The Real Deal Miami

R. Donahue Peebles

Miami has become a global real estate market to the credit of New York developers, R. Donahue Peebles, chairman and chief executive of the Coral Gables, Fla.-based Peebles Corporation, said in a New York Times interview.

“Strategically, New York and Miami are very well connected. When you look at the last real estate cycle, much of the big boom in Miami took place because New York entrepreneurs and developers came to Miami to develop,” he said. [more]

Top stories yesterday on The Real Deal:
1. Edgewater rising as Miami’s next trendy district
2. Howard Stern buys $40M Palm Beach mansion
3. Miami real estate red-hot, Oren Alexander says

17121 Collins Avenue, Unit 4604

Today’s priciest new listing is a four-bedroom, six-bathroom condominium asking $6.75 million. The 5,200-square-foot penthouse is located at 17121 Collins Avenue, Unit 4604, in Sunny Isles Beach. It features 180-degree views of the ocean, downtown Miami and the Intracoastal Waterway. It also has appliances with intelligent touchscreen technology and is finished in calacata gold marble. [more]

Howard Stern

Shock jock Howard Stern has purchased an oceanfront home appraised at $40.8 million on “Raiders Row” in Palm Beach, according to Gossip Extra.

North County Road, nicknamed for the high number of corporate tycoons living there, is home to talk-radio king Rush Limbaugh and Nelson Peltz, the billionaire founder of Trian Fund Management. [more]

Sailboat Bend (Source: Sailboat Bend Civic Association)

The new owner of the dilapidated but historic Weidling House in Fort Lauderdale plans to build a home on the site, after commissioners approved the demolition last week, the Sun-Sentinel reported.

A failed restoration project for the Sailboat Bend home at 716 Southwest 4th Place in 2005 rendered it in poor shape. Three years later, the Unsafe Structures Board issued a demolition order for the building. But the Historic Preservation Board would not give the green light. [more]

Jed Kolko

In a time of sharply rising U.S. home prices, should one worry about a new housing bubble? Apparently not. Despite the price hikes — which are currently increasing at the same rate as during the 2003, 2004 and 2005 bubble years — there is no bubble today, the Wall Street Journal reported, citing Trulia data.

The difference is that home prices are now undervalued when compared to personal incomes and rents. [more]

South Florida residential inventory (Click to enlarge image)

Residential inventory in South Florida decreased to 31,760 from 31,946 active listings for the week ending May 13, 2013. During the same period, pending sales increased slightly, to 24,828 from 24,199.

Active listings are properties where no current sale contract exists; pending sales are properties in which a contract for sale has been executed, but not yet closed. [more]

Clockwise from left: Eric Trump, the Miami skyline, Carlos Rosso

The Real Deal will supplement the launch of its spring 2013 South Florida Market Report, an in-depth look at all aspects of real estate in the region, with a top-flight roundtable Thursday in Aventura. [more]

From the May issue: A $47 million glass house with a seven-car garage is the priciest residential sale ever in Miami-Dade County, and brokers are chomping at the bit to break that benchmark.

Today, the five most expensive properties on the market range from a mere $39 million to an eye-popping nine digits — $100 million. [more]

Weak dollar draws Fla. sales

Florida property prices are growing at a rate unseen since 2005, according to a Colordarcy analysis of Florida realtors’ data and real estate portals.

Investors from Canada to Asia are capitalizing on a weak dollar compared to their home countries’ currencies and a slate of new luxury condo projects, according to Colordarcy, a UK-based property investment consultancy. [more]