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Ian and Ingrid have a combined real estate experience of 20 years and are experts in their field. Both have lived in Miami since 1990 are very familiar with all neighborhoods in the city. Whether you are looking for a waterfront home on one of our many islands, a beach-front condo, an art deco studio, or investment property, we pride ourselves in connecting you with your own piece of paradise.

We love what we do and it shows in our longevity and consistent results. We are honest, trustworthy, and reliable. We are expert negotiators and versed in all aspects of the real estate deal. How can we help you?
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The Real Deal Miami

Miami-Dade, Broward sales prices on fire in March
Although there was more inventory to work with, South Florida prices for condominiums and single-family homes climbed even higher in March. In Miami-Dade County, the median price for condo resales was up by 19.8 percent to $235,000 year-over-year, Miami Association of Realtors data show. The change was a 13 percent increase compared to the previous month. The resale price of single-family homes in the county climbed 4.4 percent to $235,000 year-over-year. “While additional inventory is […] [more]
Seagate Yacht Club project nears final approval
Seaside Builders and Seagate Hospitality Group plan to break ground on its Delray Beach Yacht Club redevelopment in June, granted the city provides final approval today. Plans call for Seagate Yacht Club to hold condominiums starting at $3 million; a 5,200-square-foot, three-story yacht club; and a 44-slip marina. The development will be located on the former site of the Morgan Yacht Club, which the owners bought for $7.3 million in December from IberiaBank. IberiaBank took […] [more]
Tiramesu to close Lincoln Road location
After 17 years on Lincoln Road, Italian restaurant Tiramesu is moving back to the South of Fifth neighborhood of Miami Beach. Restaurant co-owner Graziano Sbroggio announced plans to shut down the Lincoln Road location on Sunday and relocate to 101 Washington Avenue this fall. The restaurant’s executive chef is expected to spend the summer traveling to different cities with hopes of incorporating new dishes into the menu before the South of Fifth location opens, according […] [more]
Gordon Campbell Gray agrees to operate Palm House
A prominent hotelier is now overseeing the Palm House hotel project, which has been in the works for seven years. Gordon Campbell Gray, who is based in London and Beirut, agreed to take operational control of the Palm Beach project, the Palm Beach Daily News reported. Property owner 160 Royal Palm originally approached Gray last fall but couldn’t finalize an agreement with the hotelier until recently. Gray hopes to get the 92-room hotel ready to […] [more]
Miami-Dade mayor wants westward rail expansion, part of Venetian Causeway bridge to be razed and rebuilt … and more
A Metrorail train
Miami-Dade mayor wants westward rail expansion. Part of Venetian Causeway bridge to be razed, rebuilt. Local film industry scrambles to secure state incentives. Read those stories and more after the jump.
Miami-Dade office market continues surge
A lack of new construction and strong employment growth is helping Miami-Dade County’s office market chip away at vacancies and raise rents. The county’s year-over-year office vacancy rate fell from 16.5 percent to 16.1 percent during the first quarter of 2014, according to Miami Today, which cited CBRE data. Year-over-year asking rents increased 29 cents to $30.72 per square foot. Miami’s Central Business District led the way, with asking sublease rates at certain Class A […] [more]
Miami Beach expected to adopt “party homes” measure
Miami Beach commissioners are expected to pass a measure that cracks down on so-called “party homes” during Wednesday’s meeting. The measure would make it illegal to advertise short-term home rentals that are not in compliance with city code, the Miami Herald reported. Commissioners unanimously voted in favor of the rule during last month’s first reading. Home rentals of less than six months plus one day are already illegal in Miami Beach. But that hasn’t stopped […] [more]
Michael Simkins buys land in Miami’s Overtown area
Miami Beach investor Michael Simkins purchased 10 properties totaling more than one acre in Miami’s Overtown neighborhood for about $3.6 million. The land acquired by Lion Folk Life Village, a company tied to Simkins, is located just north of the future site of All Aboard Florida’s downtown Miami station. Nine of the 10 parcels are vacant, according to the Daily Business Review. A small apartment building is located on the other property. A nonprofit, The […] [more]
Codina Partners gets $20.6M Downtown Doral loan
Codina Partners obtained a short-term $20.6 million construction loan for a portion of its Downtown Doral project, The Real Deal has learned. Ocean Bank gave Codina-managed Downtown Doral Townhomes the mortgage on Thursday, according to Miami-Dade County records. The loan, which matures in April 2016, is secured by 7.2 acres within the 120-acre Downtown Doral site. Codina can obtain future advances of up to $42 million over the next 20 years Codina received a $6.6 […] [more]
Palm Beach County home prices rise again: report
Palm Beach County single-family and condo prices rose again in March, but industry experts say the market is starting to slow down. The single-family median price in Palm Beach County was $265,000 last month, according to the latest data from the Realtors Association of the Palm Beaches. That represents a 6 percent year-over-year increase. Single-family prices rose by nearly 30 percent year-over-year last spring, however. Closed single-family sales increased 8 percent to 1,369 in March. […] [more]
Bill Nelson leads climate change meeting in Miami Beach
Miami Beach City Hall was the setting for a field hearing on rising sea levels organized by U.S. Sen. Bill Nelson. A group that included Nelson, a NASA scientist, Miami Beach Mayor Philip Levine and Broward County Commissioner Kristin Jacobs discussed climate change impacts in South Florida during Tuesday’s meeting. Nelson wanted the danger of rising sea levels on the region to be “part of the official record of the Senate,” according to the Miami […] [more]
Top stories
Top stories yesterday on The Real Deal: 1. Ugo Colombo reveals Brickell Flatiron details 2. 30,000 new condos now proposed in South Florida 3. Worldcenter neighbors opposed street closure request [more]
Miami is No. 2 in foreign buyers’ searches: report
Miami was the second-most searched-for housing market in the U.S. among international buyers in February, according to monthly data from the National Association of Realtors. Orlando, No. 4, and Fort Lauderdale, No. 5, also cracked the list. Florida was represented in the top 10 more than any other state. Los Angeles, however, landed at the top of the chart. Residents of Spain, Italy, Switzerland, Brazil and France were the most recurring visitors to the NAR […] [more]
Terra Group plans tower addition on HoJo’s site
The Terra Group wants to build an addition for its proposed condominium tower on the site of the Howard Johnson Plaza Dezerland Beach and Spa in Miami Beach. The developer is seeking a zoning variance for the additional height, which would put the tower at 17 stories tall. To make this happen, Terra proposed paying up to $6 million on renovations tied to North Shore Open Space Park. The vacant parking lot sits on the north […] [more]
Joint venture formed for Miami apartment project
The Adler Group and 13th Floor Investments formed a joint venture to acquire a long-term ground lease and eventually construct an apartment building near Miami’s Dadeland Mall. Adler and 13th Floor announced the ground lease purchase and development plans in a written statement released on Tuesday. The companies did not disclose the purchase price. The property is adjacent to the Dadeland North Metrorail station and Dadeland Station retail complex. The Class A apartment building is […] [more]
Armando Montelongo launches Miami bus tour
Real estate entrepreneur and “Flip This House” cast member Armando Montelongo is about to launch an educational bus tour in Miami. Montelongo’s first “VIP Bus Tour” seminar is scheduled for Thursday, according to a written announcement released on Tuesday. About 300 attendees are signed up for the four-day program. Montelongo, the founder and CEO of Armando Montelongo Companies Inc., plans to share his investment strategies for buying and renovating lower-to-middle income residential properties. As part […] [more]
Wynwood Gateway Park starts design competition, Trader Joe’s reveals Wellington store opening date … and more
Miami Mayor Tomas Regalado and Metro 1's Tony Cho at Wynwood Gateway Complex event
Wynwood Gateway Park starts design competition. Trader Joe’s reveals Wellington store opening date. South Beach office condo on market for $10M. Read those stories and more after the jump.
Wellington dressage site changes hands for $23M
Everglades Dressage sold its 14-acre site in Wellington’s Grand Prix Farms for $23 million, The Real Deal has learned. The company, which is managed by Rosalie Peslar, closed the sale of the four properties on Wednesday, according to Palm Beach County records. The county recorded the transaction on Monday. Peslar’s daughter Bethany is an award-winning dressage rider and trainer, according to Everglades Dressage’s website. Artemis Equestrian Farm of West Palm Beach is the buyer. The […] [more]
Riviera Beach apartments sell for $22.5M
A Riviera Beach apartment complex changed hands for $22.5 million, according to Palm Beach County records. Longwood-based Prospect Northlake sold the 520-unit complex at 1001 Wedgewood Plaza Drive on April 9. Palm Beach County recorded the sale on Friday. A Birmingham, Ala.-based partnership acquired the 40.3-acre property. Prospect Northlake paid nearly $15 million for the complex in January 2011. The buying partnership received a $32.2 million loan from First Commercial Bank for the purchase. — […] [more]
30,000 new condos now proposed in South Florida
Developers are now proposing more than 30,000 new condo units east of I-95 in the tri-county region of South Florida. Fittingly, veteran developer Ugo Colombo, who started the 1993 boom in Greater Downtown Miami with the delivery of his Bristol Tower project on Brickell Avenue, pushed South Florida over the 30,000-unit threshold. The Miami Herald reported Monday that Colombo’s CMC Group, in a joint venture with Russian developer Vladislav Doronin, plans to build a pair […] [more]
American Express complex trades at steep discount
A Miami real estate firm got a steep discount from the 2007 price paid for the soon-to-be former American Express office complex in Plantation, according to Broward County records. Plantation 25, a company managed by TM Real Estate Group, paid $33.5 million for the more than 650,000-square-foot complex on Thursday. Broward County recorded the transaction Monday. The seller, Plantation-based Kan Am American Express, paid $73 million in November 2007 for the 777 American Express Way […] [more]
13th Floor affiliate launches Tamarac project
A former Tamarac golf course tied to a public corruption scandal is about to be redeveloped into a single-family home community. Developer Central Communities plans to launch sales and start construction of the 253-residence Central Parc next month, the Sun-Sentinel reported. Home prices start in the low $200,000s. The 40-acre site, which was previously the Sabal Palm golf course, is located at the northwest corner of Commercial Boulevard and Florida’s Turnpike. Central is an affiliate […] [more]
Ugo Colombo reveals Brickell Flatiron details
Developer Ugo Colombo unveiled the details of his 60-story Brickell Flatiron residential tower. Colombo plans to construct more than 500 units on 1.1 acres at the corner of Brickell Plaza and South Miami Avenue, the developer announced on Monday. Prominent architect Luis Revuelta designed the building. Colombo intends to have a mix of large one-, two- and three-bedroom residences and several duplex penthouses. A retail and restaurant component is also part of the plans for […] [more]
Top stories
Top stories yesterday on The Real Deal: 1. Worldcenter neighbors oppose street closure request 2. Tim Bowens sells North Miami Beach home 3. Beckham adviser takes on soccer stadium opponent [more]
West Palm not ready to sell land to church
West Palm Beach is not quite ready to sell the Congregation of Jehovah’s Witnesses a city-owned property despite getting an aggressive offer from the church. City commissioners declined to declare the 3100 Australian Avenue property as surplus during Monday’s work session, the Palm Beach Post reported. A surplus designation is required before the city can sell the land. The church offered the city $750,000 for the 2.1-acre property, which is currently zoned for recreational use. […] [more]
Tobacco Road looks to sell, relocate
The staff of Tobacco Road, Miami’s oldest bar, is pooling money together with hopes of buying the bar and moving around the corner. Tobacco Road’s existing lease at 626 South Miami Avenue expires next year, so the owners of the 101-year-old bar and about 30 staffers are working on raising $2 million to buy the business, South Florida Business Journal reported, citing information from The group plans to launch crowdfunding initiatives in which donors […] [more]
Broward Convention Center master plan in works
Broward County residents can get a first look at prospective master plans for their convention center during a public meeting scheduled for Tuesday. Four different concepts are slated to be presented for the waterfront 40-acre site of the Broward County Convention Center, the Daily Business Review reported. After the public weighs in, county commissioners are expected to review the master plan and choose a team to oversee the redevelopment project. The county hopes the 1.7 […] [more]
Village Shoppes owner faces foreclosure
The owner of a large shopping center in Royal Palm Beach faces foreclosure. A commercial mortgage-backed securities lender filed a foreclosure action against The Centre on 441 on April 10, South Florida Business Journal reported. The Centre’s mortgage has a $37.5 million outstanding balance and is secured by the 293,050-square-foot Village Shoppes. The shopping center is located on 30.3 acres at 10101, 10105 and 10109 Southern Boulevard. Tenants at Village Shoppes include Bealls, Burlington Coat […] [more]
A look at Swire’s City Centre hotel, Miami Beach convention redevelopment has target start date … and more
Brickell City Centre rendering
A look at Swire’s City Centre hotel. Miami Beach convention redevelopment has target start date. Home with Beatles connection to be razed. Read those stories and more after the jump.
Butch Buchholz buys Boca house for $1.7M
Tennis Hall of Famer Earl “Butch” Buchholz, the founder of the annual Key Biscayne tournament now known as the Sony Open, purchased a Boca Raton residence for nearly $1.7 million, The Real Deal has learned. Buchholz and his wife Marilyn bought the 1693 Sabal Palm Drive home on April 14, according to Palm Beach County records. The county recorded the transaction on Wednesday. The couple did not obtain financing for the purchase of the four-bedroom […] [more]
Condo project underway in Hillsboro Beach
Six years after finishing a boutique condo building in Hillsboro Beach, the Marrano/Marc Equity development firm is back in town with another waterfront project. Marrano/Marc started construction earlier this month on 1200 The Ocean, an 18-unit beachfront building across State Road A1A from its last Hillsboro Beach development, the Sun-Sentinel reported. Unit prices range from $900,000 to $2.3 million. The firm hopes to finish 1200 The Ocean by September 2015. Both 1200 The Ocean and […] [more]
Tim Bowens sells North Miami Beach home
Former Miami Dolphins standout Tim Bowens sold his home in the gated Eastern Shores community of North Miami Beach, The Real Deal has learned. The longtime defensive tackle closed the sale of the 16401 Northeast 32nd Avenue residence on April 9, according to Miami-Dade County records. The county recorded the transaction on Tuesday. Bowens paid $969,000 for the 6,100-square-foot home in May 2001. The house was constructed in 2000. Roland Faith of Aventura purchased the […] [more]
Sweetwater developer gets loan for student housing
The developer of a student housing building near Florida International University obtained a $35.4 million construction mortgage from a group of lenders, The Real Deal has learned. Sweetwater Properties I of Boca Raton received the financing for the eight-story Plaza Suites II at 10899 Southwest Fourth Street on Sweetwater, according to Miami-Dade County records. The transaction closed on Thursday and was recorded on Friday. The loan matures in April 2018. A group of lenders managed […] [more]
Minto accused of paying project supporters
Minto Communities faces accusations of paying people to act as supporters of its proposed 6,500-home development in the Acreage neighborhood of Palm Beach County. Opponents of Minto West say the homebuilder gave individuals as much as $60 to wear “Yes to Minto West” shirts during a public meeting and recruiting supporters with no ties to the community, the Palm Beach Post reported. One Acreage resident filed a complaint with the county in hopes of launching […] [more]
Beckham adviser takes on soccer stadium opponent
A key adviser for David Beckham’s Major League Soccer investment group took on a fierce opponent of a soccer stadium at PortMiami in a televised debate on Sunday. John Alschuler, Beckham’s New York-based real estate adviser, and former Royal Caribbean Cruises executive John Fox argued over what would be the most appropriate uses for the southwest corner of Dodge Island on “Facing South Florida with Jim DeFede,” the Miami Herald reported. Alschuler claimed the seaport’s […] [more]
Top stories
Top stories over the weekend on The Real Deal: 1. Worldcenter neighbors oppose street closure request 2. Tommy Hilfiger’s Raleigh purchase price revealed 3. Filomena Tobias sells Jupiter home at a loss [more]
Starchitect Mario Cartaya celebrates 35 years in South Florida
Mario Cartaya’s architectural vision has given rise to 100 public buildings 35 years into his career. Mario Cartaya’s company, Cartaya & Associates, shaped much of the South Florida landscape with a portfolio that includes the airport in Fort Lauderdale, where the architect is based, and Miramar City Hall. The 62-year-old Cartaya began his work in the field as an architecture student at the University of Florida, and kicked off a career drawing up plans for […] [more]
Four charged with fraud in Kensington condo case
A federal judge has formally charged four defendants involved in an alleged $25 million fraud at the Kensington of Royal Palm Beach condominium, according to criminal indictments recently unsealed. The charges, filed in U.S. District Court for the Southern District of Florida, accused a managing member of the Kensington Trust and three other individuals of conspiracy and bank fraud, the Palm Beach Post reported. The defendants include Eli Riesel of the Kensington Trust; Rashmi Airan-Pace, […] [more]
The Real Deal is hiring!
The Real Deal is looking for a few good men and women as we expand our operations. We are currently seeking a full-time reporter and freelance writers for our fast-growing South Florida site, which along with the magazine’s New York City website, garners more than 7 million page views a month. We are looking for reporters with the ability to dig deep for breaking news, as well as write about the big-picture trends affecting the […] [more]
Developer gets Palm Beach Gardens land for $10M
A developer acquired a 15-acre condo development site in Palm Beach Gardens for $10 million. FW Yacht Club, a Jupiter-based company managed by Thomas Frankel, purchased the land on the southeast corner of Donald Ross Road and Prosperity Farms Road on Monday, according to Palm Beach County records. Frankel is president of Frankel Development Co. Another Jupiter company, 2700 Donald Ross, sold the site to FW Yacht. The site has City of Palm Beach Gardens […] [more]
Joanna Krupa lists Brickell condo for sale
Former supermodel and “Real Housewives of Miami” star Joanna Krupa is looking to sell her Brickell condo only eight months after buying it. Krupa and her husband Romain Zago listed the 42nd floor unit at the Four Seasons Hotel and Tower for just under $2 million, Gossip Extra reported. The couple paid $1.4 million for the 1425 Brickell Avenue condo in September 2013. They received a $1.1 million mortgage for the purchase. The unit was […] [more]
Departing Miami Beach police chief to run Ultra security, expert sheds light on record Miami hotel sales … and more
Fans at Ultra Music Festival in downtown Miami
Departing Miami Beach police chief to run Ultra, security. Expert sheds light on record Miami hotel sales. Microsoft gets Macklemore to ring in new Aventura store. Read those stories and more after the jump.
Biscayne Bank to move to larger Coconut Grove HQ
Biscayne Bank plans to relocate to a new headquarters in Coconut Grove that would have more than double the square footage of its current offices. Bank chairman Thomas Lumpkin told South Florida Business Journal the new headquarters at 2601 South Bayshore Drive would total 11,000 square feet. The bank is currently based in a 4,500-square-foot facility at 3121 Commodore Plaza. The new headquarters would include a retail branch and international banking on the first two […] [more]
Robert Futterman on Tommy Hilfiger’s Raleigh buy
Robert Futterman happened to be sitting next to Tommy Hilfiger during an Art Basel Miami Beach party in December when the fashion icon mentioned his plan to launch a new hospitality venture. That’s how the seeds were planted for Hilfiger’s Raleigh Hotel purchase, which closed last week, said Futterman, who brokered the deal for sellers David Edelstein and Sam Nazarian. The real estate heavyweight told The Real Deal how he seized the opportunity to mention that […] [more]
Worldcenter neighbors oppose street closure request
Opponents of a developer’s request to permanently close off several streets that would be incorporated into the Miami Worldcenter site claim that city officials are giving away valuable public rights-of-way in downtown for next to nothing, The Real Deal has learned. The first of two public hearings about closing sections of Northeast Seventh, Eighth and Ninth streets to vehicular traffic is on Miami commssioners’ agenda for Thursday. Nearby property owners are already expressing frustration about […] [more]
Adjacent Palm Beach homes sell for $11.5M
A Toronto company sold two Palm Beach homes for $11.5 million, The Real Deal has learned. Deaj Properties closed the sale of the adjacent 1230 North Ocean Boulevard and 1233 North Ocean Way properties on Monday, according to Palm Beach County records. The county recorded the transaction on Wednesday. Deaj paid $5.8 million in March 2011 for the 6,263-square-foot home at 1230 North Ocean and $1.7 million for the 3,617-square-foot 1233 North Ocean residence in […] [more]
South Florida judges accused of rushing foreclosure cases
Homeowner attorneys claim judges in Miami-Dade and Palm Beach counties are improperly rushing along certain foreclosure cases in an attempt to clear their backlog of cases, some of which date back five or six years. The administrative orders issued by these judges are giving an unfair advantage to lenders, prominent foreclosure defense attorney Thomas Ice told the Daily Business Review. Appeals of such cases are pending in the Third District Court of Appeal, with a […] [more]
Miami Beach might pay $26M for property
Miami Beach is considering buying a property that is presently occupied by Burger King and Pier 1 Imports for $26 million. The land could eventually be used as a transit hub if discussions between the city, Miami and Miami-Dade County about a mass transportation system across Biscayne Bay lead to a concrete plan, according to the Miami Herald. City Manager Jimmy Morales signed a letter of intent to buy the 1100 Fifth Street property on […] [more]
Top stories
Top stories yesterday on The Real Deal: 1. Tommy Hilfiger’s Raleigh purchase price revealed 2. Thor, Edelstein make Design District buys 3. High-end retail to anchor Brickell City Centre [more]
Amazon sales tax to add $80M annually to Florida
Miami-Dade County’s tax base is about to get a boost from Amazon, which recently announced it will begin collecting sales tax from Florida’s online shoppers starting May 1. The move comes as the e-commerce giant gears up to open its new 1.1 million-square-foot warehouse in Hillsborough County and two “fulfillment” centers along the Interstate 4 corridor, the Miami Herald reported. The company’s decision was likely prompted by a state law requiring stores with a physical […] [more]
Flagler Street revamp could start this year
Miami city officials are looking to start rehabbing Flagler Street’s retail scene before the year is up, according to a report. The $13 million Flagler Streetscape project, an overhaul of the thoroughfare and its sidewalks, aims to spur economic development, Miami Today reported. The road runs from Interstate 95 to Biscayne Boulevard. Currently, officials are on the clock to secure financing for the redo before the city’s end-of-May deadline — which they expect to meet, officials […] [more]
Sperry Van Ness ramps up auction program
The Miami office of Sperry Van Ness is spearheading a nationwide commercial real estate auction services program. Sperry is shifting from the traditional real estate auction model by having local advisors in cities throughout the U.S. through its SVN Auction Services, GlobeSt. reported. The typical approach is to have individual auctioneers cover a large geographic area and serve a deep pool of clients, according to the company. “SVN Auction Services understands that all real estate […] [more]
Palm Beach contractors arrested for grand theft
Two brothers who ran a Palm Beach-based contracting firm were arrested on grand theft charges. Francis and Russell Palmieri are accused of fraudulently entering into contracts for work that was never finished and not returning deposits to their clients, the Palm Beach Daily News reported. They were booked into Palm Beach County Jail on Monday. One of the brothers also faces a misdemeanor charge of working as a contractor without certification. Operating as Bud Palmieri […] [more]
Miami Beach road construction hurts city businesses, All Aboard Florida president addresses safety concerns … and more
Rendering of an All Aboard Florida train arriving into station
Miami Beach road construction hurts city businesses. All Aboard Florida president addresses safety concerns. New store coming to Bal Harbour Shops. Read those stories and more after the jump.
South Florida still rife with underwater loans
Despite South Florida’s residential real estate upswing, thousands of homeowners in the region still have what RealtyTrac considers “seriously underwater” mortgages. Three in 10 Palm Beach County residential borrowers owed at least 25 percent more than their properties are worth during the first quarter of 2014, according to the Sun-Sentinel, which cited the latest report from Irvine, Calif.-based RealtyTrac. That translates to nearly 119,000 people in the county. Six months ago, 36 percent of Palm […] [more]
Filomena Tobias sells Jupiter home at a loss
Filomena Tobias, the woman caught flipping off Chicago Bulls star Joakim Noah during last year’s playoff series against the Miami Heat, took a $700,000 loss on the sale of her home at the Bear’s Club in Jupiter, The Real Deal has learned. Tobais sold the 188 Bear’s Club Drive residence for nearly $3.8 million on March 31, according to Palm Beach County records. The county recorded the transaction on Tuesday. Tobias paid about $4.5 million […] [more]
Miami’s coastal housing market keeps climbing
Miami’s residential market completed its most first-quarter residential sales in at least eight years during the first three months of 2014, a new report shows. The coastal communities in Miami posted a combined 5,133 closed sales during the first quarter for a year-over-year gain of 3.9 percent, according to the latest Elliman Report from Douglas Elliman Real Estate. Miami’s year-over-year median sale price rose 16.1 percent to $244,000. Homes and condos spent an average of […] [more]
Tommy Hilfiger’s Raleigh purchase price revealed
Tommy Hilfiger’s paid $56.5 million for the Raleigh Hotel in South Beach, The Real Deal has learned. Miami-Dade recorded the fashion icon’s purchase of the 1775 Collins Avenue hotel by Hilfiger’s Elmira Miami on Wednesday, according to county records. The seller of the 105-room hotel, a partnership between W South Beach developer David Edelstein and sbe founder, chairman and CEO Sam Nazarian, paid $55 million for the two-property site in December 2012. Nazarian’s company is […] [more]
Realty Masters opens Coral Gables office
A Fort Lauderdale-based commercial real estate firm is expanding to Miami-Dade and hired an industry veteran to run its new office in the county. Realty Masters opened its third Florida office at 1000 Ponce de Leon Boulevard in Coral Gables, the company announced in a written statement. Craig Werley, the founder of Focus Real Estate Advisors, recently joined the firm and is set to oversee the Coral Gables office. Before launching Focus, Werley established and […] [more]
Large industrial lease inked in key Miami market
Ceva Logistics signed what is believed to be the largest industrial lease in five years in Miami’s Airport West market. The company reached a renewal agreement for 364,000 square feet in the aptly-named Ceva Logistics Building, GlobeSt. reported. Clarion Partners owns the facility. “Ceva is an important client for Clarion Partners, and we are pleased to extend our relationship with them in Miami,” Clarion’s Southeast asset manager Jesse Harty told GlobeSt. “Miami is a key […] [more]
Top stories
Top stories yesterday on The Real Deal: 1. Thor, Edelstein make Design District buys 2. Lehman subsidiary sells Miami Beach land 3. Royal Caribbean forms alliance to fight Beckham stadium [more]
Wall Street investors form South Florida trade group
Property investors reportedly launched a trade group to represent Palm Beach County’s growing coalition of Wall Street homebuyers. A spinoff of the Washington, D.C.-based National Rental Home Council will educate and give nonpartisan advise on renting out single-family homes on a corporate scale — a relatively new business model in the area, the Palm Beach Post reported. Some of its founding members include Colony Capital, Starwood Waypoint Residential Trust, American Homes 4 Rent and a […] [more]
High-end retail to anchor Brickell City Centre
Whitman Family Development is reportedly striking a deal with a luxury retail store to anchor its Brickell City Centre. Swire Properties’ $1 billion development, a major installment in the area’s recent construction surge, will feature a high-end brand like Harrods, Neiman Marcus or Saks Fifth Avenue at 700 Brickell Avenue, according to president and chief executive Matthew Lazenby. “The Brickell area is clearly ripe for a department store,” Lazenby told Miami Today. Another high-end retailer […] [more]
Marina sues City of Miami over lease
Rickenbacker Marina is in heated litigation with the City of Miami over the boat storage company’s lease for its longtime location on Virginia Key. The marina filed its latest complaint against the city in Miami-Dade Circuit Court on Tuesday, according to Miami New Times. Its issues with the city date back to a 2009 lease renewal that extended Rickenbacker’s rights to operate the marina through 2016. Under the lease, the marina agreed to construct an […] [more]
Brooklyn developer buys former golf course
A Brooklyn developer acquired the 181-acre site of the former California Golf Club in northern Miami-Dade County for $19.1 million. The Mazel Group’s acquisition of the six-property site is Miami-Dade’s largest land deal of 2014, according to the Daily Business Review. The company is tied to developer Yehuda Backer. It picks up a site with zoning to allow the construction of 702 homes, up to six residences per acre. Under a 2013 agreement with the […] [more]
Miami Beach to host town hall on Beckham stadium, Miami-Dade slot revenue less than expected … and more
PortMiami and David Beckham
Miami Beach to host town hall on Beckham stadium. Miami-Dade slot revenue less than expected. First mixed-income tower under construction near Brickell. Read those stories and more after the jump.
Greater Downtown Miami condo rents surge
Greater Downtown Miami enjoyed a surge in rental rates over the last five years, but the market is starting to level off. Increased employment is helping downtown condo owners fill up their units with renters. CBRE senior vice president Gerard Yetming told Miami Today condo rents are up 32 percent from 2009 levels. He cited the Multiple Listing Service and Miami Downtown Development Authority as sources for the rental data. “The demand will continue to […] [more]
Palm Beach County apartments sell for $18.1M
The Village Club Apartments in Palm Springs changed hands for $18.1 million, The Real Deal has learned. A company tied to Tampa multifamily investor Avesta Communities acquired the 314-unit apartment complex at 555 Kirk Road on April 10, according to Palm Beach County records. The county recorded the purchase on Tuesday. Avesta added the complex to a $45 million revolving credit facility from a group of lenders managed by KeyBank. Riverfront Capital III sold the […] [more]
Downtown’s growth key to drawing auto race to Miami
A new auto racing series wants to hold one of its annual events in downtown Miami, where last month’s injury and arrest-filled Ultra Music Festival has city politicians fuming, The Real Deal has learned. Downtown’s recent growth, fueled largely by residential development, is a pivotal reason for London-based motorsports company Formula E Holdings’ interest in the area. But large-scale events that close off downtown streets are a sore subject in the city at the moment. […] [more]
Thor, Edelstein make Design District buys
Thor Equities continued building its portfolio in Miami’s Design District with a $9.6 million acquisition, while developer David Edelstein picked up two properties in the district for $10.6 million, The Real Deal has learned. Both transactions closed within the past week. New York-based Thor completed the $9.6 million purchase of the NEST building at 120 Northeast 39th Street on April 9, according to Miami-Dade County records. NEST is a European furnishings retailer run by Sara […] [more]
Judge signs Miami-Dade sewer system deal
A federal judge in Miami signed a legal agreement forcing Miami-Dade County to make $1.6 billion in sewer system repairs over the next 15 years. U.S. District Judge Federico Moreno made the consent decree between the county, U.S. Environmental Protection Agency and Florida Department of Environmental Protection official last week, the Miami Herald reported. The deal was in the works for more than two years, following federal and state complaints over the county’s alleged violations […] [more]
Ray Lewis takes loss on Highland Beach sale
Retired football star Ray Lewis sold his oceanfront Highland Beach estate for nearly $4.8 million. The former Miami Hurricanes and Baltimore Ravens linebacker took a $400,000 loss on the April 7 sale of the 3573 South Ocean Boulevard home, according to Palm Beach County records. Lewis paid more than $5.2 million for the 6,788-square-foot residence in March 2004. The county recorded the sale on Tuesday. Lewis, who retired after the Ravens won the Super Bowl […] [more]
Top stories
Top stories yesterday on The Real Deal: 1. Jeffrey Soffer’s Turnberry plans Sunny Isles project 2. Lehman subsidiary sells Miami Beach land 3. Tommy Hilfiger completes Raleigh Hotel purchase [more]
Miami housing costs soar past affordability threshold
Miami rents have climbed high enough to consume 43 percent of the typical household income, according to a new analysis by real estate website Zillow. That’s up from a historical average of just over 25 percent of household income for the area, the New York Times reported. The high cost of rent and utilities is putting the squeeze on middle-class city-dwellers, according to the article — especially considering the industry rule-of-thumb that says spending more […] [more]
Short sales plummet in Palm Beach County
Once a life boat for struggling homeowners in a sinking housing market, short sales are now on the decline, according to a new report. An analysis conducted by CoreLogic showed that Palm Beach County had only 83 short sales in February, down 52 percent over the same period in 2013, indicating such transactions may become much more unusual. The report chalks up the drop to rising home equity — an estimated 26 percent of county […] [more]
Dania Beach implements “Ocean Park” plan
Dania Beach is hoping to position its waterfront as “Ocean Park” to entice South Floridians looking for a quieter alternative to the bustling beach areas dominated by condo towers throughout the region. EDSA Inc. was recently hired by Dania to oversee a $28 million plan to create a more “natural” beach environment in the city, the Sun-Sentinel reported. Dania’s 120-slip marina is in the midst of a $7.5 million revamp slated for completion in June. […] [more]
Alex Rodriguez sells Miami Beach condo
Alex Rodriguez netted a profit of nearly $500,000 on the sale of his Miami Beach condo. The embattled New York Yankees slugger sold the Mei unit for about $2.6 million after paying $2.1 million for the 5875 Collins Avenue condo a year ago, the Wall Street Journal reported. He originally listed the 11th-floor unit with an asking price of $3.2 million in December 2013. A-Rod’s sister, One Sotheby’s International Realty broker Arlene Susy Dunand, handled […] [more]
Meet the buyer of 30 Star Island, Shorecrest Club construction progresses … and more
30 Star Island Drive (via The Jills, Coldwell Banker Real Estate)
Meet the buyer of 30 Star Island. Shorecrest Club construction progresses. Venetian Causeway bus service halted after hole incident. Read those stories and more after the jump.
Former owner buys most of Mayfair Hotel
The Schlesinger family acquired most of Coconut Grove’s Mayfair Hotel and Spa only two years after losing it through foreclosure. Mayfair CLTG Holdings, which is managed by Robert and Adam Schlesinger of West Palm Beach and Dallas-based TriGate Capital, paid $27.6 million for 132 units and the common areas in the 300 Florida Avenue condo-hotel, South Florida Business Journal reported. The seller, an affiliate of Resource Real Estate Funding, seized the units and common areas […] [more]
Royal Caribbean forms alliance to fight Beckham stadium
Royal Caribbean Cruises formed a coalition to fight David Beckham’s proposed Major League Soccer stadium at PortMiami. The cruise line and numerous allies created the Miami Seaport Alliance to campaign against a 25,000-seat stadium on the southwest corner of the port, the Miami Herald reported. Miami Seaport bought a full-page ad in Monday’s Herald titled “Here We Go Again.” A second cruise company is part of the alliance, but leader John Fox declined to disclose […] [more]
Soffer tower is 25th proposed in Northeast Miami-Dade
A 25th new condo tower was proposed for the Aventura and Sunny Isles Beach market in Northeast Miami-Dade County, increasing the total number of planned units for this market to more than 3,525 during the latest cycle. The latest developer to get into the mix in Sunny Isles is Jeffrey Soffer, who announced plans on Monday to build a 52-story tower with 154 units on a 2.3-acre site, according to the Miami Herald. Soffer’s company, […] [more]
Lehman subsidiary sells Miami Beach land
A Lehman Brothers subsidiary sold the former Golden Sands development site in Miami Beach to a joint venture that plans to develop a boutique residential tower on the property. SMG/Shamrock and W Capital Group teamed up to acquire the vacant one-acre parcel adjacent to the Canyon Ranch Hotel & Spa, according to a written announcement released Tuesday by CBRE Hotels, which arranged the sale. The venture intends to build a luxury 20-story tower with only […] [more]
Anthony Lomangino sells another PB Gardens home
Recycling mogul Anthony Lomangino completed his second sale of a Palm Beach Gardens residence in less than two months, The Real Deal has learned. Lomangino and his wife Lynda sold a 6,044-square-foot home at 11743 Belladonna Court for about $2.3 million, according to Palm Beach County records. The sale closed on April 1 and was recorded by the county on Thursday. The couple paid $2.4 million for the four-bedroom residence in November 2006, around the […] [more]
SoFla active listings rise for the week
Active listings for housing inventory in the South Florida region rose last week to 41,855, according to weekly data from Condo Vultures. For the seven-day period ending Monday, pending sales increased from 22,023 to 22,183 week-over-week. Over the past four weeks, pending sales have slightly dipped. South Florida — including Broward, Miami-Dade and Palm Beach counties — saw 41,747 active listings during the week ending April 7. — Eric Kalis [more]
Top stories
Top stories yesterday on The Real Deal: 1. Jeffrey Soffer’s Turnberry plans Sunny Isles project 2. Waterfront downtown Miami property up for sale 3. “Million Dollar Listing Miami” cast unveiled [more]
Palm Beach County firm creates shippable homes
A Palm Beach County company is hoping its shippable manufactured homes gain traction with developing countries – and even high-end homebuyers in isolated areas. Mesocore of Riviera Beach designed 1,000-square-foot homes that can be shipped in 20-foot long containers, the Palm Beach Post reported. Company CEO Joe Esposito, an architect, says the concept is similar to the mail order Sears homes that used to be transported by rail and constructed on site. The homes are […] [more]
Related in no rush to demolish 444 Brickell
The demolition of the 444 Brickell office building to make way for the Related Group’s One Brickell development is a long way from happening, if it happens at all. Related is offering leases for up to seven years at the 11-story office building, which is home to Capital Grille, exMiami reported. The company paid $104 million for the 444 Brickell Avenue site in December 2013. It plans to build 1,200 residential units, a five-star hotel […] [more]
Developer Frank Sciame expands to Palm Beach
Prominent New York developer Frank Sciame launched a Palm Beach-based homebuilding venture. The family-owned Sciame Homes is affiliated with the Northeast construction and development firms bearing the Sciame name for nearly 40 years, Palm Beach Daily News reported. Some of the family’s most notable projects include the luxury Mark Hotel on the Upper East Side and the exterior restoration of the Guggenheim Museum. Sciame’s Palm Beach projects are smaller in scale thus far. The company […] [more]
Christ Fellowship opens at Boynton Beach Mall
The Boynton Beach Mall has an unconventional new anchor tenant: Christ Fellowship. The church, which is the nation’s 15th largest in terms of membership size, opened its new location at the mall on Sunday, the Sun-Sentinel reported. Christ Fellowship takes over an anchor space previously occupied by department store Dillard’s. It already has South Florida locations in Palm Beach Gardens, Royal Palm Beach and West Palm Beach. Church officials hope the Boynton location boosts membership […] [more]
Related Group project brings “critical element” to Fort Lauderdale, a look at South Florida’s auto industry … and more
New River Yacht Club construction
Related Group project brings “critical element” to Fort Lauderdale. A look at South Florida’s auto industry. Unusual coffee shop thrives in Fort Lauderdale. Read those stories and more after the jump.
Tommy Hilfiger completes Raleigh Hotel purchase
Fashion icon Tommy Hilfiger officially purchased the Raleigh Hotel in Miami Beach for an undisclosed price. Hilfiger closed on the acquisition of the 105-room hotel at 1775 Collins Avenue on Friday, the Miami Herald reported, citing an announcement from real estate firm HFF. The seller, a partnership between W South Beach developer David Edelstein and sbe founder, chairman and CEO Sam Nazarian, paid $55 million for the property in December 2012. Miami-Dade County has not […] [more]
Palm Beach property taxes highest in state
Palm Beach County homeowners have the most expensive property tax bills in Florida, but they still enjoy a deep discount from what many New Yorkers pay. With an average 2012 property tax bill of $4,949, Palm Beach County topped Seattle-based Zillow’s statewide rankings released last week, the Palm Beach Post reported. The county ranked 81st on the national list, however. Miami-Dade County came in fifth for Florida counties, with a $4,672 average tax bill. Four […] [more]
Pinecrest takes on McMansions
Council members in Pinecrest are considering rule changes that could limit future construction of McMansions in the village. The council wants to get input from contractors and Pinecrest residents before approving any new rules, according to the Miami Herald. Several contractors argued against the proposed changes during a meeting held last week. While the average size of homes built in recent months in Pinecrest is 8,500 square feet, numerous residences constructed over the last few […] [more]
Development blueprint created in West Palm Beach
The new head of West Palm Beach’s Community Redevelopment Agency plans to pitch commissioners on a development blueprint for portions of the city with unrealized potential. Jon Ward is slated to present the proposal to the commission when it meets Tuesday as the CRA board, the Palm Beach Post reported. Ward’s plan would require substantial zoning changes in certain neighborhoods on the north side of West Palm. The proposal includes filling the area around the […] [more]
Fort Lauderdale offices headed to auction block
Two Fort Lauderdale office properties are set to be auctioned off following a nearly $23 million foreclosure judgment. A commercial mortgage-backed securities lender was awarded the judgment against an affiliate of Boston-based Cabot Investment Properties, South Florida Business Journal reported. The judgment related to a $19.7 million mortgage secured by the properties. Cabot paid a combined $25.5 million for the buildings in 2005. The foreclosure auction of the 110,010-square-foot complex at 5300 Northwest 33rd Avenue […] [more]
Jeffrey Soffer’s Turnberry plans Sunny Isles project
The Jeffrey Soffer-led Turnberry Associates revealed its plan to develop a 52-story condo tower in Sunny Isles Beach, one of the busiest South Florida markets for luxury residential construction. Turnberry Ocean Club would be the company’s 13th residential development, according to the Miami Herald, which spoke to both Jeffrey Soffer and his sister Jackie about the state of the company after the economic downturn and Fontainebleau Las Vegas bankruptcy. Carlos Zapata designed the 150-unit unit […] [more]
Top stories
Top stories over the weekend on The Real Deal: 1. “Million Dollar Listing Miami” cast unveiled 2. Waterfront downtown Miami property up for sale 3. Hotel developer acquires Bay Harbor property [more]
Planning board halts Minto West project in Palm Beach
An advisory board reportedly halted plans for Minto West, Minto Communities’ megadevelopment in West Palm Beach. The Planning Commission voted unanimously to reject a recommendation from county officials to press on with a review of the 6,500-home project, according to the Palm Beach Post. The development is slated to cover 3,800 acres on the old Callery-Judge Grove site in the largely single-family Acreage neighborhood. The project, if approved after public hearings by the commission and […] [more]
Clinton Portis avoids foreclosure, sells condo
Former Redskins and Broncos running back Clinton Portis dodged foreclosure by selling his distressed Miami pad for $900,000 — enough to cover the loan and then some. Portis’ condominium in Bristol Tower at 2127 Brickell Avenue, which he reportedly nabbed for $665,000 in 2004, recently sold to 2127 Brickell Property, a company managed by Paulo Diaz. The property was slated for foreclosure by JPMorgan and Chase, according to a lawsuit against Portis and his mother […] [more]
KFC franchisee adds 14 PB County locations
A longtime KFC franchisee acquired 14 Palm Beach County locations occupied by the fast food chain for $9 million. JAHA Chicken now owns all KFC’s in eastern Palm Beach County, according to South Florida Business Journal. Led by Juan Gavilan and his son Juan Carlos, JAHA’s KFC acquisitions date back to the 1980s. Of the 14 recent purchases, six included the underlying real estate. Pompano Beach-based Stonegate Bank gave JAHA $8.3 million in financing through […] [more]