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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.
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Lawmakers pass insurance legislation. There’s $10,000 to harden qualified homesby Lawrence Mower on May 25, 2022
State lawmakers are reviving a 16-year-old state program that could give homeowners up to $10,000 to harden their homes, an attempt, legislators hope, to curb skyrocketing homeowners’ insurance rates.
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What are the most expensive homes sold in Pinecrest area last week?by Miami Herald Bot on May 25, 2022
In total, 22 real estate sales were registered in the area during the the last week, with an average price of $1.4 million. ☸, $629 per square foot.
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Coral Gables, Florida house sells for $5.8 millionby Miami Herald Bot on May 25, 2022
A 5,242-square-foot house built in 1928 has changed hands. The spacious historic property located in the 1200 block of Coral Way in Coral Gables was sold on April 19, 2022. The $5,750,000 purchase price works out to $1,097 per square foot. The property features seven bedrooms, six baths, and a carport, as well as a pool in the backyard. The unit sits on a 0.4 acres lot.
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Financial reserves, inspections will soon be law as Legislature passes condo reformsby Ana Ceballos on May 25, 2022
In Florida, more than two million people live in condominium units. Soon, owners of those units will need to start thinking more about how to maintain adequate savings to pay for repairs to their aging buildings.
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Miami, Florida condominium sells for $5.4 millionby Miami Herald Bot on May 25, 2022
A seller has sold a 3,233-square-foot spacious and recent condominium built in 2018 located in the 2800 block of South Bayshore Drive in Miami. The deed was signed on April 18, 2022. The $5,400,000 purchase price works out to $1,670 per square foot. The property features four bedrooms and six bathrooms.
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Miami, Florida house sells for $3.6 millionby Miami Herald Bot on May 25, 2022
A 3,986-square-foot house built in 2000 has changed hands. The spacious property located in the 7800 block of Southwest 48th Court in Miami was sold on April 11, 2022 for $3,600,000, or $903 per square foot. The property features four bedrooms, four baths, and a garage. It sits on a 6,322 sqft lot.
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Coral Gables, Florida house sells for $1.9 millionby Miami Herald Bot on May 25, 2022
A seller has sold a 2,575-square-foot spacious house built in 1961 located in the 5000 block of Granada Boulevard in Coral Gables. The deed was signed on April 2, 2022. The $1,925,000 purchase price works out to $748 per square foot. The property features four bedrooms, three bathrooms, and a garage. It sits on a 0.4 acres lot, which also has a pool.
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Three-bedroom home sells in Coral Gables for $2.3 millionby Miami Herald Bot on May 25, 2022
The spacious property located in the 4700 block of San Amaro Drive in Coral Gables was sold for $2,310,000, or $1,127 per square foot. The house built in 1962 has an interior space of 2,050 square feet. The property features three bedrooms, three baths, and a carport. There's also a pool in the backyard. The unit sits on a 10,000 sqft lot.
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Pinecrest, Florida house sells for $3.3 millionby Miami Herald Bot on May 25, 2022
A seller has sold a 4,228-square-foot spacious house built in 2007 located in the 12900 block of Southwest 80th Avenue in Pinecrest. The deed was signed on April 5, 2022. The $3,250,000 purchase price works out to $769 per square foot. The property features five bedrooms, five baths, and a garage. The unit sits on a 0.4 acres lot.
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Coral Gables, Florida house sells for $2.5 millionby Miami Herald Bot on May 25, 2022
A 2,300-square-foot house built in 2019 has changed hands. The spacious new property located in the 1000 block of Genoa Street in Coral Gables was sold on March 13, 2022 for $2,500,000, or $1,087 per square foot. The property features four bedrooms and four baths, as well as a pool in the backyard. The unit sits on a 10,500 sqft lot.
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Coral Gables, Florida house sells for $3.4 millionby Miami Herald Bot on May 25, 2022
The spacious property located in the 13000 block of Lerida Street in Coral Gables was sold on April 18, 2022. The $3,420,000 purchase price works out to $683 per square foot. The house built in 1974 has an interior space of 5,006 square feet. The property features five bedrooms and five baths. It sits on a 0.3 acres lot, which also has a pool.
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Coral Gables, Florida house sells for $3 millionby Miami Herald Bot on May 25, 2022
The spacious property located in the 4000 block of Granada Boulevard in Coral Gables was sold on March 2, 2022. The $3,000,000 purchase price works out to $604 per square foot. The house built in 1973 has an interior space of 4,967 square feet. The property features four bedrooms, four baths, and a garage. It sits on a 0.4 acres lot.
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Sterling drops $37M for Coral Springs shopping center anchored by Best Buyby By Francisco Alvarado on May 25, 2022
Sterling Organization is sliding into the Broward County retail market with a $37.4 million shopping center acquisition in Coral Springs. An affiliate of the West Palm Beach-based private equity real estate firm acquired Coral Landings III, a 172,526-square-foot retail center at 6166 and 6200 West Sample Road, records show. Sterling, led by Managing Principal and CEO Brian Kosoy, paid $217 a square foot for the retail center. Completed in 2009, Coral Landings III is anchored ... [more] The post Sterling drops $37M for Coral Springs shopping center anchored by Best Buy appeared first on The Real Deal South Florida.
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SROA Capital pays $20M for Hallandale Beach industrial-flex propertyby By Lidia Dinkova on May 25, 2022
SROA Capital picked up a warehouse-flex building in Hallandale Beach for $20 million, amid continuing investment appetite in the robust industrial market. SROA, through an affiliate, bought the property at 1000 Pembroke Road from an affiliate of Patricio Ureta’s Megacenter, according to a deed. The building spans 175,863 square feet and was constructed in 1986 on 2.4 acres, property records show. Megacenter bought it in 2015 for $7.2 million. The warehouse includes self-storage and space ... [more] The post SROA Capital pays $20M for Hallandale Beach industrial-flex property appeared first on The Real Deal South Florida.
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JDS, Major Food Group to launch condo sales of Brickell skyscraperby By Katherine Kallergis on May 25, 2022
Michael Stern’s JDS Development Group and Major Food Group are moving forward with their planned Brickell skyscraper. Condo sales of Major, a 259-unit tower planned for the site at 888 Brickell Avenue, are expected to begin this summer, with prices ranging from $1.6 million to $11 million, excluding penthouses, a spokesperson for JDS said. It will mark the first branded residential building for Major Food Group, a New York-based restaurant group that’s been expanding rapidly ... [more] The post JDS, Major Food Group to launch condo sales of Brickell skyscraper appeared first on The Real Deal South Florida.
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Hidrock Properties partners with Alex Karakhanian on Miami A&E dev siteby By Katherine Kallergis on May 25, 2022
Alex Karakhanian sold a development site in Miami’s Arts & Entertainment District to a joint venture between New York-based Hidrock Properties and Karakhanian’s Lndmrk Development, The Real Deal has learned. The joint venture paid $19 million for the 0.9-acre property at 1601 North Miami Avenue, home to Elev8tion Fitness, the partners said. Miguel Pinto of Apex Capital Realty brokered the off-market deal. It will likely be developed into a multifamily project, though the developers are ... [more] The post Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site appeared first on The Real Deal South Florida.
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Shipping tycoon buys flipped waterfront Hibiscus Island teardown for $17.5Mby By Lidia Dinkova on May 25, 2022
Shipping tycoon Leon Patitsas bought a waterfront Hibiscus Island teardown for $17.5 million, marking the second flip of the property in just over a year. Patitsas, through an affiliate, bought the eight-bedroom home at 225 North Hibiscus Drive in Miami Beach, according to records. The buying entity borrowed $11.4 million from City National Bank of Florida. Michael Scott of Beverly Hills appears to be a co-buyer, as both he and Patitsas signed off on the ... [more] The post Shipping tycoon buys flipped waterfront Hibiscus Island teardown for $17.5M appeared first on The Real Deal South Florida.
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KVR Properties pays $26M for Pompano Beach apartment complexby By Francisco Alvarado on May 25, 2022
KVR Properties bulked up its South Florida multifamily portfolio with the $26.3 million purchase of a 124-unit apartment complex in Pompano Beach. An entity managed by Arvind Reddy, founder and president of Coral Springs-based KVR, bought The Boardwalk Apartments at 460 East McNab Road, records show. New York-based The Bancorp provided the buyer with a $21 million mortgage. The deal breaks down to $212,096 per apartment. Seller The Daniel Group, managed by Yeshak, David, Tal ... [more] The post KVR Properties pays $26M for Pompano Beach apartment complex appeared first on The Real Deal South Florida.
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Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towersby By Katherine Kallergis on May 24, 2022
UPDATED, May 25, 3:05 p.m.: Two Roads Development closed on a $150 million bulk condo purchase in Miami’s Edgewater, where it plans to develop a multi-tower luxury project. Two Roads, a West Palm Beach and Miami-based developer, gains a 3.5-acre waterfront site with the purchase of Biscayne 21, a 1960s-era condo. The deal is part of a growing trend of developers targeting older properties on South Florida’s waterfront in the wake of the deadly Surfside ... [more] The post Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers appeared first on The Real Deal South Florida.
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Interdevco pays $16M for Aloft Miami Dadeland hotelby By Francisco Alvarado on May 24, 2022
Interdevco paid $16.1 million for a South Florida Aloft hotel that spent more than a year under receivership. The Miami-based real estate development and investment firm acquired the 119-room Aloft Miami Dadeland hotel at 7600 Southwest 88th Street in Kendall, according to records. Interdevco, led by President and CEO Josep Maria Suriol, paid $135,294 per room. Founded in the late 1970s, Interdevco specializes in residential and hospitality development, according to the company’s website. The seller ... [more] The post Interdevco pays $16M for Aloft Miami Dadeland hotel appeared first on The Real Deal South Florida.
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Moderno nabs $102M construction loan for Fort Lauderdale apartment towerby By Lidia Dinkova on May 24, 2022
Moderno Development Group scored a $102 million construction loan for an apartment tower in an emerging Fort Lauderdale district south of the New River. Doron Broman’s Moderno and project partner Robert Mathias of Boca Raton-based NCC Development are set to start building the 29-story Rivr Lofts on the west side of Southwest Third Avenue, and between Southwest Fourth and Fifth streets, according to the developer’s news release. Peter Mekras of Aztec Group arranged the financing ... [more] The post Moderno nabs $102M construction loan for Fort Lauderdale apartment tower appeared first on The Real Deal South Florida.
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Settlement in Surfside condo collapse now over $1Bby By Katherine Kallergis and Lidia Dinkova on May 24, 2022
UPDATED, May 24, 12:20 p.m.: Families of those who lost loved ones in the Surfside condo collapse are now poised to get $1.004 billion, while the payout to unit owners has also swelled. Condo owners are now in line for a $96 million settlement, up from their original $83 million payout, and the payout to the families of those who died is up over $4 million from the previous nearly $1 billion settlement, it was ... [more] The post Settlement in Surfside condo collapse now over $1B appeared first on The Real Deal South Florida.
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South Florida’s rapper resi market is super dope fireby By Francisco Alvarado on May 24, 2022
South Florida’s residential market for rappers is banging, yo. In the past four years, famous hip-hop stars have dropped serious loot buying luxury homes on Miami-Dade County’s waterfront and in the western fringes of Broward County. From Sean “P Diddy” Combs doubling down on mansions in Miami Beach’s Star Island to Rick Ross and Trippie Redd acquiring multimillion-dollar cribs in Southwest Ranches, rappers are vying against hedge fund managers, tech bros and other celebrities for ... [more] The post South Florida’s rapper resi market is super dope fire appeared first on The Real Deal South Florida.
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Closing at Apogee tops Miami-Dade’s weekly condo salesby By Adam Farence on May 24, 2022
Condo sales reversed course the third week of May in Miami-Dade County, capping two weeks of decline. Dollar volume last week totaled $246 million, up from $154 million the week before. Sales reached 262, compared with 216 the previous week. Leaflet map created by Adam Farence | Data by © OpenStreetMap, under ODbl. Condos sold for an average price of about $939,500, up from $711,500 the week prior. The top sale was a $12.3 million ... [more] The post Closing at Apogee tops Miami-Dade’s weekly condo sales appeared first on The Real Deal South Florida.