The Real Deal Miami

  • Foreigners buy more in SoFla than anywhere in state

    But international sales have dropped since previous year
    November 30, 2015 11:16AM
    A shot of Miami's skyline

    A shot of Miami’s skyline

    South Florida made up more than half of the state’s home sales to international buyers over the last 12 months, according to a new survey from the Miami Association of Realtors. [more]

  • Clear skies for commercial

    Vacancy rates remain low across Miami-Dade office, retail and industrial space
    November 30, 2015 10:30AM By Sean Stewart-Muniz
    108-112 CRE UPDATE-FINAL.indd

    Amancio Ortego, creator of the Zara retail chain, acquired an entire block on Lincoln Road for $370 million.

    From the October issueAnalysts are prescribing a healthy dose of optimism for commercial real estate in Miami-Dade County, with factors like explosive job and population growth to thank for the ongoing strength of the markets across the board.

    The county is on track to blow past its peak of $6.8 billion in foreign investment recorded last year, with investors continuing to purchase trophy properties in the office and hotel sectors for hundreds of millions.

    Miami’s role as a trade hub for Latin America is a steady driver of demand for local industrial space. And a bustling retail market showed its muscle with the $370 million sale of an entire block along Lincoln Road to a Spanish billionaire in September. [more]

  • Tech billionaire buys waterfront lot in Coral Gables for $15M

    Vacant lot last sold for last sold for $10M in 2012
    November 30, 2015 09:45AM By Katherine Kallergis
    Ashar Aziz and 8525 Old Cutler Road

    Ashar Aziz and 8525 Old Cutler Road in Gables Estates

    Billionaire engineer Ashar Aziz has purchased a 3.5-acre waterfront lot in Gables Estates for $15 million, or $98 per square foot. [more]

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  • Inside

  • White House: Land-use limits linked to flat incomes

    Economists say reduced housing supply constrains American mobility and productivity
    November 29, 2015 04:30PM TRD WEEKEND EDITION
    Jason Furman, chairman of the White House Council of Economic Advisers.

    Jason Furman, chairman of the White House Council of Economic Advisers.

    White House economic advisers have produced a stream of studies on America’s puzzling lack of productivity and middle-class income growth, and they have identified land-use regulations as a likely culprit.

    Jason Furman, chairman of the White House Council of Economic Advisers, said in a recent speech that zoning and restrictions on land use have put “artificial constraints” on housing development. [more]

  • Magic Leap may win Broward-expansion incentives

    The 3-D software developer has started moving into its new home office in Plantation
    November 29, 2015 03:30PM TRD WEEKEND EDITION
    Magic Leap founder Rony Abovitz.

    Magic Leap founder Rony Abovitz.

    The Broward County Commission on Tuesday will consider awarding about $1 million of incentives to 3-D software developer Magic Leap to create jobs in Broward.

    The Sun-Sentinel reported that the county’s commitment would be part of $9 million package of public incentives for Magic Leap to create 725 jobs with an average annual salary of $100,000.

    Magic Leap, which now employs 217 workers in Dania Beach, has [more]

  • This skyscraper will be stretched like chewing gum: VIDEO

    303 East 44th St., designed by ODA, features gaps between floors that create private gardens
    November 29, 2015 02:30PM TRD WEEKEND EDITION

    From the New York site: Have you ever seen a building being pulled apart from the inside? You’re about to.

    The latest renderings of 303 East 44th Street show a slender glass tower whose floors are separated by 16-foot gaps and supported by elegantly sculpted concrete beams. The effect is that the building looks like it is being slowly stretched, as if the floors were glued together or stuck together with gum.

    To see how ODA New York’s Eran Chen does it, watch the above video or visit The Real Deal‘s YouTube page.

  • Newly built Palm Beach home sells for $11.6 million

    Don Malasky's 301 Maddock Way, LLC, bought the two-story, six-bedroom home
    November 29, 2015 01:30PM TRD WEEKEND EDITION
    The two-story home at 301 Maddock Way in Palm Beach intitially was listed for sale at a pre-construction price of $11.9 million.

    The two-story home at 301 Maddock Way in Palm Beach intitially was listed for sale with a pre-construction price of $11.9 million. (Credit: Meghan McCarthy)

    A new Palm Beach home with more than 9,000 square feet of living space sold for $11.6 million.

    The two-story, six-bedoom, British-Colonial style home at 301 Maddock Way is in the Landmark Estates section of the town’s North End neighborhood.

    The buyers are Barbara Floersheimer Rothschild and her husband Richard Rothschild, longtime Palm Beach residents who own an apartment at the Sun & Surf condominium at 130 Sunrise Avenue. [more]

  • FCA Group buys 260 more Tampa-area rental units

    The landlord has acquired 1,500 apartments in the Tampa area in the last 5 years
    November 29, 2015 12:00PM TRD WEEKEND EDITION
    A two-bedroom apartment at Bay Pointe Colony in Tampa.

    A two-bedroom apartment at Bay Pointe Colony.

    FCA Group continued its acquisition of Tampa-area multifamily properties by purchasing the Bay Pointe Colony apartment complex.

    The sale price of the 260-unit apartment complex was not disclosed.

    FCA is an arm of Libra Group, an international conglomerate with offices in Beijing, London and New York City and interests in aviation, hospitality, real estate, [more]

  • Port Canaveral passes on a proposed resort

    Port commissioners rejected negotiations with a developer for a 3-hotel resort project
    November 29, 2015 11:00AM TRD WEEKEND EDITION
    Rendering of WatersMark development at Port Canaveral.

    Rendering of WatersMark development at Port Canaveral.

    Port Canaveral commissioners turned down a proposal to negotiate with a developer that wants to build a resort complex on port property.

    The sprawling WatersMark development would have included three hotels, a conference center, children’s museum and surfing lagoon, plus retail stores, restaurants, an amphitheater and a rehabilitation facility for manatees. [more]