Residential Real Estate News

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This European city has the world’s fastest rising home price

In the elegant Hungarian capital of Budapest, it’s good news for home sellers and not so good news for buyers. No other city in the world saw prices climb higher than in Budapest in the third quarter of 2019. The price of a home rose 24 percent year-over-year, according to a Knight Frank study cited by Mansion Global. It wasn’t a fluke for the city of 1.7 million — it topped Knight Frank’s list of ... [more]

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Author: TRD Staff
Posted: January 18, 2020, 7:00 pm

CBRE to open first Northeast co-working location in Philadelphia

It’s time to share a conference room in the City of Brotherly Love. CBRE’s first co-working location in the Northeast is set to open by the end of the year in Philadelphia. The 50,000-square-foot location at Shorenstein Properties’ 1818 Market building is under CBRE’s Hana brand that the commercial giant launched last year, according to the Philadelphia Inquirer. CBRE has opened two Hana locations — in London and Dallas — and plans to open two ... [more]

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Author: TRD Staff
Posted: January 18, 2020, 5:00 pm

Masa Son, the crown prince of Dubai and Tony Blair walk into a bar and decide to build a $34B city in Asia

How much would it cost to build a brand new, 445,000-acre capital city from scratch in the 21st century? Indonesia figures about $34 billion, and the world’s fourth-most populous nation has tapped a strange collection of people to execute the plans. The massive development project will be led by Crown Prince Sheikh Mohammed bin Zayed Al Nahyan of Abu Dhabi, according to the Associated Press. Following a two-day meeting with President Joko Widodo, the crown ... [more]

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Author: TRD Staff
Posted: January 18, 2020, 2:00 pm

Opportunity Zone investigation won’t derail developer investment, experts say

 The Treasury Department’s investigation into the Opportunity Zone program will weed out the bad apples but won’t derail the federal tax incentive initiative, investors and developers say. Instead, the probe could provide a way for companies with Opportunity Zone funds to promote the social impact of their investments, and could push to strengthen reporting requirements on those investments. “The more that’s cleaned up the better the program is going to do in the long term,” said ... [more]

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Author: By David Jeans and Keith Larsen
Posted: January 17, 2020, 10:30 pm

Office complex near Fort Lauderdale airport sells for $7M

An office complex next to Fort Lauderdale-Hollywood International Airport sold for $7.2 million. Capital Cypress LLC, managed by Jonathan Cohen and Fanny Cohen, purchased the Cypress Creek Professional Buildings at 2001-2005 West Cypress Creek Road. Bananco LLC, led by Aziz Ali, sold the property. The three buildings total 49,867 square feet, equating to a sale price of $144 per square foot, records show. Alex D. Zylberglait and Michael Crocchiola of Marcus & Millichap represented the ... [more]

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Author: By Keith Larsen
Posted: January 17, 2020, 10:00 pm

Condo lender Bank OZK reports lower profits in Q4

Bank OZK, which has been behind some of the largest condo loans in New York and Miami, reported a drop in fourth-quarter net income and reported the rating on one of its loans had been downgraded. The Arkansas-based bank’s stock fell 5 percent shortly after news of its earnings was released Friday morning. Bank OZK’s earnings are closely watched since they are viewed as an indicator of the condo market and the demand for large-scale ... [more]

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Author: By Keith Larsen
Posted: January 17, 2020, 8:30 pm

REI to open first South Florida store in Boca Raton

REI is trekking down to South Florida. The outdoor retailer signed a lease for a 23,000-square-foot store in Boca Raton that’s expected to open this fall, according to a press release. REI Co-op will open at Uptown Boca, a retail and apartment development at Glades Road and 95th Avenue South, east of U.S. 441. Schmier Property Group, Giles Capital Group and Rosemurgy Properties, in partnership with Wheelock Street Capital, are developing the 38-acre project with ... [more]

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Author: By Katherine Kallergis
Posted: January 17, 2020, 7:30 pm

Why Ryan Serhant sent $10,000 “cash” to clients

Was it a joke, or for real? That question made the rounds in broker circles after photos posted on Instagram last month showed celebrity agent Ryan Serhant giving $10,000 to a developer. “Instead of sending you a phone charger or a bottle of champagne, here is $10,000 in cash. Happy holidays,” read a card addressed to Silverback Development’s head of marketing, Jenna Segal, and signed by Serhant and his team. A second photo, posted by ... [more]

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Author: By Erin Hudson
Posted: January 17, 2020, 6:30 pm

Wellington developer Glenn Straub charged with larceny

UPDATED, Jan. 17, 5:25 p.m.: Prominent Wellington developer Glenn Straub was charged with larceny and is out on bond after he turned himself into the Palm Beach County Sheriff’s Office on Friday morning. Straub, who owns part of the Palm Beach Polo and Country Club, was charged in relation to an alleged fraudulent lien on an ex-girlfriend’s property. The Palm Beach Post first reported the news. Straub posted $11,000 in bail. In addition to being ... [more]

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Author: By Keith Larsen
Posted: January 17, 2020, 5:45 pm

Miami board OKs self-storage freeze

Miami’s Planning, Zoning & Appeals Board backed two proposed ordinances that will put the brakes on new storage facilities in the city of Miami. The first rule, banning storage facilities near mixed-used residential areas zoned T5 and T6, passed unanimously during the board’s meeting on Wednesday. A second piece of legislation, a 270-day moratorium on any new storage facilities throughout the city, barely squeaked by with a vote of 5 to 4, pending a “comprehensive ... [more]

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Author: By Erik Bojnansky
Posted: January 17, 2020, 4:30 pm