April 2014 Issues

Roaring resales

While new condos grab the attention, prices jump for existing homes in South Florida too

As developers again race to erect shimmering luxury condo towers throughout Miami, South Florida’s resale market is also booming, buoyed by full-time residents, instead of cosmopolitan investors. In February, the average sale price of an existing home in South Florida increased 17.5 percent year-over-year to $423,511, from $360,430, according to Condo Vultures. Palm Beach County, known for its stately homes, saw the largest increase from February 2013. The average price … [more]

Priced out

Surging land values in South Florida are keeping many developers and investors on the sidelines

Escalating land prices have transformed the face of South Florida real estate, tightening the race for vacant turf and locking some developers and investors into a wait-and-see mode. As an … [more]

These highly leveraged real estate firms could feel the squeeze in a downturn

UPDATED, 1:20 p.m., Sept. 20: To back its instant home-buying program, Zillow Group opened two credit lines with Credit Suisse and Citibank over the past 14 months totaling $1 billion. … [more]

Deep pockets required

Buyers increasingly embrace paying top dollar for condos in South Florida

South Florida culture is all about embracing the latest social trend, whether it’s automobiles, boats, fashion, sports or real estate. As the 2013-14 winter tourism season comes to an end, … [more]

Hot for hotels

With more guests willing to spend $1,000 a night, developers are agressively repositioning older properties

Institutional investors and tourists are invading the South Florida hotel market – and for some of them, it’s more than a short-term stay. Among the signs of the region’s comeback … [more]

Racing for retail

A shortage of urban retail has developers dashing to build new space

The South Florida real estate industry’s favorite cliché is that Miami is a “global city.” Like New York, London, Paris and Tokyo, the word “Miami” can now be found in … [more]

SoFla’s growth spurt

South Florida’s growth is about much more than condos. An unprecedented construction wave and consistent population growth means that the region has major infrastructure, commercial real estate and cultural needs. … [more]

Design stars

Steven Gurowitz insists he doesn’t chase South Florida developers for business. But the CEO of Interiors by Steven G. understands if it might seem that way. The company is involved in … [more]

A beach behemoth

Developer Alan Faena assembles a group of all-star collaborators to build a massive new Miami Beach project

Alan Faena has no interest in joining the pack of condo and hotel builders racing to construct multiple projects in Miami while this development cycle is hot. Instead, the former … [more]

Space invaders

South Florida office space draws more companies from up north

With asking rents well below those in New York and other northern cities, plus the subtropical climate and diversified workforce, South Florida office buildings continue to draw businesses from all … [more]

Celeb crib exchange

Rich and famous celebs including ‘The Rock’ seek privacy, waterfront access; A-Rod, Matt Damon and others look to unload pricey South Florida pads

From sports stars to Hollywood hunks, celebrities continue to drop serious cash on dream homes and condos in South Florida. Privacy and waterfront access were pivotal for stars making expensive … [more]

Caution over the canal

Industrial sector sees limited growth despite Panama Canal expansion project

Miami’s industrial real estate market will soon be hit with colossal new mega-ships loaded with cargo arriving at PortMiami, coming through an expanded Panama Canal. The multi-billion dollar canal expansion … [more]

The family business

When residential power broker Alicia Cervera Lamadrid was growing up during the 1960s, what is now Miami’s bustling financial district was lined with single-family homes. Cervera’s Lamadrid ’s family, led … [more]

Ugo stakes his claim

Longtime developer Ugo Colombo discusses South Florida’s latest condo

As the Miami skyline constantly evolves, developer Ugo Colombo remains a towering presence. A native of Italy, he arrived in the U.S. in 1983 to attend the University of Miami. … [more]

Miami Beach goes boutique

Small luxe projects abound; rest of coastal Miami-Dade sees boom in tall towers

Like Greater Downtown Miami, the high-end coastal markets in Miami-Dade County are booming once again. In Miami Beach, condo developers are targeting luxury buyers who seek exclusivity and easy ocean … [more]

Default deals decline

Competition to buy troubled assets hotter than ever, erasing discounts

The dark days of the recession, when as many as 31,500 homeowners were defaulting on their mortgages each month, are behind South Florida. Miami’s luxury market is booming thanks to … [more]

Broward, PB gain traction

Increased development in Hollywood, Fort Lauderdale and West Palm Beach

Miami gets most of the real estate headlines, but there is plenty of condo development happening in Broward and Palm Beach counties as well. Some builders, like Dennis Eisinger, shun … [more]

Condo confidence

New urban mentality seen as key to sustaining Miami’s Downtown development boom

This time, it’s different. That’s the mantra from developers, brokers and other real estate professionals about the development flurry in Miami’s urban core. Skeptics point to last decade’s devastating bust … [more]

Luxe sales still soaring

South Florida’s surge of new high-end condo projects could even out pricing at the top

South Florida’s luxury residential market experienced a buying frenzy — again — over the last year, with billions of dollars trading hands for homes and condos. Buyers closed on thousands … [more]

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