The Real Deal Miami

  • FHA opens window to more borrowers

    New approach could create a pathway for as many as 75K to 100K new loans a year
    August 28, 2015 02:15PM By Kenneth Harney
    Mortgage Bankers

    From left: David Stevens and Clem Ziroli

    From the New York website: If you’ve got a low FICO credit score but believe you can handle monthly mortgage payments instead of rent, here’s some potentially good news: The government is now willing to give you a better shot at obtaining a low-down-payment home loan from the Federal Housing Administration.

    Under a key policy change that took effect last week, lenders nationwide now have more leeway to approve mortgages to borrowers who qualify under FHA’s underwriting guidelines but may have below-par FICO scores. [more]

  • Miami chamber’s Asia Task Force targets China

    A group of 22 Chinese business people is visiting next month, including two billionaires
    August 28, 2015 01:30PM By Francisco Alvarado
    asia task force

    Greater Miami Chamber of Commerce’s Asia Task Force

    An Asia Task Force organized by the Greater Miami Chamber of Commerce wants to organize Miami trips for Chinese journalists, investors and developers to help market the city to businesses and entrepreneurs from the Far East, The Real Deal has learned.

    At its first brainstorming session Friday morning, the eight-member task force laid out its objectives. [more]

  • Three-story PH at Jade Beach sells for $7.5M

    Buyer heads the Comolatti Group, a Brazilian conglomerate that deals in auto parts
    August 28, 2015 12:45PM By Sean Stewart-Muniz
    Unit 4905 at the Jade Beach condo tower in Sunny Isles Beach

    Unit 4905 at the Jade Beach condo tower in Sunny Isles Beach

    A Brazilian businessman just paid $7.5 million for a ritzy three-story penthouse in the Jade Beach condo tower in Sunny Isles Beach. [more]

  • Miami Association of Realtors building sold for $16M

    Buyer is entity linked to Management Resources College
    August 28, 2015 12:00PM By Sean Stewart-Muniz
    The Miami Association of Realtors headquarters at 700 South Royal Poinciana Boulevard

    The Miami Association of Realtors headquarters at 700 South Royal Poinciana Boulevard

    A 10-story office building on Miami International Airport’s northeast corner was just sold for $16.25 million. [more]

  • Inside

  • Equity One picks up Miami shops for $11.8M

    Last sale was for $750,000 in 1988
    August 28, 2015 11:15AM By Sean Stewart-Muniz
    The Bird Road retail center in unincorporated Miami-Dade County

    The Bird Road retail center in unincorporated Miami-Dade County

    Equity One, a New York and Miami-based real estate investment trust that specializes in retail properties, just paid $11.8 million for the Bird 107 Plaza near the Westwood Lakes neighborhood of Miami.

    The property is a 2.3-acre shopping center at 10591 Southwest 40th Street in unincorporated Miami-Dade County. It has one single-story building with 34,178 square feet of space, a parking lot and two outparcels occupied by Pizza Hut and Checkers, according to Miami-Dade property records. [more]

  • Wexford’s UM Life Science & Tech Park wins county funding nod

    Committee recommends Wexford get the money if another project falls through
    August 28, 2015 10:30AM By Francisco Alvarado
    UM-LSTP (1)

    Rendering of University of Miami’ Life Science and Technology Park

    The University of Miami Life Science and Technology Park could get a $10 million injection from Miami-Dade taxpayers. Wexford Miami, the company that owns the park, is seeking county funds to pay for infrastructure improvements for a $112.1 million expansion that consists of a 14-story mixed-use hotel and innovation center. [more]

  • SoFla residential construction booming in July

    Resi contracts total $4 billion year-to-date
    August 28, 2015 09:45AM
    Miami River

    An aerial view of the Miami River

    South Florida developers were practically pouring money into residential construction contracts during July, according to a new report from Dodge Data & Analytics. [more]

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    August 28, 2015 09:00AM

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  • Miami
    1600 Ponce De Leon Drive, Fort Lauderdale

    Fort Lauderdale’s new most expensive home is a cozy $32 million mansion in the neighborhood of Rio Vista Isles. A Delray Beach developer has pleaded no contest in a fraud case targeting Subway co-founder Fred DeLuca. And Bealls, a century-old clothing chain in Florida, is launching a new store concept to draw in millennials. Read these stories and more after the jump. [more]

  • Builders, developers gear up as Erika approaches

    Coastal, Skanska USA, Related and Dezer Development are preparing for the storm
    August 27, 2015 05:15PM By Ina Cordle

    Surf Club Four Seasons currently under construction

    South Florida is awash with new developments and active construction sites.

    And as Tropical Storm Erika barrels toward the Florida coastline  currently forecast to strengthen to a Category 1 hurricane  such open sites, full of cranes and loose materials, lie in the potential line of fire — with millions, if not billions of dollars at stake. [more]