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Category Archives: Real Estate Investment & Land Development

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Positive Report for South Florida Commercial Real Estate

TREPP Analytics recently provided the U.S. commercial real estate industry some positive news – both the CMBS delinquency rate and seriously delinquent loans are down. The delinquency rate as of June 2014 is 6.05% (compared to 8.65% a year ago), with seriously delinquent down to 5.92% from 8.37% last year.  This decrease is seen across… Continue Reading

SEC Enacts Rule that Loosens Restrictions on Marketing Condo-Hotels

Good news for condo-hotel developers, as a new SEC rule substantially creates new business opportunities for developers and real estate brokers marketing condo-hotels. Condo hotels offer private individuals the opportunity to purchase a condominium unit for personal use part of the year and for rent to the general public as part of a hotel when… Continue Reading

Increased Density Mixed-Use Development the Future of Wynwood

Miami’s Planning, Zoning and Appeals Board has approved a change in the city zoning ordinances that would allow the densest mixed-use building in the area to be constructed. The application still requires approval before the City Commission. The Board voted 7-1 in favor of developer Wynwood 250‘s request for a zoning change, giving it the ability… Continue Reading

Distressed Condominium Relief Act Gets Further Extension of Life

An extension of the Distressed Condominium Relief Act has been approved by the legislature and is under review by Governor Rick Scott. Many were worried that the sunset of the Distressed Condominium Relief Act would prevent owners who bought distressed properties from reselling these properties in bulk.  The act affords bulk purchasers of distressed properties… Continue Reading

Florida’s Revenue System Outlined in New Report

The Leroy Collins Institute has published a report that outlines their view of the state’s revenue system and its potential misuse. The report, entitled “Tougher Choices: Shaping Florida’s Future,” builds on a 2005 Institute report which warned that the state’s revenue system was overly reliant on the booming housing market and influx of construction due… Continue Reading

Miami’s Building Boom

While the rest of the country is slowly pulling itself out of recession, Miami is in the midst of a building boom that not only signifies its strong recovery, but is putting South Florida on par with New York City as a global power center. At the time of the 2008 economic downturn, Miami had… Continue Reading

Good News for Grove Isle Condo Owners

Grove Isle condo owners, who have been in the middle of a battle over a proposed 18-story condo tower which will replace the low-rise Grove Isle Hotel & Spa, received some good news when the Third DCA overturned the dismissal of Grove Isle Association’s 2009 lawsuit against the owners and former and present managers of Grove Isle’s… Continue Reading

Miami’s Golden Age

Recently Arden Karson, a Senior Vice President of The Related Group’s Acquisitions, Distressed Debt and Strategic Opportunities Division and the Project Manager for Brickell Heights Condominium, spoke about the latest in-depth analysis of South Florida’s condominium market prepared by Related ISG. Entitled “2020: The New Miami,” the analysis focuses not only on the condo market,… Continue Reading

200 New Condo Towers Planned in South Florida since May 2011

An exciting announcement was recently made in South Florida - between May 2011 and today more than 200 new condo towers east of I-95 in Miami-Dade, Broward and Palm Beach counties have been scheduled to be built.  Yes, this is no April Fool’s joke, you read that correctly.  New condo buildings are being planned all across the… Continue Reading

Canadian Investment Firm Building Upscale Mobile Home Parks in Florida

As ties between Canada and Florida continue to strengthen, Canadian investment in the region continues to increase. Tricon Capital Group, the Canadian company whose profit rose five-fold last year after betting on U.S. housing in the depths of the slump, now plans to expand into upscale mobile home parks in Florida. Tricon has announced that… Continue Reading

Rebounding South Florida Real Estate Market Fuels Employment

The numbers in a recent South Florida jobs report confirmed what all of the new building cranes going up have indicated - the real estate market is back in South Florida.  According to a recent Miami Herald article, the construction industry is helping to fuel Miami-Dade County’s job growth.  The construction industry added 2,400 new jobs in Miami-Dade… Continue Reading

Miami Ranked as a Top Global City

Knight Frank Releases 2014 Wealth Report and Global Cities Survey Miami and New York are the only North American cities to make the top ten list in a recent survey of the most important global cities to the world’s wealthy. The Wealth Report, issued annually by London-based real estate consultancy Knight Frank, tracks performance of prime… Continue Reading

Court of Appeal Reaffirms Ruling Making Condominium Association Foreclosures More Costly

Last week, the Florida Third District Court of Appeal dealt the final blow to an often-used strategy by condominium associations. In the second iteration of Aventura Management, LLC v. Spiaggia Ocean Condominium Association, Inc., Case No. 3D13-1437, the Third DCA confirmed its prior ruling that a third-party purchaser who takes title to a condominium unit… Continue Reading

History Repeats Itself at the Mouth of the Miami River

Ten years ago, attorney Michael Kreitzer represented a developer who was faced with an injunction on its development of a high-rise apartment building on the south side of the Miami River after it was discovered that the Tequesta Indians had occupied the site, soon to be known as the “Miami Circle” approximately 2,000 years earlier. That… Continue Reading

2014 Legislative Session: Bills to Watch

On Tuesday, March 4th, Florida lawmakers gathered in Tallahassee for the start of the 2014 legislative session. Lawmakers now have 60 days to pass their bills into law. For those of us in South Florida, we want to follow this session not only because it takes place during an election year, but also because several… Continue Reading

Construction Begins on a Mixed-Use Development in Wynwood

The Wynwood district north of downtown is becoming a hot spot for mixed-use development activities. Recent articles in the South Florida Business Journal and Curbed report that construction is under way on Wynwood House, a mixed use building that will include restaurants, office space, and live/work units, and Green Space, a retail/office building, both on… Continue Reading

Supreme Court Denies Certiorari in Win for Condo-Hotel Developers

We recently posted about condo-hotels and their apparent comeback in the marketplace. Now, a recent Supreme Court decision that decreases the restrictions historically inherent to these types of properties could intensify the demand and spark a resurgence for condo-hotel projects in Miami and beyond. The United States Supreme Court decision last week to refuse to… Continue Reading

PortMiami Cargo Rail Service Makes an Early Start

The reconnection of the freight-rail service to PortMiami is in effect.  In recent months, the Florida East Coast Railway (FEC) has begun train service carrying cargo containers directly onto PortMiami’s docks.  Soon, one to two trains are expected to serve the Port per day. As highlighted by Miami-Dade Mayor Carlos Gimenez during his State of the… Continue Reading

Healthcare Sector Heating Up Throughout South Florida

The University of Miami just announced plans to build a 200,000 square foot medical facility at its main campus in Coral Gables. Currently, many of UM’s medical facilities are concentrated in Miami’s Health District, where the Miller School of Medicine is located.  Once completed, physicians from the Sylvester Comprehensive Cancer Center and Bascom Palmer Eye… Continue Reading

New Miami in the News: Weekly Recap

The forecast is sunny this week in New Miami news, as details of expansion for a variety of retail stores emerge, and industry experts predict continuous future economic growth in our thriving metropolis. Investment strategist has bright outlook for South Florida Jobs, wages and real estate prices will keep climbing this year in South Florida,… Continue Reading

Bilzin Sumberg Hosts the Kislak Real Estate Market Strategies Forum

Recently, we hosted the 2014 Kislak Real Estate Market Strategies Forum, presented by the Florida State University Center for Real Estate Education & Research, of which I am a member of the Executive Board. This yearly, invitation-only forum provides leaders with a platform to discuss market conditions, vet strategies, and identify emerging opportunities, and is… Continue Reading

Top 5 Issues in Commercial Real Estate Market in 2014

Renowned economist Hugh F. Kelly, Ph.D., CRE, who is also the national chair of The Counselors of Real Estate, led a discussion at a CREW-Miami luncheon about the top five issues affecting the commercial real estate market in 2014 and gave his annual economic predictions. Issue #5 – Infrastructure:  South Florida has a very poor infrastructure… Continue Reading