Residential Real Estate News

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Buyers from Hong Kong and China are scooping up London’s luxury inventory

Buyers from Hong Kong and mainland China now make up the biggest portion of foreign buyers of luxury London real estate. They account for 15 percent of international transactions for property above 1 million pounds and 20 percent of deals above 10 million pounds, according to data from brokerage Beauchamp Estates first reported by Mansion Global. Russian and Indian nationals were previously the biggest buyers in London. U.K. agents are well-equipped to cater to remote ... [more]

The post Buyers from Hong Kong and China are scooping up London’s luxury inventory appeared first on The Real Deal Miami.

Author: TRD Staff
Posted: July 5, 2020, 1:00 pm

Real estate groups challenge San Fran’s permanent ban on coronavirus-related evictions

San Francisco’s landlords are not happy about the city’s recent ban on coronavirus-related evictions. Four real estate trade groups sued the city this week over the ordinance, according to the San Francisco Chronicle. Mayor London Breed signed it on Friday. The ordinance permanently bars landlords from evicting tenants for nonpayment of rent related to the pandemic. The lawsuit was filed by the San Francisco Apartment Association, the San Francisco Association of Realtors, the Coalition for ... [more]

The post Real estate groups challenge San Fran’s permanent ban on coronavirus-related evictions appeared first on The Real Deal Miami.

Author: TRD Staff
Posted: July 4, 2020, 4:00 pm

Retail-to-residential conversions are in cards at America’s doomed malls

Mall vacancies are surging, so what to do with all that empty space? Apartment and condominium conversions could proliferate. Some developers were converting properties before the coronavirus pandemic hit, but the pandemic has made the concept more attractive, according to Bloomberg. Randy White, CEO of consulting firm White Hutchinson Leisure & Learning Group, said that “a lot of these malls thought restaurants and entertainment would be their savior, the new anchors.” “Those hopes are dashed,” ... [more]

The post Retail-to-residential conversions are in cards at America’s doomed malls appeared first on The Real Deal Miami.

Author: TRD Staff
Posted: July 4, 2020, 1:00 pm

WeDone: South Beach landlord seeks to evict WeWork for unpaid rent

The landlord of a WeWork location in South Beach is looking to evict the embattled co-working giant for what it says is more than $650,000 in unpaid rent. A photo obtained by The Real Deal shows the three-day notice tacked onto the door of the 43,500-square-foot building at 429 Lenox Avenue, which is fully occupied by WeWork. WeWork did not pay rent in April, May or June, according to the notice. WeWork began operating at ... [more]

The post WeDone: South Beach landlord seeks to evict WeWork for unpaid rent appeared first on The Real Deal Miami.

Author: By Katherine Kallergis
Posted: July 3, 2020, 10:51 pm

Another palace for the king: LeBron James buys Beverly Hills mansion: sources

Basketball superstar LeBron James is in contract to buy a mansion in Beverly Hills from the estate of a fabled soap opera creator, sources close to the transaction told The Real Deal. The home at 9955 Beverly Grove Dr., belonging to the estate of “The Bold and the Beautiful” co-creator Lee Phillip Bell, was being marketed at $39 million. It’s unclear what James is paying for the 13,000-square-foot property, which sits on a 2.5-acre plot ... [more]

The post Another palace for the king: LeBron James buys Beverly Hills mansion: sources appeared first on The Real Deal Miami.

Author: By Matthew Blake
Posted: July 3, 2020, 10:39 pm

More tech firms eye Miami as Covid carries on

In late February — before Covid-19 became a pandemic — Spotify inked a lease for 20,000 square feet to house its South Florida headquarters in Miami’s Wynwood neighborhood. The music streaming service’s deal for all of the office space and large courtyard at the mixed-use development Oasis at Wynwood on North Miami Avenue was another sign of momentum for TAMI (technology, advertising, media and information) companies taking office space in South Florida. But then coronavirus ... [more]

The post More tech firms eye Miami as Covid carries on appeared first on The Real Deal Miami.

Author: By Katherine Kallergis
Posted: July 3, 2020, 8:00 pm

Inside South Florida’s mall, retail and restaurant reopenings

Masks, one-way signs, spread-out open-air dining. Malls, stores and restaurants are reopening in South Florida, and changes are evident amid the pandemic. The Real Deal’s South Florida Managing Editor Ina Cordle toured the Miami Design District with Craig Robins, Bal Harbour Shops with Carolyn Travis and Aventura Mall with Jackie Soffer on Saturday, May 23. After two months of forced closures of non-essential businesses and stay-at-home orders, shoppers were ready to venture out. Robins, president ... [more]

The post Inside South Florida’s mall, retail and restaurant reopenings appeared first on The Real Deal Miami.

Author: By Ina Cordle
Posted: July 3, 2020, 6:00 pm

Submerged in securities: Many CMBS hospitality loans may be underwater soon

Carlos Rodriguez Sr. set off from Costa Rica nearly 25 years ago for what seemed like a surefire bet: developing and operating hotels in Florida, where both tourism and business travel were in perpetual demand due to the area’s warm weather, white sand beaches and proximity to Latin America. Rodriguez, who oversees the hotel investment and management companies Driftwood Capital and Driftwood Hospitality Management — which have a combined portfolio pegged at about $3 billion ... [more]

The post Submerged in securities: Many CMBS hospitality loans may be underwater soon appeared first on The Real Deal Miami.

Author: By Keith Larsen
Posted: July 3, 2020, 4:00 pm

Real estate players get creative on Zoom during lockdown

Virtual quiz shows, brokerage Oscars and oversized “Babyzilla” backgrounds on Zoom: Industry players are finding creative ways to make their audiences laugh during lockdown. Oli Farago, founder and CEO of the real estate acquisition and asset management tool Coyote Software, created a virtual game show dubbed, “No Pub Pub Quiz.” The online show — which he hosts for half an hour at lunchtime every Wednesday on Zoom — gives participants multiple-choice questions to answer, and ... [more]

The post Real estate players get creative on Zoom during lockdown appeared first on The Real Deal Miami.

Author: By Ina Cordle
Posted: July 3, 2020, 2:00 pm

The breakdown: Inside Virgin Hotels’ $330M vision for South Beach and how it vanished

Virgin Hotels had been looking for the right redevelopment opportunity in South Beach for years, and appeared to have found it a few months ago in HFZ Capital Group’s Shore Club. An offshoot of Richard Branson’s Virgin Group, Virgin Hotels created a proposal to purchase the 309-key beachfront hotel for $235 million, The Real Deal has learned. It put together a 46-page offering document likely aimed at potential investors. The booklet included detailed financials about ... [more]

The post The breakdown: Inside Virgin Hotels’ $330M vision for South Beach and how it vanished appeared first on The Real Deal Miami.

Author: By Katherine Kallergis
Posted: July 3, 2020, 12:00 pm