014 as some investors stepped out of the market and first-time buyers failed to fill the void.

Farmers Insurance Pays $62 Million for Broward Apartments

By Samantha Joseph |

The gated 79-unit Altis at Coconut Creek complex sells for $782,000 per unit.

Freddie Mac Headquarters at 8200 Jones Branch Drive, in McLean, Virginia.

Freddie Mac Selling $410 Million of Delinquent Home Loans

Government-backed mortgage company Freddie Mac is selling $410 million of deeply delinquent U.S. home loans in its second sale of the debt.

DR Horton Profit Beats Estimates as Home Sales Jumped

D.R. Horton Inc., the largest U.S. homebuilder by revenue, reported fiscal first-quarter earnings that beat estimates as sales jumped. The shares rose as much as 6.1 percent.

The Bath Club Estates rendering

A $50M Miami Beach Penthouse? Bravo TV Agents Pitch Just That

By Samantha Joseph |

The three-floor, 9,200-square-foot unit in Bath Club Estates is made for someone seeking the space of a single-family home and amenities of a luxury condo.

Big-Bucks: 7-Acre Miami Development Site Sells for $64M

By Eleazar David Melendez |

A Meruelo family company pays nearly $9 million an acre for a coveted development parcel in the Omni West neighborhood.

Three women waiting for an elevator on the Miami Tower parking garage.

Iconic Miami Tower's Broken Elevators Anger Tenants and Law Firms

By Julie Kay |

Tenants at the iconic 47-floor landmark are irate about broken city-owned elevators serving the office building's garage. Twenty-minute waits have become commonplace.

Tesla Model S

Wow! This is What a West Palm Condo Developer is Giving Away With Units

By Samantha Joseph |

Glozal Group is offering a free $70,000 Tesla Model S with dedicated parking space and built-in charger with each of the multimillion-dollar condos at Z Palm Beach Residences.

501 Northeast First Avenue

Downtown Miami Office Sale May Signal Redevelopment

By GlobeSt.com |

Aztec vice president Jason Katz says Miami's central business district is "one of the last bastions of dealmaking with Miami locals."

Resurgent Housing Seen Cushioning U.S. From World Woes

The best year for home construction since 2007 will help the economy weather slowing global demand for U.S. exports and a drop in energy prices.

Public hearing sign posted on SW 5th Ave. and 6th St. in Little Havana.

Shocking Accusation: Activists Say Miami Allows Developers to Displace Poor

By Eleazar David Melendez |

As the real estate boom makes Miami increasingly unaffordable, activism around affordable housing and gentrification is heating up.

Third District Court of Appeal

3rd DCA Reverses Dismissal of Active Foreclosure Case

By Samantha Joseph |

It seems the rush to clear Miami-Dade's clogged foreclosure docket backfired on appeal.

Foreclosure

See What Happens When a Mortgage Transfer Goes Wrong

By Samantha Joseph |

The Fourth District Court of Appeal finds "a piece of the foreclosure puzzle" missing and sides with homeowners over HSBC.

3800 NE Miami Court

$26 Million Miami Design District Retail Sale Sets 4-Year Record

By Eleazar David Melendez |

The furniture store sale sets the record as the largest price tag in the last four years in the neighborhood.

Three Land Use Legal Battles Worth Noting

By GlobeSt.com |

Richman Greer attorney Manny Farach analyzes three major land-use cases of the past year.

 All Aboard Ft. Lauderdale Rendering

Moss & Associates to Build 2 All Aboard South Florida Stations

By Samantha Joseph |

The general contractor will supervise construction of All Aboard Florida stations in Fort Lauderdale and West Palm Beach.

Gordon Ramsay

Gordon Ramsay Loses Court Battle Over $1M Rent on London Pub

Celebrity chef Gordon Ramsay is facing a real-life kitchen nightmare after a British judge ruled him personally liable for the $1 million annual rent on a London gastropub.

Glen H. Waldman

Developers Sue, Claim Aventura Stands in Way of Luxury Condos

By Samantha Joseph |

Developers file a $200 million suit against Aventura to start construction of Prive at Island Estates.

Lincoln Road

Lincoln Road, Doral's 2015 Retail Outlook is Strong. But Why?

By Globe.St.com |

Miami Beach's Lincoln Road and Doral are good retail real estate bets for 2015, Aztec Group managing director Jason Shapiro says.

Blackstone Said to Market First Rental-Home Securities of 2015

Blackstone Group LP is offering the first securities of 2015 tied to rental homes, the start of what Morgan Stanley analysts predict may be a more than doubling of issuance this year in the nascent market for such debt.

Home Depot-Lowe's Bull's-Eye Housing Rebound Has Analysts Divided

The seven-month stock rally for Home Depot Inc. and Lowe's Cos. could be at risk as the U.S. housing market stalls.

212 Gallery at 2407 NW 2nd Ave. in Wynwood

So Just Why is Wynwood Landing Deep-Pockets Buyers Paying Record Prices?

By Eleazar David Melendez |

A New York company pays a record $770 per square foot for an industrial-zoned property in Miami's Wynwood neighborhood, the latest darling of real estate investors.

Skyrise rendering

Skyline Bling: A $430M Hairpin Tower Bid for Tourism

American cities are starting an architectural arms race to the sky with super-sized Ferris wheels, a 100-story observation tower and maybe even a mammoth golf ball atop a 300-foot tee planted in the Arizona desert.

Home Lending to Bounce Back in 2015 After Slump

Chief economists at Fannie Mae and Moody's Analytics Inc. as well as the Mortgage Bankers Association all predict a turnaround for the U.S. mortgage market this year after a record decline in 2014.

Stuart Miller

Lennar Profit Increases as Home Sales Rise Despite Higher Prices

Miami-based Lennar Corp. said fiscal fourth-quarter earnings climbed about 50 percent as it sold more houses at higher prices.

Foreclosures Fall to Levels Before Housing Bust

The number of homes repossessed by banks fell 29 percent last year to the lowest level since 2006, a year before the subprime mortgage crisis.

Ex-Tyco Execs House in Boca Sells for Disappointing $10M

By Eleazar David Melendez |

The former home of convicted Tyco International CEO Dennis Kozlowski was built with a $19 million and originally listed for $25 million.

Cesar Garcia-Pons, deputy director of the City of Miami Planning Dept, left, and Brian May, lobbyist for the Watson Island project, in front of the City of Miami Beach commission.

We Object: Miami Beach Beefing About Miami's Watson Island Plans

By Eleazar David Melendez |

Miami Beach wants Miami officials to reconsider the scale for a major hotel-marina project planned on Watson Island.

In Hotel Sale Boom, WARN Act Requires Attention

By Frank Scruggs |

In boom times, as in times of economic distress, hotel property acquirers seek a workforce to deliver a customer experience that helps boost occupancy rates and preserve guest loyalty. But they also seek to avoid liability for any employment law violations committed by the seller.

Rocco DiBenedetto, Miami-Dade Contractors Alliance

Building Trade Group Sues 80 Contractors, Claiming They're Unlicensed

By Samantha Joseph |

Contractor Rocco DiBenedetto says he competes against dozens of companies who can undercut him in price because they don't pay licensing fees.

S&P Said Near $1B Mortgage Ratings Settlement With US

Standard & Poor's is close to a settlement of about $1 billion with the U.S. for allegedly misleading investors about its ratings of mortgage-backed securities before the subprime crisis, a person familiar with the matter said.

Garage under construction for the 192-unit Jade Signature condo at 16901 Collins Ave.

Drill, Baby, Drill: You Won't Believe How Many Feet This Sunny Isles Beach Garage Goes Down

By Eleazar David Melendez |

The parking garage in Sunny Isles Beach will take Lamborghinis and Maseratis three levels underground, a difficult engineering feat requested by the developer at a cost of $25 million.

Andrew B. Hellinger

River Landing Developer Seeks County Grant for Infrastructure

By Samantha Joseph |

First it was Miami World Center and SkyRise Miami. Now a third developer is asking for public land and millions of dollars in government subsidies for a massive project.

Construction of Brickell City Centre

Bad News for Miami Developers: FAA Wants Shorter High-Rises

By Eleazar David Melendez |

The Federal Aviation Administration is pushing back on plans for 1,000-footers and suggests something under 475 feet east of Miami International Airport.

Walmart at 3799 NW 167th St. in Miami Gardens

Wal-Mart Gets Warm Welcome in Miami Gardens

By Samantha Joseph |

The 40,000-square-foot supermarket is miles from the nearest Wal-Mart Supercenter and opens as the giant retailer presses its yearslong bid for a Midtown Miami location.

Jorge Perez

Related's Perez Sees Opportunity With End of Embargo

Related Group chairman Jorge Perez says an end to a U.S. economic embargo on Cuba could help turn Havana into a mecca for real estate investment.

You Won't Believe What Decided the Fate of Foreclosure Cases at the 4th DCA

By Samantha Joseph |

The Fourth District Court of Appeal focused on lender documents and standing in deciding three foreclosure cases. Homeowners won two of them.

Have Less Than 20% Down? This Edgewater Project May Be For You

By Eleazar David Melendez |

An Edgewater development is the first pre-construction project in Miami to receive Fannie Mae approval for lower down payment rates since the housing crash.

Trump Panama Hotel Developer Misses $23M Bond Payment

The developer of a Donald Trump-branded hotel and apartment complex in Panama missed a bond payment 18 months after issuing the notes when it emerged from bankruptcy.

REITs Seen as Ripe for Takeovers With More Activism

Takeovers among U.S. real estate investment trusts are poised to accelerate as shareholder activism increases and executives become more receptive to deals, according to research firm Green Street Advisors LLC.

Christopher Zoller, broker associate, EWM International

Buyers Want New Condos Not Existing Ones, So What are Developers Doing About It?

By Samantha Joseph |

Broker Christopher Zoller said last month's 16 percent fall in condo sales is "a direct reflection of the fact that people want new condominiums."

125 Gavilan Ave.

The Sale of This Cocoplum Mansion Set a Record

By Eleazar David Melendez |

A sale in Coral Gables' exclusive Cocoplum enclave fetched the highest per-square-foot price since the housing crash.

Museum Tower in downtown Miami

Stearns Weaver Signs Bigger 10-Year Lease in Miami

By Julie Kay |

Stearns Weaver Miller Weissler Alhadeff & Sitterson has renewed its lease and expanded its space at Museum Tower in downtown Miami.

Home Prices Coasting Upward in November

Home values rose 5.5 percent in November compared with a year earlier.

Nonprofit Needs New Space to Help Abused Children

By Samantha Joseph |

Lawyers For Children maintained two small offices in the Southeast Financial Center for about 15 years.

01/18/12-- Judge Leslie B. Rothenberg during 3DCA hearing, Norma Broin vs Phillip Morris Companies.

Homeowner Wins Appeal Against Mortgage Company

By Samantha Joseph |

The Third DCA sided with a homeowner who faced multiple default judgments despite filing responses in a wrongful foreclosure case.

FIU LawBridge program, which is without a home and disbanded after losing its space at Squire Sanders. Gonas participated in the program, which offered FIU law grads space to set up solo practices.

FIU Considers Options After LawBridge Program Loses Office Space

By Julie Kay |

The Florida International University LawBridge program, which helped new graduates launch solo practices, is being "rebooted" after the program lost its free office space in downtown Miami.

Firm Financials

Office-Occupancy Gains Jump to Seven-Year High

U.S. office landlords ended last year with the biggest gain in occupancies since 2007, signaling a pickup in momentum for the sluggish recovery since the last recession.

Young Home Buyers Return as Economy Accelerates

Young buyers have been shut out of the housing market since its rebound in 2012 from the biggest collapse since the end of World War II and now are belatedly part of its recovery.

Housing Costs for Renters Rose by $20.6B in 2014

By John Gittelsohn |

Demand for rentals has grown after owners of more than 5 million U.S. homes went through foreclosure since 2007, mortgage lending tightened and younger families postponed buying because they can't afford or prefer not to own property.

09/29/14- Miami- Miami City Commissioner Keon Hardemon.

Worldcenter Subsidies Get City Approval

By Eleazar David Melendez |

City commissioners approved a multimillion-dollar subsidy package for the massive Miami Worldcenter project.

Home Prices Rise at Slower Pace to End Year

By Michelle Jamrisko |

Miami led all 20 cities in the survey with a 9.5 percent climb in home prices, while San Francisco was second at 9.1 percent.

retrieved 12/30/14-  101 N. Clematis St., West Palm Beach.

REIT Pays $52 Million for Prime West Palm Property

By Samantha Joseph |

The mixed-used tower at 101 N. Clematis St. is a highly visible Class A property at one of downtown West Palm Beach's busiest intersections.

Attorney Nicholas D. Siegfried with the Coral Gables-based law firm of Siegfried, Rivera, Hyman, Lerner, De La Torre, Mars & Sobel, P.A.

Statute of Limitations Dooms Deutsche Bank in Foreclosure

By Samantha Joseph |

How slow is too slow on a foreclosure? After a seven-year foreclosure action, the Third DCA sides with a condo association and bars a lender's foreclosure play, but the court does not wipe out the mortgage.

Chinese Enter Brickell Picture, Buy Former Cabi Site

By Eleazar David Melendez |

A 2.39-acre development site in Brickell has traded hands for $74.74 million, scooped up by an affiliate of Beijing behemoth China City Construction and New York-based American Da Tang Group.

Revel casino and hotel, Atlantic city

Straub Wants Revel Casino Price Slashed by $8.4 Million

By Bill Rochelle and Sherri Toub Bloomberg News |

South Florida developer Glenn Straub says the price for the former Revel Casino should be $87 million instead of $95.4 million.

City Asked to Lower Hiring Goals for $1B Miami Worldcenter

By Eleazar David Melendez |

A deal set for a Miami City Commission vote would back off local hiring goals set in a September agreement with the Miami Worldcenter developers.

ArX studios CEO Gonzalo Navarro demos the technology his studio designs

Technology Lets Potential Buyers Tour Yet-to-Be-Built Condos

By Eleazar David Melendez |

A tech developer says software allowing 3-D real-time walk-throughs of pre-construction condo units is the wave of the future.

starlite hotel 127 SW Eighth St.

Shady Starlite Motel Sells for Shocking $24.8 Million

By Samantha Joseph |

Despite nearby prostitutes and drug addicts, the Starlite Motel sits on nearly an acre zoned for 24-story towers and development of up to 48 floors under Miami 21 land-use guidelines.

New River Center, 200 E. Las Olas

Prudential Fund Buys New River Center for $108 Million

By Samantha Joseph |

A real estate investment fund linked to Prudential Financial Inc. partnered with Stiles Corp. for the $108 million acquisition of Fort Lauderdale's New River Center on Las Olas Boulevard.

Oscar R. Rivera of Siegfried, Rivera, Hyman, Lerner, De La Torre, Mars & Sobel.

Lawyers Call for Reviving Terrorism Risk Insurance

By Oscar R. Rivera |

Congress adjourned for the year without extending a terrorism risk insurance law. A lawyer calls for speedy reauthorization.

09/29/14- Miami- Paul C. Savage, of Savage Leagal, at World Center meeting at the City of Miami commission meeting.

Lawsuit Challenges Miami Worldcenter Development Agreement

By Eleazar David Melendez |

Longtime foes of the Miami Worldcenter project are stepping up their fight against the project with another lawsuit.

handout received 1/2013-- Craig S. Studnicky, principal of International Sales Group

Surprised? South Florida Housing Rents Keep Climbing

By Eleazar David Melendez |

Two reports on South Florida's housing rental rates show that as vacancy rates decreases, rents are expected to go higher.

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.