The Real Deal Miami

  • South Florida by the numbers: Miami Mega-Projects edition

    September 26, 2014 11:15AM By Master Brokers Forum
    Faena House rendering

    Faena House rendering

    “South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.

    Pick whatever “big” cliché you like. Bigger is better…go big or go home…bigger than life…they all apply to the flurry of massive “mega-projects” that are poised to collectively redefine Miami’s downtown core, as well as its international identity. Ranging wildly from the visually artistic (Miami Beach’s Faena District) to the dazzlingly futuristic (Resorts World Miami) to the grandly comprehensive (Brickell City Centre), these behemoths will offer residents and visitors a vast array of first-rate residential, retail, dining, and lodging options once (if?) they are completed. Every day seems to bring a new morsel of news about these enormous developments, so let’s get up to speed with this month’s edition of “South Florida by the numbers.” (How’s that for a big finish?) [more]

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  • Miami retail vacancy rate nudges even lower: report

    Record tourism activity drives occupancy and rent growth in sector
    September 26, 2014 10:30AM
    Marcus & Millichap regional manager Kirk Felici

    Marcus & Millichap’s Kirk Felici

    Miami retail vacancies are poised to dip below 4 percent for the first time in six years, a new report from Marcus & Millichap shows.

    The market’s vacancy rate should decline from 4.1 percent to 3.9 percent by the end of 2014, according to the firm’s quarterly report. That should allow retail landlords to start raising rental rates after a lull in 2013. The firm cites record tourism activity as a key driver of the retail sector’s growth. [more]

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  • New York couple buys prime South Beach property

    Pier 1 retail building sells for $22.5M after city passed on chance to acquire it
    September 26, 2014 09:45AM By Eric Kalis
    Pier 1 building in South Beach

    Pier 1 building in South Beach

    A New York couple plunked down $22.5 million for a South Beach retail building occupied by Burger King and Pier 1 Imports, The Real Deal has learned.

    Norton and Roslyn Nesis acquired the 1100 5th Street property in a transaction recorded on Thursday, according to Miami-Dade County records. The couple did not obtain financing for the purchase. Burger King’s existing lease runs until July 2016, while Pier 1’s agreement expires in 2019, with two five-year renewal options. [more]

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  • Top stories

    September 26, 2014 09:00AM

    Top stories yesterday on The Real Deal:
    1. Michael Simkins makes $54M purchase near Worldcenter
    2. Developers propose 24 new condo towers in last month
    3. Cinemex is coming to Brickell City Centre

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  • Inside therealdeal.com

  • Attorney faces Bar complaint over land trust scheme

    Howard Feinmel is accused of filing “frivolous” lawsuits
    September 25, 2014 05:15PM
    The Florida Bar

    The Florida Bar

    A Palm Beach County attorney is caught up in an alleged foreclosure scheme that persuaded scores of struggling homeowners to sign away their deeds. He is now the subject of a Florida Bar complaint. [more]

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  • New bill would crack down on flighty buyers

    The proposal would amend the Interstate Land Sales Full Disclosure Act
    September 25, 2014 04:30PM
    The White House

    The White House

    A new bill headed to the desk of President Barack Obama could save condominium developers millions in rescinded deposits. [more]

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  • Former Batmasian employee hit with defamation suits

    Two complaints filed against Karla Sotomayor, who is suing real estate mogul
    September 25, 2014 03:45PM
    OPAL-2012-Marta-and-Jim-Batmasian

    James and Marta Batmasian

    A woman suing real estate mogul James Batmasian for sexual harassment is now herself being sued for libel by two entities mentioned in her complaint. [more]

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  • Citizens Property Insurance to lift surcharge ahead of schedule

    State-owned insurer announced that it will end the charge in July 2015
    September 25, 2014 03:00PM

    imagesThe surcharge imposed on Citizens Property Insurance customers because of damages in 2005 will end two years earlier than planned.

    The state-owned insurer’s Board of Governors unanimously voted Wednesday to end the 1 percent charge on July 1, 2015, according to the Miami Herald. The storm assessment was previously scheduled to continue until June 30, 2017. [more]

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  • Iconic Palm Beach Oceanfront Inn to fold for condos

    The Palm Beach Oceanfront Inn will be replaced by 33 condo units
    September 25, 2014 02:15PM
    The Palm Beach Oceanfront Inn

    The Palm Beach Oceanfront Inn

    Known locally as the Hawaiian, the Palm Beach Oceanfront Inn will soon make way for a six-story residential condominium. [more]

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  • alternate<br /></a>text
    ION East Edgewater rendering and Barbara Salk

    Developer Barbara Salk discusses Edgewater condo project. Updated construction photos of Related’s 1100 Millecento. Doral industrial complex nears completion. Read those stories and more after the jump.

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