The Real Deal Miami

  • Greater Downtown Miami condo rents surge

    One expert sees market softening on horizon, however
    April 16, 2014 01:30PM
    Downtown Miami

    Downtown Miami

    Greater Downtown Miami enjoyed a surge in rental rates over the last five years, but the market is starting to level off. [more]

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  • Palm Beach County apartments sell for $18.1M

    Tampa multifamily investor acquires Village Club in Palm Springs
    April 16, 2014 12:45PM
    Village Club Apartments

    Village Club Apartments

    The Village Club Apartments in Palm Springs changed hands for $18.1 million, The Real Deal has learned.

    A company tied to Tampa multifamily investor Avesta Communities acquired the 314-unit apartment complex at 555 Kirk Road on April 10, according to Palm Beach County records. The county recorded the purchase on Tuesday. Avesta added the complex to a $45 million revolving credit facility from a group of lenders managed by KeyBank. [more]

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  • Downtown’s growth key to drawing auto race to Miami

    Studies are examining the potential impact of ‘Formula E’ series
    April 16, 2014 12:00PM By Francisco Alvarado
    Tim Mayer

    Tim Mayer

    A new auto racing series wants to hold one of its annual events in downtown Miami, where last month’s injury and arrest-filled Ultra Music Festival has city politicians fuming, The Real Deal has learned.

    Downtown’s recent growth, fueled largely by residential development, is a pivotal reason for London-based motorsports company Formula E Holdings’ interest in the area. But large-scale events that close off downtown streets are a sore subject in the city at the moment. Miami Mayor Tomas Regalado and Commissioner Marc Sarnoff are among those calling for Ultra to leave downtown, after more than 55 arrests were made and a security guard was trampled. [more]

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  • Thor, Edelstein make Design District buys

    Company, developer complete separate purchases totaling more than $20M
    April 16, 2014 11:15AM By Eric Kalis
    The NEST building (inset: David Edelstein)

    The NEST building (inset: David Edelstein)

    Thor Equities continued building its portfolio in Miami’s Design District with a $9.6 million acquisition, while developer David Edelstein picked up two properties in the district for $10.6 million, The Real Deal has learned. [more]

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  • Inside therealdeal.com

  • Judge signs Miami-Dade sewer system deal

    County must complete $1.6 billion improvement plan within 15 years
    April 16, 2014 10:30AM
    South District Wastewater Secondary Treatment Plant and AECOM’s John Dionisio

    South District Wastewater Secondary Treatment Plant and AECOM’s John Dionisio

    A federal judge in Miami signed a legal agreement forcing Miami-Dade County to make $1.6 billion in sewer system repairs over the next 15 years. [more]

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  • 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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  • 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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