South Florida’s residential markets are on the upswing, according to the latest Elliman reports. “Generally speaking for much of 2018, we’re seeing this trend of rising sales, rising prices and stabilizing inventory,” said Jonathan Miller, who authored the report. “Each quarter seems to repeat the prior quarter.” Miller attributed the market improving in large part to the changes in tax legislation, which brokers and developers say is pushing wealthy out-of-staters to relocate to South Florida. … [more]
Opportunity Zones guidelines released, offering developers more details
UPDATED, 3:02 p.m., Oct. 19, 2018: Real estate developers and fund managers with questions about how to invest in the Opportunity Zones program are beginning to get more detailed answers. The U.S. Treasury Department today released more guidelines. The program, enacted late last year as part of the Trump administration’s tax overhaul, provides tax deferments and tax breaks for developers who invest in projects in designated low-income neighborhoods across the country. Among the new guidelines … [more]
Sunny Isles Beach’s Ultra Luxury condo market has a big inventory problem: report
Sunny Isles Beach is saddled with 17 years of inventory of condos priced at $5 million and up, and overall, Miami-Dade County faces nearly five years of supply of high-end units, according to a new report. Of the 348 units listed for sale on the Southeast Florida Regional Multiple Listing Service as of Aug. 31, about 30 percent, or 103 units, are in Sunny Isles Beach. Based on the six recorded sales between August 2017 … [more]
1 Hotel South Beach SOLD for more than $500M
Billionaire Michael Dell’s MSD Capital is buying 1 Hotel South Beach for about $500 million, or more than $1 million per key. Starwood Capital Group, led by Barry Sternlicht, is selling the beachfront 426-key hotel at 2341 Collins Avenue for about $1.2 million a room, according to the Commercial Observer. The deal, which is reportedly in contract, would set a record for hotel sales in Miami, beating out the $1 million per key (or $325 … [more]
DJ Khaled Pays $26M for Miami Beach Mansion
DJ Khaled is buying another one. The record producer, whose real name is Khaled Mohamed Khaled, is under contract to buy a nearly 13,000-square-foot waterfront mansion on Pine Tree Drive in Miami Beach that was asking $25.9 million, according to the Wall Street Journal. The 1-acre property has about 105 feet of waterfront on the Indian Creek Waterway, a main house with five bedrooms, an elevator, safe room, gazebo and home theater; a swimming pool … [more]
Opportunity Zones: What You Need To Know (VIDEO)
As the Opportunity Zone program stirs greater interest among developers and investors, what exactly is the federal tax incentive measure and who stands to benefit? Check out the video above for what you need to know about the new program, its rules and how to get in on the ground floor. Read more here. Nathan Bickell contributed graphic design to this video. … [more]
Another Hotel near Wynwood Walls Planned
Another development group has filed plans for a mixed-use hotel in Wynwood near the popular Wynwood Walls. 111 Wynwood LLC filed plans for a five-story, 72-key hotel at 111 Northwest 26th Street. Developers Eduardo Vargas and Andres Hogg plan to break ground on the 50,000-square-foot project early next year and open in 2020, Vargas said. Alain Bartroli is the architect of record, and Richter Dahl Rocha is designing the facade. The construction cost is expected … [more]
Luxury Rental Tower & Marina coming to Miami River
Lissette Calderon plans to turn her recently-purchased waterfront tower into luxury rentals after a major renovation, The Real Deal has learned. The new property was just renamed Pier 19 Residences & Marina. Formerly called River Oaks Tower & Marina, the 21-story building on the Miami River has 199 apartments at 1951 Northwest South River Drive. A year in the works, Calderon’s Neology Life paid $61 million for the tower in an off-market deal in mid-September. … [more]
Vagabond Sushi to open at MiMo. Sylvano heads to Edgewater & more
UPDATED, Oct. 10, 7:25 a.m.: Vagabond Sushi Bar | MiMo District The former owner and operator of Bardot is opening a new sushi restaurant at Avra Jain’s Vagabond Hotel along with a new pool deck and a billiards room. Amir Ben-Zion plans to open the restaurant, aptly named Vagabond Sushi Bar, in the next two weeks, bringing in fresh sushi directly from Japan. Ben-Zion said he has spent more than more than $600,000 (although, he … [more]
Tennis star Caroline Wozniacki and fiancé pay $13.5M for Palazzo Del Sol condo
UPDATED, Oct. 15, 9:40 a.m.: Talk about a power serve. Danish tennis star Caroline Wozniacki and her new fiancé, former NBA player David Lee, just paid $13.5 million for a condo at Palazzo Del Sol on Fisher Island. Wozniacki and Lee purchased the 7,302-square-foot unit at the luxury development at 7081 Fisher Island Drive for $1,848 per square foot, property records show. The couple bought the condo from Palazzo Del Sol’s development entity, PDS Development, … [more]
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