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


06/22/2017 10:00 PM
Inside the multimillion-dollar Aston Martin Residences sales center in downtown Miami
While the James Bond theme song played on the rooftop of the Aston Martin Residences sales center, a $2.5 million Aston Martin Vulcan sat in the lobby of the newly completed building ready to welcome deep-pocketed visitors. G&G Business Developments and Aston Martin opened the multimillion-dollar sales center, at 300 Biscayne Boulevard Way, on Thursday. Sales, which went directly to contract, exceed $100 million, Alicia Cervera Lamadrid said. German Coto, CEO of G&G, expects the ... [more]
06/22/2017 09:30 PM
Miami judge partially derails homeowners’ lawsuit against Privé at Island Estates developers
Miami-Dade Circuit Judge William Thomas handed the developers of Privé at Island Estates a victory this week in their tumultuous legal war with neighboring homeowners. Thomas ruled Tuesday that the statute of limitations had long expired for the Island Estates Homeowners Association and the Williams Island Property Owners Association to challenge a vested rights determination agreement. Lawyers for the developers contend the agreement allows Gary Cohen and BH3’s Greg Freedman, Dan Lebensohn and Charles Phelan to ... [more]
06/22/2017 08:45 PM
Villa Tranquilla mansion in Palm Beach, once linked to Vera Wang, sells for $36M
A restored Spanish and Mediterranean-style mansion in Palm Beach, known as Villa Tranquilla, just sold for $36.15 million, property records show. West Palm Beach-based entity 640 Palm Beach LLC bought the 11,735-square-foot mansion for $3,080 per square foot. Attorney Larry B. Alexander, chairman of Jones, Foster Johnston & Stubbs P.A., represented the buyer. Property records show the one-acre estate at 640 South Ocean Boulevard was sold by Ocean Place Properties LLC, a limited liability company led by energy ... [more]
06/22/2017 07:10 PM
Moishe Mana picks up another puzzle piece in downtown Miami for $4M
Developer and investor Moishe Mana just closed on a narrow piece of land on Flagler Street for $4 million, bringing his total spent in the area to more than $258.2 million, The Real Deal has learned. Mana’s 30 East Flagler Realty LLC picked up the 6,000-square-foot lot at 30 East Flagler Street for $667 per square foot, which means he now owns 70,500 square feet of land, about half of the block. The rest, where ... [more]
06/22/2017 06:05 PM
North Bay Road luxury spec home hits market for second time, now at $26.9M
New York real estate luxury spec home developer Peter Fine just listed one of his North Bay Road homes for $26.95 million, The Real Deal has learned. The asking price of the 15,000-square-foot waterfront mansion at 6440 North Bay Road equates to about $1,796 per square foot. One Sotheby’s waterfront team, Albert Justo and Miki Curkoski are the listing agents. They took over sales from Darin Tansey, of the Tansey Group at Douglas Elliman, who first ... [more]
06/22/2017 05:15 PM
Despite the carnage, some investors are betting on malls
From TRD New York: Malls are doomed. But are they? Some investors are buying up retail real estate investment trust stocks, betting that market bears are getting ahead of themselves and that share prices are undervalued. “We believe the stocks have come down to fair value for the risk that we’re taking,” Joel Beam, of asset manager Salient Partners, told the Wall Street Journal. Salient recently bought shares in mall owner CBL & Associates Properties, ... [more]
06/22/2017 04:30 PM
Trump Group ready to close on Estates at Acqualina site – but first, to the auction block
The Trump Group is one step closer to owning the 5.6-acre oceanfront site of its Estates at Acqualina condo project in Sunny Isles Beach, The Real Deal has learned. The firm, led by developer Jules Trump (of no relation to the president), owns 96.5 percent of the Golden Strand Ocean Villas Resort Condominium, a low-rise timeshare resort. It’s slated to become a two-phase, two-tower, 245-unit project. CBRE’s Christian Charre, Natalie J. Castillo and Paul Weimer are ... [more]
06/22/2017 03:30 PM
Trump’s hard stance on Cuba makes US real estate deals in the country all but impossible
Even after President Obama’s rapprochement with the Cuban government, U.S. real estate players faced logistical nightmares when trying to do deals in the Caribbean island nation. Now, President Trump’s rollback of Obama-era policies has made opportunities for Cuban property plays even more bleak. “I am canceling the last administration completely one-sided deal with Cuba,” Trump said on Friday. Under his administration’s new policy, individual travel to the communist nation will be restricted, and American transactions ... [more]
06/22/2017 02:30 PM
Out with $70M: Rotem Rosen leaves Israeli firm ASRR Capital
From TRD New York: ASRR Capital’s Alex Sapir is buying out his partner Rotem Rosen for $70 million. Rosen is leaving his position as director of ASRR, a publicly traded Israeli real estate company, according to filings on the Tel Aviv Stock Exchange. His departure leaves Sapir with an 80.5 percent share of the company. According to news site Maariv, Rosen was represented by the law firm of Mark Kasowitz, President Trump’s attorney. Under the ... [more]
06/22/2017 01:45 PM
New multifamily construction to test the South Florida market
From the June issue: Demand remains robust for rental housing in Miami and the rest of South Florida, among residents and real estate investors alike. But despite the area’s population and employment growth, some market watchers say South Florida’s extended, postrecession rise in monthly rents could slow or stop if overbuilding floods the market with units. National brokerage Marcus & Millichap predicts developers this year will finish construction of 15,200 new apartments across South Florida, ... [more]
06/22/2017 12:45 PM
Government releases crucial EB-5 data – but beware, it could be full of flaws
From TRD New York: The United States Citizenship and Immigration Services issued three years of EB-5 visa data this week, confirming what was already known to many in the industry: big city regional centers servicing developer clients dominate the field for investors looking to immigrate to the U.S. Between 2014 and 2017, USCIS approved more than 26,000 petitions for visas nationwide and rejected 3,313, its data show. The overwhelming majority of regional centers saw 100 ... [more]
06/22/2017 11:30 AM
TRD’s top stories: a good time to buy a mansion, mall landlords are making risky investments … & more
Current reader favorites: 1. A good time to buy a mansion 2. Some mall landlords now making risky investments in tech startups 3. Top developers mix it up 4. Lil Wayne finally sells his La Gorce Island manse for discounted $10M 5. Neighborhood Dive: Sunny Isles Beach, Miami’s new billionaire playground ... [more]
06/21/2017 10:15 PM
Mexican developer sells waterfront Pine Tree Drive lot for $6.75M
A Mexican developer just sold a waterfront corner lot on Miami Beach’s Pine Tree Drive for $6.75 million, agents Levi Meyer and David Hunt Solomon told The Real Deal. The closing price is a 41 percent discount off the $11.5 million original 2015 asking price, according to the MLS. The 27,860-square-foot property at 6455 Pine Tree Drive Circle hit the market with the Jills from September 2015 to September 2016. Records show The Edge on ... [more]
06/21/2017 09:30 PM
Miami-Dade and Palm Beach home sales up in May, down in Broward: Realtors reports
Home sales in Miami-Dade and Palm Beach counties rose in May, while residential sales fell in Broward County, according to the associations of Realtors. May also marked a month-to-month improvement in Miami-Dade and Palm Beach. In April, residential sales posted year-over-year decreases in all three counties. Across the country, home sales rose 1.1 percent annually to 5.62 million closings in May. Miami-Dade In Miami-Dade, residential sales increased 7.7 percent year-over-year to 2,728 from 2,532 last ... [more]
06/21/2017 08:35 PM
Save the date! TRD’s annual Real Estate Showcase & Forum in Miami
Put it in your calendar — The Real Deal’s fourth annual South Florida Real Estate Showcase & Forum is happening Oct. 26. Those who attended last fall know we had a blockbuster showcase, with packed panels and more exhibitors than ever. This year we expect an equally full house and have included a limited number of VIP tickets that entitle you to a front-row seat at our panel discussions. Click here to buy tickets. Attendees ... [more]
06/21/2017 08:05 PM
Conservationist to buy Lion Country Safari, plans expansion
The owners of Lion Country Safari will sell the park to wildlife conservationist Marcella Leone, according to published reports. Lion Country Safari Inc., led by Leon Unterhalter, Harold Kramer and Marc Unterhalter, is selling the 640-acre attraction at 2003 Lion Country Safari Road, the Sun Sentinel reported. The company has owned the property since 1986, records show. Leone is founder and director of Greenwich, Connecticut-based Leo Zoological Conservation Center, a 100-acre property that’s on the market ... [more]
06/21/2017 07:30 PM
Here’s how much you need to make to rent in Miami-Dade and Broward: MAP
South Florida’s cheapest and most expensive cities have just been mapped out. RentHop looked at the median asking rents of two-bedroom apartments and calculated the required household income, comparing it to the median household income in In Miami-Dade and Broward counties. In Miami-Dade, the median income is nearly $44,000 and in Broward, it’s about $54,000. That means more than half of the population can’t afford average asking rents over the past 12 months, according to ... [more]
06/21/2017 06:30 PM
NY Fed president Bill Dudley says the Fed must continue to raise interest rates – here’s why that’s dangerous
William Dudley, president of the powerful Federal Reserve Bank of New York and a former Goldman Sachs partner, is pushing a dangerous economic idea. He argued in a speech this week that the Fed is forced to continue raising interest rates lest the US unemployment rate “crash” to unsustainably low levels and boost inflation abruptly. “If we were not to withdraw accommodation, the risk would be that the economy would crash to a very, very ... [more]
06/21/2017 05:45 PM
Developer requests expansion of Miami-Dade development boundary
A Homestead developer wants to push the boundary. Manuel Diaz’s Marista Holdings is proposing an expansion of the Miami-Dade Urban Development Boundary, which separates city living from farms and protected areas, by 113.5 acres in Homestead. The application requires a super majority vote by the county commission before it could be adopted. The dividing line was implemented in the early 1980s to prevent development from moving farther west. Marista Holdings is requesting the county rezone ... [more]
06/21/2017 05:00 PM
Brown Harris Stevens nabs Sonia Toth and Keith Marks from Elliman
Sonia Toth and Keith Marks, two of Douglas Elliman’s top producers for the South-of-Fifth neighborhood, jumped ship to Brown Harris Stevens, less than a month after managing broker Philip Gutman did the same. The husband-and-wife duo are bringing about $40 million in listings with them, largely from the Continuum towers and the SoFi market, Gutman told The Real Deal. They joined BHS on Thursday after 2.5 years with Elliman. “In Brazil, talk about any listing ... [more]
06/21/2017 04:00 PM
Lennar reports lower earnings, higher revenues in Q2
Miami-based Lennar Corp. reported a drop in earnings but higher revenues than analysts anticipated in the second quarter. The homebuilder reported earnings of $200.7 million, or 91 cents a share, in the second quarter, down from $224 million, or $1.01 a share, in the first quarter of this year, according to the Sun Sentinel. Revenues, meanwhile, rose to $3.26 billion from $2.74 billion, higher than the $2.89 billion analysts surveyed by Zacks Investment Research expected. Lennar, ... [more]
06/21/2017 03:15 PM
MetaProp looks to raise $25M for real estate tech fund
From TRD New York: MetaProp NYC is hitting the gas on a new investment fund. The real estate tech accelerator, which mentors early-stage startups, is looking to raise $25 million for MetaProp Ventures II, according to disclosures with the U.S. Securities and Exchange Commission. MetaProp, founded in 2015 by Zach Aarons, Clelia Peters and Aaron Block, invests $25,000 to $250,000 in pre-seed and seed-stage companies, according to its website. It also incubates up to 10 ... [more]
06/21/2017 02:30 PM
New Jersey grocer buys big blue Highland Beach house for $5.6M
New Jersey grocery store owners and real estate investors Sam and Margaret Marrazzo just purchased a waterfront home in Highland Beach for $5.6 million, property records show. Designers and developers Mary and Jack Widmer sold the 7,760-square-foot blue house at 4230 Intracoastal Drive for about $722 per square foot. The buyers own and operate a family run grocery store and the shopping center it anchors in Ewing, New Jersey called Marrazzo’s Thriftway, according to its website. Chad Carroll and ... [more]
06/21/2017 01:45 PM
Too many keys, too few takers in Miami-Dade’s hotel market
From the June issue: Miami-Dade has occupancy issues. As tourism slumps in the wake of last year’s Zika virus threat and the ongoing financial and political unrest in Latin America, hotel development experts continue to warn that the supply of new rooms in Miami-Dade is far outstripping demand, and falling occupancy rates bear that out. Some projects on the drawing board may not break ground, and others in the planning and construction phases will face ... [more]
06/21/2017 12:45 PM
Biscayne Beach developers pay off $120M construction loan
The developers of the Biscayne Beach condo tower in Miami’s Edgewater neighborhood just paid off their $120 million construction loan. Two Roads Development and New York-based GTIS Partners satisfied their mortgage for the 52-story, 391-unit building at 2900 Northeast Seventh Avenue, according to a press release. More than 250 units, or about 64 percent, have closed. The buildings is 99 percent sold, the developers said. Blackstone Real Estate Debt Strategies provided the construction financing in ... [more]
06/21/2017 11:30 AM
TRD’s top stories: Miami’s new billionaire playground, riding the condo roller coaster … & more
Current reader favorites: 1. Neighborhood Dive: Sunny Isles Beach, Miami’s new billionaire playground 2. Riding the condo roller coaster 3. South Florida’s war with Airbnb 4. Flagstone sues city of Miami over $1B Watson Island project 5. Keystone Property Group buys Dadeland office towers for $36M ... [more]
06/20/2017 11:00 PM
WeWork will go public: Neumann
From TRD New York: WeWork’s [TRDataCustom] CEO Adam Neumann confirmed that the co-working company plans to go public, but cautioned it has still to decide when and where to list its shares. Speaking at a luncheon at the Economic Club of New York last week, Neumann also reiterated claims that WeWork is on track to making $1 billion in revenue this year. The firm’s IPO plans have been known for a while. Last July, Neumann ... [more]
06/20/2017 09:30 PM
Lil Wayne finally sells his La Gorce Island manse for discounted $10M
Young money millionaire Lil Wayne sold his Miami Beach mansion for a deeply discounted $10 million, his real estate agent announced on Tuesday. The rapper, whose real name is Dwayne Michael Carter Jr., listed his waterfront home at 94 La Gorce Circle for $18 million more than two years ago, and cut the price three times to $12 million in July, according to Redfin. Ty Forkner of One Sotheby’s International Realty brokered both sides of ... [more]
06/20/2017 08:30 PM
Airbnb collected $522k in Miami-Dade bed taxes in May
Airbnb collected and remitted $522,000 in tax revenues in Miami-Dade County in May, which marks the first month that the short-term rental platform collects and submits taxes on behalf of its 6,800 hosts in the county. In the first-of-its-kind agreement reached in April, Miami-Dade commissioners approved tacking on three bed taxes totaling 6 percent to all short-term rentals, excluding Miami Beach. Mayor Carlos Gimenez said at the time that he expected the tourism taxes to generate about $6 ... [more]
06/20/2017 07:05 PM
Some mall landlords now making risky investments in tech startups
Facing an ever-growing threat from e-commerce, mall landlords across the country are trying to counter their falling retail revenues by making bets on tech startups. In recent months, Macerich Co., Simon Property Group, Westfield Corp. and CBL & Associates Properties have all taken venture capital-style risks into clicks-to-bricks ventures, the Wall Street Journal reported. But it’s a strategy that comes with heaps of risk. Macerich, for example, wrote off $10 million that it invested in ... [more]
06/20/2017 06:10 PM
Adler Group principals sued for millions over cable conversion tech
Talk about being tied up in litigation. An Israeli firm that holds the licensing for valuable cable conversion technology has filed a lawsuit against developers Michael and David Adler over royalty disputes. The Adler Group principals are being accused of withholding millions of dollars from Cable-X, according to the Daily Business Review. Cable-X claims that in 2006, Southeast Cable X Holdings LLC sub-licensed its technology to the Miami developers in exchange for $2 million, to ... [more]
06/20/2017 05:00 PM
Aviation repair firm inks 39k sf lease in Medley
An aviation repair firm just secured a 38,900-square-foot warehouse lease in Medley, Transwestern announced this week. TMC Engine Center, an affiliate of the Florida-based FAA Repair Station, signed the lease for space at the warehouse at 8545 Northwest 79th Avenue. It marks a 10 percent increase in size for TMC, which is relocating from an industrial building at 7905 Northwest 77th Avenue. Transwestern’s Walter Byrd, Ben Eisenberg, Thomas Kresse, and Carlos Gaviria represented the tenant. Vivo Group represented ... [more]
06/20/2017 04:15 PM
The week in luxury: A map of Miami-Dade’s priciest condo sales
Condo sales in Miami-Dade dipped last week. The county saw 135 condos trade last week for $53.6 million, a decline from the previous week’s $61.3 million. The average prices were about $419,000 per unit and $290 per square foot. The priciest sale also set a record for the highest price per square foot for a condo in Miami-Dade so far this year. A penthouse at the W Hotel & Residences South Beach sold for $10.2 million, $3,502 per square foot. Farid Moussallem and Miltiadis ... [more]
06/20/2017 03:30 PM
Saks owner pushed to sell off its RE assets
From TRD New York: The Canadian company that owns the Saks Fifth Avenue flagship store is under pressure to go private or sell off its real estate assets, which are worth billions. Toronto-based Hudson’s Bay bought Saks Inc. in 2013. Two years later it formed joint ventures with retail real estate investment trust Simon Property Group and RioCan Real Estate Investment Trust. Jonathan Litt of activist hedge fund Land & Buildings Investment Management, which owns ... [more]
06/20/2017 02:30 PM
What could Amazon’s purchase of Whole Foods mean for the future of retail?
From TRD New York: When Amazon announced its headline-grabbing deal to buy Whole Foods on Friday, the $13 billion question the real estate world asked was: Will the brick-and-mortar grocery chain become more like the e-tailing giant, or the other way around? And while New York City’s retail players stressed they didn’t have a crystal ball into Jeff Bezos’ thinking, they said it’s probably a little bit of both – Amazon is likely to apply ... [more]
06/20/2017 01:45 PM
New Jersey firm picks up two shopping centers in Broward for $49.2M
Two adjacent shopping centers in Fort Lauderdale home to Trader Joe’s were swept up by New Jersey-based PGIM Real Estate, property records show. PGIM affiliate GA 1600 Commons LLC financed the deal with a $24.7 million mortgage from New York Life Insurance Company. Halvorsen Holdings is the seller. The properties at 1520 North Federal Highway and 1550 North Federal Highway total 65,338 square feet and sold for $735 per square foot. Tenants also include Anthony’s Coal Fired Pizza and an XFINITY ... [more]
06/20/2017 12:45 PM
A good time to buy a mansion
From the June issue: The five most expensive home sales in South Florida within the last year involved hedge fund billionaires, homebuilders, a car salesman, a controversial news executive, a liquor company exec who doubles as a race car champion, and (of course) shadowy corporate entities. Collectively, the transactions amounted to $255 million. In all but one of those deals, the sellers had to compromise on their listing price by several million dollars. And they ... [more]
06/20/2017 11:30 AM
TRD’s top stories: Neighborhood dive into Sunny Isles, billionaire sells Palm Beach home 21% below ask … & more
Current reader favorites: 1. Neighborhood Dive: Sunny Isles Beach, Miami’s new billionaire playground 2. Billionaire sells Palm Beach home 21% below asking price 3. Riding the condo roller coaster 4. South Florida’s war with Airbnb 5. Real estate experts rally behind proposed EB-5 legislation ... [more]
06/19/2017 09:30 PM
Chilean developer lists modern Gables estate for $14M
A Chilean luxury homebuilder just listed a newly built modern home in Coral Gables for $14 million, the Jills announced on Monday. Condores Capital owns the 7,400-square-foot house at 445 Solano Prado, which is on the market for nearly $1,900 per square foot. It sits on a 25,400-square-foot lot with 171 feet of water frontage, a pool deckand a second-story rooftop terrace, according to Coldwell Banker’s the Jills team, led by Jill Hertzberg and Jill Eber. ... [more]
06/19/2017 08:15 PM
Keystone Property Group buys Dadeland office towers for $36M
Keystone Property Group paid $36 million for Dadeland Towers South and inked a lease with the seller, insurance giant AvMed. For Keystone, the deal adds to its holdings in the Kendall-Dadeland area. The commercial real estate firm picked up the two-building, 228,000-square-foot portfolio at 9400 to 9500 South Dadeland Boulevard, plus a 246,300-square-foot parking garage. AvMed leased back 102,000 square feet in a longterm lease, according to a press release. Avison Young’s John K. Crotty ... [more]
06/19/2017 07:30 PM
NAI Miami’s Stephen Nostrand jumps to One Commercial as president, COO
UPDATED June 20, 11:25 a.m.: One Commercial hired former NAI Miami CEO Stephen Nostrand as its new chief operating officer and president, a spokesperson told The Real Deal. In his new role, Nostrand will be responsible for developing and growing One Commercial’s offices in Florida, which “comes at the perfect time in the market cycle,” Nostrand said in the announcement. One Sotheby’s International Realty spun its commercial division into a separate company early last year at the start of the ... [more]
06/19/2017 06:30 PM
TRD wins 13 NAREE journalism awards
From TRD New York: The Real Deal’s editorial team won 13 journalism awards from the National Association of Real Estate Editors this year – a record haul for the publication. “This was genuine journalism of a very high quality that digs beyond the surface,” the judges noted about TRD‘s gold award for best commercial trade magazine. The accolades were announced Friday in Denver at NAREE’s annual conference. TRD reporter E.B. Solomont received NAREE’s platinum award ... [more]
06/19/2017 05:45 PM
Chinese investor picks up another South Florida property
Weeks after making its first real estate purchase in the U.S. in Broward County, a Chinese investor picked up another commercial property in South Florida, records show. Jin Yang Real Estate Corporation paid $6.8 million for an office building near Cutler Bay, following the $4.15 million purchase of a Tire Kingdom-anchored shopping center in Lauderhill in late May. The deal, which includes a development opportunity, is one of a few examples of Chinese investment in South Florida in ... [more]
06/19/2017 05:00 PM
Flagstone sues city of Miami over $1B Watson Island project
Flagstone Property Group has filed $122 million lawsuit against the city of Miami. The suit was filed one day after commissioners unanimously declared the developer in default of a 99-year ground lease that would allow Flagstone to build its luxury hotel and marina complex, and claims the city breached agreements with the developer causing them to lose millions in investments, according to the Miami Herald. “As a proximate cause of, and but for the city’s breach of the ... [more]
06/19/2017 04:15 PM
Jackie Kennedy’s childhood home asks $49.5M
From TRD New York: Merrywood, the famed Georgian-style mansion outside Washington, D.C. where Jackie Kennedy Onassis lived as a child, has hit the market asking $49.5 million. Located in McLean, Virginia, Merrywood has been called home by Jackie O., Gore Vidal, and Nancy and Wyatt Dickerson. But it is currently owned by America Online co-founder Steve Case, who is finally letting it go, according to Curbed. Built in 1919, the four-story, 23,000-square-foot mansion has been ... [more]
06/19/2017 03:30 PM
Solar power developer sells Key Biscayne home for $8.5M
Carlos Guinand, chairman of the solar power developer Sonnedix Group, and his wife Maria Luisa sold their home in Key Biscayne for $8.5 million, property records show. The 6,042-square-foot waterfront house at 220 Knollwood Drive sold for about $1,406 per square foot. Guinand was also previously the managing director of Editorial Arte, a South American publishing company. Records show the buyers are Jorge F. and Maria T. Lazo. Jorge Lazo is owner of First Medical International Corp., ... [more]
06/19/2017 02:30 PM
Bjarke Ingels fires back at allegations of sexism
This is a photo of me and my dear friends and partners who I love, admire and respect, and who I have collaborated with to create our company over the last 16 years. To my surprise this photo has turned out to be deeply offensive to a lot of people who appear to believe that we have chosen each other based on factors as utterly indifferent as gender and race, rather than our shared passion, ... [more]
06/19/2017 01:45 PM
Jorge Pérez on the crazy Miami market, his frenemy Trump, and whether his sons will take over
From the June issue: When the development firm lead by condo king Jorge Pérez hit the brakes on Auberge Residences Miami, a three-tower, luxury project planned for Miami’s Arts & Entertainment District, South Florida’s real estate community took notice. When the king lays off the gas, that doesn’t usually bode well for others. So what’s next for the firm in a challenging economic and political time? Differentiation is key, says Pérez. If a division or market ... [more]
06/19/2017 12:45 PM
Neighborhood Dive: Sunny Isles Beach, Miami’s new billionaire playground
What do a Mexican mogul, a medical billion CEO and a venture capitalist have in common? They’re all new condominium buyers at Sunny Isles Beach, a tiny barrier island town chock-full of branded condo concepts that is fast becoming one of Miami-Dade’s most expensive places to buy a home. The island was founded in 1920 by a private investor named Harvey Baker Graves, who envisioned Sunny Isles as America’s answer to Venice. Six years later, ... [more]
06/19/2017 11:30 AM
TRD’s top stories: Riding the condo roller coaster, Toronto firm pays $33.2M for Boca shops … & more
Current reader favorites: 1. Riding the condo roller coaster 2. Toronto firm pays $33.2M for Boca Raton shopping center 3. Related at the center of federal affordable housing investigation in South Florida 4. Melo sues to evict Sushi Samba, Duck & Waffle from Miami River site 5. The South Florida issue is live! ... [more]
06/18/2017 09:30 PM
Where billionaires are stockpiling land for the apocalypse: Map
From TRD New York: When the apocalypse arrives, life goes on. That’s the possibility some are preparing for, at least. A new article in Forbes suggests the US billionaires are making significant land grabs in America’s heartland, where the climate is mild and the locations are conducive to survivalism and living on the land. The Midwest is home to several fortified shelters and vacation homes where the super-rich could happily live out their post-doomsday (or retirement) days. Reid Hoffman, ... [more]
06/18/2017 08:30 PM
Whole Foods will move Pinecrest store to a larger location with more employees
Whole Foods will move its supermarket at 11701 South Dixie Highway in Pinecrest to a larger location with more employees one mile north. The supermarket chain will close its 32,300-square-foot store in Pinecrest at the end of the year and open a 46,700-square-foot store now under construction in the Dadeland area at 7930 Southwest 104 Street. The 180 employees at the smaller Whole Foods store will be able to transfer to the larger store, which will ... [more]
06/18/2017 07:30 PM
Former Lennar executive joins BBX Capital Real Estate
Former Lennar executive David Canfield has joined BBX Capital Real Estate, a division of Fort Lauderdale-based BBX Capital Corp., as managing director, multifamily development. Canfield previously was vice president of development at the multifamily communities unit of Miami-based Lennar Corp., where he was responsible for originating, analyzing, and managing multifamily development and acquisition strategies in Florida. Canfield has more than 20 years of development experience and has been involved with the acquisition, development and construction of ... [more]
06/18/2017 07:00 PM
Three luxury homes in Vero Beach, Jupiter headed for auction
Two oceanfront homes in Vero Beach and a custom-built residence in Jupiter will be offered for sale at a June 28 auction that New York City-based Concierge Auctions will conduct. One of the oceanfront homes in Vero Beach currently is listed for sale for $20 million. The 23,000-square-foot residence at 2150 South A1A Highway has 250 feet of private frontage on the Atlantic Ocean and 198 feet on the Indian River. The property has six bedrooms, 10 ... [more]
06/18/2017 05:30 PM
New rules may limit assignment of property insurance benefits to contractors
Florida Insurance Commissioner David Altmaier may take regulatory action to limit abuses when home owners pay for repair work by assigning benefits in their property insurance policies to contractors. State legislators failed during their spring session to agree on a bill limiting the assignment of benefits to contractors, which insurance companies have criticized as a frequently fraudulent practice, especially when claims for water damage are involved. Critics say the practice is raising the price and ... [more]
06/18/2017 03:50 PM
CalAtlantic wants to build on a former power-plant site in Palmetto Bay
CalAtlantic Homes wants to build 600 residences and a marina on the former site of a power plant in the village of Palmetto Bay. But the village council has put a moratorium on approvals of any new site plans for the site, formerly occupied by a Florida Power & Light (FPL) plant. CalAtlantic’s interest in the former power-plant site reflects the scarcity of vacant land in South Florida for large-scale residential development, which has led ... [more]
06/18/2017 02:30 PM
Land acquired for new hotel in Hollywood
Greensboro, North Carolina-based CN Hotels acquired land in Hollywood for a 119-room hotel. An affiliate of CN Hotels called Hollywood Downtown Hotel paid $1.05 million for a little less than an acre at 2638 Polk Street near Hollywood City Hall. CN Hotels managing partner Anit Patel told the Sun-Sentinel that the company’s Hollywood hotel project was in the planning and design stage. He said CN Hotels is in talks to affiliate its Hollywood hotel with ... [more]
06/18/2017 01:30 PM
Someone just paid over $600,000 for a parking spot in Hong Kong
So Santa replaced his sleigh with the 675LT Spider!! 🎅🏻 #ferrari #f12 #tdf #458 #speciale #430 #scuderia #16m #porsche #caymam #gt4 #mclaren #675LT #spider #nissan #gtr #nismo #godzilla #audi #rs6 #mercedes #amg #sls #blackseries #hermes A post shared by Richard Lau (@richard_xrx) on May 14, 2017 at 8:31am PDT From TRD New York: If you think millennials have it tough in the US, they really have it hard in Hong Kong. In the latest installment of ... [more]
06/17/2017 08:30 PM
Fresco y Más supermarket opens in Hollywood
Southeastern Grocers opened its first Fresco y Más supermarket in Broward County at the location of a former Winn-Dixie supermarket in Hollywood. Southeastern Grocers, the parent company of both supermarket brands, opened a Fresco y Más location Wednesday at 6775 Taft Street in Hollywood, formerly occupied by a Winn-Dixie store. Ian McLeod, CEO of Southeastern Grocers, told the Sun-Sentinel that the company decided to expand the Fresco y Más chain in Broward after its successful ... [more]
06/17/2017 07:30 PM
Chinese firm buys Lauderhill retail center
A Chinese investment firm paid $4.15 million for a shopping center in Lauderhill  – its first real estate investment in the United States. Jin Yang Real Estate Corporation on Thursday closed the purchase of the 19,493-square-foot retail property at 6450 West Commercial Boulevard in Lauderhill for nearly $213 per square foot. New York-based investment group Balkani sold the shopping center, which has six automobile-service companies as tenants, including anchor tenant Tire Kingdom. The property includes a ... [more]
06/17/2017 06:30 PM
Home at Bear’s Club commands $7.55M
An unidentified domestic buyer paid $7.55 million for a six-bedroom, seven-bathroom residence in the Bear’s Club residential and golf course community in Jupiter that golfer Jack Nicklaus and his wife Barbara founded. The home-sale price was the second-highest in nine years at the Bear’s Club, where celebrity home owners include basketball legend Michael Jordan, tennis stars Serena and Venus Williams, and professional golfers Luke Donald, Ernie Els and Michelle Wie. The six-bedroom, seven-bathroom residence at ... [more]
06/17/2017 05:30 PM
First-quarter housing starts fall in most of South Florida
Builders started construction of fewer houses in Miami-Dade County and Palm Beach County in the first quarter, compared with the same period last year, but started more in Broward County. Research firm Metrostudy also reported that house-construction starts in Broward increased to 441 in the January-March period,  up 52 percent from the same period last year. Starts in Parkland accounted for the overall growth in Broward. CalAtlantic, Lennar and Toll Brothers are among the active home ... [more]
06/17/2017 04:00 PM
Billionaire sells Palm Beach home 21% below asking price
Billionaire George Lindemann and his wife Frayda sold their oceanfront house in Palm Beach for $25.2 million, 21 percent below the asking price. They listed the house at 1565 North Ocean Way for sale in April 2016 with an asking price of $32 million, which they never reduced. The Lindemanns bought the 3.4-acre property in 2008 for $23.5 million. The renovated brick house and guest house have seven bedrooms altogether, 10,811 square feet of living ... [more]
06/17/2017 03:00 PM
Ex-Heat player Glen Rice sells condo at a loss
Former Miami Heat basketball player Glen Rice sold a downtown Miami condo for less than he paid just weeks before it was scheduled to be sold at a foreclosure auction. Rice, 50, sold a two-bedroom, 27th-floor unit at the Neo Vertika condominium that he owned with his ex-wife Cristy for $310,000. He purchased the condo in 2006 for $317,000. He had lowered the asking price almost monthly since listing the condo for sale about two ... [more]
06/17/2017 02:00 PM
South Dade rentals sell for over $4 million
Real estate investor Abiel Ballestros paid $4.125 million for a portfolio of 35 parcels in south Miami-Dade County. Ballestros bought 34 duplexes and one house that had been family-owned since the 1960s. The family that sold the portfolio built the duplexes and operated them as rentals, a practice Ballestros intends to continue. Kurz Real Estate Corp. broker-associate Erick Vargas represented Ballestros, a local investor who specializes in multifamily properties. Robinson Seda Jr. and Eddie Gil ... [more]
06/17/2017 01:00 PM
May sales of Naples-area homes rose 12%
May sales of Naples-area houses and condos increased 12 percent to 1,027 from 921 last year. The Naples Area Board of Realtors also reported that the median sale price of houses and condos sold in May rose 5 percent to $355,000 from $338,000 last year. The Naples-area inventory of houses and condos listed for sale in May increased 4 percent to 5,404 from 5,207 last year. Pending sales of Naples-area houses and condos under contract ... [more]
06/16/2017 10:15 PM
New Jersey firm buys West Palm apartments for $7M, plans renovation
New Jersey-based Pentaurus Real Estate Investment & Management just bought an apartment complex in West Palm Beach for $7.2 million, with plans to renovate and lease the property. Records show Pentaurus also scored an $8.2 million loan from Latitude Management Real Estate Capital IV. Hydra West Palm LLC, managed by attorneys Lawrence Rolnick and wife Kimberly Sorrentino, purchased the 72-unit complex and adjacent lot at 4685 North Haverhill Road, which total 7 acres in the Galilee ... [more]
06/16/2017 09:15 PM
Tech exec lists Tahiti Beach estate in Coral Gables for $20M
Miami businessman Charlie Fernandez just put his Tahiti Beach estate on the market for nearly $20 million. Fernandez, CEO of eApeiron, and his wife Lauren Sturges-Fernandez, listed their nearly 1-acre waterfront mansion at 12 Tahiti Beach Island Road with Dora Puig of Luxe Living Realty, according to Realtor.com. Fernandez’s Miami-based startup made headlines when Alibaba invested in the technology company last year. He’s also co-founder and chairman of Kempstar Partners, a commodity trading firm, and was previously president ... [more]
06/16/2017 08:30 PM
President Trump’s former homes finds tenant in one day
From TRD New York: President Trump’s childhood home in Jamaica Estates found a tenant just one day after being listed for rent. The house hit the rental market on Thursday afternoon, DNAinfo reported, and was rented out almost immediately. It was asking $3,500 per month, but has fetched a much higher price, according to broker Jason Friedman of Coldwell Banker. Friedman declined to reveal the identity of the tenant or the final price, but said ... [more]
06/16/2017 07:45 PM
Zero-down payment mortgages are back
They were all the rage — then the scourge — of the housing boom and bust. Now they’re back, big time: Home mortgages that require tiny or zero-down payments from buyers. Several major lenders are offering 1 percent down payment loans, and now a large national mortgage company has gone all the way, requiring absolutely nothing down. Movement Mortgage, a top 10 retail home lender, has just introduced a financing option that provides eligible first-time ... [more]
06/16/2017 07:00 PM
Amazon to buy Whole Foods in $13.7B deal
Amazon agreed to buy Whole Foods for $13.7 billion in a blockbuster deal that could have a big impact on South Florida and New York’s retail real estate markets. The deal gives Amazon the reach of about 450 Whole Foods locations in 42 states. The grocer has 15 stores in South Florida and 11 prime locations in New York City. Whole Foods has been struggling with declining sales in recent years and saw its stock price lose half ... [more]
06/16/2017 06:35 PM
Miami International Logistics Center sells to Lincoln Property Co. for $27.4M
Dallas, Texas-based Lincoln Property Co. has added the Miami International Logistics Center to its portfolio for $27.4 million – more than two times its last sale – Cushman & Wakefield announced Friday.  The two-story warehouse terminal at 725 Southeast Ninth Court spans 500,194 square feet and sold for about $55 per square foot. Cushman’s Mike Davis, Rick Brugge, Michael Lerner, Wayne Ramoski, Gian Rodriguez, Robert Given and Troy Ballard represented the seller, Keating Resources, which is led by Gerard ... [more]
06/16/2017 05:30 PM
Heaps of US cities haven’t recovered from the recession
From TRD New York: Home values in the country’s most expensive real estate markets have skyrocketed since the recession, but the cheapest metropolitan areas only saw minor increases. After adjusting for inflation, median home values in the 10 most expensive metropolitan areas have jumped 63 percent since 2000, Bloomberg reported. In the least expensive metros, median prices increased by just 3.6 percent. The data comes from a annual report from Harvard University’s Joint Center for ... [more]
06/16/2017 04:45 PM
Blue Road buys Redbury South Beach for $32M, plans expansion
A company tied to Heyat Hospitality Group sold the Redbury South Beach Hotel on Collins Avenue for $32 million to Blue Road, which plans to expand the property. Blue Road, led by principals Jorge Savloff and Marcelo Tenenbaum, will also manage the 69-room hotel, replacing Sbe, a spokesperson said. The Art Deco property at 1776 Collins Avenue sold for about $464,000 per key. No brokers were involved, but Alejandro Viel Temperley worked on the deal, the spokesperson ... [more]
06/16/2017 04:00 PM
Boston firm buys Boca office campus leased to Newell Brands for $60M
A Boca Raton investor just sold a two-building office complex in West Boca Raton to Boston-based C. Talanian Realty Co. for $59.7 million, according to a release from HFF. Boca Raton-based CDR Glades LLC, led by Carl DeSantis, sold the Peninsula Executive Center, a 187,784-square-foot office complex at 2381-2385 Executive Center Drive, for about $318 per square foot. Peninsula Executive Center is 97 percent leased, mostly to global consumer goods company Newell Brands, which owns Yankee Candle, Papermate, Elmer’s, Mr. ... [more]
06/16/2017 03:15 PM
President Trump’s childhood home hits the rental market
From TRD New York: The house that Trump spent some of his formative years will this week become available for rent. The five-bedroom, Tudor-style home at 85-15 Wareham Place will be priced between $3,500 and $4,000 per month, Mansion Global reported. That’s a similar price to other five-bedroom homes in the area, according to Zillow. A mystery buyer paid $2.1 million for the single family home in March. The New York Times later reported the ... [more]
06/16/2017 02:30 PM
Rehab existing rental stock to overcome South Florida’s huge affordable housing deficit, developers say
A good approach to improving the serious deficit of affordable and workforce housing in South Florida is to rehab existing apartments, developer Joel Altman and others said during a panel on Thursday. Altman, CEO and chairman of Boca Raton-based the Altman Companies, and a group of other developers and experts in Fort Lauderdale stressed the need to build or rehabilitate more rental apartments in Broward’s biggest city, in Miami and in West Palm Beach. Doing so is necessary ... [more]
06/16/2017 01:45 PM
The brawn behind the boom: ranking South Florida’s biggest contractors
From the June issue: Cranes still hover at construction sites throughout South Florida, tall testimonies to the high-rise construction boom that has rebuilt skylines on the state’s Southeast coast. But in the shadows of the gleaming new condo towers, construction contractors are moving on, building more airport concourses and schools these days than gleaming skyscrapers. Competition is fierce at this stage of the real estate cycle, with big firms bidding fiercely for midsize projects and ... [more]
06/16/2017 12:45 PM
Related at the center of federal affordable housing investigation in South Florida
UPDATED 5 p.m., June 16: South Florida’s biggest developer is being investigated by the U.S. Attorney’s Office as part of an expanding probe into South Florida’s affordable housing industry. Federal authorities are looking into whether Related Group‘s affordable housing arm, Related Urban, pocketed money from boosting construction costs on a senior housing project in Miami’s Shenandoah neighborhood. The focus on Related is part of a larger investigation examining at least a dozen publicly subsidized developments by other developers, according to the Miami Herald. ... [more]
06/16/2017 11:30 AM
TRD’s top stories: Avra Jain and Bob Zangrillo buy into Miami River site, Fortune and Rialto launch bridge lender … & more
Current reader favorites: 1. Avra Jain, Bob Zangrillo buy into Miami River development site 2. Fortune International Group, Rialto Capital Management launch bridge lending firm 3. Development picks up south of downtown Fort Lauderdale 4. Waterfront Key Biscayne estate sells to auto tech mogul for $19M 5. Commercial borrowers struggle to repay loans maturing in May ... [more]
06/15/2017 09:30 PM
Canadian developer buys rentals near Miami Gardens for $50M
A Canadian developer just swept up a 468-unit residential development near Miami Gardens for $50 million. Toronto-based Marlin Spring bought the Cottage Cove Apartments at 10 Northeast 188th Street, Cushman & Wakefield announced on Thursday. The 100-building deal breaks down to about $32,000 per apartment and $151 per square foot. Cushman’s Robert Given, Calum Weaver, Troy Ballard, Zachary Sackley and Perry Synanidis represented the seller, TM Real Estate Group, which is led by Matthew Pellar. The deal includes studios, one- and two-bedroom units. The first phase ... [more]
06/15/2017 09:00 PM
Melo sues to evict Sushi Samba, Duck & Waffle from Miami River site
Plans for two new Miami River restaurants on a site owned by the Melo Group appear to have gone awry. Melo holding company River Plaza II Corp filed an eviction lawsuit in early June against Flagler On The River LLC, an affiliate of New York-based Orange Brand Management, which owns both Sushi Samba and Duck & Waffle. At stake is a 15-year lease that begins at $700,000 for the first year and increases annually to more ... [more]
06/15/2017 08:20 PM
Related tops off third Paraiso tower, aims for 2018 opening: PHOTOS
The Related Group just topped off its 53-story One Paraiso tower as it works toward opening the four-tower complex early next year. One Paraiso is the third building to top off, preceded by Paraiso Bay and Paraiso Bayviews. The 276-unit condo tower is 99 percent sold, Carlos Rosso, president of Related’s condo division, said during a tour of the property. Prices at One Paraiso, at 3131 Northeast Seventh Avenue, range from $600 per square foot to ... [more]
06/15/2017 07:15 PM
Newly completed Davie rental development scores $36M loan
The Coconut Grove-based TM Real Estate Group just closed on a $35.5 million loan for a newly completed 240-unit apartment complex in Davie, the lender announced on Thursday. Meridian Capital Group provided the 10-year loan with a fixed interest rate of 4.04 percent and a full-term repayment schedule of interest-only payments. The construction takeout financing is for The Shalimar at Davie, at 4901 South University Drive. The property is a three-story multifamily development consisting of one-, two- and ... [more]
06/15/2017 06:45 PM
The South Florida issue is live!
When it comes to South Florida condo development, it’s Jorge Pérez’s world, we all just live in it. The condo king’s Related Group has more than four times the number of condo units in its pipeline as its closest competitor during this real estate cycle and has been expanding its work in other arenas, too, including rentals and mixed-use projects. But even royalty has rough days, and like South Florida’s other top developers, Related has ... [more]
06/15/2017 05:30 PM
Luxury homebuyers eye bank-owned homes
Bank-owned homes have become increasingly attractive to wealthy buyers. The rewards can be high, but so are the risks. Declining inventory of these real estate owned properties across the country in tight luxury markets makes them more appealing, according to the Wall Street Journal. The inventory of distressed properties was down about 66 percent to nearly 735,000 homes in April compared to the peak of 2.2 million in 2010, Attom Data Solutions Daren Blomquist told ... [more]
06/15/2017 05:00 PM
The Long View: Cadre and the dilemma of the secondary market
From TRD New York: Most Americans know Cadre as Jared Kushner’s startup, the investment he infamously failed to mention on his White House ethics disclosure form. But the political hullabaloo makes it easy to overlook that its actual business model is also a big deal. Last week, the online real estate investment platform raised $65 million in a round led by Andreessen Horowitz, reportedly at a $800 million valuation.  Part of Cadre’s appeal, according to ... [more]
06/15/2017 04:15 PM
Toronto firm pays $33.2M for Boca Raton shopping center
A shopping center in West Boca Raton just sold for $33.2 million to an affiliate of Toronto-based Northbridge Investment Management, property records show. New York-based Cohen Commercial Properties affiliate New Carteret Shopping Center Association sold Shoppes at Boca Greens, a 109,228-square-foot property at 19625 S State Road 7, for about $300 per square foot. Cohen bought the 15-acre shopping center in 2008 for $10.5 million. It was built in 1984. CBRE’s Dennis Carson and Casey Rosen represented Cohen in the latest sale. The shops ... [more]
06/15/2017 03:30 PM
TIAA-CREF affiliate pays $93M for Plantation apartment complex
The Los Angeles County Employees Retirement Association just sold a Plantation apartment complex for $93 million, or nearly $200,000 per unit, to a company managed by TIAA-CREF. Property records show Gateway Windsor Inc., a California company controlled by the retirement association and managed by Deutsche Asset & Wealth Management’s RREEF America, sold the Laurels at Jacaranda to TRPF Laurels at Jacaranda LLC. The buyer financed the deal with a $36 million mortgage from Fannie Mae. The ... [more]
06/15/2017 02:30 PM
Fed says it will shrink its balance sheet, which is good and bad news for real estate
From TRD New York: The Federal Reserve on Tuesday announced it would raise short-term interest rates again, but the real news was its decision to start selling off assets. The Fed bought up $4.5 trillion in bonds and other securities in the wake of the 2008 financial crisis in a bid to stabilize financial markets and push down long-term interest rates. But as the economy improves, there is less of a need for the program, ... [more]
06/15/2017 01:45 PM
Q&A with designer Will Meyer on his projects in Miami, where it “never gets boring”
Interior designer Will Meyer is known in South Florida for work that includes the eco-friendly 1 Hotel, hip restaurant The Dutch and sinuous public spaces at the upcoming Park Grove residences. He co-founded the Meyer Davis design firm in 1999. The firm now has offices in New York, Los Angeles and London, employing more than 75 people. Meyer loves working in Greater Miami for its “informality that lends itself to the freedom to design things ... [more]
06/15/2017 12:45 PM
EB-5 financing can provide up to 35% of investment stack, but lining up investors may take years: panel
While not “a magic wand,” financing from foreign nationals under the U.S. government’s EB-5 investment program can provide between 25 percent to 35 percent of a real estate project’s capital stack, said attorney Larry J. Behar. But obtaining approval for an EB-5 application is a long and complicated process for the potential investor, sometimes taking about five years, he noted. Speaking Wednesday at an Urban Land Institute conference on capital sources for real estate held in ... [more]
06/15/2017 11:30 AM
TRD’s top stories: Boulevard 57 condo site sells for $20M, popular RE tax break may be wiped out … & more
Current reader favorites: 1. Boulevard 57 condo site sells to 13th Floor, Tricera for $20M 2. Popular RE tax break 1031 exchange may be wiped out 3. Real estate experts rally behind proposed EB-5 legislation  4. Wafra buys Milagro Coral Gables apartments for $78M 5. Miami Dolphins’ Kiko Alonso buys Fort Lauderdale home   ... [more]
06/14/2017 10:00 PM
Bed Bath & Beyond Plaza in Doral hits the market, could fetch $40M, brokerage says
The Bed Bath & Beyond Plaza in Doral, next to Miami International Mall, just hit the market. Though the retail center at 10640 Northwest 19th Street doesn’t have a price, listing brokerage HFF told The Real Deal that it expects offers of more than $40 million. HFF Miami’s Danny Finkle, Luis Castillo, and Eric Williams have the listing. In addition to Bed Bath & Beyond, other tenants at the 97,456-square-foot shopping center include including Office Depot, Pier 1 Imports, ... [more]
06/14/2017 09:15 PM
Waterfront Key Biscayne estate sells to auto tech mogul for $19M
Updated, 10:20 p.m. June 14: A waterfront mansion in Key Biscayne just sold for $19 million in an all-cash deal, listing agent Maria Teresa Jarque told The Real Deal. The buyer is auto tech mogul Andrew Tweddle, property records show. The 9,000-square-foot home at 310 Harbor Drive sold last week, Jarque, of Fortune International Realty, said. Property records show the sellers are Jorge F. and Maria T. Lazo. Jorge Lazo is owner of First Medical ... [more]
06/14/2017 08:30 PM
Luxury home sellers using incentives to push brokers to sell
Sellers of the some of the country’s most expensive homes are increasingly negotiating broker commission structures to include incentives, in order to push agents to sell for a higher price. Luxury home owners are resisting paying the usual 5 to 6 percent commission on sales, agents told the Wall Street Journal. Instead, they opting to negotiate a tiered commission structure or to offer incentives. In some cases, brokers are agreeing to a lower commission in ... [more]
06/14/2017 07:45 PM
Development picks up south of downtown Fort Lauderdale
A growing collection of real estate projects are underway just south of the city’s downtown area. “It’s sort of the next path of growth” in Fort Lauderdale, Bradley Arendt, a vice president of Colliers International, said of the area south of the New River and the city’s central business district. “Most of the larger tracts [of land] north of the river are taken.” Arendt recently represented the buyer and seller in an off-market deal for ... [more]
06/14/2017 07:00 PM
Fortune International Group, Rialto Capital Management launch bridge lending firm
Fortune International Group and Rialto Capital Management launched a private bridge lending firm to fill what they see as a void in the marketplace, particularly for foreign buyers of Miami real estate, Edgardo Defortuna told The Real Deal. Vaster Capital has been up and running for about two months with the goal of issuing at least $100 million in bridge loans a year, Defortuna said. “We’re obviously very, very involved in sales, especially preconstruction sales, and a ... [more]
06/14/2017 06:00 PM
Alexa, are you coming with me to my new home?
Amazon’s Alexa will soon be arriving at Lennar’s homes. Miami-based Lennar Corp. just announced it will be adding smart homes to its new home offerings. The nation’s second biggest homebuilder said it will be partnering with Amazon to bring Alexa, Amazon’s smart personal assistant, into its homes’ designs, according to a release. The designs will be powered by Ruckus Wireless, a part of Brocade Communications Systems, to provide coverage throughout its homes without hitting Wi-Fi dead spots. ... [more]
06/14/2017 05:00 PM
British insurance tycoon seeking approval for six lots on former John Kluge estate in Palm Beach
The 4.3 acre, former John Kluge estate in Palm Beach may soon be portioned into six lots to be developed as a subdivision or to be sold as vacant lots. When sold, the lots could bring in between $7 and $9 million each. The Town Council will vote on Wednesday to approve British insurance tycoon Sir Peter Wood’s plans for the 89 Middle Road property, according to Palm Beach Daily News. “Some lots I might ... [more]

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