The Real Deal Miami

  • Industrial market heats up in Palm Beach County

    Average asking lease rate at end of Q1 was $8.52 psf, up 17 percent, year-over-year
    June 01, 2015 12:00PM By Dan Weil
    vista distribution center

    Vista Distribution Center

    The industrial real estate market is booming in Palm Beach County, as the strong economy spurs demand while the supply of property grows only slowly.

    “There’s a very limited supply of buildings for sale, so prices are going up,” Rebel Cook, president of Rebel Cook Real Estate in Palm Beach Gardens, told The Real Deal. “It’s purely economic: the economic recovery has created demand. Unlike in 2005-06, when a frenzy drove prices up, this is a true economic cycle.” [more]

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  • Inside look at Calvin Klein’s Miami Beach home

    Klein listed his 5,802 sf home for $16M
    June 01, 2015 11:15AM By Katherine Kallergis
    Calvin Klein Calvin Klein’s home in Miami Beach

    Fashion designer Calvin Klein’s five-bedroom, seven-bathroom compound at 4452 North Bay Road was listed for $16 million, according to a Douglas Elliman listing posted on Friday. Here’s an inside look.

  • Investors seal $158M deal for Pembroke Pines apartments

    Two phases, two huge deals
    June 01, 2015 10:30AM
    The Modera Pembroke Pines apartment complex

    The Modera Pembroke Pines apartment complex

    A New York-based investment firm has completed its $158.5 million purchase of the freshly built Modera Pembroke Pines apartment complex.

    Mill Creek Residential built the 700-unit community in two phases, the first of which was sold for $95.5 million late last year [more]

  • Managing US homeowners’ great expectations

    Appraisers say owners may not understand the valuation dynamics of their local market
    June 01, 2015 09:45AM By Kenneth Harney

    From left: Tom Horn and Don Boucher

    From the New York website: Do you know what your house is worth? Would you concede that there’s a chance that your estimate of its value might be higher than what a buyer would pay?

    A new statistical study, published in the Journal of Housing Economics, found that home owners on average “overestimate the value of their properties by about 8 percent.” Tapping into federal databases, researchers concluded that overvaluations are likely tied to erroneous owner estimations of the capital gains they’ve accumulated in the house. [more]

  • Inside

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    June 01, 2015 09:00AM

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    5. Q&A with Jeff Greene: “I’m all in on West Palm Beach

  • miami
    A rendering of the Miami Worldcenter development

    A group of labor activists are the newest opponents to the proposed Miami Worldcenter project. All Aboard Florida and its opponents are pleading their cases in federal court over $1.75 billion in tax exempt bonds. And the former Kennedy estate in Palm Beach was just sold for $31 million. Read these stories and more after the jump. [more]

  • US mortgage rates hit 2015 highs on bullish housing data

    Home loan costs jump as investors speculate on positive data
    May 29, 2015 05:30PM


    From the New York website: U.S. mortgage rates rose to 2015 highs this week, with bond investors reacting to positive reports from the housing market.

    The average rate for a 30-year fixed mortgage climbed to 3.87 percent from 3.84 percent last week, matching levels seen at the end of 2014, according to Freddie Mac. The average 15-year rate rose to 3.11 percent from 3.05 percent last week. [more]

  • North Bay Road house under contract for $7.25M

    Priciest sale per-square-foot for older homes in neighborhood
    May 29, 2015 05:00PM By Sean Stewart-Muniz
    Aerial shots of 5350 North Bay Road and listing agents Allan Kleer and Fabian Garcia-Diaz of Fortune International Realty

    5350 North Bay Road and listing agents Allan Kleer and Fabian Garcia-Diaz of Fortune International Realty

    A waterfront home on exclusive North Bay Road has gone under hard contract for $7.25 million and is likely headed for the wrecking ball, The Real Deal has learned. [more]

  • Construction, sales for Gables townhomes on track

    Prices start at $1.3M
    May 29, 2015 04:30PM By Sean Stewart-Muniz
    Renderings of the Santander townhouses and Shoma President Masoud Shojaee

    Renderings of the Santander townhouses and Shoma President Masoud Shojaee

    One of the City Beautiful’s newest townhouse projects has broken ground and is selling out quickly, according to the developer. [more]

  • Developers expect brisk construction in Broward to persist

    Among projects, Bahia Mar plans two new condo towers flanking hotel, four restaurants
    May 29, 2015 03:45PM By Mike Seemuth
    Bahia Mar Fort Lauderdale Beach

    Bahia Mar Fort Lauderdale Beach

    Developers behind three of the biggest real estate projects in Broward County are wary of a possible slowdown, but expect the brisk pace of construction in Broward will prove persistent.

    “It has some legs,” said Jimmy Tate, president of Tate Capital in North Miami Beach, citing slower land price appreciation in Broward than in Miami-Dade County and Palm Beach County. [more]