Residential Real Estate News

The Real Deal MiamiThe Real Deal Miami

Retail bankruptcies on pace to rival 2010: report

It’s been a difficult year for retailers, and things may get worse before they get better: The number of bankruptcy filings by retailers this year could outpace those filed in the wake of the Great Recession. As of Sept. 29, nearly 30 retailers filed for bankruptcy, leading to almost 6,000 store closures, according to a biannual bankruptcy report from BDO International, a financial services firm. That’s on pace to beat 2010, when 48 retailers filed ... [more]

The post Retail bankruptcies on pace to rival 2010: report appeared first on The Real Deal Miami.

Author: By Akiko Matsuda
Posted: September 29, 2020, 10:30 pm

Medical co-working space operator buys Miami medical campus

An owner and operator of medical co-working space bought a medical office campus in Miami from a company with ties to Florida’s former lieutenant governor. Alpharetta, Georgia-based ShareMD bought the three-building, 10-acre property at 7400, 7500 and 7800 Southwest 87th Avenue, according to a press release. The company declined to provide the purchase price. Affiliates of PanAmerican Companies, led by principal Carlos Lopez-Cantera, sold the properties, which are about a mile away from Baptist Health ... [more]

The post Medical co-working space operator buys Miami medical campus appeared first on The Real Deal Miami.

Author: By Wade Tyler Millward
Posted: September 29, 2020, 10:00 pm

Colony deal puts Highgate among biggest hotel owners

  Highgate’s deal to purchase a $2.8 billion portfolio of hotels from Colony Capital will catapult the company into the upper ranks of the nation’s largest hotel owners. The privately held hospitality firm, launched in 1988 by brothers Mahmood and Mehdi Khimji, will have the fifth-largest portfolio in the country when it finalizes its deal with Colony, which is scheduled to close early next year. Highgate owns more than 34,000 rooms, according to figures from ... [more]

The post Colony deal puts Highgate among biggest hotel owners appeared first on The Real Deal Miami.

Author: By Rich Bockmann
Posted: September 29, 2020, 9:30 pm

Related Group launches sales of first SoFla condo project since 2016

Related Group launched sales of Solemar, a luxury condo building planned for Pompano Beach. The 105-unit, 20-story oceanfront building would mark the second new development to be built on the beach in Pompano since Sabbia Beach was completed in 2018. Called Solemar, it’s also the first new condo project that Related is launching sales for since the beginning of 2016, when the Miami-based developer began selling the Residences by Armani/Casa in Sunny Isles Beach. That ... [more]

The post Related Group launches sales of first SoFla condo project since 2016 appeared first on The Real Deal Miami.

Author: By Katherine Kallergis
Posted: September 29, 2020, 9:05 pm

Zillow co-founder Spencer Rascoff to start blank-check company

The co-founder of Zillow and Hotwire is the latest high-profile real estate figure to join the blank-check craze. Spencer Rascoff is co-chairing a special-purpose acquisition company (SPAC), also known as a blank-check company, that will be seeking to invest in a tech unicorn and take it public, according to Inman. Rascoff will be joined by co-chair Alexander Klabin, who will soon become executive chairman of Sotheby’s Financial Services. Robert Reid, a former senior managing director ... [more]

The post Zillow co-founder Spencer Rascoff to start blank-check company appeared first on The Real Deal Miami.

Author: Staff
Posted: September 29, 2020, 8:30 pm

Top developers on their reasons for doubling down in South Florida market

For some Miami developers, the last few months have provided an opportunity to “double down.” “Our affordable division is extremely active,” Jon Paul Pérez, executive vice president of Related Group, said during The Real Deal’s latest episode of Coffee Talks. Pérez noted that Related has broken ground on three projects in the last 45 days. Another guest on the episode, Dezer Development founder Gil Dezer, also remains bullish on building across Miami. Last week, Dezer ... [more]

The post Top developers on their reasons for doubling down in South Florida market appeared first on The Real Deal Miami.

Author: By Hannah Kramer
Posted: September 29, 2020, 7:30 pm

ButterflyMX raises $35M to grow smart-intercom business

UPDATED: Sept. 29, 11:15 a.m.: Smart-intercom startup ButterflyMX has raised $35 million in growth capital to meet surging demand for contactless entry in apartment buildings. The round, led by Volition Capital, brings the company’s total funding to $40 million. Founder Cyrus Claffey said the company will use the money to develop additional products and tap new verticals, including commercial real estate. Egis Capital, RiverPark Ventures and Stifel Financial Corp., also participated in the round. Founded ... [more]

The post ButterflyMX raises $35M to grow smart-intercom business appeared first on The Real Deal Miami.

Author: By E.B. Solomont
Posted: September 29, 2020, 6:30 pm

Miami condo sales and dollar volume both rise at end of September

 More than 160 condos sold last week for over $80 million in Miami-Dade County, marking a weekly increase in closed sales and dollar volume. A total of 162 condos sold for $83.7 million last week, a huge jump compared to the 110 units that sold for $53.9 million the previous week. Condos last week sold for an average price of about $517,000 or $331 per square foot. The most expensive sale was for unit ... [more]

The post Miami condo sales and dollar volume both rise at end of September appeared first on The Real Deal Miami.

Author: By Jordan Pandy
Posted: September 29, 2020, 5:30 pm

Will real estate take the stage at Trump-Biden debate?

The first presidential debate between President Donald Trump and former Vice President Joe Biden airs tonight, and will focus on the coronavirus pandemic, the economy, racial unrest and the candidates’ records among other preselected topics. But given Trump and Biden’s shared penchant for off-the-cuff remarks, will they stay entirely on topic or will eviction bans, retail bankruptcies and other real estate issues come up? If so, here’s what we can expect them to discuss. 1. ... [more]

The post Will real estate take the stage at Trump-Biden debate? appeared first on The Real Deal Miami.

Author: By Orion Jones
Posted: September 29, 2020, 4:30 pm

@properties to franchise its brand

In 2018, Chicago’s @properties defended its home turf from national competitors with a massive billboard cautioning locals not to “ask for directions from a tourist.” But now the firm itself has found the allure of national growth hard to resist. The residential brokerage is plotting its own expansion by franchising its brand, the company said Tuesday. “Our goal is to become the fastest-growing brand in the country,” said co-CEO Thad Wong. “We won’t bite off ... [more]

The post @properties to franchise its brand appeared first on The Real Deal Miami.

Author: By E.B. Solomont
Posted: September 29, 2020, 3:30 pm