Wealthy homebuyers are not buying the resales of Miami’s most prized properties. They are instead setting records on extravagant new penthouses. Duplex penthouses at Ian Schrager’s residences were sold for $34 million which is a new record in Miami. Schrager and other developers in South Florida are building new projects with exclusive amenities for the […]
Alex Rodriguez, who is the Yankees Slugger sold his Miami Beach Mansion for $30 million. This has set sales record for a home on the North Bay Road for netting $15 million profit. Rodriguez bought this property in May 2010 for $7.4 million. The property is located in 4358 North Bay Road and had renovations […]
Los Angeles hotels are expanding in South beach after the SLS Hotel South Beach has been successfully opened last year.. This fall, the Redbury Hotel South Beach will be opening. Behind tis project is the Levy Restaurants founder, Larry Levy. This hotel will not be located near the ocean, but this 69room property will have […]
Although tens of thousands of condominiums and rental properties are in the pipeline, the Miami area is still experiencing inventory shortgages, Carlos Rosso, the head of condo development at the Related Group, said on WLRN’s Sunshine Economy. Miami is still having inventory shortages despite the condominiums and rental properties ongoing. This is according to […]
3 office buildings in Davie are purchased by a financial solutions firm. The firm is Bankers Health Group purchased the buildings for $3.5 million which was 46% off the foreclosed mortgage. The 39,298 square foot space has been vacant after it has been finished in 2008. This space which is near Diamond III Office Park […]
CondoVultures.com analysis of the 1st quarter of 2013 revealed that 600 new South Beach condos are not yet sold. These are the vestiges of South Florida’s last boom. The units are selling at an average of only 2 units per month as the prices increase. Compared to the fourth quarter of 2012, the average price […]
Robert Mullen has raised almost $1 billion to buy distressed single-family houses across the U.S. to rent. He intends to join other financial giants in taking advantage of a 29% dip in home prices since the 2006 peak and more demand for rentals for Americans who are not yet able to buy homes. Fundamental REO, […]
A complete transformation has happened. Two years ago, buyers were holding back since prices were still falling, and now there is earnestness to buy. As South Florida’s housing inventory diminish, it ignites a bidding war among builders and a quick rise in construction costs and home prices.
King Richard’s Family Fun Park, a landmark amusement park at 6780 Airport-Pulling Road, was sold by its owners planning to covert the place into a car dealership establishment. For the price of $5 million, the 21 year-old 1970s-style fun park, will now give way to Tamiami Hyundai dealership and expected to open next year.
From rich to low-income,waterfront properties are bringing up sales prices in South Florida as inventory declines. Having distressed propertiesin particular, the rise in Miami-area sales prices accords with a severe decline in inventory, which dropped 24.7% since the same period a year ago. South Florida’s 37.8% share of the U.S. distressed property market is at […]