The Real Deal Miami

  • North Palm Beach firm sued for alleged false ads

    Florida Attorney General, Consumer Protection Bureau file suit; Hoffman Law put in receivership
    July 24, 2014 12:45PM
    Pam Bondi

    Pam Bondi

    A North Palm Beach law firm accused of sending false and misleading advertisements to homeowners across the nation was placed into receivership and had its accounts frozen by regulators.

    Hoffman Law Group was hit with a joint lawsuit filed by Florida Attorney General Pam Bondi and the federal Consumer Financial Protection Bureau. Attorney and firm owner Marc Hoffman and business managers Michael Harper and Benn Wilcox were also named in the complaint. [more]

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  • Miami office vacancies keep dropping: report

    CBRE credits lack of new construction for increased occupancy, rental rates
    July 24, 2014 12:00PM
    Wells Fargo Center

    Wells Fargo Center

    The lack of new office construction in Miami is allowing area landlords to chip away at the market’s vacancy rate, a new report from CBRE shows.

    Miami’s office sector finished the second quarter of 2014 with a 15.5 percent vacancy rate, down from 16.2 percent during the first quarter and 17.3 percent during the second quarter of 2013. Landlords completed 160 lease transactions totaling 877,000 square feet during the quarter. The market’s average asking rental rate was $30.83 per square foot, an increase of 12 cents from the first quarter. [more]

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  • Harsh allegations levied against James Batmasian

    Boca property owner accused by employees of fraud, harassment and discrimination
    July 24, 2014 11:15AM
    James Batmasian

    James Batmasian

    Downtown Boca Raton’s largest private commercial real estate owner is facing allegations of discrimination, fraud and harassment in lawsuits filed by two of his former employees.

    One of the pending lawsuits against James Batmasian describes the property owner and developer as someone with a “voracious sexual appetite for Latin women.” Leasing agent Karla Sotomayor filed a Palm Beach Circuit Court complaint last month against Batmasian, his wife Marta and Daron Tersakyan, whom Sotomayor describes as Batmasian’s “right-hand man.” Sotomayor, a native of Ecuador, also filed a discrimination claim with the Florida Commission on Human Relations. [more]

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  • Tate brothers, Sergio Rok buy Fort Lauderdale resort

    Blackstone Group sells Bahia Mar long-term ground lease for undisclosed price
    July 24, 2014 10:30AM
    Bahia Mar Resort (inset left: Jimmy Tate; inset right: Sergio Rok)

    Bahia Mar Resort (inset left: Jimmy Tate; inset right: Sergio Rok)

    Major Miami real estate players Jimmy and Kenny Tate and Sergio Rok are part of a group that acquired the Bahia Mar Resort and Marina with plans to upgrade the waterfront Fort Lauderdale site with new retail space, restaurants and condos. [more]

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  • Inside therealdeal.com

  • “Million Dollar Listing Miami” Episode 5: The Frenemy edition

    Chris, Chad and Samantha try to help their buddies complete property sales
    July 24, 2014 09:45AM By Ann Imperatore
    Chad Carroll, Samantha DeBianchi and Chris Leavitt

    Chad Carroll, Samantha DeBianchi and Chris Leavitt

    Is it any wonder that with South Florida being so sunny all the time, that the Duck, Duck, Goose of the unreal estate industry — Chris, Chad and Samantha — would be throwing major shade at everyone in their path? With friends like these, you don’t need frenemies!

    In this episode we watched as they each tried to assist their friends — whether fellow agents or sellers — sell some property… with jibes, eyerolls, whines, complaints and insults. [more]

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  • Top stories

    July 24, 2014 09:00AM

    Top stories yesterday on The Real Deal:
    1. New York investors drive Lincoln Road pricing surge
    2. Former One Bal Harbour owner sues partners
    3. Dunkin’ franchisee to buy 50 South Florida stores

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  • Pocket listings on the rise in SoFla

    Off-market sales up 10 percent over the past year
    July 23, 2014 05:15PM
    ben-moss

    Ben Moss

    Off-market deals have increased by 10 percent in South Florida over the past year. Brokers market the properties, but keep the listings off the Multiple Listing Service, according to the Daily Business Review. Clients, especially on the luxury end of the market, seek privacy and requests that viewings and negotiations occur under a veil of secrecy.

    The downside for brokers is that buyers and sellers who refuse to sign a contract with them might squeeze them out altogether. Sellers sometimes back out of the deal at the last minute or hike up the price on a whim. [more]

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  • Edgewater property frenzy puts pressure on developers

    Experts discuss surging land prices in Miami neighborhood during Forbes LATAM event
    July 23, 2014 04:30PM By Francisco Alvarado
    Carlos Rosso and Barbara Salk

    Carlos Rosso and Barbara Salk

    The land rush in Miami’s Edgewater area is driving up property prices to the point where some notable local developers are questioning the viability of planned condo projects in the bayside neighborhood.

    Carlos Rosso, president of the Related Group’s condominium division, cited the recent land buying binge by Russian mining oligarch Oleg Baybakov as a concerning example while participating in a panel discussion during Forbes LATAM’s South Florida Real Estate Forum on Wednesday. [more]

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  • Lauderdale retail center trades for $11M

    LeBron James-backed pizza restaurant highlights Uptown Centre's tenant roster
    July 23, 2014 03:45PM
    Uptown Centre

    Uptown Centre

    A retail center in the Cypress Creek section of Fort Lauderdale changed hands for $11 million.

    Boca Raton-based 6300 Uptown Centre acquired the 19,403-square-foot center at 6300 North Andrews Avenue, according to Wednesday’s written statement from Sky Beach Realty, which represented the buying company. The seller, 6300 Investments of Fort Lauderdale, finished construction of Uptown Centre last year. [more]

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  • Half of Brickell City Centre Tower’s condos sold

    Unit prices range from $580K for a one-bedroom to $8M for a penthouse
    July 23, 2014 03:00PM
    Brickell City Centre Tower

    Brickell City Centre Tower

    The much-anticipated Brickell City Centre Tower is nearly halfway sold. Prices for a one-bedroom unit in the building range from $580,000 to $700,000.

    Two-bedrooms are between $700,000 and $1 million. Sotheby’s International Realty is marketing the tower’s preconstruction condo units, along with Fortune International Realty for developer Swire Properties. [more]

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