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Take me to the ball game: Elon Musk wants to build Loop system to Dodger Stadium

Between online feuds with rappers and heroic cave divers — and potentially illegal tweets about taking Tesla private — Elon Musk hasn’t exactly been batting .1000 lately. His Boring Company is stepping up to the plate however, revealing big plans on Wednesday to build a Loop rapid transit system between Dodger Stadium and Metro Red Line stations in Los Feliz, East Hollywood, or Rampart Village. The so-called “Dugout Loop” is meant to reduce vehicle traffic … [more]

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Rename and relaunch: Here’s how brokers hide stale listings and price cuts

UPDATED, Aug. 16, 12:40 p.m.: In 2011, with the condominium market booming, Greg Altshuler’s Colonnade Group scooped up 403 Greenwich Street with plans to redevelop the former warehouse into high-end condos. But by the summer of 2017, when the building was complete, the luxury sector was teetering toward a slowdown. In October of that year, Residence A — a three-bedroom pad asking $3.8 million — hit the market. It sat there for the next 235 … [more]

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South Florida’s biggest office sales in July

Broward County’s office market was hotter than its sister counties to the north and south. Four out of South Florida’s five biggest sales occurred in Broward – likely due to the limited supply of office properties. While there was a lot of activity in Broward, none of the deals surpassed $20 million. The Green Companies made the largest purchase of the month in Plantation, a market that’s had one of the lowest vacancy rates in … [more]

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Frozen credit files can slow mortgage process

Nearly a year after the catastrophic Equifax hack exposed 147 million Americans’ personal and financial data to cybercriminals, consumers are about to get a break — something especially useful for home buyers and owners. Starting Sept. 21, credit-file “security” freezes will no longer cost you money. For years, you had to pay fees that varied from state to state to enact freezes — which nail down your credit files, rendering them inaccessible not only to … [more]

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Qatari owner of St. Regis Bal Harbour scores $132M refi

Al Rayyan Tourism Investment Company just closed on a $132 million refinancing of the St. Regis Bal Harbour Resort. The Qatari owner secured the floating-rate loan from Mack Real Estate. The four-year deal has a one-year extension, according to a press release. HFF arranged the financing. ARTIC paid $213 million for the St. Regis, at 9703 Collins Avenue, in 2014, a deal that broke down to more than $1 million per room. The 27-story luxury … [more]

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Compass takes on Atlanta in march toward national market share

Compass is taking a bite out of the Peach State. The New York-based brokerage announced Thursday that it’s launching an office in Atlanta — the latest city it’s encountered in its march toward national market share. In a statement, Compass said it hired 13 full-time employees in Atlanta, where it will open additional offices in Buckhead and Midtown. So far, Compass has recruited two well-known agents: Jim Getzinger, who sold $70 million in 2017, and … [more]

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Metronomic launches mixed-use project on Grand Avenue in Coconut Grove

Metronomic plans to build a mixed-use office, retail and hotel project on Grand Avenue, marking another example of development pushing west in Coconut Grove. The firm, led by Ricky Trinidad, paid $4.1 million for the 13,000-square-foot site at 3280 Grand Avenue in June, property records show. It’s planning to build Metronomic Place, a five-story building with about 5,000 square feet of Class A office space, 3,200 square feet of ground floor retail space, and a … [more]

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Here’s how much resi agents are really making in the US

Even with soaring home prices, agents across America are making less money. Amid rising prices and a housing supply shortage, agents and brokers made fewer deals and took home less money, according to a National Association of Realtors survey published by Inman. Median gross income for agents, according to NAR, fell 6 percent to $39,800 last year. Meanwhile, median brokerage sales volume dipped to $1.8 million from $1.9 million in 2016, despite record-high home prices, … [more]

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Former Wall Street honcho buys condo at the Bristol in West Palm

Former Wall Street honcho Donald C. Carter just bought a condo at the Bristol in West Palm Beach for $6.75 million, property records show. The waterfront building at 1100 South Flagler Drive is being developed by Al Adelson and Gene Golub of Chicago-based Golub. Records show Carter, listed as a trustee of the Donald C. Carter 2014 Trust, bought unit 904. He joins Arthur Loring, the former general counsel at Fidelity, at the 25-story, 69-unit … [more]

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Federal agencies undertake largest mortgage fraud investigation since the financial crisis

Federal officials are in the middle of one of the largest investigations into mortgage fraud since the financial crisis. Investigators are looking into alleged fraud committed by a New York commercial investment company Morgan Management LLC, now named Grand Atlas Property Management. They are looking into whether or not income statements on its properties were falsified in order to secure larger loans, according to the Wall Street Journal. Some of those loans were wrapped up … [more]

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