The Real Deal Miami

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  • Delray Beach-based Mindful Capital Group acquired a new 313-unit apartment complex in Dallas for an undisclosed price. Holliday Fenoglio Fowler, L.P. (HFF) marketed the rental property, called Alta Farmers Market, on behalf of the seller, Wood Partners LLC. HFF also secured a 10-year, fixed-rate acquisition loan to Mindful Capital from Barings Real Estate Advisers. … [more]

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  • The Delray Beach City Commission approved a draft of an ordinance limiting the location and operation of tattoo parlors in the city. City commissioners, who unanimously approved the ordinance on November 1, claim it is needed because tattoo parlors can encourage criminal activity. City officials have cited as evidence an FBI report in 2015 on gang activity, which found that motorcycle gangs own some … [more]

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  • Online real estate marketing platform Ten-X ranked Broward County as the best single-family home market among U.S. metropolitan areas in the third quarter. Ten-X, formerly known as Auction.com, reported that the rest of the nation’s top five single-family home markets in the July-September period were Palm Beach County, the Tampa Bay area, Orlando and Las Vegas. The Miami area ranked ninth and Jacksonville tenth. … [more]

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  • Lori Schneider, a Fort Lauderdale-based agent of brokerage firm Marcus & Millichap, arranged the sale of a seven-property portfolio of retail stores at luxury resorts for $103 million. The portfolio encompasses 423,482 square feet of ground-floor retail stores at six ski resorts and one golf and beach resort. The resorts include one in Florida, The Village of Baytowne Wharf in Miramar Beach; two in Canada, and one each in California, Colorado, Vermont and West Virginia. … [more]

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  • Commercial real estate services provider Berkadia announced the sale of 224 units at Palm Hill Apartments in West Palm Beach for $13.75 million in a fractured condominium deal. The apartment property at 5101 Palm Hill Drive is a fractured condominium with a total of 385 units, including owner-occupied units. The 224 rental units were 93 percent occupied at the time of the sale. FC Palm Hill of Miami sold the 224 units for $86.40 per … [more]

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  • All Aboard Florida plans to finance the development of its Brightline passenger train service between Miami and West Palm Beach with tax-exempt bond sale proceeds totaling $600 million  —  about one-third of the $1.75 billion amount the company initially sought. The Coral Gables-based company, which believes the smaller bond offering would be easier to market, plans to extend the passenger train service in phase two of its development from South Florida to Orlando. Court documents … [more]

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  • A 132-acre oceanfront parcel on Hutchinson Island, one of the largest undeveloped tracts on Florida’s Atlantic coast, is listed for sale for $9.9 million. The land, called Hutchinson Sands, comes with an approved site plan for 92 condominium units. St. Lucie County approved the site plan for condo development in October. Hutchinson Sands has 930 feet of direct ocean frontage and the parcel extends westward across State Road A1A to the Indian River. It is … [more]

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  • Retired NBA basketball star Scottie Pippen, who last month filed for divorce from his wife Larsa, re-listed his estate in Fort Lauderdale for sale at a reduced asking price — with an option to buy a yacht along with the waterfront residence. TMZ.com reported that police went to the Fort Lauderdale home twice in early October in response to 911 calls by Larsa Pippen, a former star of the reality TV series “Real Housewives of … [more]

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  • Chaim “Ben” T. Nash, the co-founder and CEO of PCS Wireless, just paid $16.5 million for a penthouse at Mansions at Acqualina in Sunny Isles Beach. … [more]

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  • Homeowners of Miami’s Silver Bluff neighborhood claimed victory Wednesday after Miami’s Planning, Zoning and Appeals Board shot down a real estate consultant’s request to use a single-family house as an office. … [more]

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  • 1. A dozen towers are now vying to become Miami’s first supertall [The Next Miami] 2. Miami is the hardest place in America to get a mortgage [Miami New Times] 3. Supply pinch pushes homes prices higher [Forbes] 4. Sizable lakefront estate brings $16.5 million on North End [Palm Beach Daily News] — Sean Stewart-Muniz … [more]

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  • While demand may still be brisk for middle-market homes, Miami-Dade County’s condo market is grappling with a severe drop in sales velocity. A new report from the Miami Association of Realtors shows condo sales fell by nearly a fifth when comparing this year’s third quarter to the same time period in 2015, as the market contends with a swelling backup of inventory. … [more]

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  • They’ve designed and managed construction for lots of Miami’s hippest restaurants: Beaker & Gray, Ball & Chain and Pride & Joy BBQ, among them. Now, the team at Saladino Design Studios is branching out and taking its expertise to Tennessee, Wisconsin, California and other states. At the helm are Saladino brothers Sean, 42, and Michael, 40, who hail from an Italian-Irish family that long has operated restaurants. The brothers made a name in Miami with … [more]

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  • With a $48.67 million loan from Arkansas’ Bank of the Ozarks now in the bag, Compson Associates is ready to break ground on its Tower 155 luxury high-rise in Boca Raton. … [more]

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  • An incentive plan that would allow for the development of waterfront skyscrapers in downtown West Palm Beach was nixed on Thursday. … [more]

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  • There’s no question that Miami is seeing fewer high-end home sales than in the boom years of 2013 and 2014. But ISG Principal Craig Studnicky contends that the slowdown isn’t as bad as you might think. Studnicky stopped to catch up with The Real Deal South Florida’s Managing Editor Ina Cordle to break down his perspective on why Miami is in good shape to weather a contracting luxury market. Slowdowns typically range from 18 to

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  • After leaving Miami and his position leading development marketing for Douglas Elliman Florida and California last year, Horacio LeDon is coming back to South Florida.  … [more]

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  • Keith Menin is putting his modern Art Deco home on North Bay Road in Miami Beach on the market for $4.25 million, as he looks to upgrade. Nelson Gonzalez, senior vice president at EWM Realty International, has the listing for 2701 North Bay Road, a 3,794-square-foot, non-waterfront home on a 10,863-square-foot corner lot. The six-bedroom, six-bath house, built in 1926, was designed for a famous jockey, Gonzalez told The Real Deal. After the jockey died

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  • 1. Complaint claims Trump CEO ineligible to vote in Florida [Miami Herald] 2. Bankruptcy judge orders 43 condos back to foreclosure [SFBJ] 3. Lincoln Road’s Regal South Beach theater could be redeveloped [The Next Miami] 4. Some Trump property sellers leave Trump name out of listing [Palm Beach Post] — Sean Stewart-Muniz … [more]

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  • With employment and job growth on the rise — albeit slowly — in Palm Beach County, the office market is steadily cutting down its vacancy rate. According to CBRE, the county saw 219,000 square feet of office absorption during the third quarter, driving down vacancies by 2.6 percentage points year-over-year to 16.7 percent. … [more]

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