🏆 Commercial: The priciest commercial real estate deal to hit records in South Florida was in Miami, where Japanese firm Kasumigaseki Capital dropped $88.8 million, about $2,900 per square foot, on a 0.7-acre development site on the southwest corner of Northeast 10th Street and Northeast Second Avenue. The seller was Miami A/I Parcel 3 Subsidiary, linked to Miami Worldcenter master co-developer Art Falcone’s Boca Raton-based Falcone Group. A source told The Real Deal that the interest in the entity was sold to an investment group led by Marc Roberts, who is co-founder of the E11even Miami brand. The prior plans for the site included a 53-story condominium development with 351 condos, a hotel, retail space and open space.
🏆 Residential: The priciest home sale in South Florida was in Palm Beach. Steven K. Hudson parted with a home at 433 Antigua Lane for $21.8 million, a couple of months after he purchased it in December for $19 million. The buyer was Copper Sun LLC. The residence spans about 5,200 square feet and sits on a 0.4-acre lot. It has five bedrooms and seven full bathrooms. Christopher Leavitt with Douglas Elliman had the listing, which went live in January, and Corcoran’s Jennifer Hyland brought the buyer.
📊 Commercial: In Hollywood, an industrial property at 2910 Stirling Road changed hands for $38.3 million or about $125 per square foot. The seller was an affiliate of New York-based Clarion Partners, and the buyer was compounding pharmacy Hallandale Pharmacy. The 307,000-square-foot logistics center last sold in 2021 for $15 million.
📊 Commercial: In Boca Raton, a commercial property at 100 Northeast First Avenue sold for $10 million. The seller was a trust tied to Jacqueline T. Higgins and the buyer was Sanbron RE LLC. The building, which last sold in the 1990s, spans about 8,200 square feet, pricing the deal at more than $1,200 per square foot.
By the Numbers: Days on market climb amid housing frenzy’s fade
U.S. homes in February sat on the market for more than two months, the longest average time recorded for any February in nearly a decade, as the national housing market continues its slow, steady crawl back to pre-pandemic reality.
Homes across the country spent a median of 66 days on the market in February, a nearly 14 percent increase from last year, when homes lingered on the market for a median of 58 days. That’s according to data from brokerage and data firm Redfin, which calculates median days on market from when a home is listed to when it goes under contract; the firm excludes properties that have been on the market for more than a year.
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