Residential Real Estate News

The Real Deal MiamiThe Real Deal Miami

“We are starting to run, but the gun hasn’t fired:” Investors dash into Opportunity Zones

Investors and developers in Miami-Dade County have been pouring money into Opportunity Zones. From April through September, property sales in those areas tallied $942 million, a 25 percent increase from the same time in 2017, according to The Real Deal’s analysis of records. Enacted as part of the December 2017 tax overhaul plan, Opportunity Zones began catching the eye of savvy investors last summer, who were eager to get in on a program that provides ... [more]
Author: Gregory Prosser
Posted: February 18, 2019, 2:00 pm

Luxury brand-name residences are growing in popularity — and commanding a premium

If you brand it, they will come. That’s the lesson luxury residential developers are learning as more and more buyers are purchasing properties in high-end branded towers. More than 400 properties are stamped with luxury brand names across the world, and 110 more of these developments will open by 2023, according to Alexandros Moulas, a director of international development at Savills Plc, Bloomberg reported. Such developments include the 60-story Porsche Design Tower in Sunny Isles ... [more]
Author: Kerry Barger
Posted: February 18, 2019, 1:00 pm

All in the family: Alex Sapir turns to relatives to complete Surfside development

Alex Sapir, through his investment firm, the Sapir Corp., is seeking shareholder approval on a deal that will let his relatives bail him out on a luxury condo development under construction in Surfside, a sleepy town north of Miami Beach. Alex Sapir’s publicly traded company is proposing to use $6 million in deposits for condo units at Arte by Antonio Citterio, to fund overrun costs tied to completing construction of the 12-story project, according to ... [more]
Author: Erin Hudson
Posted: February 18, 2019, 2:48 am

New York firm gets $19M for Miramar building leased to DeVry University

New York-based Gramercy Property Trust got $19 million for selling a building in Miramar leased by DeVry University. The new owners are Miami Beach-based Miramar 2300 Investors LLC, David J. Berger and Steven R. Becker. They got a $21 million mortgage loan from City National Bank in connection with their acquisition. An affiliate of Gramercy Property Trust, RT Miramar I LLC, sold the 97,690-square-foot building for $194 per square foot. DeVry has been the sole ... [more]
Author: sffreelance
Posted: February 17, 2019, 9:00 pm

Developer of Bristol condo in West Palm to put his next project in Palm Beach Gardens

Developer Al Adelson is planning a 16-acre development in Palm Beach Gardens as he finishes building the ultra-luxury Bristol condominium near downtown West Palm Beach. Adelson told the Palm Beach Post that he will acquire property on Central Avenue between Hood Road and PGA Boulevard but has not decided how to develop the 16-acre site. The Palm Beach Post also reported that Adelson bid for the PGA National Resort & Spa in Palm Beach Gardens ... [more]
Author: sffreelance
Posted: February 17, 2019, 8:00 pm

What’s behind the projected slowdown in China’s property market

In 2015, government authorities in China responded to a big drop in the Chinese stock market and other issues by reducing interest rates and lifting limits on home purchases, which boosted both property investment and the national economy. But now, Beijing is resisting an expansion of a public program that has provided cash subsidies to help rural residents buy apartments in dozens of Chinese cities. Government officials are now wary of stimulating housing investment because it would add unwanted ... [more]
Author: Erin Hudson
Posted: February 17, 2019, 7:00 pm

Former California home of LSD proponent Timothy Leary hits the market

A California house where psychologist and LSD proponent Timothy Leary manufactured and used the hallucinogenic drug is for sale for $1.495 million. The listing includes a description of the house that acknowledges its link to LSD and Leary, who died in 1996. A post that describes the listing says Leary lived in the house in the 1960s with group called “The Brotherhood of Eternal Love … Together, they inhabited a lifestyle committed to using the ... [more]
Author: Erin Hudson
Posted: February 17, 2019, 6:00 pm

Stoned in style: Barneys to roll out pricey pot paraphernalia

Luxury department store chain Barneys New York will introduce a line of upscale accessories for marijuana users at its California locations. Barneys will open a marijuana accessories boutique called The High End in each of its California department stores, starting with its Beverly Hills location in March. The department store chain is curating products for The High End together with Beboe, a Los Angeles-based retailer of cannabis products, which the New York Times described as ... [more]
Author: Erin Hudson
Posted: February 17, 2019, 5:00 pm

To rent or to own? Here’s who pays more

Is it better to rent or to buy? That depends on where you live and whether you think long-term or short-term. In every state across the country, homeowners with a mortgage pay more per month than renters, but the difference is far more drastic in some than others, according to a CNBC report on U.S. Census data from 2013-2017. The reason behind the finding isn’t clear from the data, but, based on other reports, it ... [more]
Author: Erin Hudson
Posted: February 17, 2019, 4:00 pm

J.Lo and A-Rod are the new owners of a three-story Malibu beach house

Power couple Jennifer Lopez and Alex Rodriguez are Malibu’s latest celebrity residents. Singer-actress JLo and former Yankee shortstop A-Rod were the buyers behind the $6.6 million sale of actor Jeremy Piven’s Malibu beach house last month, according to Yolanda’s Little Black Book. The three-story, 4,400-square-foot home on Malibu Road has 50 feet of beachfront and a suite of high-end conveniences. They include a sauna, soaking tub, steam shower, and a screening room. The couple are ... [more]
Author: Gregory Prosser
Posted: February 17, 2019, 3:00 pm