The Real Deal Miami

  • Ray Lewis takes loss on Highland Beach sale

    Retired linebacker sells oceanfront home for nearly $4.8 million
    April 16, 2014 09:45AM
    3573 South Ocean Boulevard and Ray Lewis

    3573 South Ocean Boulevard and Ray Lewis

    Retired football star Ray Lewis sold his oceanfront Highland Beach estate for nearly $4.8 million. [more]

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  • Top stories

    April 16, 2014 09:00AM

    Top stories yesterday on The Real Deal:
    1. Jeffrey Soffer’s Turnberry plans Sunny Isles project
    2. Lehman subsidiary sells Miami Beach land
    3. Tommy Hilfiger completes Raleigh Hotel purchase

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  • Miami housing costs soar past affordability threshold

    Costs now consume 43 percent of a typical household's income
    April 15, 2014 05:15PM
    From left: Spencer Rascoff, chief executive of Zillow and downtown Miami (Credit: Shutterstock)

    From left: Spencer Rascoff, chief executive of Zillow and Downtown Miami (Credit: Shutterstock)

    Miami rents have climbed high enough to consume 43 percent of the typical household income, according to a new analysis by real estate website Zillow. [more]

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  • Short sales plummet in Palm Beach County

    Report says drop off due to rising home equity, higher short sale prices
    April 15, 2014 04:30PM

    shortsale5Once a life boat for struggling homeowners in a sinking housing market, short sales are now on the decline, according to a new report.

    An analysis conducted by CoreLogic showed that Palm Beach County had only 83 short sales in February, down 52 percent over the same period in 2013, indicating such transactions may become much more unusual. [more]

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  • Inside therealdeal.com

  • Dania Beach implements “Ocean Park” plan

    City wants to distinguish its waterfront from condo-dominated areas
    April 15, 2014 03:45PM
    Dania Beach

    Dania Beach

    Dania Beach is hoping to position its waterfront as “Ocean Park” to entice South Floridians looking for a quieter alternative to the bustling beach areas dominated by condo towers throughout the region.

    EDSA Inc. was recently hired by Dania to oversee a $28 million plan to create a more “natural” beach environment in the city, the Sun-Sentinel reported. Dania’s 120-slip marina is in the midst of a $7.5 million revamp slated for completion in June. City commissioners approved a 10-year improvement plan to enhance beach lighting, signage and landscaping. [more]

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  • Alex Rodriguez sells Miami Beach condo

    Yankee makes $500,000 profit on sale of Mei unit one year after buying it
    April 15, 2014 03:00PM
    Alex Rodriguez

    Alex Rodriguez

    Alex Rodriguez netted a profit of nearly $500,000 on the sale of his Miami Beach condo.

    The embattled New York Yankees slugger sold the Mei unit for about $2.6 million after paying $2.1 million for the 5875 Collins Avenue condo a year ago, the Wall Street Journal reported. He originally listed the 11th-floor unit with an asking price of $3.2 million in December 2013. A-Rod’s sister, One Sotheby’s International Realty broker Arlene Susy Dunand, handled the listing. [more]

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    30 Star Island Drive (via The Jills, Coldwell Banker Real Estate)

    Meet the buyer of 30 Star Island. Shorecrest Club construction progresses. Venetian Causeway bus service halted after hole incident. Read those stories and more after the jump.

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  • Former owner buys most of Mayfair Hotel

    Schlesinger family gets 132 units, common areas at Coconut Grove property
    April 15, 2014 01:30PM
    Mayfair Hotel and Spa

    Mayfair Hotel and Spa

    The Schlesinger family acquired most of Coconut Grove’s Mayfair Hotel and Spa only two years after losing it through foreclosure.

    Mayfair CLTG Holdings, which is managed by Robert and Adam Schlesinger of West Palm Beach and Dallas-based TriGate Capital, paid $27.6 million for 132 units and the common areas in the 300 Florida Avenue condo-hotel, South Florida Business Journal reported. The seller, an affiliate of Resource Real Estate Funding, seized the units and common areas at the 179-unit condo-hotel in 2012 to resolve a nearly $22 million foreclosure. The borrower at the time, CSC Mayfair, was tied to the Schlesinger family’s former company, Ceebraid-Signal Corp. [more]

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  • Royal Caribbean forms alliance to fight Beckham stadium

    Group takes out full-page ad in Miami Herald to launch campaign
    April 15, 2014 12:45PM
    PortMiami and David Beckham

    PortMiami and David Beckham

    Royal Caribbean Cruises formed a coalition to fight David Beckham’s proposed Major League Soccer stadium at PortMiami. [more]

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  • Soffer tower is 25th proposed in Northeast Miami-Dade

    Market, which includes Sunny Isles, has 10 months of available resale inventory
    April 15, 2014 12:00PM By Peter Zalewski
    Peter Zalewski

    Peter Zalewski

    A 25th new condo tower was proposed for the Aventura and Sunny Isles Beach market in Northeast Miami-Dade County, increasing the total number of planned units for this market to more than 3,525 during the latest cycle.

    The latest developer to get into the mix in Sunny Isles is Jeffrey Soffer, who announced plans on Monday to build a 52-story tower with 154 units on a 2.3-acre site, according to the Miami Herald. Soffer’s company, Turnberry Associates, hopes the proposed tower achieves prices between $3 million and $22 million for units that range between 2,750 square feet to about 10,000 square feet. Presales are expected to launch this fall, according to a corporate statement. [more]

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