Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page at 9 a.m. and 4 p.m. ET. Please send any tips or deals to [email protected]
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WeWork files IPO showing hefty losses. As WeWork marches toward an IPO that could happen as soon as next month, the office-space company’s losses have continued to soar. For the first half of 2019, the company generated $1.54 billion in revenue and posted a net loss of $689.7 million, according to an IPO filing the company released Wednesday. [TRD]
Florida needs almost 670,000 new apartments, according to a report. Florida cities will need at least 669,391 new apartments to be built by 2030 to in order to meet the needs of the state’s population. The Orlando-based Florida Apartment Association and the Maitland-based Apartment Association of Greater Orlando surveyed more than 37 developers. Florida is expected to add only 33,688 apartments in 2019, after adding 40,278 in 2018, according to the Orlando Business Journal. [SFBJ]
The last piece of vacant commercial land in Key Biscayne is hitting the market for $20.6 million. The 1.4-acre property at 12 Crandon Boulevard, at the entrance to the Key Biscayne village center, is listed for sale with Manny Chamizo of One Sotheby’s International Realty. [TRD]
Bridge Investment to pay nearly $123 million for buildings in Medley and Doral. New York-based investment manager DRA Advisors is selling the 387,000-square-foot Offices at Flagler Station in Medley and the 141,000-square-foot Offices at Doral Square, according to the company’s website. [TRD]
Christopher Burch sold his waterfront property at a loss. Fashion executive and investor J. Christopher Burch – ex-husband to designer Tory Burch – sold a waterfront property in Miami Beach for $10.7 million, property records show. The sale of 5111 Pine Tree Drive marks a nearly 11 percent loss for Burch, whose JCB Miami LLC paid $12 million for the property in 2017. At the time, the property included a nine-bedroom, 8,551-square-foot mansion, built in 1929. [TRD]
Setai and other Miami Beach property owners sue city over stormwater fees. In the midst of near-daily rain storms and the semi-regular flooding in Miami Beach, a group of property owners in the city including the Setai hotel are alleging the way the city collects stormwater fees is illegal. The Nakash family, which owns The Setai Miami Beach, along with 24 other condo associations, multifamily owners and commercial property owners, filed a lawsuit in Miami-Dade Civil Court alleging that the method the city uses to calculate stormwater fees is “unreasonable, arbitrary and discriminatory” and violates Florida law. [TRD]
Epicure owner slices up Miami Beach space to sublease. Gone are the days of Epicure Gourmet Market & Café’s matzo ball soup, tuna sandwiches and baked goods. But Epicure owner Jason Starkman is working to redevelop the retail space in Miami Beach into smaller units that he can sublease, The Real Deal has learned. [TRD]
U.S. home mortgage debt surges past pre-recession record. Home mortgage debt surged to a new high in the second quarter, leaving the pre-recession 2008 peak in the dust. The total mortgage balance grew during the second quarter by $162 billion to $9.406 trillion, according to the Federal Reserve Bank of New York, the Wall Street Journal reported on Tuesday. That’s more than the 2008 record of $9.294 trillion.
FHA to back more condo loans for first-time buyers. The Trump administration is making it easier for first-time buyers to purchase condos. The FHA will back more condos loans, which will allow first-time buyers to put down a 3.5 percent down payment with a lower credit score than conventional loans, according to the Wall Street Journal. The move also comes at a time when the housing market continues to slow and price growth is declining.
–Contributed by Keith Larsen