When Argentinian developer Alan Faena announced an ambitious high-end condo project in Miami Beach three years ago, the area’s housing market was riding a towering wave of rising values as it recovered from the 2008 crash. In the years after its launch, Faena House became a symbol of the heights to which developers could take the luxury market, shattering Miami-Dade’s residential price record with the $60 million sale of its … [more]
October 2016 Issue
Seeing cracks in the condo market
After riding a wave of optimism, based on a roaring economy and easy money, developers get cautious
Bartering at the top of the market
In the midst of a slowdown in luxury sales, the owners of some multimillion dollar estates are reduced to haggling
Even trophy oceanfront mansions haven’t escaped the long shadows cast by the clouds hanging over the Sunshine State’s luxury residential market. Over … [more]
Spinning green cards into gold
The pool of EB-5 cash is cascading into commercial real estate, but proposed federal legislation could slow the flow of money
What was once scarcely used as a source of development financing now has a waiting list. Condominium projects, and more recently hotels and even … [more]
Lincoln Road on edge
In the wake of a blowout deal and peak rents, industry pros say the leasing market has softened along Miami’s popular retail road
A year after Spanish billionaire Amancio Ortega made a record-shattering purchase on Lincoln Road — paying $370 million for an entire block — some of the … [more]
Developer Vladislav Doronin doubles down
Russian billionaire lays the groundwork for Edgewater project
Vladislav Doronin, the developer of Europe’s tallest building, first visited Miami in the early 1990s. From the instant he laid eyes on the city, the Russian developer, who … [more]
Hedge funds swarm into Palm Beach
Influx of asset management firms is driving up commercial rents
The City of Palm Beach and neighboring West Palm Beach are becoming ever more attractive to alternative asset managers. Some firms that have long been … [more]
Deflating demand for air rights
Cooling condo market is exerting downward pressure on the once brisk business of trading development rights above historic buildings
Until recently, there was sky-high demand for the air rights of properties in Miami and nearby cities, including Coral Gables, Miami Beach and Sunny Isles Beach. … [more]
Preserving paradise
The Miami Beach Historic Preservation Board wants to protect the area, not create a “petrified forest”
Ever since the founding of the Miami Beach Historic Preservation Board more than 30 years ago, developers and preservationists have been tangling over whether it … [more]
Boutique is the new black
Condo developers are catering to buyers who prefer intimacy
Boutique condo projects designed to appeal to buyers seeking the privacy of a single-family home with the convenience of a condominium are rising up across South Florida. Developers say they’re … [more]
Wynwood: A work in progress
With Zika worries gone, a look at deals shaping the trendy nabe
Wynwood made international news this summer when it became the first area in the continental U.S. to report locally transmitted cases of the Zika virus. The issue … [more]
A tougher sales pitch
Ranking the top South Florida new development marketing firms as they face off amid declining deals for luxury condos
The days of red carpet parties for new condominium developments, with seemingly limitless budgets and endless … [more]
Lending squeeze
Financing condo construction continues to be a challenge as condo presales slow and lenders put the screws on developers
South Florida condominium sales have been at high tide for years, but the low tide may be just on the horizon — if not ashore — amid mounting evidence of … [more]
Financing of last resort
As financing becomes tougher to find, developers are turning to condo inventory loans
Facing an uncertain sellout period, some condominium developers will borrow against their inventory of unsold units. Condo inventory loans are typically high-interest-rate debt from nonbank creditors … [more]
Maturing loans on shaky ground
Some CMBS loans that are coming due soon are worrying investors
Just beneath the surface of Miami’s strong commercial real estate market, a cluster of troubled pre-financial crisis loans imperiled by shaky shopping centers and … [more]
A commercial break?
Despite developers’ big plans, many projects in key markets are stuck in neutral
There’s no doubt that a quieter condo market and tighter financing have been having an overall impact on real estate development in South Florida. Veteran real estate analyst Jack McCabe … [more]
Hotel reservations
Developers are rushing to finish projects amid concerns about overbuilding, a Brazilian recession and the Zika virus
Swank new hotels are rising up in the Magic City, thanks to the money that developers from far and wide have poured into boutique projects and grand high-rises … [more]
What is it really worth?
The appraiser’s office and owners are squaring off in more
frequent battles over the assessment value of properties
These days, there is certainly no love lost between Miami developers and the county’s Property Appraiser’s office. Increasingly, the groups are battling it out in court over assessment values. Take, … [more]
Blurring the built edges
Shohei Shigematsu, the architect behind the Faena Forum cultural center and the Park Grove condo towers, reveals his vision for Miami
Behind every starchitect is a team of talented architects striving to realize a unique vision. Shohei Shigematsu — a partner in the design firm OMA … [more]
Doral flips the script
Mixed-use communities worth billions of dollars are planned
for the new city adjacent to Miami International Airport
Doral, hitherto best known for its gated communities and golf courses, has become the focus of intense development activity. Thousands of residential units are in the pipeline, and some market … [more]
Barriers to affordable housing
Limited tax credits and industry pushback stymie low-income units
It’s no secret that affordable housing projects need to pass through a complex maze of tax-credit lotteries and official approvals. Even when former Miami Heat basketball player Alonzo Mourning decided … [more]
Tallying up new condos
Condo projects in the South Florida tri-county region that are proposed, planned, under construction or newly completed
… [more]
Nesting with the stars
A-listers of every ilk are swooping in on ripe South Florida digs,
while others can’t ditch their corners of paradise fast enough
Recently, celebrities have picked up a pricey batch of homes, from sprawling waterfront mansions to preconstruction condos. Yet some A-listers are struggling to … [more]
Editor's note
A huge question mark hangs over the South Florida real estate market. Is there enough gas left in the tank to complete another round of luxury condominium towers and giant mixed-use … [more]
