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Sales of existing US homes fall for second-straight month

From TRD New York: Existing-home sales fell year-over-year for the second-straight month in a row a seasonally adjusted rate of 5.48 million in October, according to the National Association of Realtors. But the slowdown is more the result of a dearth of homes for sale than sluggish demand, the Wall Street Journal reported. “The housing market largely remains stuck in the same, predictable rut it has been in for the past two years or so” … [more]

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Aspire Real Estate Development plans boutique condo project in Pompano Beach

A new seven-story boutique condo development is planned for Pompano Beach. Aspire Real Estate Development announced plans to build Arya Oceanside Residences, a 19-unit boutique condominium at 336 Sunset Drive. Records show Aspire acquired the land in 2016 for $2 million. The 18,630-square-foot site traded for about $107 per square foot. Pricing for the two-bedroom units will start from under $650,000, according to a release. Condominium units will range from 1,450 square feet to 1,657 … [more]

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Home sales flat in Miami, dip in Broward and Palm Beach

Home sales dipped in October in Palm Beach and Broward counties and stayed relatively flat in Miami-Dade County, year-over-year, according to the latest figures from the Miami, Fort Lauderdale and Palm Beaches Realtors. Prices continued rising and cash sales fell in the three counties. Miami-Dade Miami-Dade might finally be bouncing back from the disruption caused by Hurricane Irma. Residential sales budged forward last month, rising 0.6 percent year-over-year to 1,991 closings from 1,980 the previous … [more]

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AIDS foundation buys retail building on Biscayne Boulevard

The AIDS Healthcare Foundation is branching out into Biscayne Boulevard, in Miami’s Edgewater neighborhood. Property records show AHF paid $6.8 million for a retail building at 2400 Biscayne Boulevard. The sellers are the owners and managers of KOM, the furniture store that occupies the building. Luis Morales Valerio and Javier Ocampo sold the 8,670-square-foot retail building for about $784 per square foot. The building hit the market in May 2016 for $6.75 million. Records show … [more]

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Brazilian developer moves forward on 445-key Brickell hotel

Brazilian developer Galwan is moving forward with its plans to build a hotel tower near Miami’s Mary Brickell Village. Plans for the 445-room, 41-story tower at 88 Southwest 10th Street call for two Wyndham Hotel Group brands, a 200-room Wyndham Grand and a 245-key Tryp by Wyndham, according to a press release. Arquitectonica is designing the building, which is slated to open in late 2019. It marks the first project in the U.S. for Galwan. … [more]

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WeWork is gearing up for a big push into retail: sources

From TRD New York: WeWork is quietly setting the stage for the launch of a brick-and-mortar retail platform as it continues to branch out into new business lines ahead of an expected public offering. Several sources told The Real Deal that work on retail concepts gained momentum over the past six months and is shaping up to be a priority for the firm. What WeWork’s retail business could look like is still unclear, but sources … [more]

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Developer Oscar Barbara buys Sunrise retail, plans mixed-use project

Developer Oscar Barbara paid $12.6 million for a shopping center in Sunrise, where he said he plans to build a mixed-use multifamily project. A joint venture between CREC and members of the Lindemann family sold the property at 3447-3469 North University Drive, CREC Chairman and co-founder Warren Weiser said. Barbara’s Luxcom plans to build a 222-unit garden-style apartment complex on a portion of the 13.2-acre site, which is overlooking a golf course, Barbara said. The … [more]

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Realterm Logistics buys FedEx Express site in Boca Raton

Annapolis, Maryland-based Realterm Logistics just purchased a warehouse leased to FedEx Express in Boca Raton for $16 million, property records show. Realterm Logistics, the transportation and logistics acquisition arm of the real estate private equity firm Realterm, bought the 84,380-square-foot warehouse at 1101 Clint Moore Road from an entity of Boca Raton-based L&J Schmier Management and Investment Co., records show. The trade breaks down to about $190 per square foot. L&J Schmier affiliate National Marketplace … [more]

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“We’re number two, we try harder”: How Brookfield is trying to regain the top investor crown

From TRD New York: Brookfield Asset Management would like to be more well known. It just doesn’t want to be too ostentatious about it. The company, which manages $269 billion worth of assets, has been quietly trying to increase its name recognition and publicity, efforts that CEO Bruce Flatt is spearheading, according to the Wall Street Journal. “He’s incredibly smart and doesn’t have the herd mentality,” Gray told the newspaper. “So he’ll go to Brazil … [more]

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Foreclosure fight: North Beach condo-hotel owners rally against $9.4M in assessments

For close to a year, investors have been locked in an epic fight to hold onto their units in a 1990s Miami Beach condo-hotel, amid claims they owe $9.4 million in unpaid assessments. Between December 13, 2016 and October 9, Port Orange, Florida-based Schecher Group has filed foreclosure lawsuits against 65 individuals and companies that own units in the Sixty Sixty Resort at 6060 Indian Creek Drive. According to legal documents filed in Miami-Dade Circuit … [more]

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