Brokerages collect donations for areas impacted by Hurricane Dorian, national retail store closures could set a new record in 2019: Daily digest
A daily roundup of South Florida real estate news, deals and more for Sept. 3, 2019
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Brokerages are collecting donations to support the Bahamas and other areas impacted by Hurricane Dorian. Coldwell Banker’s CBCore Group will be working with the Global Empowerment Mission to accept shipments from Amazon, Home Depot and other retailers, as well as donations from people, to benefit the Bahamas and areas that will be impacted by Dorian as it travels north. Keller Williams’ KW Cares also organizes disaster relief, sending out trucks with supplies to affected areas.
Nationwide retail store closures could top 12,000 by year-end. Large retail chains including Payless, ShoeSource and Gap have already announced 7,888 closures this year, putting those on pace to blow away the record 8,139 closures seen in 2017. Some off-price retailers, such as T.J. Maxx, however, are expanding. [NREI]
A group of executives tied to a West Palm Beach transportation company paid about $12 million for a waterfront estate at the Royal Palm Yacht & Country Club in Boca Raton. Doris and Neil Gillman sold the property at a loss, after purchasing it in 2017 for $12.4 million. [TRD]
Condo sales rose slightly, while sales volume fell by more than $10 million in Miami-Dade last week. A total of 123 condos sold for $43 million in Miami-Dade County last week, down in terms of sales volume compared to $53.4 million for 119 units the previous week. Condos last week sold for an average price of about $340,000 or $252 per square foot. [TRD]
Neiman Marcus closed on a nearly $27 million loan for its Fort Lauderdale location, marking the second loan the struggling retailer has secured in recent months in South Florida. The Neiman Marcus Group got the $26.8 million in financing for the store at Galleria, at 2442 East Sunrise Boulevard, from Deutsche Bank, Credit Suisse and Ankura Trust Company. Neiman Marcus is an anchor tenant at the high-end mall, taking about 81,000 square feet. [TRD]
Keller Williams is recommending agents charge nothing for clients selling on Offerpad. Instead, agents will receive a 1 percent fee from the instant buyer, and potentially another 1 percent commission for listing the property. The arrangement — which Keller Williams emphasizes is just a recommendation — comes as part of the brokerage’s new partnership with Offerpad. [Inman]
After a Miami Beach woman was evicted before the hurricane, the county says it will no longer allow police to do so during a time of emergency. County police served eviction papers to a 75-year-old woman in South Beach late Friday night, which drew outrage from the community. Juan Perez, the county’s police director, now said the department will create a new policy that prevents the county putting evictions on hold once a state of emergency is declared. [Miami Herald]
Office development in Miami hit its highest level since 2009. The rise in new office construction is due to demand from corporations looking to grow their Latin American business, and tenants relocating from high-tax states. Over the next two years, 1.9 million square feet of office space is expected to be completed, according to data from CBRE. Under 500,000 square feet was in the pipeline in 2011, the Wall Street Journal reported. [WSJ]
Hurricane Dorian is expected to turn northwest, away from making a direct hit along Florida’s coast. The now Category 3 hurricane spared South Florida, instead creating devastation and wreaking havoc on the northern Bahamas. After remaining stationary, the storm began to move at 1 mile per hour and is expected to increase in speed. Dorian could make landfall in Georgia early Thursday morning. [Miami Herald]
What do yacht brokers do? And how does it compare to real estate brokers? Though luxury yachts might be viewed as floating mansions, the yacht brokerage industry bears only passing similarities to the real estate business. The top three cities in North America with the most certified professional yacht brokers are Seattle, Annapolis and Fort Lauderdale. [TRD]
Compiled by Katherine Kallergis