The Real Deal Miami

Memorial Day weekend hiatus

Adam Fusfeld/TRD — Fri, 25 May 2012 22:30:49 +0000

The Real Deal will be on hiatus for Memorial Day weekend and will resume posting on the Web site Tuesday.

Following fellow BRICs, Indian buyers look at Miami real estate

AlexanderB — Fri, 25 May 2012 21:30:10 +0000

With Asian firms and individuals beginning to target Miami’s residential real estate sector, the next wave of interest could come from India. While its fellow BRICS (the emerging economic powerhouses of Brazil, Russia, India and China) have all shown interest, with Brazilians almost single-handedly saving Miami’s condo market, brokers say Indian buyers are beginning to trickle in. “I could count on one hand the number of Indian buyers I’d taken out to look at homes [more]

Today’s priciest new listing

news — Fri, 25 May 2012 21:15:51 +0000

Today’s priciest new listing is a three-bedroom, four-bathroom, 4,164-square-foot Miami condo at the Four Seasons that is asking $3.6 million, according to Condo Vultures. The condo, which is located at 1425 Brickell Avenue, features new appliances and panoramic bay views. Pablo Camposano of Ocean Max Realty has the listing. (Condo Vultures data includes condos and single-family listings in the main metropolitan areas of Miami, Fort Lauderdale, and West Palm Beach, as well as Monroe County that are [more]

Foreclosure targets 72 units in North Bay Village

news — Fri, 25 May 2012 20:30:01 +0000

First Equitable Realty III is filing a $15.8 million foreclosure lawsuit against 72 units in North Bay Village’s Grand View Palace Condominium. The suit names three companies financially involved with the apartments, located at 7601 East Treasure Drive: Coastal Condos, Victory Consulting Group and Phalanx. Costal Condos acquired the condo units with a previous mortgage from First Equitable Realty in 2008. Costal Condos then sold the property to its affiliate Victory Consulting Group for just [more]

Miami developer Sheppard pays settlement in Nevin Shapiro Ponzi scheme suit

Adam Fusfeld/TRD — Fri, 25 May 2012 19:45:28 +0000

Eric Sheppard, who developed Miami Beach’s Canyon Ranch, this Wednesday agreed to pay a $700,000 settlement in a federal lawsuit alleging that he was an active participant in Nevin Shapiro’s Ponzi scheme, according to the Miami Herald. The lawsuit claimed that Sheppard used his development company to funnel $40 million into Shapiro’s fraudulent Capitol Investments USA. Sheppard has denied the allegations, claiming that he was scammed like everyone else. “Our view from the get-go was that Eric [more]

Leonard Abess now owns 747 acres of land in SF

Adam Fusfeld/TRD — Fri, 25 May 2012 19:00:27 +0000

Leonard Abess, former owner of City National Bank of Florida, has increased his South Florida land holdings to 747 acres. Abess, who has a history of making big land grabs since selling his bank for $945 million in 2009, has made five purchases this year totaling 143 acres and $4.5 million, the South Florida Business Journal Reported. In 2010, he purchased 584.4 acres and a total of 28 properties for $21.1 million. Most of the land is [more]

Huge workforce housing project postponed by Palm Beach County Commission

news — Fri, 25 May 2012 18:15:26 +0000

The Palm Beach County Commission has postponed its decision on a proposed workforce housing project for 60 days, after succumbing to requests from local residents opposing the project, the Palm Beach Post reported.The planned housing project on approximately 70 acres of land would include 459 homes — 253 of which would be zero-lot line houses and 206 multi-family units — and a 10,000-square-foot 200-student day-care center. Although some residents are worried that the new low-income [more]

Haverhill Business Park in Riviera Beach unloads two parcels

AlexanderB — Fri, 25 May 2012 17:30:56 +0000

In what could be a sign of a strengthening industrial market in Palm Beach Gardens, Haverhill Business Park has sold two of its parcels, according to Reichel Realty, which represented the company in both deals. Haverhill Associates paid $420,000 for a 1-acre parcel at the park, while Westage paid $585,000 for a 1.5-acre lot. The 20-acre park is located on the east side of Haverhill Road. Haverhill Business Park is a company controlled by Sabatello

Mansions at Acqualina tops $253M in sales

AlexanderB — Fri, 25 May 2012 16:45:35 +0000

The planned Mansions at Acqualina project in Sunny Isles Beach has reached $253 million in sales, highlighted by two penthouse deals that sold this month, the South Florida Business Journal reported. The 79-unit project, which won’t break ground until August, is slated for completion in 2015. Its developer, the Trump Group, has been targeting end-users rather than investors, a pool that has included buyers from Miami’s feeder markets of South America and Russia. [SFBJ]

Suitor emerges for Palm Beach’s Mecca Farms

AlexanderB — Fri, 25 May 2012 16:00:51 +0000

The South Florida Water Management District could purchase the troubled Mecca Farms site from Palm Beach County, the Palm Beach Post reported. The county paid $46 million for the 1,900-acre tract in 2004, hoping that it would be the site of a planned Scripps research facility. A judge overturned zoning approvals, however, and Scripps built the project in Jupiter instead. Since then, the county has been renting the land as farmland. Now, the Water Management [more]