The Real Deal South Florida’s winter issue is live!

Inside: How much real estate pros are making, a wake up call for retail landlords and more

Miami /
Dec.December 15, 2017 09:45 AM

No one’s saying things are looking 100 percent dire in South Florida, but with a continued slowdown in several sectors, the industry is dealing with a few less-than-promising conditions in today’s market. And that’s having a trickle-down effect.

Our cover story investigates just how much bacon real estate pros are bringing home across a dozen different job categories. TRD found that while some are doing just fine amid the slump, there is a large segment — brokers in both residential and commercial real estate — who are working twice as hard to land the deals that were flowing in like water only two years ago.

Luxury residential agents in particular are struggling to keep the closings coming. Our look at the biggest drops between asking and selling price in the last year finds that some homes at the highest end of the market are going for as much as almost 50 percent off their list price. Brokers, it’s time for some real talk with your sellers about pricing expectations.

Some retail landlords, too, are in need of a wakeup call, according to our report on that sector, which found that overly optimistic property owners are looking to charge unsustainably high rents.

When sales at new condo towers are lagging, developers have their own version of a wakeup call, a “come to Jesus” moment with the brokerage that’s failed to deliver. Sometimes that results in replacing the sales team. As new development marketing firms fight for more projects to represent — including those that already have representation — some undercutting of the competition is involved. In short: It gets ugly. Check out our behind-the-scenes here.

For a look at another popular sales tactic, check out TRD reporter Katherine Kallergis’ story on splashy groundbreaking ceremonies. The piece explores how builders hope buzz delivers the amount of presales required to secure construction financing.

The struggle to secure such loans was just one of the many stumbling blocks Mehmet Bayraktar faced in building the $1 billion mixed-use project on Watson Island — a project that was first approved in 2001. Island Gardens, as its known, is now the subject of a legal battle between the developer and the city, which kicked Bayraktar off the project this year. Click here to read about the project’s dramatic history.

Other highlights in the issue include a look at development in Overtown, our ranking of the priciest sales in Palm Beach County and a look at the booming townhouse trend in Broward County.

Enjoy the issue!


Related Articles

arrow_forward_ios
Transamerican Development's President Albert Benalloun with  3100 South Ocean Drive (Google Maps, Benher Capital)
Publix pays $13M for waterfront Hollywood site approved for supermarket
Publix pays $13M for waterfront Hollywood site approved for supermarket
BH Properties' Steve Gozini and Vornado's Steven Roth with 1100 Lincoln Road (BH Properties, Getty, Google Maps)
Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
Shaul Rikman, Roni Soffer, Mati Rikman, and Moshe Wechsler with 21077 Powerline Road (Isram Realty Group, Emerald Empire, Google Maps)
Emerald Empire pays $25M for shopping center near Boca Raton
Emerald Empire pays $25M for shopping center near Boca Raton
Brick + Timber principals Glenn Gilmore and Jesse Feldman and photo of the building at 2724 and 2734 Northwest First Avenue in Wynwood (LinkedIn, FutureVision Studios)
Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
Cabot Properties' Franz Colloredo-Mansfeld with Miramar Centre Business Park (Cabot, iStock) Lease, Logistics
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon)
Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
From left: Scott Sherman and Ben Mandell (Tricera Capital, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman
Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman
Nuveen CEO Jose Minaya and 801 Brickell Avenue in Miami (Nuveen, Colliers)
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...