The Real Deal Miami

  • Water-damage insurance for homes over 40 scarcer

    Deerfield-based People's Trust Insurance cites rise in non-weather claims for water damage
    April 30, 2016 12:00PM TRD WEEKEND EDITION
    At least six Florida insurers exclude water damage from coverage of homes over 40.

    At least six Florida insurers exclude water damage from coverage of homes over 40.

    A property insurer based in Deerfield Beach joined others around Florida that exclude water damage from coverage of homes over 40 years old.

    Deerfield Beach-based People’s Trust Insurance instead offers optional limited coverage up to $10,000 of water damage to homes over 40.

    The insurer said the limitation on coverage was necessitated by steep rises in weather-unrelated claims and losses. [more]

  • Marina portion of waterfront condo project opens

    It is part of the Marina Palms Yacht Club & Residences in North Miami Beach
    April 30, 2016 10:30AM TRD WEEKEND EDITION
    Marina Palms Yacht Club & Residences in North Miami Beach

    Marina Palms Yacht Club & Residences

    The developers of the Marina Palms Yacht Club & Residences opened the marina portion of the project in North Miami Beach.

    The Marina Palms Yacht Club at Biscayne Boulevard and 172 Street has 112 wet slips  for vessels 40 feet to 100 feet long.

    “Premium dock space is very hard to find in South Florida. There hasn’t been a new marina like this built in over 20 years,” Jim Bronstien of US Marinas, the manager of the newly built marina, told the Miami Herald in a prepared statement.

    The new marina is located in Maule Lake along the Intracoastal Waterway, a 15-minute boat ride from the Atlantic Ocean. [more]

  • Latin American luxury home market unfazed by Zika

    Poor people are more exposed than luxury home buyers to the epidemic, linked to birth defects
    April 30, 2016 09:30AM TRD WEEKEND EDITION
    Jade Park in Asunción, Paraguay (Credit

    Rendering of Fortune International’s Jade Park condominium in Asunción, Paraguay (Credit

    The Zika virus epidemic has done little, so far, to slow sales of luxury homes in Latin America and the Caribbean.

    “I was recently in Paraguay, and Zika wasn’t that much talked about. But everybody, including myself, puts on a lot of [mosquito] repellent before, during and after you go out. They are all very concerned about being infected with dengue or Zika,” said Edgardo de Fortuna, president and founder of Miami-based Fortune International Group, told Mansion Global. “People go about life in a regular way; they just take precautions.”

    De Fortuna said Zika fears have failed to faze Fortune International’s 120-unit luxury condominium development in Asunción, the capital city of Paraguay. Buyers have reserved 37 of the units during pre-construction phase of the development, called Jade Park, an affinity-style project attracting affluent Paraguayan retirees. [more]

  • map Douglas Park

    The city of Miami is considering a resolution to spend $4.5 million on cleaning up the long-closed and environmentally contaminated Douglas Park. Check out some of these high-flying shots of downtown Miami taken by a drone. And the smell of spring in the air means more business for Palm Beach realtors. Read these stories and more after the jump. … [more]

  • Inside

  • Out with downward dog, in with a punch: Title Boxing Club opening in Sunset Harbour

    Greenmonkey, Dr. Smood and What Goes Around Comes Around to lease at 1800 Bay Road
    April 29, 2016 06:00PM By Ina Cordle

    1827 Purdy Avenue

    Title Boxing Club is opening its first Miami-Dade location in Sunset Harbour, in the space currently occupied by greenmonkey yoga, as it joins a plethora of boutique fitness spots in the hot Miami Beach neighborhood.

    Greenmonkey, in turn, is moving to a brand new building in Sunset Harbour, 1800 Bay Road, Jonathan Carter, senior director of retail leasing for Comras Company told The Real Deal.


  • Bye-bye, Brazil? Colombians lead property searches in Miami during February

    Colombians had the third-highest share of foreign purchases in Miami last year
    April 29, 2016 05:15PM By Sean Stewart-Muniz
    NASA satellite view and the Colombian flag

    NASA satellite view and the Colombian flag

    For the third month in a row, Colombians beat out Brazil for the biggest interest in Miami real estate, according to a new report. [more]

  • Fannie Mae gives “transactors” credit for good behavior

    Use of data opens door for applicants who look unqualified yet show responsible management
    April 29, 2016 04:30PM By Kenneth Harney

    (Credit: Investopedia)

    Are you a “transactor” or a “revolver” when it comes to your credit? Terms like these never have mattered much to home buyers seeking a mortgage. You’ve probably never heard of them. Yet they are about to become more important to millions of mortgage seekers, and could even help determine whether you qualify for a mortgage in the first place. [more]

  • As condo market cools, CRE heats up in Miami’s urban core: panel

    Wynwood had $165M in retail property sales in 2015, vacancy rate is 6 percent.
    April 29, 2016 03:45PM By Francisco Alvarado

    From left to right: Moderator and Downtown Development Authority Executive Director Alyce Robertson, Tony Cho, Raymond Fort, Andrew Frey and Jon Paul Perez.

    Miami’s urban core markets generated $1.2 billion in retail property sales last year, with more than half of the total occurring in Brickell, downtown and Wynwood, according to a recent commercial real estate report prepared for the Commercial Industrial Association of South Florida.

    The findings were made public Friday during a panel discussion sponsored by the association that featured Tony Cho of Metro 1, Raymond Fort of Arquitectonica, Andrew Frey of Tecela, and Jon Paul Perez of the Related Group.


  • South Florida Markets panel

    Five expert panelists weigh in on South Florida’s real estate market

    Some of South Florida’s biggest real estate players gathered to speak at The Real Deal South Florida’s Real Estate Showcase & Forum earlier this month, broaching topics like the region’s dependency on foreign buyers, a possible oversupply in the condo market and how shifting demand is shaping the design of new projects.

    Among the panelists: Billionaire Jeff Greene, who’s in the midst of redeveloping a large swath of West Palm Beach; Beth Butler, the president of brokerage Compass’ quickly growing Florida branch; Joseph Kavana, CEO of K Group Holdings that’s developing the massive $1.5 billion Metropica project in Sunrise; Fernando de Nuñez y Lugones, executive vice president of luxury brokerage One Sotheby’s International Realty; and Bernardo Fort Brescia, whose architecture firm Arquitectonica is designing a large chunk of the region’s new towers.

    Click here to check out watch these five big-wigs hash out their thoughts on the South Florida real estate market at TRD’s Broward event. … [more]

  • Investors close $9.9M purchase of Homestead apartment complex

    Community's rents are held below market rate as part of 30-year agreement
    April 29, 2016 02:15PM By Sean Stewart-Muniz
    The Phoenix Apartments in Homestead

    The Phoenix Apartments in Homestead

    A company linked to Stephen Garchik of SJM Capital Partners just completed its $9.9 million purchase of a Homestead apartment complex. [more]