Ben Carson talks Opportunity Zones, top developers riff on condos vs. rentals: Daily digest

A daily roundup of South Florida real estate news, deals and more for Oct. 16, 2019

Miami /
Oct.October 17, 2019 05:30 PM

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 throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 5:30 p.m.

 

Secretary of Housing and Urban Development Ben Carson talks Opportunity Zones and… ants. Carson spoke at The Real Deal’s annual Showcase & Forum in Miami’s Mana Wynwood. HUD will give preference to developers and investors who build affordable housing in federal Opportunity Zones when it comes to certain grants. [TRD]

 

South Florida developers riff on shift from condos to rentals at TRD Miami showcase. New York developer Michael Shvo, who is making a push in Miami Beach, said he would not follow the trend, arguing that with the right site and project, the general market’s performance is irrelevant. [TRD]

 

Compass refutes WeWork comparison. Both companies, backed by SoftBank, were boosted by impressive valuations despite questions about profitability, and have seen a slew of executive departures. However, in hours of interviews with The Real Deal, six of Compass’ C-suite executives sought to distance the brokerage from the narrative of the troubled coworking giant. [TRD]

 

Scott Wadler is now managing director at Berkadia. Wadler spent over a decade at HFF, most recently as senior director of the firm’s Miami office. He handles construction financing, hospitality and residential deals throughout the Southeast. [TRD]

 

South Florida Q3 resi sales a mixed bag, with inventory falling. In Miami, Miami Beach and surrounding cities, sales generally rose in the third quarter, according to the newly released Elliman Reports, authored by Jonathan Miller of Miller Samuel Inc. But elsewhere in the tri-county region, sales dropped or remained stagnant. [TRD]

 

Shoma Group launches lower-priced condo project near Lincoln Road. Amid the ongoing luxury market slowdown, Masoud Shojaee is launching sales of Ten30, a condo development near Miami Beach’s Lincoln Road. The relatively lower-priced units replace multimillion-dollar townhouses that were originally planned for the site. [TRD]

 

County Commissioner warns Miami Beach about roadblocks for Baylink transit project. The mayor of Miami Beach’s ordinance to increase the city’s control over transit projects would harm plans to build the Baylink project connecting Miami Beach to downtown Miami, Miami-Dade Commissioner Eileen Higgins warned Miami Beach officials Wednesday. [Miami Herald]

 
Home foreclosures are dropping

Home foreclosures are dropping

Home foreclosures dropped nearly 20% in Q3, report shows. Overall, 143,105 U.S. properties had foreclosure filings from July through September. U.S. home foreclosures dropped sharply in the third quarter, with New York City, South Florida and Los Angeles all registering declines. [TRD]

 

West Palm Beach’s Rosemary Square and its lender are going to court. Rosemary Square in West Palm Beach and its lender Wells Fargo are heading to a federal trial on Oct. 23. The two are in a dispute over an appraisal needed for the refinancing of a $150 million loan at the entertainment center in the heart of West Palm Beach. [Palm Beach Post]


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