The Real Deal Miami

  • mapRendering of the Liquid Lofts

    The 80-story Liquid Lofts project just nabbed approval from Miami’s Planning and Zoning Department. Developers are eyeing Miramar for new retail and hotel projects. And check out these renderings of Paramount Miami Worldcenter’s swanky indoor amenities. Read these stories and more after the jump. … [more]

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  • Andres Asion leaving Fortune for his own brokerage amid condo slowdown

    The firm, Miami Real Estate Group, will expand its focus, add agents and open a new office
    July 28, 2016 06:00PM By Ina Cordle
    Andres Asion cropped

    Andres Asion

    After seven years heading Fortune International Group’s development sales division, Andres Asion is leaving Friday for his own firm, The Real Deal has learned.

    And the timing is no accident. [more]

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  • Investors trade West Palm Beach apartments for $22M

    Investors Management Group paid $20M for CityView last June
    July 28, 2016 05:15PM By Katherine Kallergis
    CityView Apartments

    CityView Apartments

    Dallas investment firm Highland Capital Management picked up the CityView Apartments in West Palm Beach for $22.42 million, or about $103,000 per unit. [more]

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  • CVS-leased building in West Miami sells for $12.5M

    CVS has 25 years left on lease
    July 28, 2016 04:30PM By Katherine Kallergis
    CVS at 2393 Southwest 67th Avenue in West Miami

    CVS at 2393 Southwest 67th Avenue in West Miami

    A CVS in West Miami has sold for nearly $953 a foot, or $12.5 million. [more]

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  • Inside therealdeal.com

  • Foreclosures still falling in Miami-Dade during May

    Delinquency rate also improved significantly
    July 28, 2016 03:45PM
    A June 2011 photo of the downtown Miami skyline (Credit: Marc Averette) and a foreclosure sign

    A June 2011 photo of the downtown Miami skyline (Credit: Marc Averette) and a foreclosure sign

    With floundering sales and ever-growing prices weighing down Miami-Dade County’s housing market, there is at least one undercurrent of strength to be found.

    Miami-Dade’s foreclosure rate fell again during May, marking the 16th straight month of drooping rates — minus a hiccup in December. [more]

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  • Homeownership rate falls to lowest level since 1965

    Roughly 63 percent of Americans own homes – down from 69 percent in 2004
    July 28, 2016 03:00PM
    Single family homes in Queens

    Single family homes in Queens

    From the New York website: The U.S. homeownership rate dropped to its lowest level since 1965, according to a new report from the Census Bureau.

    Nearly 63 percent of U.S. households owned their home in the second quarter of the year – down from 63.5 percent in the previous quarter. The rate reached a peak of 69.2 percent in 2004 but tumbled in the wake of the 2008 financial crisis amid stagnating incomes and rising home prices. [more]

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  • Thanks largely to new development, Douglas Elliman sold $6.4B in real estate in Q2

    Parent company Vector has $475M in cash and plans to increase equity investments: Lorber
    July 28, 2016 02:15PM By E.B. Solomont
    Howard Lorber

    Howard Lorber

    From the New York website: Bucking the notion that the real estate market is softening like butter on a balmy day, Douglas Elliman sold $6.4 billion worth of real estate nationwide during the second quarter of 2016, up from $5.5 billion a year earlier, the brokerage’s parent company Vector Group reported Thursday.

    For the first six months of the year, Elliman closed sales worth $12.1 billion, up from $9.6 billion during 2015’s first half, Vector said. And profits at New York City’s largest brokerage also soared, largely on the back of investments in its development market division, Chairman Howard Lorber said during an investor call. [more]

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  • Miami now a buyers’ market for luxury properties: AREAA panel

    Developers are adjusting their pricing and increasing broker commissions to move units
    July 28, 2016 01:30PM By Francisco Alvarado
    An aerial view of Miami

    An aerial view of Miami

    Slower sales and a glut of inventory has led to a buyers’ market for South Florida luxury properties, according to Miami Beach real estate agent Jill Eber.

    “For almost five years we were just on an upward spiral,” Eber, of Coldwell Banker’s the Jills, told a gathering of real estate professionals Wednesday evening. “But, right now, it has adjusted and it has become more of a buyers’ market.”   [more]

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  • Developer sells Manalapan spec manse for $25M, way below ask

    Pennsylvania businessman bought the new oceanfront estate
    July 28, 2016 12:45PM By Katherine Kallergis
    1400 South Ocean Boulevard

    1400 South Ocean Boulevard

    A Palm Beach developer and businessman just sold a beachfront spec mansion in Manalapan for $25.2 million, a significant difference from the $38.5 million asking price. [more]

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  • SoFla construction spending still outpacing 2015 despite June dip

    Residential sector pulled down the industry last month
    July 28, 2016 12:00PM
    Construction cranes

    Construction cranes

    Despite stumbling in June, South Florida’s construction industry is still on track to outpace the $6.3 billion spent on contracts last year. [more]

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