VORTEX NEWS

08/02/2012 08:12 AM

Vortex International Realty Makes Its Home In Miami Market

– Miami Agent Magazine

 

 

07/26/2012 07:53 AM

Vortex International Realty Launches Boutique Luxury Real Estate Company to the Miami Market

– The Miami Herald

 

 

07/26/2012 12:45 PM

Vortex launches brokerage in South Florida

– The Real Deal

 

The Real Deal Miami

The Real Deal Miami


05/24/2018 08:30 PM
Corcoran taps Bill Cunningham as president of sales
Bill Cunningham has been promoted to president of sales at the Corcoran Group, a new role that consolidates oversight of sales for the firm’s Manhattan, Brooklyn, Hamptons and South Florida markets. Sales managers overseeing the Brooklyn and Hamptons regions previously reported to Pam Liebman, CEO of the firm. “This is hugely productive for the company,” Liebman said Wednesday. “It gives me more time to be more strategic and focused on the future of the company.” ... [more]
05/24/2018 07:39 PM
Buyer revealed: Billionaire hedge funder picks up $26M South Beach penthouse
A company tied to AQR Capital Management co-founder Cliff Asness is the buyer of a penthouse at 321 Ocean that sold last week for $26 million, property records reveal. Skurge LLC, a Delaware company that lists a Greenwich, Connecticut address, purchased the five-bedroom, 6,807-square-foot penthouse at 321 Ocean Drive from Russian venture capitalist Boris Jordan in what is the most expensive condo sale of the year. Records show Asness controls a recently incorporated Florida company ... [more]
05/24/2018 06:30 PM
Community development district buys part of Avenir project in Palm Beach Gardens
The Avenir Community Development District just paid $16 million for a portion of Avenir, a nearly 4,800-acre mixed-use community in Palm Beach Gardens. Property records show an entity tied to the Avenir Community Development District bought 130 acres of land from a company tied to Landstar Development Group. The Avenir Community Development District was established in January 2017 and is led by a five-member board consisting of Virginia Cepero, Roberto Horwitz, Randolfo Stern, Daniel Lopez ... [more]
05/24/2018 05:30 PM
Serena Williams lobs land in Jupiter to Patrón CEO
Drinks are in order for tennis star Serena Williams. One of the most accomplished professional athletes in the world just sold a 2.4-acre vacant lot at 152 Bear’s Club Drive in Jupiter for $6 million to Patrón Spirits CEO Edward Brown and his wife Ashley, property records show. The price equates to $2.5 million per acre. Williams paid $4.12 million for the land in 2013, serving her a profit of $1.88 million. The lot is ... [more]
05/24/2018 04:45 PM
Public money in play for park at Crescent Heights 5th and Alton development site
Some Miami Beach commissioners are open to the idea of using taxpayer dollars to buy a portion of Crescent Height’s Alton Road redevelopment site between 5th and 7th streets to build a park that combats sea level rise. Any acquisition would be part of a deal in which Russell Galbut’s Crescent Heights would still be allowed to build one of the tallest residential towers in South Beach. The Miami Beach City Commission’s land use committee ... [more]
05/24/2018 03:40 PM
Jeff Greene, Patrick Murphy considering 2018 race for Florida governor
Democrats Jeff Greene and Patrick Murphy are both still mulling a run for governor in the Sunshine State. Greene, a billionaire real estate developer in Palm Beach, and Murphy, a vice president at his family’s Coastal Construction, are still considering entering the 2018 race, according to the Palm Beach Post. Murphy is also a former U.S. representative, and lost a U.S. Senate race to Marco Rubio in 2016. https://therealdeal.com/miami/2017/12/04/movers-shakers-ex-related-vp-eric-fordin-joins-mast-capital-more/ It wouldn’t be the first race ... [more]
05/24/2018 02:30 PM
Following Amazon’s acquisition of Whole Foods, competitors are wondering what’s next for the notoriously secretive e-tailer
Ask any broker who’s dealt with Amazon to tell you what it was like, and they’ll present you with an airtight nondisclosure agreement prohibiting them from speaking. “Under the radar” doesn’t even begin to describe the company’s ultra-discreet approach to its real estate deals, especially as it’s bought up, or leased, more and more property with each passing year. Second only to Apple as the world’s most valuable company, Amazon, with an estimated worth of ... [more]
05/24/2018 01:45 PM
Developers could make bank from rollback of Dodd-Frank
UPDATED, May 24, 3:59 p.m.: Nearly a decade after bad real estate loans helped thrust the U.S. economy into a major recession, the House of Representatives passed a bill to roll back a number of regulations for banks. The changes, experts said, could become a catalyst for increased commercial real estate lending, opening up many new sources of funding to developers. On Tuesday, the House voted 258-159 in favor of a bipartisan regulatory relief bill that ... [more]
05/24/2018 12:45 PM
Follow The Real Deal South Florida on Instagram
On the run but still have time to check your Insta? Stay up to date with breaking industry news, the best in South Florida architecture and the hottest projects around by following us on social. ... [more]
05/23/2018 10:08 PM
Prologis made $300M in its 2015 deal with Facebook
Prologis  had about 300 million reasons to smile after its 2015 deal with Facebook. The tech giant bought a 21-building campus in Menlo Park from Prologis that year in a deal that made the industrial landlord about $300 million, according to Bloomberg. Prologis bought the site for $110 million about 10 years ago, and Facebook ended up doubling its first offer for the complex to roughly $400 million. The site’s warehouses are now being torn ... [more]
05/23/2018 09:30 PM
Starwood Capital sells Sunrise office portfolio to IP Capital Partners
A company tied to IP Capital Partners just picked up two office buildings in Sunrise’s Sawgrass International Corporate Park for $27.62 million, property records show. Starwood Capital Group affiliates SVT Sawgrass Building A and SVT Sawgrass Building B sold the 153,200-square-foot office portfolio at 13800 and 14050 Northwest 14th Street for about $180 per square foot. Sawgrass Commerce Center A and Sawgrass Commerce Center B sold for about $13.8 million each. The buildings were built ... [more]
05/23/2018 08:40 PM
Beaker & Gray owners to open BoomBox in former Bardot site in Midtown
The owners of Beaker & Gray have signed a lease to open a new bar and lounge called BoomBox at Bardot’s former site in Midtown Miami. BoomBox will open in a 3,264-square-foot space at 3452 North Miami Avenue late this summer, Marc Sirkin of Engel & Voelkers told The Real Deal. Sirkin and Asi Cymbal of Cymbal Realty represented the owner of the building, North Miami Avenue LLC, led by Cymbal Development’s Ziva Nitzan. Theresa ... [more]
05/23/2018 07:30 PM
Opendoor’s trade-up program opens up to all developers
Opendoor is expanding its home trade-up program, extending it to all developers. The house-flipping company expanded the program to all markets last summer and added homebuilders including Taylor Morrison and Meritage Homes, Inman reported Wednesday. Now the company is letting any builder in any Opendoor market participate. Opendoor formed a partnership with Lennar earlier this year for the program. In the process, the customer finds a home from a builder that they want to move ... [more]
05/23/2018 06:31 PM
Oil heiress pays $13.5M for waterfront estate in Manalapan
UPDATED May 23, 3:10 p.m.: After bouncing on and off the market for eight years, a sprawling ocean-to-lake estate called Paradisio Del Mar in Manalapan finally sold for $13.5 million, property records show. The 24,000-square-foot mansion at 1960 South Ocean Boulevard was reportedly listed in 2010 for about $35 million, so the sale price marks a 60 percent discount off the original asking price. Records show the buyer is Jean Christine Thompson. She’s the vice ... [more]
05/23/2018 05:41 PM
Back again: Sladja Stantic returns to One Sotheby’s after stint at Elliman
Sladja Stantic is returning to One Sotheby’s International Realty after less than two years at Douglas Elliman. Stantic just opened an office in Miami Beach’s Sunset Harbour neighborhood and is starting the Sladja Miami Homes team after leaving her former partner at Elliman, Dina Goldentayer. The former teammates will continue to co-list their existing listings at Elliman, Goldentayer said. Stantic joined Elliman in September 2016 to sell Terra’s Eighty Seven Park, a luxury condo building ... [more]
05/23/2018 04:30 PM
Partying and excess remain fixtures of ICSC, even as some companies opt for modest events
Looking out from a booth in the Wynn nightclub Intrigue, it was difficult to ignore a man on stilts dressed as a tree bounding between the aisles. From up there, the view certainly spelled excess: women dancing on podiums and a crowd of real estate folk bumping and bopping to a top 40 playlist. The party at the nightclub Sunday night set the tone of what was to come on the inevitable party circuit that ... [more]
05/23/2018 03:30 PM
These are the top leasing brokerages in the country’s four major markets
Property owners seem to be willing to get a bit unconventional these days to keep rent payments rolling in amid the ongoing waves of store closures. Indoor amusement parks, doctors’ offices, movie theaters, gyms and even discount stores  — once considered undesirably downmarket — are plugging holes in vacancy-riddled shopping centers and storefronts as rents decline, leases shorten and concessions spike, brokers and owners say. The Real Deal’s ranking of the top leasing deals and ... [more]
05/23/2018 02:30 PM
Opposition mounts against Brightline’s pursuit of more than $1B in bonds
Phase two of Brightline’s Miami-to-Orlando train service is off to a bumpy start. Members of Florida’s congressional delegation are discussing whether project is eligible for $1.15 billion in tax-exempt bonds that the project’s parent company All Aboard Florida is seeking for the northern expansion of the service to Orlando. All Aboard received $600 million in private activity bonds for the first phase of the project. U.S. Transportation Secretary Elaine Chao has received letters to suspend ... [more]
05/23/2018 01:45 PM
The Real Deal’s first-ever golf outing in Broward County is almost here!
The Real Deal is pleased to announce we will be teeing off on our first golf outing at Grande Oaks Golf Club in Davie, Fla. — home to the filming of the cult classic “Caddyshack” — on Monday, June 4. To purchase tickets or foursomes, please visit our site  The outing will benefit the Orphaned Starfish Foundation, an advocacy group dedicated to working with orphans, victims of abuse and at-risk youth through computer technology. Please look ... [more]
05/23/2018 12:45 PM
It took this brokerage one day of trading to cross a $1B market cap
EXp Realty’s entry into Nasdaq was a billion-dollar day. The cloud-based brokerage founded in 2009 crossed $1 billion in market cap on Monday, the same day it started trading on Nasdaq, according to Inman. Its market cap at the end of the day was at $1.044 billion, making it already more valuable than national franchise brokerage Re/Max, which has a market cap of $944 million. However, it still has far to go to catch up ... [more]
05/22/2018 10:15 PM
Terra and AvalonBay buy Doral office park for mixed-use development
UPDATED, 10:40 p.m., May 22: Terra and AvalonBay Communities just paid $33.5 million for a development site in Doral. The developers acquired the Atrium Office Park and adjacent restaurant at 3900 Northwest 79th Avenue in Doral, across the street from CityPlace Doral. Avalon Doral LLC paid $20 million for 4.6 acres of the site and Doral Atrium Retail Investments paid $13.5 million for the remaining 5.2 acres, property records show. An LLC owned by Armando ... [more]
05/22/2018 09:30 PM
Crescent Heights to go before Miami Beach board for 5th and Alton tower
One of Miami Beach’s most controversial development plans is up for discussion again. Developer Russell Galbut will go before the Miami Beach Land Use and Development Committee on Wednesday for the site at Fifth Street and Alton Road. A rally is planned in opposition. Galbut, co-founder of Crescent Heights, is proposing three options for the 85,348-square-foot block, in exchange for offering space for a public park that the developer would pay for. Crescent Heights is ... [more]
05/22/2018 08:35 PM
Toll Brothers sees record contract value in Q2. But costs are soaring
Toll Brothers saw its best quarter ever for contract value — but the luxury homebuilder’s profits missed expectations, in part due to higher labor and material costs. Net income for the quarter was $111.8 million, or 72 cents a share, the company said in a statement Tuesday. That’s down from $124.6 million a year ago. “All product types and regions are expected to show margin growth” in the next two quarters, CFO Martin Connor said ... [more]
05/22/2018 07:45 PM
The Long View: Why real estate tech won’t kill the middleman
Revolutions tend to promise one thing and deliver another. Think of the Jacobins paving the way for Napoleon, the Soviets toppling one autocracy only to ultimately replace it with another, or anti-corruption crusader Hugo Chavez building an empire of graft in Venezuela. Turns out this maxim also applies to real estate technology. Not too long ago, it seemed like the real estate business was about to enter a new era. To some observers, websites like ... [more]
05/22/2018 07:00 PM
Subscribe to TRD’s China Watch newsletter
As you’ve learned from The Real Deal’s reporting, Chinese players have been pulling out of the U.S. property market amid a government crackdown on capital flight. The news and views on what’s happening change constantly, so TRD launched a weekly newsletter to keep you in the loop. Delivered every Tuesday morning, China Watch captures all the news on Chinese investments — and divestments — across the U.S. Subscribe today. ... [more]
05/22/2018 06:30 PM
Biscayne Bay Brewing to open at historic post office in downtown Miami
Biscayne Bay Brewing is opening a second location in a historic building in downtown Miami. The brewery, based in Doral at 8000 Northwest 25th Street, is opening a 6,200-square-foot brewery and taproom at the Old United States Post Office and Courthouse building, at 100 Northeast First Avenue. It’s slated to open this winter, according to a spokesperson. Stambul USA, led by Daniel Peña, paid $11 million for the building in 2014. Barrett Wolf of Wolf ... [more]
05/22/2018 05:58 PM
Manchester United and Tampa Bay Buccaneers owner sued by contractor in Palm Beach
The owner of one of the world’s most famous soccer clubs is being accused of foul play. Benitz Building LLC filed a lawsuit in Palm Beach County Circuit Court against Avram “Avie” and Jill Glazer earlier this month. The company said that it was hired to make improvements to the Glazers’ house at 195 Via Marina Avenue in Palm Beach in July 2014 and had substantially completed the project in May 2017. Benitz alleges that ... [more]
05/22/2018 04:35 PM
SoFla lease roundup: TSF Sportswear takes 173k sf at spec industrial park in Pompano & more
TSF Sportswear leases warehouse at spec Pompano Beach industrial park Florida-based wholesale apparel distributor TSF Sportswear just inked a 173,000-square-foot lease for a warehouse at Bridge Development Partners’ Bridge Point Powerline Road in Pompano Beach. The company has more than 30 brands, including American Apparel, Dickies and Next Level Apparel. TSF Sportswear is the first to lease space at the speculative industrial park that is under construction at 1951 North Powerline Road. Bridge plans to ... [more]
05/22/2018 03:30 PM
Cadre seeks at least $100M from SoftBank
Real estate crowdfunding platform Cadre is seeking at least $100 million from a fund started by the SoftBank Group. Representatives for the SoftBank Vision Fund met with a top executive from Cadre recently, Bloomberg reported. The fund gets nearly half of its $100 billion from the Saudi Arabian government and at least $15 billion from the United Arab Emirates. According to Cadre representatives, co-founder Jared Kushner doesn’t have an active role at the company, but ... [more]
05/22/2018 02:30 PM
The week in luxury: A map of Miami-Dade’s priciest condo sales
Condo sales volume bumped up in Miami-Dade last week. The county recorded 174 closings for a total of $68 million, a slight increase from the previous week’s $65.5 million sales volume for 122 units.  Condos last week sold for an average price of about $537,000 or $343 per square foot. The most expensive closing was at the St. Regis in Bal Harbour. Unit 705 in the north tower traded hands for $2.55 million, or about ... [more]
05/22/2018 01:45 PM
Toys “R” Us is dead. Here’s who will feast on the retailer’s remains
Retail real estate these days can seem like a choose-your-own-adventure of sorts, with a variety of plausible story lines for all the players involved. Pivot to be experiential? Yes. Rebrand? Yup. Relaunch online? Affirmative. Chapter 11? Check. This last ending — filing for bankruptcy — is among the most prevalent plot lines, affecting not just retailers but landlords, brokers and lenders. And it is certainly the most visible on the retail landscape today. During a ... [more]
05/22/2018 12:45 PM
Fewer women at ICSC for Wells Fargo, Walmart and other firms
Attendees of the International Council of Shopping Centers’ annual RECon may notice at least one key difference between the convention floor and the world outside. Inside, the percentage of women drops by about half. Women represent only about 25 percent of the registered attendees at the world’s largest retail real estate convention, held each year at the Las Vegas Convention Center. That is according to a first-time analysis by The Real Deal of registered attendees ... [more]
05/21/2018 10:00 PM
Faena District in Miami Beach scores $140M refi
Len Blavatnik’s Access Industries secured a $140 million loan to refinance the Faena District in Miami Beach. Apollo Commercial Real Estate Finance is providing the floating-rate loan, according to the Commercial Observer. The financing is backed by the Faena Hotel Miami Beach, Casa Faena hotel, the Faena Hotel Residences, the Faena Forum, the Faena Bazaar and the retail and parking. JLL negotiated the refinance. Blavatnik and Argentine developer Alan Faena built the 1 million-square-foot mixed-use ... [more]
05/21/2018 09:32 PM
Palm Beach attorney accused of EB-5 fraud sells mixed-use property
A Palm Beach attorney who federal prosecutors allege was involved in $50 million EB-5 fraud scheme just sold a three-building mixed-use property in Palm Beach for about $4 million. Leslie Evans, a real estate attorney who is now facing federal fraud charges, sold the 5,576-square-foot residential and retail property at 249 Royal Poinciana Way, according to the Palm Beach Daily News. The buyer is a company affiliated with Palm Beach-based Armata Holdings Management Corp., a ... [more]
05/21/2018 08:30 PM
The Real Deal’s National Retail Market Report is live!
The giraffe mascot of Toys “R” Us, seen on this issue’s cover as a lanky giant laid low, made for a fitting visual for the company it represented — a colossus in its own right that earned the unfortunate distinction of being the third-largest retailer in history to file for bankruptcy. With the announcement in March that the company would close a whopping 800 stores, experts wondered what would fill the void left by its ... [more]
05/21/2018 07:30 PM
KA Real Estate buys development site near West Palm Beach
UPDATED May 21, 4:50 p.m.: An affiliate of Kayne Anderson Real Estate just paid $6.2 million for a 20-acre development site within the Vista Center business park near West Palm Beach, property records show. Plans are to build a senior housing facility with about 250 units. The site at 2810 Vista Parkway sits next to the Emerald Dunes golf club, within the Vista Center, a 500-acre master-planned, mixed-use development with over 3.3 million square feet ... [more]
05/21/2018 06:30 PM
Is Hialeah “the next big thing” for real estate investment in SoFla?
Hialeah is hot. The city has been experiencing a surge in real estate investment, bolstering its reputation as an industrial hub while also identifying it as a more welcoming place for multifamily and commercial construction following recent moves to encourage development. But investors drawn to cheaper land prices and those who may be looking to make a quick buck on a flip could find it difficult in this working-class city where rents remain low as ... [more]
05/21/2018 05:42 PM
After Hilton success, Blackstone makes $4.8B bid to buy LaSalle Hotel Properties
Blackstone Group outmaneuvered Pebblebrook Hotel Trust to buy luxury hotel owner LaSalle Hotel Properties with an all-cash bid of $4.8 billion, including debt. The agreement comes just three days after Blackstone sold its remaining shares in Hilton Hotels, making its investment in the company most profitable leveraged buyout in history at $14 billion. Blackstone agreed to buy LaSalle at $33.50 per share, or a premium of almost 35 percent above the company’s share price on ... [more]
05/21/2018 04:30 PM
Barneys owner Richard Perry picks up a Palm Beach home
The billionaire founder of Perry Capital and owner of Barneys New York just dropped $6.5 million on a home in Palm Beach. Property records show Richard Perry and his wife Lisa closed on the five-bedroom, 5,700-square-foot home ay 3 Via Los Incas, near the Breakers. Lisa Perry is a women’s fashion designer whose clothing is sold exclusively at Barneys. Richard Perry founded his New York hedge fund in 1988 and acquired a controlling interest in ... [more]
05/21/2018 03:30 PM
More homeowners think now is the best time to sell, but that doesn’t mean they’re listing homes
More homeowners think now is the perfect time to sell than they have in the past 26 years. But that positive sentiment has done nothing to boost listing inventory and alleviate the tight housing market. In early May, 39 percent of respondents in a survey conducted by the University of Michigan said conditions for selling a home were optimal because of favorable prices, Bloomberg News reported. That was the highest share of homeowners who had ... [more]
05/21/2018 02:30 PM
The number of women billionaires are growing faster than their male counterparts
Though men still make up the lion’s share of the global population of ultra-wealthy, an increasing number of women are joining their ranks. As of this year, 321 women responded to Wealth-X’s annual billionaire survey saying their holdings were over $1 billion–a 18 percent increased compared to the 2017 results. By comparison, the number of male billionaires increased by 14.5 percent, 0.4 percentage points lower than the 2017 survey. The total population of high-worth men ... [more]
05/21/2018 01:45 PM
Dania Beach Modern Orthodox Jewish day school gets loan from Bank of the Ozarks
A Modern Orthodox Jewish day school in Dania Beach just received a $6.75 million mortgage from one of area’s most active real estate lenders. Little Rock, Arkansas-based Bank of the Ozarks granted Brauser Maimonides Academy the mortgage on May 15, property records show. The private school at 5300 Southwest 40th Avenue has students ranging from early childhood to eighth grade. Multiple calls to the school were not immediately returned. The Sun Sentinel previously reported that the Jewish day school ... [more]
05/21/2018 12:45 PM
Heitman pays $112M for apartment community near Boca Raton
A company tied to Heitman just dropped $112 million for the Gables Marbella apartment community west of Boca Raton, property records show. The 297-unit rental complex at 22182 Bella Lago Drive traded for about $377,000 per apartment. Records show Marbella Premium Apartments LLC, tied to Atlanta-based developer Gables Residential, sold the property. The developer paid a little more than $43.4 million for the 19-acre property in 2005. Records show the complex was built a year ... [more]
05/20/2018 08:00 PM
Need to make a luxury house stand out? The feature brokers say works every time
Give buyers a dream pool and they’re all in — though that does not necessarily mean in the water. Buyers are increasingly favoring a resort-style island, a dining area or sitting area, that’s built into or on top of their pools, according the Wall Street Journal. “It’s more about engaging with the pool itself,” than swimming, landscape architect Kurt Kraisinger told the Journal about the increasing interest in having sunken rooms that puts people on ... [more]
05/20/2018 07:00 PM
Boca firm arranges $18.4M loan to buy Tampa office building
Boca Raton-based Meridian Capital Group arranged an $18.4 million loan to finance the acquisition of a single-tenant office building in Tampa. The loan has a floating interest rate 520 basis points above the 30-day LIBOR rate and interest-only payments throughout the four-year term. Merdian vice president Aryeh Meiteles and managing director Noam Kaminetzky at the firm’s Boca Raton office negotiated the loan from a bridge lender on behalf of the buyer of the office building, ... [more]
05/20/2018 06:00 PM
Miami-based firm borrows $21.5M to build a Tru by Hilton hotel in Orlando
Miami-based Epelboim Development Group got a $21.5 million loan to finance construction of a Tru by Hilton hotel in Orlando. The site of the eight-story, 259-suite hotel on Westbrook Avenue in Orlando is across from the Orange County Convention Center. The hotel is expected to open in the fourth quarter of 2019. The construction loan is “part of our capital stack, which is made up of the loan, private equity and EB-5 capital, totaling $39.5 ... [more]
05/20/2018 05:00 PM
Margaritaville-themed senior housing development planned in the Panhandle
The third Latitude Margaritaville residential real estate development for residents 55 and older is coming to Florida’s Panhandle region. Margaritaville Holdings, Minto Communities USA and The St. Joe Company plan to develop Latitude Margaritaville Watersound near Panama City Beach. The location is a property in Bay County called Watersound, which St. Joe owns. According to a press release by Minto, Watersound is part of a larger property entitled for the construction of 170,000 homes. Two ... [more]
05/20/2018 04:00 PM
Here’s why plans to legalize pot have brokers’ phones “ringing off the hook”
Commercial real estate brokers are getting ready to inhale deeply. Cannabis retailers preparing to open up shop once Canada’s legal pot market becomes official this summer are starting fierce bidding wars across the country in order to snag ideal spots for customers to pop by and grab their stash, according to Canadian Press. As a result, JLL brokers’ phones have been “ringing off the hook,” according to research manager Gaurav Mathur. During an industry conference ... [more]
05/20/2018 03:00 PM
Premier Sotheby’s International acquires another Naples-based realty firm
Premier Sotheby’s International Realty acquired the assets of another Naples-based residential brokerage, Stock Realty Resale & Rental. The acquisition “strengthens our presence in the southeast Naples area,” Judy Green, CEO of Premier Sotheby’s, said in a prepared statement. The former office of Stock Realty Resale & Rental at 7711 Collier Boulevard in Naples now operates under the Premier Sotheby’s brand. The managing director of the office is David Gape, who also leads the Premier Sotheby’s ... [more]
05/20/2018 02:00 PM
Fort Lauderdale architecture firm picked for 10-tower development in Dubai
Emaar Properties, the developer of a 10-tower project in Dubai, commissioned a Fort Lauderdale-based architecture firm to design the buildings’ façades. Emaar commissioned Rex Nichols Architects (RNA) for the first pre-construction phase of the development, called Dubai Creek Harbor. The mixed-use development near downtown Dubai, scheduled for completion in 2020, would include residences, retail stores, restaurants and offices. “We were approached by the senior manager for Dubai Creek Harbor based on the contemporary design featured ... [more]
05/20/2018 01:00 PM
Long shot? Shaquille O’Neal lists his unusual Orlando-area estate for $28M
Former basketball superstar Shaquille O’Neal is taking a shot at selling his Orlando-area estate for seven times more than he paid 25 years ago. It will be no easy layup: The unusual property is highly customized to suit O’Neal’s outsized personality. O’Neal, 46, put his longtime primary residence in Windermere on the market with an asking price of $28 million. He bought the 12-bedroom property for $3.95 million in 1993, when he was a player ... [more]
05/19/2018 09:00 PM
“Halfback” trend revives as more retirees leave Florida for other states in the South
Many natives of northern states who moved to Florida are “halfbacks” who relocated again to retire elsewhere in the South. The economic recession in the late 2000s slowed the flow of native-northern halfbacks who moved to Florida and then moved roughly halfway back, settling in small mountain towns in such states as North Carolina and Tennessee. But the halfback trend, which was well under way by the early 2000s, has regained momentum. From 2000 to ... [more]
05/19/2018 07:30 PM
Redevelopment of Tamarac golf course may include townhouses
Construction of houses at a country club property in Tamarac is set to start next month, and now the owner of the property wants to build 60 townhouses there, too. Homebuilder PulteGroup bought 44 acres of the closed golf course at the Woodmont Country Club in Tamarac for the construction of 152 houses. Mark Schmidt, owner of the Woodmont Country Club, also had planned to develop 28,000 square feet of commercial space on six acres ... [more]
05/19/2018 06:30 PM
Construction starts on 187 apartments near Florida International University
A 187-unit apartment building that will cater to college students is under construction near Florida International University. TD Bank made a $55.04 million loan to finance construction of the rental property at 400 Southwest 107 Avenue in Sweetwater. The borrower is an affiliate of CA Ventures of Chicago, led by CEO Tom Scott, and the development is called The Residence at University City. CA Ventures bought the development site in December 2017 for $4 million. ... [more]
05/19/2018 05:30 PM
Lake-to-ocean estate in Palm Beach sells for $22.43M
An oceanfront estate in Palm Beach about a mile south of President Trump’s Mar-a-Lago resort sold for $22.43 million. Ashley McIntosh, an agent of Douglas Elliman Real Estate, represented an unidentified family that bought the property at 1616 South Ocean Boulevard. The family used an entity based in Lake Wales to buy the 11-bedroom estate, which has 18,866 square feet of indoor and outdoor living space. The sellers of the property are Luciana Vittoria and ... [more]
05/19/2018 04:30 PM
Groundbreaking nears for mixed-use development in Tamarac
Construction of a downtown-style, mixed-use development in Tamarac may start soon. Elise Boston, a spokeswoman for the City of Tamarac, told the Sun-Sentinel that construction is expected to start within the next few months and to conclude in late 2019. The $30 million development, called Tamarac Village, would encompass a four-story complex of 13 buildings with 401 rental apartments, a two-story clubhouse for the tenants, and three commercial buildings with more than 44,000 square feet. ... [more]
05/19/2018 03:20 PM
City finally approves Midtown Delray Beach development
Delray Beach city commissioners unanimously granted final approval of a mixed-use development called Midtown Delray Beach after nearly seven years of planning and protests. Hudson Holdings, the Delray Beach-based developer of the project, made multiple changes to its design before winning city approval. The city’s Historic Preservation Board twice voted against Midtown Delray Beach, which would include a mix of apartments, retail stores, office space and an underground parking garage. The development site on Swinton ... [more]
05/19/2018 02:15 PM
Serena Williams’ lot next to Jupiter golf course under contract
Professional tennis star Serena Williams found a potential buyer for her 2.4-acre lot next to a golf course in Jupiter. Williams, 36, listed the lot for sale in November for $6.5 million, which would be 57 percent more than the $4.12 million price she paid for it. The status of the listing changed Friday to show that a potential buyer signed a contract to buy the lot, according to Mansion Global. The lot at 152 ... [more]
05/19/2018 01:15 PM
National Cheat Sheet: Treasury issues new LLC disclosure law … & more
Treasury issues new LLC disclosure law The Financial Crimes Enforcement Network (FinCEN) has issued a new set of regulations that require title companies to disclose the identity of all-cash buyers who purchase luxury property under an LLC, sources told The Real Deal. FinCEN issued the new geographic targeting order [GTO] with instructions that forbade title companies from disclosing the details of that new rule. “The terms of the GTO Order are CONFIDENTIAL and therefore we are not ... [more]
05/18/2018 10:30 PM
Blackstone’s overall profit from Hilton deal? $14B
Blackstone Group sold its remaining shares in Hilton Hotels, an 11-year investment that many questions at first but turned out to be the most profitable leveraged buyout in history. Blackstone will realize a profit of $14 billion in total after agreeing to sell its remaining 15.8 million shares back to Hilton for $1.3 billion, Bloomberg News reported. The private equity firm put up $6.5 billion in equity with co-investors in 2007 to take the hospitality ... [more]
05/18/2018 10:00 PM
OfferPad raises $50M, extends credit line
Housing investment platform OfferPad raised $50 million in venture funding from private equity firm LL Funds and other investors. The startup also extended an existing, $100 million credit line, Inman reported. OfferPad buys homes from owners who want to sell quickly and for a guaranteed price, and then lists them for resale on its online platform. The business model is similar to Opendoor, which recently raised $35 million in equity, and Knock. The company made ... [more]
05/18/2018 09:30 PM
Realtors rejoice: NAR temporarily tables 2.5% raise on dues
The National Association of Realtors is holding off on increasing its annual dues by 2.5 percent — for now. The organization’s executive committee decided to postpone the proposal, which would’ve inflated dues by 2020, Inman reported. NAR Treasurer Tom Riley indicated that the group will reconsider the plan in the next few months with “a little different verbiage.” The group is still considering increasing dues by $30 in 2019. Members currently pay $120 in dues, ... [more]
05/18/2018 09:00 PM
What to expect at RECon 2018
Tenants, who have had their backs against the wall in recent years, are expected to flex a little more muscle this month at the International Council of Shopping Centers’ Las Vegas conference RECon — the largest retail real estate convention in the world — taking place this year from May 20 to 23. While some retailers are still signing high-profile deals, and activity in some of the country’s top markets, such as Manhattan, ticked up ... [more]
05/18/2018 08:30 PM
Moishe Mana’s not done yet, picks up downtown Miami building for $13M
Moishe Mana’s portfolio of properties in downtown Miami keeps growing. The investor and developer just paid $12.9 million for a two-story retail and office building at 201 East Flagler Street. The deal brings his total spent in downtown Miami to nearly $285 million. Mika Mattingly and Cecilia Estevez of Colliers International South Florida represented Mana in the deal. The seller, White Building Acquisition, LLC was represented by Robert Palacios of Regency Commercial Properties and Marci ... [more]
05/18/2018 07:30 PM
Earnings recap: Traditional brokerages chase profits while digital rivals see revenue soar
While the future of brokerage remains uncertain, after the most recent quarter Wall Street is bullish on the tech upstarts. Though digital firms like Zillow and Redfin posted big losses, revenue soared in the first quarter. William Blair analyst Stephen Sheldon, who projected that Redfin’s revenue would grow 30 percent this year, said the business model “can challenge traditional residential brokerages for market share without having to take much to perform well in the coming ... [more]
05/18/2018 06:30 PM
Miami Beach to request proposals for a new convention center hotel — once again
The Miami Beach City Commission voted unanimously this week to issue a request for proposal for developers to submit designs and bids for a convention center hotel. The hotel would be built on the same site that a previous hotel design was proposed in 2016, which was ultimately turned down by voters. But under the new request for proposal, the hotel would be a third smaller than the previous design. It would be no taller than 185 feet ... [more]
05/18/2018 05:30 PM
REIT buys Palm Beach Gardens shopping center from Menin Development for $88M
InvenTrust Properties Corp. just bought the PGA Plaza in Palm Beach Gardens for $88 million. Property records show an affiliate of Menin Development sold the 121,000-square-foot shopping center at 2500, 2570 and 2658 PGA Boulevard. Craig Menin, CEO of the Delray Beach-based company, said the firm bought the 10-acre site in 2004 for about $17.5 million and began marketing it earlier this year with Eastdil Secured. The plaza, built in 1975, underwent a $14 million ... [more]
05/18/2018 04:30 PM
Treasury issues new LLC disclosure law
The Treasury Department has re-upped rules meant to crack down on money laundering in real estate — but don’t ask Uncle Sam for details. The Financial Crimes Enforcement Network (FinCEN) has released another set of rules requiring title companies to disclose the identity of all-cash buyers who purchase luxury property under the guise of an LLC, sources told The Real Deal. But FinCEN has instructed title companies not to disclose details of the new geographic ... [more]
05/18/2018 03:40 PM
Tomi Rose and her former brokerage Opulence in legal battle over $96k allegedly unpaid tab
Opulence International Realty and its former agent Tomi Rose are in a legal fight over an alleged $96,000 loan, court documents show. Rose, who joined Opulence at the end of 2013 as vice president of the firm’s sports and entertainment division, left the company last year shortly before it was acquired by Brown Harris Stevens. She joined Douglas Elliman in September, according to documents filed with the state’s department of business and professional regulation. Opulence ... [more]
05/18/2018 02:30 PM
A little Arkansas bank is funding much of SoFla’s condo boom. What could go wrong?
Overlooking a small lake in a quiet area of Mid Beach, The Ritz-Carlton Residences, Miami Beach was pegged as an upscale European oasis in South Florida. Ophir Sternberg, a native of Israel who moved to Miami in 2009, tapped Italian architect Piero Lissoni to design the project, where homes would range in price from $2 million to $40 million. It was Lissoni’s first U.S. venture, and Sternberg hoped to use him to deliver product that ... [more]
05/18/2018 01:45 PM
South Florida by the numbers: Here comes Brightline!
“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Choo-choo! The Brightline high-speed train will finally roll into downtown Miami this weekend, offering express service to and from Fort Lauderdale, West Palm Beach, and Orlando in the coming years. Political and business leaders are hoping the new (reasonably priced) commuter rail system will be a transportation “game changer” for South Florida, allowing people to ... [more]
05/18/2018 12:45 PM
Lawsuit dismissed against Zillow’s Zestimates
A Federal district court has dismissed a closely followed class-action lawsuit that charged Zillow — creator of the controversial Zestimate online home-valuation tool — with deceptive business practices designed to mislead consumers. The suit, filed last year by Chicago-area home sellers, alleged that Zillow systematically engages in a confusing, unfair and deceptive marketing scheme that impairs homeowners and sellers in the sale of their houses. Plaintiffs charged that Zillow hides its multiple financial arrangements with ... [more]
05/17/2018 10:47 PM
American Dream Miami wins county commission approval
Triple Five Group can officially begin the construction phase of its $4 billion American Dream Miami project, set to become the largest mall in the country. County commissioners voted 11-1 on Thursday to re-designate nearly 174 acres in unincorporated northwest Miami-Dade from “industrial and office” to “business and office” that will allow Triple Five to build 3.5 million square feet of retail space, a massive theme park and 2,000 hotel rooms on a  vacant triangle ... [more]
05/17/2018 09:30 PM
Concord Hospitality scores $42M loan for West Palm hotel
Concord Hospitality just scored a $42 million construction loan to build a Marriott Autograph Collection brand hotel that will anchor the mixed-use project planned for West Palm Beach’s former city hall. Property records show Florida Community Bank is providing the loan for the 210-key hotel at 251 North Narcissus Avenue. The $145 million project, developed by Navarro Lowrey Properties, is being built on a 3.5-acre site at 200 Second Street. The 435,000-square-foot development will consist ... [more]
05/17/2018 08:30 PM
Okan Group launches Miami tower with fireworks display at PAMM
Hundreds of brokers, attorneys, bankers and industry insiders waited in a line that snaked around the entrance to the Pérez Art Museum Miami last week to celebrate the launch of Okan Tower, a new mixed-use tower planned for Miami’s Arts & Entertainment District. The developer, Bekir Okan of the Turkey-based Okan Group, hosted the soirée on the top floor of PAMM with drinks and hor d’oeuvres, a violinist, and a digital billboard on the bay ... [more]
05/17/2018 07:30 PM
Climbing US mortgage rates fuel the rush to buy homes
Higher rates are adding urgency to the U.S. homebuying frenzy. With mortgages rates at a seven-year high, homebuyers are moving more quickly, Bloomberg reported. Homes sold last month went into contract after a median of 36 days on the market, a record speed in data going back to 2010. The average rate for a 30-year fixed mortgage climbed to 4.61 percent, the highest level since 2011, Freddie Mac said in a statement Thursday. The rise ... [more]
05/17/2018 07:00 PM
Coming Soon: The Real Deal’s first-ever golf outing in Broward County
The Real Deal is pleased to announce we will be teeing off on our first golf outing at Grande Oaks Golf Club in Davie, Fla. — home to the filming of the cult classic “Caddyshack” — on Monday, June 4. To purchase tickets or foursomes, please visit our site  The outing will benefit the Orphaned Starfish Foundation, an advocacy group dedicated to working with orphans, victims of abuse and at-risk youth through computer technology. Please look ... [more]
05/17/2018 06:30 PM
Developer plans mixed-use hotel for Coconut Grove lot next to GreenStreet Cafe
Metronomic Inc. is under contract to buy the parking lot next to the popular GreenStreet Cafe in Coconut Grove, where the developer is planning to build an Aloft hotel. Metronomic, led by Ricky Trinidad, will pay $4.8 million, or about $670 per square foot, for the nearly 7,200-square-foot lot at 3110 Commodore Plaza, broker Miguel Pinto said. The Coral Gables-based developer is expected to close on the site in early July. Pinto and Jenny May ... [more]
05/17/2018 05:30 PM
Billionaire Ken Griffin adds to Palm Beach assemblage with $20M estate
Billionaire Ken Griffin just closed on a property that’s part of his massive assemblage in Palm Beach for $20.25 million. The deal brings the hedge funder’s total spent on Blossom Way and the surrounding area to about $250 million over the past six years. The estate at 10 Blossom Way adds nearly 2 acres west of South Ocean Boulevard to the 15 acres he already owned, making the assemblage the largest estate by far in ... [more]
05/17/2018 04:45 PM
Miami Beach shelves plan to raise roads amid opposition from North Bay Road residents
The Miami Beach City Commission voted down a plan to elevate North Bay Road amid growing concerns from residents that it could ruin their property values and lead to flooding on their properties. The contentious move could delay the project for close to six years since the Florida Department of Transportation plans to start its Alton Road project in 2021. While Alton Road is under construction, drivers will be re-directed to North Bay Road. The ... [more]
05/17/2018 03:48 PM
Eric and Don Jr. pay $18.5M for Trump sister’s Palm Beach home
The Trumps are keeping it in the family. A company controlled by Donald Trump Jr. and Eric Trump paid $18.5 million for their aunt’s waterfront Palm Beach home, property records show. 1125 South Ocean LLC, an entity the brothers created in March, financed the purchase with an $11.2 million mortgage. The lender is not yet available in Palm Beach County records. President Trump’s older sister Maryanne Trump Barry listed the eight-bedroom, 8,270-square-foot mansion at 1125 ... [more]
05/17/2018 03:30 PM
WATCH: Andrew Heiberger says traditional brokerage is being “disrupted”
 Closing Town Residential was Andrew Heiberger’s last option. No amount of cost-cutting would save the residential firm, he said May 14 during a one-on-one conversation with The Real Deal’s Amir Korangy. In recent years, the pressure on traditional brokerage has mounted, and firms are now facing high commission costs and fierce competition for top agents. “I don’t think the traditional brokerage model is sustainable,” said Heiberger, who shuttered Town’s brokerage and leasing business on ... [more]
05/17/2018 02:30 PM
Trump Doral earned the most of any Trump property in 2017
President Trump’s newly released financial disclosure revealed more than the $100,000 Stormy Daniels payment to his personal attorney Michael Cohen. The statement, released Wednesday by the Office of Government Ethics, show how much his properties, golf clubs and businesses earned last year. The highest-grossing Trump property was the Trump National Doral Golf Club at 4400 Northwest 87th Avenue with $74.7 million in 2017, according to Business Insider. While it raked in the most cash last ... [more]
05/17/2018 01:45 PM
Attention, real estate firms: A second round of SoftBank money could soon be up for grabs
If you are running a real estate company with a tech bend, now might be the time to give Masayoshi Son a call. His firm is reportedly in talks to launch another version of his $100 billion Vision Fund venture. The Japanese billionaire behind the technology fund, which invested almost $5 billion to WeWork and Compass, could launch the new fund as early as next year, according to sources who spoke to Bloomberg. As the ... [more]
05/17/2018 12:45 PM
Revealed: Median salaries at some of real estate’s biggest public companies
Typical employees at CBRE make, on average, nearly 20 percent more than their counterparts at JLL. And the average worker at Boston Properties earns more than the normal employee at Vornado Realty Trust, who takes home more than the average earner at SL Green Realty. Public companies across the United States are revealing how much typical employees make for the first time in their financial disclosures as part of the mandate from the 2010 Dodd-Frank ... [more]
05/16/2018 10:00 PM
Hardhats show their softer side, Heiberger opens up, and top brokers and developers come to terms with the new market: Highlights from TRD forum
You’d expect construction bosses to be gladiators, experts at using the bully pulpit to advocate for the hardhats and contractors they represent. More unusual, however, is seeing them apply Churchillian diplomacy on stage. But that’s what the audience at The Real Deal’s 11th annual New York Showcase and Forum got to witness Monday. In the midst of a discussion about the bitter battle between unions and Related Companies at Hudson Yards, the country’s biggest private ... [more]
05/16/2018 09:30 PM
Pinnacle buys land, scores construction loan for Jupiter self-storage facility
A company tied to self-storage developer Pinnacle Storage just bought land in Jupiter and scored $8.85 million in construction financing to build its planned 97,500-square-foot facility. The project includes demolishing the vacant Ellison Graphics building at 1400 West Indiantown Road. Property records show Jupiter Self Storage LLC paid $3.5 million for a 1.6 acre site. Doug Smith of EWM Realty International represented the buyer in the deal. First Southern National Bank provided the financing. Pinnacle ... [more]
05/16/2018 08:30 PM
Silvia Coltrane, partners add condos to mixed-use North Beach hotel project
Miami Beach developer Silvia Coltrane is proposing changes to her North Beach hotel project, including adding condos to the mixed-use development. Coltrane’s 72+ Collins Hotel falls within the North Beach Town Center district. The Miami Beach Commission voted on Wednesday to pass an ordinance on second reading increasing the floor area ratio for the properties between 69th Street, Collins Avenue, 72nd Street and Indian Creek Drive/Dickens Avenue to 3.5 from the current FAR, which ranges ... [more]
05/16/2018 07:38 PM
Developer of Ritz-Carlton Residences, Miami Beach sued over construction delays
Three condo buyers are suing the developer of the Ritz-Carlton Residences, Miami Beach over the project’s construction delays, seeking to get their deposits refunded. Since March, three separate civil lawsuits have been filed in Miami-Dade County Circuit Court against 4701 North Meridian LLC, which is a partnership between Ophir Sternberg’s Lionheart Capital and Elliott Management Corp. The three lawsuits — one brought by a Dallas-based couple, one from a Miami-Dade resident and another from a ... [more]
05/16/2018 06:30 PM
Mortgage bonds are getting riskier
It may not be time to panic yet, but investors are starting to buy riskier mortgage bonds. Homeowners whose mortgages get packaged into so-called credit risk transfer securities (CRTs) have lower credit scores and higher debt levels than they did in recent years, Bloomberg reported. CRTs, like traditional mortgage-backed securities, are issued by Fannie Mae and Freddie Mac, the government-sponsored mortgage giants. But unlike traditional housing bonds, CRTs aren’t fully guaranteed by the federal government. ... [more]
05/16/2018 05:30 PM
West Palm board approves business district, paving the way for Related’s office tower
The Related Cos. can move forward with its proposal to build a 25-story luxury office tower in West Palm Beach after a city board approved creating a business district. The city’s planning board voted 3-2 to approve the Okeechobee Business District, which would support the development of luxury office buildings in a waterfront zone at Flagler Drive and Okeechobee Boulevard. Opponents criticized the business district, arguing it was “spot zoning” and would add to the ... [more]
05/16/2018 04:37 PM
Developer slashes building height of Fort Lauderdale rental tower, new commission defers vote
UPDATED, 11 a.m., May 17: A proposed rental tower in downtown Fort Lauderdale that was headed toward approval under the city’s former commission may no longer happen. Fort Lauderdale’s newly elected commission on Tuesday decided to defer a vote to approve the project after the developer, Trammel Crow Residential, slashed the original building height by seven stories. The commission will vote June 19 after further evaluating the new design, according to the Sun Sentinel. Despite ... [more]
05/16/2018 03:30 PM
Brenda Nestor sues Akerman in connection with her ouster as caretaker of Victor Posner’s estate
UPDATED May 17, 3:15 p.m.: It’s been 16 years since Victor Posner passed away, but the legal war over the remnants of the master corporate raider’s real estate empire lives on. Brenda Nestor — a former-girlfriend-turned-business-associate of Posner’s who was named the primary beneficiary of his $321 million estate in 2002 — has filed suit against the prominent law firm Akerman for breach of fiduciary duty, legal malpractice and civil conspiracy. According to the complaint ... [more]
05/16/2018 02:30 PM
Turkish show jumper buys equestrian estate in Wellington
International show jumper Selcuk Koksalan and his wife Purlen just bought an equestrian estate in Wellington. Records show the Turkish family paid $6 million for a 5.4-acre estate at 15490 Palma Lane. It’s near the Palm Beach International Equestrian Center, which houses the 12-week Winter Equestrian Festival every year from January to April. The village is where some of the sport’s most high-profile players practice, like the daughters of Bill Gates and Steve Jobs. Oil ... [more]
05/16/2018 01:45 PM
Surprise! NYC remains most expensive place to build in the world: report
Though construction spending cooled slightly last year, New York City remains the most expensive place to build in the world with an average cost of $362 per square foot. That’s a 3.5 percent year-over-year increase, and another 3.5 percent hike is expected in 2018, according to Turner & Townsend’s 2018 International Construction Market Survey. San Francisco closely followed New York with an average cost of $347 per square foot, and Hong Kong ranked third with ... [more]
05/16/2018 12:45 PM
M&A activity provides boost to REIT sector
A recent spate of mergers in U.S. real estate investment trusts has some investors giving the underperforming sector another look. March posted a total return of 3.71 percent for the FTSE Nariet All Equity REITs index, compared with a 2.5 percent decline for the S&P 500 index over the same time, the Wall Street Journal reported. And REITs outperformed again in April, with the index showing a 0.52 percent return, ahead of a 0.4 percent ... [more]
05/15/2018 10:00 PM
Miami-Dade courthouse bidding D-Day: June 5
Brightline’s parent company might still have a chance to build a new downtown Miami-Dade civil courthouse — in spite of the county mayor’s opposition. On June 5, the Miami-Dade County Commission will decide whether or not to merge two bidding processes for real estate developers and contractors interested in building a new courthouse that will replace the deteriorating circa 1928 civil courthouse at 73 West Flagler Street. If the processes are merged, it will enable ... [more]
05/15/2018 09:30 PM
L’Atelier developers score $28M refi for sold-out North Beach tower
The developers of L’Atelier Residences in North Beach refinanced their construction loan with a $27.8 million loan from Bank of the Ozarks. The Disney family’s Shamrock Holdings, SMG Management and W Capital Group are the developers behind the 18-story, 24-unit building under construction at 6901 Collins Avenue in Miami Beach. The lower leverage, lower interest rate loan replaces the $57 million construction loan the developers took out last year. Romspen Mortgage Investment Fund, a Toronto-based ... [more]
05/15/2018 08:30 PM
Macken sells Walmart-anchored center in Miami Gardens
Macken Companies just sold a Walmart-anchored shopping center in Miami Gardens for $11.85 million. The newly developed Palmetto Design Center at 3791 Northwest 167 Street sold for about $190 per square foot to Rise Star LLC, a Hollywood-based company led by Valentina Georgescu, according to a press release. The plaza, completed in 2016, was developed in a joint venture between Macken Companies and Zvi Shiff of DZD Holdings. It hit the market in September asking ... [more]
05/15/2018 07:40 PM
Miami-Dade’s resi sales suffered the most in Q1: Realtors reports
Fewer South Florida homes sold in the first quarter compared to the same period last year, with Miami-Dade taking the brunt of the slowdown, new reports from the Florida Realtors show. Still, prices continue to rise across South Florida. Residential closings fell 6.5 percent in Miami-Dade County to 5,770 during the first quarter. The decline was marginal in Miami’s counties to the north. In Broward, 7,284 homes and condos sold, marking a 1.5 percent decrease ... [more]