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REAL ESTATE
Miami housing market faces condo rush ahead of 2025 regulations
As new regulations loom, Miami condo owners scramble to sell aging properties, creating a surge in the housing market. Miami's real estate scene is experiencing a seismic shift as homeowners rush to sell their aging condos before new regulations come into effect in 2025. A recent report by ISG World highlights an impending crisis, with nearly 90 percent of active condo listings in the southeast Florida city comprising properties over 30 years old. This rush to offload older condos stems from the fear of stringent inspections and potential costly repairs mandated by the SB 4-D Bill, Building Safety.
Climate change is gentrifying neighborhoods. In Miami, residents fear high prices — and a lost soul
MIAMI — Nicole Crooks stood in the plaza of the historic Lyric Theater, a royal blue hat shielding her from the midday sun that baked Miami. In its heyday, the theater, in the city's Overtown neighborhood, was an important cultural hub for the Black community. James Brown, Sam Cooke, Ray Charles, Aretha Franklin and Ella Fitzgerald performed there, in the heart of "Little Broadway," for esteemed audience members such as Jackie Robinson and Joe Louis.
WRE News: Ken Griffin Proposes $1B Mixed-Use Supertall Tower in Brickell
Miami, FL – July 25, 2024 – Billionaire Ken Griffin is advancing a $1 billion-plus mixed-use tower project in Brickell’s Financial District. Griffin’s attorney submitted a pre-application for sites at 1201 Brickell Bay Drive, 1221 Brickell Avenue, and 1250-1260 Brickell Bay Drive. The new development will house the headquarters for Citadel and Citadel Securities, including office spaces, a luxury hotel, retail outlets, food and beverage venues, and parking, adhering to Miami-Dade County’s rapid transit zoning regulations. Norman Foster’s architecture firm Foster + Partners is the architect, with Philadelphia’s Gattuso Development Partners collaborating on the project.
Developers complete residential component for Sawyer’s Walk at 249 NW 6th Street in Overtown, Miami
SG Holdings, a partnership among Swerdlow Group, SJM Partners, and Alben Duffie, has completed the housing component of Sawyer’s Walk at 249 Northwest 6th Street in Overtown, marking it as the largest affordable senior living community in the US within the last decade. The mixed-use development includes 1.5 million square feet of space, featuring 578 residential units for low-income seniors, 175,000 square feet for retailers, a 25,000-square-foot public plaza, and 130,000 square feet of office space for MSC Group’s North American cruise division headquarters.
Homebuyers Hit the Brakes: June Sees Record Deal Cancellations
A new Redfin report shows nearly 56,000 home purchase agreements fell through in June, accounting for 14.9% of the homes that went under contract—the highest share of any June on record since 2017. Nearly one in five (19.8%) of the homes for sale in June had a price cut—up...
Housing Trust Group & Elite Equity Development Celebrate Top-off for $115M Naranja Grand Community in Miami
Housing Trust Group (HTG), a leading multifamily developer, celebrated a significant milestone with the topping off of Naranja Grand, a 320-unit affordable housing community in southern Miami-Dade County. In partnership with Miami Lakes-based Elite Equity Development, Naranja Grand will serve income-qualifying seniors and families across two eight-story buildings. “Today’s important...
The Easton Group Secures $20 Million Refinancing For Doral Office Building
The Easton Group secured a $20 million loan to refinance an 8-story office building at 8600 NW 36th Street in Doral. The permanent financing provided by City National Bank paid off a bridge loan that Easton used to acquire the Offices at Doral Square for $28.5 million in December 2023.
Condo sales begin at 14 ROC in downtown Miami
GFO Investments recently launched condominium sales at 14 ROC, a 32-story tower in downtown Miami. The property will offer 283 units ranging from 410-square-foot studios to 964-square-foot two bedrooms, with prices starting at $495,000. Cervera Real Estate is handling sales and marketing. All condos will have open layouts, high ceilings,...
The Calta Group Celebrates Topping Off of 180-Unit Revv Hollywood Multifamily Apartment Building in Sought After Miami Submarket
HOLLYWOOD, FL - The Calta Group, a Miami-based real estate development company led by Ignazio and Gaetano Caltagirone, proudly announced today that Revv Hollywood, their new eight-story, 180-unit multifamily apartment building, has officially topped off. The Calta Group and the tower’s general contractor, Winmar Construction, commemorated the occasion with a luncheon on Thursday, June 20th for more than 150 construction workers, engineers and other contractors involved in the project.
SJC Ventures, Nuveen Real Estate Closes On 10-Acre Retail Outparcel To Develop Doral Marketplace
SJC Ventures, a premier Atlanta-based mixed-use, grocery-anchored retail and multi-family development firm, recently closed on a 10-acre retail outparcel at Bridge Industrial’s Bridge Point Doral, with plans to develop Doral Marketplace, a Whole Foods Market-anchored shopping center. SJC Ventures, in partnership with Nuveen Real Estate, plans to break ground...
RE/MAX Advance Realty acquires RE/MAX Unique
RE/MAX Advance Realty (RAR) recently acquired RE/MAX Unique in Miami Lakes, the firm’s seventh acquisition of a local RE/MAX brokerage since 2020. RE/MAX Unique’s 20 agents will join RAR, increasing the company’s total number of agents to 180. RE/MAX Advance now has offices in Hollywood Beach, Davie, Miramar, North Miami, South Miami, Kendall, Key Largo and Key West.
WSVN-TV/Suffolk University poll: 75% of Miami residents say the cost of living in Florida is not manageable
MIAMI (WSVN) - Are South Floridians being priced out of house and home? More people are sharing stories of their living nightmare, and their accounts of ramped-up rents and monstrous mortgages are the focus of a 7News poll. It’s a familiar refrain in South Florida. “It’s getting more expensive...
Greater Miami Residential Sales Slide 13 Percent Annually in June
According to recent data from the Miami Association of Realtors, Miami-Dade County saw a year-over-year increase in single-family home sales in Q2 2024, with transactions on track to surpass last year's total. Sales of existing condos priced at $600K and above surged by 99% compared to pre-COVID levels (June 2019).
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