The Real Deal Miami

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  • The second week of October made up for the Miami-Dade County condo market’s abysmal start to the month, posting solid gains in sales volume and a well-rounded list of top 10 condo deals that all broke the $1 million price barrier. Leading the pack last week was an oceanfront condo at the Majestic Towers Bal Harbour, which traded for $5.1 million. Unit 1405-6 was on the market for 62 days with Coldwell Banker’s The Jills … [more]

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  • A Russian family that purchased a multimillion-dollar unit at the recently completed Mansions at Acqualina is now suing the Trump Group and its general contractor, Coastal Construction, over alleged defects and damages. And developer Jules Trump is firing back, calling the lawsuit a hold-up job and a “twisted way of extorting” him, Trump told The Real Deal.  … [more]

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  • From the South Florida fall issue: 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. Fifteen such deals closed in the City of Miami in 2015 — down from 18 in 2014 — but still significantly higher than the 10 air-rights transfers that took place in 2013. But as the South Florida condo market has slowed, so goes the … [more]

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  • 1. Miami Beach might use bats to eat Zika mosquitoes [Miami New Times] 2. Jason Taylor drops price on Weston home to $4M [Miami Herald] 3. Miami named third most stressful city in America [Curbed Miami] 4. Caterpillar CEO to step down at year’s end [Wall Street Journal] — Sean Stewart-Muniz … [more]

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  • UPDATED Oct. 16 6:20 p.m. Alan Faena has put his planned Versailles condo development on hold as he ponders creating another hotel on the site instead, he told The Real Deal. … [more]

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  • UPDATED Wednesday 19 12:12 p.m.: Financing the development of charter schools with EB-5 funds may just be the next big thing in real estate. MG3 Development Group recently scored a $30 million loan from an affiliate of GreenAccess, an EB-5 investment facilitator, to help fund the construction of a charter school west of Delray Beach. … [more]

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  • A former Anheuser-Busch CEO paid $11.5 million for a unit at the newly completed Fendi Château Residences in Surfside.  … [more]

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  • A joint venture between Mast Capital and Rockpoint Group closed a $70 million loan for a large apartment complex in the Florida Keys.  … [more]

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  • Miami Beach may be the most popular destination for Airbnb guests in Miami-Dade, but the hosts raking in the most are not where you would think. … [more]

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  • Developers Fernbrook Homes and and Grupo Fernandez hit a major milestone in the construction of their Sabbia Beach condo project last weekend, as construction workers poured roughly 1,000 cubic yards of concrete over two days to form the 19-story tower’s foundation. The pour was divided between two seven-hour blocks on Wednesday and Friday, according to the developers, as concrete mixers lined up around Sabbia Beach’s development site at 730 North Ocean Boulevard in Pompano Beach

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  • Nationwide, mergers and acquisitions in the commercial brokerage sector have slowed down. But the big firms will continue to aggressively target boutique firms in South Florida due to the strong commercial real estate market here, according to top executives for Colliers International, Avison Young, and Real Estate Sales Force. … [more]

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  • A shopping center on West Atlantic Avenue near Delray Beach sold for $316 per square foot, more than four times its 1999 sale price. The buyer paid $12 .9 million for the 40,747-square-foot Lincoln Park shopping center at 5859 West Atlantic Avenue. Built in 1985, Lincoln Park last sold in 1999 for $2.9 million, or $71 per square foot.   … [more]

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  • Mecca Farms is yielding to lowered expectations. Part of the rural land in western Palm Beach County, once seen as the best location for a scientific research institute, is going to become a public shooting range for gun owners instead. Crews last month began building the first phase of the Palm Beach County Shooting Park on part of the Mecca Farms property. … [more]

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  • An estate with a gulf-to-bay lot and a private beach on Casey Key is listed for sale with a $6.75 million asking price. The Key West-style home is located at 1808 Casey Key Road on Casey Key, located south of Sarasota in the Gulf Coast town of Nokomis. … [more]

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  • Florida East Coast Industries (FECI) sold South Florida Logistics Center, a 200-acre industrial development near Miami International Airport, for $209 million. The property includes five industrial buildings with a total of 867,343 square feet. The five buildings, including one that Amazon.com leases, have been completed since 2013. They range in size from 112,562 square feet to 274,844 square feet. In addition to Amazon, the tenants include Flying Food Group, Goodyear and Seafrigo. FECI and its … [more]

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  • 1. What $30 million buys you in Miami [Curbed Miami] 2. Hurricane Nicole and king tide already flooding Fort Lauderdale [Broward New Times] 3. Coral Gables paves way for development of police department land [Miami Herald] 4. How Lennar’s WCI grab impacts the South Florida market [GlobeSt] — Sean Stewart-Muniz … [more]

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  • Much like the rest of South Florida, a new report shows Palm Beach County is facing a wave of new apartment development as the multifamily market tightens. … [more]

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  • It’s no secret that presidential hopeful Donald Trump has a less-than-favorable position on immigrants coming to the U.S. But years before he started down the campaign trail, Trump was helping sell Sunny Isles Beach condos to the same demographic he now bashes — foreigners. … [more]

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  • Development of Edgewater’s first condo-hotel project is officially underway. Heafey Group, a Quebec-based development firm, just held its launch party for the Bentley Edgewater, a planned condo-hotel in one of Miami’s most rapidly redeveloping neighborhoods. The company hosted its party at the Hilton Bentley Miami South Beach, where about 400 brokers and other guests gathered to get a first glimpse of the condo-hotel’s design from architect Kobi Karp. Cocktails and hors d’oeuvres were served, and

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  • Nesting with the stars

    October 14, 2016 08:45AM

    From the fall issue: Recently, celebrities have picked up a pricey batch of homes, from sprawling waterfront mansions to preconstruction condos. Yet some A-listers are struggling to unload their trophy properties. Hip-hop star Lil Wayne, for example, has slashed the asking price for his Miami Beach house by a third, to $12 million. Meanwhile, Internet pioneer Jim Clark put his estate on the market for $137 million, making it one of the 10 most expensive … [more]

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