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The Real Deal South Florida South Florida Real Estate News

• Inside Rich Barton’s quest to dominate homebuying

  by By E.B. Solomont on April 20, 2021

  The lights were dimmed. Soft music played in the background as Dan Levy, clad in paisley pajamas, parted his lips and tossed his head. “I need a new fantasy,” he moaned. “Are you in your 30s? You need something new,” a satin-clad woman purred in reply. “The pleasure you once got from sex now comes from looking at other people’s houses. You need Zillow.” Rich Barton’s company had made it to “Saturday Night Live,” in ... [more] The post Inside Rich Barton’s quest to dominate homebuying appeared first on The Real Deal South Florida.

• Billionaire Vlad Doronin, partner score $128M construction loan for Brickell condo tower

  by By Katherine Kallergis on April 20, 2021

  OKO Group, the real estate development firm led by billionaire Vlad Doronin, and Jonathan Goldstein’s Cain International secured a $128.3 million construction loan for a waterfront Brickell condo project. Bank OZK provided the financing for Una Residences, a 47-story, 135-unit tower currently under construction, according to a press release. The developer broke ground on the project a year ago and launched sales about three years ago. Fortune International Group is handling sales. The south Brickell ... [more] The post Billionaire Vlad Doronin, partner score $128M construction loan for Brickell condo tower appeared first on The Real Deal South Florida.

• Fannie, Freddie say housing market could see slight hiccup

  by TRD Staff on April 20, 2021

  The red-hot housing market could be heading for a slight slowdown, according to Fannie Mae and Freddie Mac. Fannie Mae projects that mortgage originations will fall to $4 trillion this year from $4.5 trillion in 2020, Inman reported. Next year, the agency expects originations will drop even further to just below $3 trillion. Freddie Mac, meanwhile, expects total originations to fall to $3.5 trillion in 2021. Most of this will be felt in refinancings, according ... [more] The post Fannie, Freddie say housing market could see slight hiccup appeared first on The Real Deal South Florida.

• Jeffrey Epstein’s Palm Beach mansion is being demolished

  by By Katherine Kallergis on April 20, 2021

  Jeffrey Epstein’s Palm Beach mansion is turning to rubble. Developer Todd Michael Glaser, who paid $18.5 million for the waterfront property at 358 El Brillo Way in March, filed a notice of commencement for the total demolition of the house, Palm Beach County records show. Glaser, who has been active in Palm Beach, previously told The Real Deal he planned to knock down the mansion this month. He’s working on plans for a new home, ... [more] The post Jeffrey Epstein’s Palm Beach mansion is being demolished appeared first on The Real Deal South Florida.

• Single-tenant office buildings face higher risk of default

  by TRD Staff on April 20, 2021

  At one point, leasing an office building  to a single tenant rather than collecting from multiple smaller businesses seemed to be a sure thing. But now some office landlords who’ve relied on one tenant are at risk of losing their properties as more companies shed space, the Wall Street Journal reported. Just outside of Houston, oil company Schlumberger occupied over half of a 100,000 square-foot building, but chose not to renew its lease in February. ... [more] The post Single-tenant office buildings face higher risk of default appeared first on The Real Deal South Florida.

• Trans Am champ pulls into Palm Beach Gardens mansion for $9M

  by By Katherine Kallergis on April 20, 2021

  Trans Am Series driver Simon Gregg, son of the late racing champion Peter Gregg, bought a new waterfront mansion in Palm Beach Gardens. Gregg paid nearly $9 million for the five-bedroom home at 14844 Palmwood Road, according to a press release. Property records show Mads Thomsen, a luxury homebuilder in Palm Beach, sold the 11,372-square-foot house. The home sold for nearly $1,500 a per square foot, a record in Palm Beach Gardens, according to the ... [more] The post Trans Am champ pulls into Palm Beach Gardens mansion for $9M appeared first on The Real Deal South Florida.

• Prestige Companies nabs $12M construction loan for multifamily project on Ludlam Trail

  by By Lidia Dinkova on April 20, 2021

  Prestige Companies scored a $12.4 million construction loan for a workforce housing project to be built on the site of a former mobile home park in central Miami-Dade County. Miami Lakes-based Prestige and Miami-based Florida Value Partners are building the $17 million The Trail garden-style community at 1040 Southwest 70th Avenue, along the planned Ludlam Trail linear park, according to a press release. Conway, Arkansas-based Centennial Bank provided the loan. The financing is for the ... [more] The post Prestige Companies nabs $12M construction loan for multifamily project on Ludlam Trail appeared first on The Real Deal South Florida.

• Why software is eating the home

  by By E.B. Solomont on April 20, 2021

  Less than a decade ago, startups valued at $1 billion or more were so rare — so mythical even — that the tech world took to calling them unicorns. In 2013, there were just 39 such magical creatures, a number that has since surged to more than 600. Residential real estate, a longtime tech desert, had but a couple over the years. But in the last eight months, four proptech startups focused on the residential ... [more] The post Why software is eating the home appeared first on The Real Deal South Florida.

• $35M Miami Beach sale leads weekly condo sales

  by By Jordan Pandy on April 20, 2021

   Closed dollar volume jumped nearly $100 million in Miami-Dade County last week. A total of 278 condos sold for $242.4 million last week, up from the 239 condos that sold for $147.5 million the previous week. Units sold for an average price of $872,000, up from $617,000 the week prior. Condos sold for an average $440 per square foot, up from $411 per square foot. The most expensive sale was for developer Ian Bruce ... [more] The post $35M Miami Beach sale leads weekly condo sales appeared first on The Real Deal South Florida.

• Great Value Storage files for bankruptcy to stop foreclosure

  by By Keith Larsen | Research By Orion Jones on April 19, 2021

  Nearly two years after the FBI raided the offices of Great Value Storage’s founder, the company has filed for bankruptcy. The firm, led by Austin-based developer Nate Paul, went the Chapter 11 route in Delaware last week. The filing comes just weeks after a New York judge ruled that a lender could proceed with a foreclosure sale tied to 64 of the company’s self-storage facilities. Paul and his upstart real estate empire made national news ... [more] The post Great Value Storage files for bankruptcy to stop foreclosure appeared first on The Real Deal South Florida.

• Top security? Prison equipment mogul drops $26M on Ritz-Carlton Sunny Isles penthouse

  by By Jordan Pandy on April 19, 2021

  A prison security system mogul bought a unit at Ritz-Carlton Residences, Sunny Isles Beach for $25.5 million. Kenneth Mark Feldman and his wife, Barbara H. Feldman, purchased penthouse 5002 at 15701 Collins Avenue from the developer for $4,177 per square foot. Kenneth Feldman is the CEO of Coastal Detention Holdings, a Statesboro, Georgia holding company that owns Trussbilt LLC and American Steel Products. Trussbilt LLC and American Steel Products are two prison security equipment manufacturers ... [more] The post Top security? Prison equipment mogul drops $26M on Ritz-Carlton Sunny Isles penthouse appeared first on The Real Deal South Florida.

• Miami’s mayor a magnet for Big Tech money

  by By Katherine Kallergis on April 19, 2021

  Miami Mayor Francis Suarez’s call to make Miami the new Silicon Valley has Big Tech and real estate pouring cash into his coffers. Newly minted venture capital billionaire Chamath Palihapitiya, crypto investors Tyler and Cameron Winklevoss, Shutterstock founder Jon Oringer and others are backing the mayor’s reelection campaign this year to the tune of more than $2 million. Suarez himself admits that many of the major tech players who have written checks “don’t even live ... [more] The post Miami’s mayor a magnet for Big Tech money appeared first on The Real Deal South Florida.