The Real Deal Miami

April 2016 Issue

Behind Jeff Greene’s towering plan to reinvent West Palm Beach

The billionaire has a big vision
for the city — some say too big

The big short is getting a lot taller. Billionaire real estate mogul Jeff Greene made hundreds of millions of dollars betting against subprime mortgage-backed securities before the last financial crisis hit. He now owns more than 75 acres of prime land in West Palm Beach — a city poised for major growth — with plans to build several new high-rises there. “People talk about disruption in various industries, like what … [more]

Global by design

The latest architectural arrivals in Miami hail from around the world

Miami-Dade is an international hotspot. About 55 percent of the county’s population is foreign-born and it was foreign investors who reenergized Miami’s real estate market following the fall of Lehman … [more]

The big payoff for
condo owners

Developers are on the hunt for older units that can be bought all at once

Christmas came early for 36 condominium owners in a Surfside 1960s-era building located on the same cul-de-sac where the Surf Club Four Seasons Hotel … [more]

Miami Beach looks to
North Beach as its next
development frontier

An evolving master plan explores upzoning and a new town center

It’s record-setting time on Miami Beach. Hedge fund honchos and Russian billionaires are paying an average … [more]

Miami’s top agents unmasked

For residential real estate's biggest players, image means business

It is a business often ruled by a select group of names. South Florida’s luxury residential market is filled with luminaries, each more charismatic and approachable than the last. But behind closed doors, … [more]

Survival of the fittest

SoFla’s natural selection may kill
off several more development
projects this cycle

Completing Brickell Flatiron has become Ugo Colombo’s main mission. The Italian developer, who has been involved in South Florida real estate since 1983, … [more]

SoFla’s condo price puzzle

The latest signs point to a slowdown in condominium sales across segments

The convergence of dwindling foreign capital and a bountiful inventory of luxury condominiums is grinding down South Florida’s once-robust residential real estate market. Gone are the days when … [more]

A rising multifamily movement

South Florida’s rental market is back in action, with some uphill battles ahead

While sales of South Florida condominiums have begun to soften, the brisk pace of rental apartment construction appears unlikely to wind down any- time soon. The speed of such construction … [more]

(Nearly) all signals go
for SoFla CRE

Despite restraint in certain sectors, insiders point to healthy fundamentals

When real estate players talk shop about South Florida, if you look closely enough, you’ll catch a glint in their eyes, like a prospector talking about an … [more]

SoFla’s largest
construction loans

The majority of big loans for this cycle may have already closed, sources say

Amid an oversupply of new condominiums and an abundance of cranes scattered across Miami’s skyline, big banks are becoming more selective about … [more]

The pedestrian’s developer

Michael Comras may have scored big with his $370 million sale on Lincoln Road, but his own needs remain small

Life hasn’t changed much for Michael Comras since the Miami Beach-based commercial real estate developer, investor and broker closed the $370 million … [more]

The Hamptons of Florida

Secluded Vero Beach is gaining
in popularity ... and losing some
of its seclusion

When Gloria and Emilio Estefan wanted to find a retreat away from South Florida in the early 2000s, they settled on an oceanfront house in Vero Beach. Soon after, … [more]

A seismic shift in
foreign buyers?

South Florida looks to Mexico and China to pick up the sales slack

On Dec. 1, 2015, Argentine journalist Jorge Lanata and his wife Sara Elizabeth Stewart Brown bought a three-bedroom, three-bathroom unit at Asia, on Brickell … [more]

Lending here ain't what it was

New loan sources and a new class of buyers are changing the game for South Florida's single-family lenders

BankUnited, the largest South Florida-based bank by deposits, exited the home mortgage business in January, raising several questions about the state of single … [more]

Going long on the
human economy

A frank chat with Ryan Shear, the principal for PMG’s South Florida office

What keeps that permanent smile on the face of Ryan Shear? Some might say it’s his low-key upbringing in Miami’s Coconut Grove. But it could also be the … [more]

The many degrees
of Related’s Pérez

The Miami “condo king” and his close ties to a large group of celebrity friends

Jorge Pérez, the chairman and chief executive of the Related Group, is credited with transforming Miami’s skyline and helping to develop the city’s … [more]

The big step backwards

Many South Florida condo developers will have to make hard choices in 2017, columnist says

Decision time could be rapidly approaching for those developers who are taking part in the current South Florida preconstruction condominium boom that began … [more]

Little Palm’s big tug of war

A proposal to rezone a slice of the Lower Keys has residents up in arms

The expansion plan of one of the Florida Keys’ most exclusive hotels has stirred up a maelstrom. Accessible only by ferry or seaplane, Little Palm Island Resort & Spa, which lies three miles off the … [more]

Celebrities sense a time to sell

Among a glut of listings, Celine Dion slashed her asking price by $27 million

More celebrities have been looking to sell their South Florida homes than buy in recent months. Athletes, artists and actors were among the A-listers striking deals, all waterfront mansions with … [more]