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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

  • Health care mogul sells waterfront West Palm estate for record $21M
    by By Kate Hinsche on February 3, 2023

    A health care mogul and his wife sold their remodeled waterfront West Palm Beach estate for a record $21 million. Sean and Ashly Heyniger sold the home at 3140 Washington Road to a Florida LLC named for the address, according to records. Local attorney Guy Rabideau signed on behalf of the buyer, who is hidden. It was an off-market deal Sean Heyniger founded Watermark Medical, a West Palm Beach-based sleep medicine provider, in 2008. He ... [more] The post Health care mogul sells waterfront West Palm estate for record $21M appeared first on The Real Deal South Florida.

  • Soaring costs and slowing demand complicate South Florida condo projects
    by By Katherine Kallergis on February 3, 2023

    On a tree-lined street north of downtown Coconut Grove, a boutique condo building sits unfinished. The windows and doors are in, but the ground floor is just dirt and rocks. Faded notes of missed deliveries are stuck to the exterior. It’s a far cry from what the marketing materials promised: a sleek, glassy building with vines that hang from the roof down to the first floor. The project was supposed to be delivered in 2019. ... [more] The post Soaring costs and slowing demand complicate South Florida condo projects appeared first on The Real Deal South Florida.

  • Xebec nabs $44M construction loan for industrial development near Miami Gardens
    by By Lidia Dinkova on February 2, 2023

    Xebec scored a $44 million construction loan for an industrial development near Miami Gardens. The Dallas-based firm secured financing tied to 15.7 acres of land on the northeast corner of Northwest 67th Avenue and Northwest 167th Street in unincorporated Miami-Dade County, according to records. Fifth Third Bank is the lender. The land, east of New Testament Baptist Church and Dade Christian School at 6601 Northwest 167th Street, used to be a baseball and football field ... [more] The post Xebec nabs $44M construction loan for industrial development near Miami Gardens appeared first on The Real Deal South Florida.

  • Trinity and Credit Suisse to buy Hollywood’s Diplomat for $850M
    by By Francisco Alvarado on February 2, 2023

    Trinity Investments is teaming up with Credit Suisse to acquire Hollywood’s Diplomat Beach Resort and adjacent properties for $850 million, The Real Deal has learned. The joint venture also tapped Miami-based Related Group and Aventura-based BH Group to co-develop two towers on the development sites. The deal, which would be among the largest commercial sales on record in South Florida, is scheduled to close on Friday, according to a source close to one of the ... [more] The post Trinity and Credit Suisse to buy Hollywood’s Diplomat for $850M appeared first on The Real Deal South Florida.

  • Jackie Soffer and Craig Robins ask $45M for waterfront Miami Beach mansion
    by By Katherine Kallergis on February 2, 2023

    Developers Jackie Soffer and Craig Robins are looking to sell their waterfront Miami Beach mansion for $45 million. The Sunset Islands home at 2511 Lake Avenue, with seven bedrooms, eight bathrooms and two half-baths, is hitting the market with Jill Hertzberg and Jill Eber of Coldwell Banker, a spokesperson for the Jills Zeder Group confirmed. The Wall Street Journal first reported the listing. Though residential sales began to slow last year, many sellers are still ... [more] The post Jackie Soffer and Craig Robins ask $45M for waterfront Miami Beach mansion appeared first on The Real Deal South Florida.

  • Ambrose scores $27M construction loan for warehouse project in Jupiter
    by By Francisco Alvarado on February 2, 2023

    Ambrose Property Group nabbed a $27 million construction loan to build a spec warehouse in Jupiter. Cincinnati-based Fifth Third National Bank provided the financing for the planned 246,000-square-foot distribution facility at 158110 Walgreens Drive, records show. Ambrose, an Indianapolis-based industrial developer led by CEO Aasif Bade, acquired the 17-acre development site in Palm Beach Park of Commerce for $5.6 million last year. The project is scheduled to break ground this month with an anticipated completion ... [more] The post Ambrose scores $27M construction loan for warehouse project in Jupiter appeared first on The Real Deal South Florida.

  • Financier sells Bristol condo in West Palm for $21M
    by By Kate Hinsche on February 2, 2023

    A financier sold his condo in the Bristol in West Palm Beach for $21 million. Records show Robert and Carol Garvy sold unit 1901 in the tower at 1100 South Flagler Drive to John J. Nelson. Nelson and his wife, Renee Raudman Nelson, financed the purchase with a $12.5 million mortgage from Bank of America, records show. Samantha Curry of Douglas Elliman had the listing, and Steve Hall of Compass represented the buyer. Robert Garvy ... [more] The post Financier sells Bristol condo in West Palm for $21M appeared first on The Real Deal South Florida.

  • Layoffs hit The Agency
    by By Harrison Connery and Sheridan Wall on February 2, 2023

    The Agency is the latest residential brokerage resorting to layoffs. The California-based firm confirmed to The Real Deal it had let go of 15 people, or about 4 percent of its staff. “We are not immune to the economic environment that all companies, especially real estate companies are facing right now,” company co-founder and CEO Mauricio Umansky said in a statement to TRD. “The Agency continues to make efforts to be fiscally responsible and is ... [more] The post Layoffs hit The Agency appeared first on The Real Deal South Florida.

  • What the Fed’s latest rate hike means for commercial real estate
    by By Pat Ralph on February 2, 2023

    The Federal Reserve voted to raise interest rates by 0.25 percent Wednesday, the eighth consecutive hike since last March in its ongoing fight against rampant inflation. The quarter-point increase brings rates to a target range of 4.5 to 4.75 percent, the highest they’ve been since 2007. The Fed said in a statement that it expects “ongoing increases” as needed, but hinted that future rate hikes are unlikely to be as steep as those seen last ... [more] The post What the Fed’s latest rate hike means for commercial real estate appeared first on The Real Deal South Florida.

  • Here are South Florida’s top construction loans of the past year
    by By Katherine Kallergis | Research By Adam Farence on February 2, 2023

    Despite construction financing becoming tougher and more expensive to secure in major markets nationwide, South Florida developers are managing to close monster deals. The top 10 construction loans issued between January 2022 and January of this year in South Florida totaled $2 billion, according to The Real Deal’s analysis of such financing provided to developers in Miami-Dade, Broward and Palm Beach counties. The loans are for condominium, multifamily, industrial and mixed-use developments, and most were ... [more] The post Here are South Florida’s top construction loans of the past year appeared first on The Real Deal South Florida.

  • TRD’s February issue is live for subscribers!
    by By TRD Staff on February 2, 2023

    The Real Deal’s February issue is live for subscribers and soon to hit mailboxes across the country. Real estate, it is often said, is a business built on relationships. As it turns out, a lot of those relationships are familial ones. This month, we take a look at some of the many scions — or “nepo babies,” as they are sometimes not-so-lovingly described — taking up the family business. Meanwhile, reporter Kathryn Brenzel examines pro-development ... [more] The post TRD’s February issue is live for subscribers! appeared first on The Real Deal South Florida.

  • Was the mortgage spike real? Applications level off
    by By Holden Walter-Warner on February 1, 2023

    When mortgage purchase activity shot up 25 percent in early January, some industry leaders hailed it as a turning point for home sales. Maybe not. For the week ending Jan. 27, applications for mortgages to buy homes dropped a seasonally adjusted 10 percent from week before, the Mortgage Bankers Association reported. Homeowner requests to refinance fell 7 percent, the MBA’s weekly survey found. The drops came even as mortgage rates were flat. The average contract ... [more] The post Was the mortgage spike real? Applications level off appeared first on The Real Deal South Florida.

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