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Miami Real Estate News

Apartment property in Rockledge sells for $6.25 million

Posted:Sun, 24 Sep 2017 13:30:36 +0000

A 52-year-old apartment property next to a golf course in Rockledge sold for $6.25 million, or $67,204 per unit. A private investor in New York acquired the 93-unit apartment property, called Rockledge Villas. The six-acre property at 1525 South Fiske Boulevard in Rockledge was built in 1965 along the northeast corner of the Rockledge Golf Course and Country Club. The buyer “was in a 1031 exchange from a property they sold in the Tampa area,” ... [more]

Hurricane Irma’s unofficial Florida death toll is 75

Posted:Sat, 23 Sep 2017 21:00:33 +0000

Hurricane Irma caused 75 deaths in Florida, according to the Miami Herald. The Florida Department of Emergency Management reported Friday that the hurricane caused 50 deaths statewide, including four in Miami-Dade County and seven in Broward County. The causes of death ranged from electrocution and heart attack to blunt force trauma and carbon monoxide poisoning from generators. The Herald’s unofficial death toll includes 25 storm-related deaths not counted by the state’s emergency management department: 14 ... [more]

Early next year, downtown Hollywood will get its first new hotel since 1969

Posted:Sat, 23 Sep 2017 20:10:55 +0000

Downtown Hollywood will get its first new hotel in almost half a century when the Circ Hotel opens early next year. The 111-room Circ Hotel is expected to open in February 2018 as part of a mixed-use development called Hollywood Circle along the northeast side of Young Circle, a traffic circle in downtown Hollywood. In March, construction crews topped off Hollywood Circle, a 25-story building funded largely by Chinese EB-5 investors. When completed, the mixed-use ... [more]

Untold number of Internet outages persist in South Florida after Hurricane Irma

Posted:Sat, 23 Sep 2017 19:10:57 +0000

Many South Floridians, perhaps tens of thousands, are still waiting to regain Internet service after Hurricane Irma shut it down almost two weeks ago. Florida Power & Light had restored electrical power to 99 percent of its South Florida customers by Sept. 19, nine days after Irma made landfall in the Florida Keys as a Category 4 hurricane. But AT&T and Comcast, the area’s two largest Internet service providers in South Florida, have refused to ... [more]

Hallandale Beach casino closed indefinitely due to Hurricane Irma

Posted:Sat, 23 Sep 2017 17:20:22 +0000

The Mardi Gras Casino in Hallandale Beach remains closed indefinitely due to water damage from Hurricane Irma. Ashley Foster, marketing director of Mardi Gras, said the hurricane spawned a tornado that ripped a hole in the roof of the 70,000-square-foot casino, allowing rain to drench the floors and ruin carpets. Foster also told that the casino’s owner will have to replace all the carpeting on the slots floor, where Mardi Gras has about 900 ... [more]

August hotel occupancy, room rates rose across South Florida

Posted:Sat, 23 Sep 2017 16:15:48 +0000

August occupancy rates and daily room rates rose from last year’s levels throughout tri-county South Florida, according to hotel research firm STR. The hotel occupancy rate in Miami-Dade County rose to 75.4 percent last month from 73.7 percent in August 2016, and the average daily room rate increased to $145.01 from $143.64. Hotel occupancy in Broward rose to 74.9 percent in August from 72.9 percent in the same month last year, while the average daily ... [more]

Billionaire cuts asking price for Palm Beach estate by $22M

Posted:Sat, 23 Sep 2017 15:15:06 +0000

Billionaire Jim Clark, co-founder of Internet browser company Netscape Communications, cut the asking price for his Palm Beach estate by $22 million to $122 million. Clark also put his estate in the local multiple listing service for the first time since August 2016, when he started trying in to sell it in an off-market deal. Even after cutting his original $137 million asking price by $22 million, Clark’s estate at 1500 South Ocean Boulevard is ... [more]

Dam breach complicates Puerto Rico’s recovery from Hurricane Maria

Posted:Sat, 23 Sep 2017 14:00:00 +0000

Officials in Puerto Rica scrambled to evacuate 70,000 people who live downstream from a broken dam as the scope of Hurricane Maria’s destruction on the island became clearer. Authorities sent buses to move people away from the Guajataca Dam in northwest Puerto Rico after an inspection revealed a breach in the 89-year-old dam. Anthony Reynes, a meteorologist with the U.S. National Weather Service, told Associated Press that the breach might be an early sign of ... [more]

National Cheat Sheet: Online RE investment platform scores funding from Steven Cohen, Florida suspends construction rules to rebuild post-Irma … & more

Posted:Sat, 23 Sep 2017 13:00:29 +0000

From TRD New York: AlphaFlow scores investment from Steven Cohen’s VC fund Online real estate investment platform AlphaFlow raised $4.1 million in a seed funding round this week. The investors were led by Steve Cohen’s Point72 Ventures and Resolute Ventures and included other big name tech funds. AlphaFlow buys residential bridge loans from crowdfunding companies and hard-money lenders and puts them on “an automated investment platform,” which allows institutions to invest in them. [TRD] Interest ... [more]

Dropping soon: The Real Deal’s Los Angeles fall issue!

Posted:Fri, 22 Sep 2017 22:00:53 +0000

The Real Deal Los Angeles‘ fall magazine is set to hit newsstands this October! The upcoming issue is packed with the most important industry news and insider information, including a look inside the world of residential broker coaching and foreign investment in L.A. real estate. The October magazine will also look at the top commercial brokerages doing business in the San Fernando Valley, as well the city’s industrial boom — currently the most in-demand sector ... [more]

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