Redfin’s revenue jumps 70%, China and USA could slowly remove tariffs: Daily digest

A daily roundup of South Florida real estate news, deals and more for Nov. 7, 2019

UPDATED, Nov. 8, 4:50 p.m.: 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

This page was last updated at 5:00 p.m.


19 Palm Avenue

19 Palm Avenue

A home with an automobile turntable just hit the market for $23.5 million. Owners Dean and Melissa Carr had Choeff Levy Fischman design the waterfront house at 19 Palm Avenue in Miami Beach. It features an open-air atrium in the center of the home, designer closets and a Fendi kitchen. Dina Goldentayer of Douglas Elliman is representing the seller.


Mexican developer Brom Inmobiliaro topped off the third office tower at Optima in Aventura. Blanca Commercial Real Estate is handling leasing of the 20-story, 308,198-square-foot building at 21500 Biscayne Boulevard. It’s joining the White Tower and Red Tower at the office campus, and is expected to be completed in the first quarter of 2020. The building includes floor plates of 17,000 square feet, an eight-story parking garage, and a high-end restaurant, said Tere Blanca, founder and CEO of the brokerage.


Realogy CEO Ryan Schneider

Realogy is selling Cartus for $400 million. The sale will not include affinity services, including partnerships with AARP and Amazon. The deal is expected to close in the first half of 2020. [TRD]


Side, a VC-backed brokerage that provides white-label tools to agents who run their own businesses, has raised $35 million to fuel its national expansion. The Series C, led by Paul Levine of Sapphire Ventures, brings Side’s total funding to more than $60 million, the company said. Founded in 2017, the San Francisco-based brokerage currently has 500 agents in California and Texas, who it said are on track to close $8 billion in deals next year. [TRD]


Location Ventures snagged a $12 million construction loan for its Coral Gables co-working project. The developer secured the loan from BGI Capital to renovate the ground floor of the 52,719-square-foot building into a new co-working concept known as Forum, according to a release. The building sits at 299 Alhambra Circle in the heart of the Coral Gables business district near Miracle Mile. [TRD]


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The Eureka Drive site, Deme Mekras, Elliot Shainberg

The Eureka Drive site, Deme Mekras, Elliot Shainberg

Multifamily developer Garco is planning a project in south Miami-Dade, which could contain up to 300 units. According to Deme Mekras of MSP Group, Garco paid about $2.9 million for the 2.44-acre site on Eureka Drive, located between South Dixie Highway and the Florida Turnpike. [TRD]


Real estate heavyweights are distancing themselves from Donald Trump. A survey of half a dozen New York real estate bigwigs found none were supportive of Trump’s domestic or foreign policies. Earlier this year, Related’s Stephen Ross came under fire for holding a fundraiser for the president. [CO]


The head of a manufacturing distribution company sold his Gables Estates mansion for $11.5 million, property records show. Aurelio Leyva and Lilliane Levya sold the 9,640-square-foot house for $1,192 per square foot. The 1.62-acre property includes a tennis court and over 300 feet of water frontage. Aurelio Leyva is the president and CEO of a Miami-based manufacturing company called CE. [TRD]


Digital office space leasing company Squarefoot has completed a $16 million funding round, and plans to expand. The funding was led by DRW Venture Capital and included investors Triangle Peak Partners, RRE and Rosecliff. [CO]


Redfin CEO Glenn Kelman (Credit: iStock)

Why Redfin is holding back on growing iBuying business. Redfin’s revenue jumped 70 percent during the third quarter as the brokerage’s instant home-buying business raked in $80 million. That iBuying growth represents a 600 percent gain for the Seattle-based discount brokerage, which is one of several firms betting on iBuying nationwide. [TRD]


China, USA could slowly remove tariffs. China and the U.S. plan to lift some tariffs in stages if the two countries agree to a partial trade deal, China’s Commerce Ministry said, according to the Wall Street Journal. [WSJ]

Bee Gee widow Yvonne Gibb sells waterfront Golden Beach home. The widow of Maurice Gibb of the Bee Gees, sold her waterfront Golden Beach home for $5.1 million. Dalia and Steve Berman bought the 6,729-square-foot house at 516 North Parkway in an off-market deal, said Sue Honowitz of Rusty Stein & Co. Steve, a developer, is president and CEO of Hollywood-based Firm Realty. [TRD]

Correction: A previous version of this report mischaracterized the home at 19 Palm Avenue.

Compiled by Keith Larsen