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Real Estate News Get Miami FL and national real estate headlines on housing and development industry news. Follow headlines on office and retail mortgage rates, the rental and condo market, sales and gentrification.

The Real Deal South Florida South Florida Real Estate News

  • Versailles mega mansion suffers $10M in Hurricane Ian damages
    by By Kate Hinsche on October 1, 2022

    Calamity besets Versailles once more. The troubled 90,000-square-foot mansion at the heart of the 2012 documentary “Queen of Versailles” suffered $10 million in damages thanks to Hurricane Ian, Page Six reported. The estate’s sovereign, Jackie Siegel, told the outlet the storm flooded several floors of her home at 6121 Kirkstone Lane in Windermere, Florida. A particularly expensive element of the damage is the recently installed 24-karat crown molding now crumbling to the former model’s living ... [more] The post Versailles mega mansion suffers $10M in Hurricane Ian damages appeared first on The Real Deal South Florida.

  • Ronny Finvarb proposes new resi project in Sunset Harbour
    by By Katherine Kallergis on September 30, 2022

    Developer Ronny Finvarb is returning to the Miami Beach Design Review Board with plans for a new project in Sunset Harbour. At next week’s meeting, the board will vote on plans for the developer’s mixed-use project at 1790 Alton Road in the Sunset Harbour neighborhood. Finvarb previously sought to build a hotel on the property, but the city commission unanimously passed a zoning overlay district that banned the construction of new hotels last year. Instead, ... [more] The post Ronny Finvarb proposes new resi project in Sunset Harbour appeared first on The Real Deal South Florida.

  • Stuart Miller plans yet another Star Island mega manse
    by By Katherine Kallergis on September 30, 2022

    Lennar Corp.’s Stuart Miller is seeking approval for yet another mega mansion on Star Island in Miami Beach. Miller, executive chairman of one of the largest homebuilders in the country, is going big on plans for 4, 5 and 6 Star Island Drive, according to the proposal filed with the city. The waterfront property is next door to his existing mansion. The Miami Beach Design Review Board will vote on the plans on Tuesday. Domo ... [more] The post Stuart Miller plans yet another Star Island mega manse appeared first on The Real Deal South Florida.

  • Smart home honcho buys waterfront Fort Lauderdale home
    by By Kate Hinsche on September 30, 2022

    The CEO of a home automation company bought a furnished waterfront home in Fort Lauderdale for $9.7 million. Records show Marc Farbstein bought the house at 52 Royal Palm Drive from Dylan Hallerberg. Farbstein is chairman and CEO of Premium Digital Control & Automation, a Hollywood-based firm that specializes in digitized control systems for homes and businesses. Hallerberg is the third generation of his family to lead Fortress Anchors, a marine anchor manufacturer headquartered in ... [more] The post Smart home honcho buys waterfront Fort Lauderdale home appeared first on The Real Deal South Florida.

  • 5 minutes with hospitality investor Nick Falcone
    by By Katherine Kallergis on September 30, 2022

    Nick Falcone came up with the idea for his vacation rental startup, Rentyl Resorts, over the dinner table with his dad, developer Art Falcone, and his brothers. Orlando-based Rentyl, which Falcone and his brothers Dan and Matthew launched in 2018, has inked partnerships with major resorts including Margaritaville, Jack Nicklaus’ The Bear’s Den, and Hilton properties. Rentyl, which is part of the Falcones’ NDM Hospitality, has more than 400 employees and operates in 25 markets, ... [more] The post 5 minutes with hospitality investor Nick Falcone appeared first on The Real Deal South Florida.

  • Zaha Hadid’s former W South Beach condo sells — again
    by By Kate Hinsche on September 30, 2022

    The former W South Beach condo of world renowned architect Zaha Hadid sold again, this time for $6 million. The buyer is a Florida-based real estate developer. Records show Thomas Robert and his wife Ann Chan bought the combined units 726, 728, and 730 at 2201 Collins Avenue from M. Reada “Ray” Bassiouni. Bassiouni owns the Boston-based security company ATI Systems. Robert operates GC Land Development LLC in Ponte Vedra Beach. Christopher Adeleke of Douglas ... [more] The post Zaha Hadid’s former W South Beach condo sells — again appeared first on The Real Deal South Florida.

  • Developer asks $43M for waterfront Boca home sites
    by By Katherine Kallergis on September 30, 2022

    A Palm Beach County developer listed a development site in Boca Raton for single-family homes for $43 million. The catch? The property is mostly underwater, and would have to be filled in. William Swaim, of NE 32nd Street LLC, said the site, on the west side of Northeast Eighth Avenue and south of Northeast 32nd Street, is asking $46.5 million if it were to be filled and built with a seawall. Swaim said the property ... [more] The post Developer asks $43M for waterfront Boca home sites appeared first on The Real Deal South Florida.

  • Hurricane Ian wreaks devastation on southwest, central Florida: Photos
    by By Katherine Kallergis on September 29, 2022

    Hurricane Ian pummeled southwest Florida, possibly killing hundreds of people and destroying homes, bridges and other structures in its path. The storm, which was downgraded from a Category 4 hurricane to a tropical storm on Thursday, could become a hurricane again as it leaves Florida and heads for the Carolinas. It largely bypassed South Florida, but continued to dump rain on central Florida, flooding homes and leaving other destruction in its wake. At least 12 ... [more] The post Hurricane Ian wreaks devastation on southwest, central Florida: Photos appeared first on The Real Deal South Florida.

  • Developer wins approval for multifamily project in Dania Beach
    by By Mike Seemuth on September 29, 2022

    UPDATED, Sept. 30, 3:30 p.m.: A developer won site plan approval for a 12-story, 278-unit apartment building in Dania Beach. The Dania Beach City Commission voted 4-1 on Tuesday to approve a variance from zoning rules and a site plan proposed by First Dania Beach LLC, a partnership between the Apollo Companies, an Aventura-based firm led by CEO Edward Abbo, and North Miami Beach-based Liberty Base Investments, led by Leon Ojalvo. The property is near ... [more] The post Developer wins approval for multifamily project in Dania Beach appeared first on The Real Deal South Florida.

  • Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M
    by By Kate Hinsche on September 29, 2022

    UPDATED, Sept. 30, 10:35 a.m.: A joint venture bought the Hilton Garden Inn Miami Beach from Baywood Hotels for $28 million. Montford Group and Opterra Capital, led by Sunju Patel and Glenn Alba, respectively, bought the eight-story, 96-key hotel at 2940 Collins Avenue, records show. The price equates to $292,000 per room. The partnership secured a $20.2 million mortgage from Georgia-based Synovus Bank to finance the deal, records show. Baywood Hotels, led by President Al ... [more] The post Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M appeared first on The Real Deal South Florida.

  • PMG, Greybrook score $235M refi of downtown Miami project
    by By Katherine Kallergis on September 29, 2022

    UPDATED, Sept. 30, 12:45 p.m.: Property Markets Group and Greybrook secured a $235 million refinancing for the Elser Hotel & Residences condo tower in downtown Miami. Franklin BSP Realty Trust is the lender, with the debt fund RMWC also providing a $25 million mezzanine loan for the recently completed 49-story, 646-unit condo-hotel at 398 Northeast Fifth Street, according to a press release. New York-based Franklin BSP, formerly known as Benefit Street Partners Realty Trust, is ... [more] The post PMG, Greybrook score $235M refi of downtown Miami project appeared first on The Real Deal South Florida.

  • Mortgage rates climb to 15-year high
    by TRD Staff on September 29, 2022

    Mortgage rates hit their highest level in 15 years, continuing a surge that’s likely no longer a big surprise in the market, but not any less painful. The average 30-year fixed mortgage rate reached 6.7 percent, according to Freddie Mac’s weekly survey of lenders reported by the Wall Street Journal. The figure marks the sixth straight week the average increased and the highest average rate since July 2007. The unceasing rise in rates comes as ... [more] The post Mortgage rates climb to 15-year high appeared first on The Real Deal South Florida.

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