Residential Real Estate News

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Bankrupt Ditech looks to sell most of its mortgage business

The bankrupt nonbank lender Ditech Holding Corp. is looking to sell much of its mortgage business. New York-based New Residential Investment Corp. made a bid in U.S. Bankruptcy Court to buy all of the forward assets of Ditech Financial, while Washington, D.C.-based Mortgage Assets Management made a bid to buy all of the assets and stock of the company’s reverse mortgage business. Port Washington, Pennsylvania-based Ditech has been in serious financial trouble since 2017 when ... [more]
Author: Gregory Prosser
Posted: June 18, 2019, 10:17 pm

MAP: Everywhere Google owns property in America

  Google now feels guilty. After the Mountain View-based company and its peers in Silicon Valley helped to create a shortage of affordable housing, Google is pledging to spend $1 billion on creating more housing in the Bay Area. In a blog post, Google CEO Sundar Pichai said $750 million of that will be repurposing Google’s own land, currently marked as commercial or office space, as residential housing and the rest is an investment fund ... [more]
Author: Ashley McHugh
Posted: June 18, 2019, 10:12 pm

Class action cases over broker commissions pick up steam

Two class action antitrust lawsuits that threaten central tenets of the U.S. real estate business have now joined forces with their allegations now tied to an ongoing investigation by the U.S. Department of Justice. An amended class action complaint filed in a federal court in Chicago consolidates cases filed by Minnesota-based home seller Christopher Moehrl and Sawbill Strategic in March and April, respectively, while adding six more plaintiffs from across the country, Inman reported. As ... [more]
Author: Kevin Rebong
Posted: June 18, 2019, 10:00 pm

The week in luxury: A map of Miami-Dade’s priciest condo sales

Condo sales were again down last week in Miami. A total of 120 condos sold for $45 million in Miami-Dade County, compared to 126 closings for $60 million the previous week. Condos last week sold for an average price of about $374,000 or $315 per square foot. A unit at Residences at Vizcaya sold for $2.21 million after only a month on the market. The three-bedroom, three-and-a-half-bathroom condo, unit 605, sold for $816 per square ... [more]
Author: Gregory Prosser
Posted: June 18, 2019, 9:30 pm

Agents go the extra mile to ensure privacy for not-so-famous rich clients

Sleep masks. Fake names. Art dealer personas. Those are just some of the gimmicks being used in the world of high-end real estate as more wealthy home buyers seek greater privacy while they search for their next property. While it’s commonplace to see celebrities buying homes under LLCs or through business managers, agents are increasingly having to take extreme precautions for not-so-famous folks who want to disguise their identity for other reasons, the Wall Street ... [more]
Author: Gregory Prosser
Posted: June 18, 2019, 8:30 pm

TA Realty pays $60M for Regions Bank building in Coral Gables

TA Realty bought the Regions Bank building in Coral Gables, amid growing interest in the city’s office Class A office market. The company paid $60 million for the property, sources said. The Boston-based firm acquired the 15-story, 146,202-square-foot Class A office building at 2800 Ponce de Leon Blvd from Regions Bank. The price equates tor $410 per square foot. TA Realty plans to change the name of the building and make significant capital improvements, according ... [more]
Author: Alexis Manrodt
Posted: June 18, 2019, 7:30 pm

Downtown Miami Airbnb-branded hotel-condo project launches sales

Developers Harvey Hernandez, Russell Galbut and Bruce Menin launched plans for their first Airbnb hotel-condo project in South Florida. Hernandez’s Newgard Development Group and Crescent Heights senior principals Galbut and Menin are partnering on Natiivo at 190 Northeast Sixth Street in downtown Miami. Natiivo is a new brand from Hernandez’s company, NGD Homesharing. The 48-story tower, with roughly 600 units, will have about 400 condos and 200 Natiivo hotel units, according to a release. Cervera ... [more]
Author: Gregory Prosser
Posted: June 18, 2019, 6:30 pm

In run-up to IPO, the We Company could have a $34B problem

It’s been a year of ballooning financial numbers for the We Company, which has seen both revenue and losses roughly double year-over-year. Another figure has reportedly nearly doubled as well – the co-working company’s lease obligations. In a development that may concern investors in the run up to an initial public offering, the company formerly known as WeWork had about $34 billion in lease obligations at the end of last year, up from $18.2 billion ... [more]
Author: Kevin Rebong
Posted: June 18, 2019, 5:00 pm

Doublewide: Bedrock acquires two mobile home parks in Riviera Beach

A company tied to Bedrock Communities bought two mobile park home parks in Riviera Beach for $8 million. Tampa-based Bedrock bought a total of 303 mobile home sites at 3030 Broadway Boulevard and 3051 Broadway Boulevard for $26,402 per home site, records show. A company tied to Kansas City-based Mission Peak Capital sold the properties. Bedrock scored an $8.8 million loan from RCC Real Estate to acquire the properties. In 2014, Mission Peak bought the ... [more]
Author: Gregory Prosser
Posted: June 18, 2019, 4:30 pm

Aventura developer launches mixed-use office condo project

Rieber Developments released plans for 1212 Aventura, a mixed-use development with office condos and senior living. The Arquitectonica-designed project, at 21290 Biscayne Boulevard, will have 30,000 square feet of retail space, 30,000 square feet of office space, 150 luxury senior living units and a parking garage, according to a release. Cervera Real Estate was hired to handle sales of the office condos, which range from $329,000 for a 670-square-foot unit to $660,000 for a 1,200-square-foot ... [more]
Author: Gregory Prosser
Posted: June 18, 2019, 3:30 pm