Aug 02, 2017 - 0 Comments - Top Stories -

Miami Commercial Real Estate News August 2, 2017: Miami Office Market Rebounds; Changes at Turnberry Isle; More…

Miami Office Market Makes Surprising Rebound

The South Florida office market has rebounded this year, but developers hoping for long-term success in the sector should already be paying attention to the popularity of co-working space. Courtesy: WeWork The interior of a WeWork co-working space in Miami Colliers International South Florida Executive Managing Director Ken Krasnow and Research and Consulting Manager Verity Mosquera spoke…

Downtown Miami’s 20 Most Architecturally Significant Buildings: An Interactive Map to Accompany Dr. Paul S. George’s List

This interactive Google map was created to accompany the list and descriptions posted by HistoryMiami Museum’s Resident Historian Dr. Paul S. George in the Miami Heritage Month website: “Downtown Miami is Southeast Florida’s most historic neighborhood. At the edge of its southern sector stands the north bank of the Miami River, which, in the course of several thousand years, has hosted…

Restored Miami Marine Stadium could host beauty pageants, Jet Ski competitions

A restored Miami Marine Stadium could host Jet Ski competitions, beauty pageants and much more, says a report on the future of the Virginia Key venue that R.J. Heisenbottle Architects submitted to the Miami City Commission last week. Richard J. Heisenbottle said his team and a dozen consultants assembled more than 50 potential uses for the waterfront stadium, thanks in large part to community…

Half of the Top 10 Most Expensive Zip Codes for Renters in Florida in 2017 are in Miami-Dade

Key Highlights: Apartment rents in Coral Gables zip 33146 are the highest in the State of Florida; 42 of the state’s top 50 zip codes with the most expensive apartments are in Southeast Florida; 18 Florida zip codes have average rents above $2,000/month; A sought-after location for renters of all ages, the Sunshine State has an average apartment rent of $1,231/month, less the national average, yet…

Deal set for public-private downtown Miami retail, apartments

Final details have been worked out on a planned public-private partnership set to bring multi-family apartments and retail development to downtown Miami. Grand Station Partners LLC plans to build a 31-story residential tower attached to the Miami Parking Authority’s Courthouse Center Garage at 40 NW Third Street. It was the authority’s decision to redevelop the vacant land it owns next to its 11-story…

Flood Insurance Reforms Loom In Florida

Florida wades deeper into hurricane season as the debate heightens over what to do with the deeply indebted National Flood Insurance Program and its coverage of properties prone to repeated flooding. The Sunshine State ranked fourth nationally in damages paid by the national program to rebuild homes and businesses that have suffered repeated and severe flood losses, according to a recently released…

US Industrial Vacancy At Record Lows

The growth of e-commerce and a steadily improving economy are driving demand for industrial space and helping push industrial vacancy to record-low levels, particularly near major population centers, according to the 2017 U.S. Industrial Midyear Outlook report from… “Vacancy rates on a national level have fallen to record lows while rent growth has accelerated to outpace all other commercial…”

Report Projects Chronic Inundation – High Tide Floods in 10% or More of its Usable Area at Least 26 Times a Year – for Miami Area by 2100

In Florida and all along the US coastline, many cities and towns will experience high-tide flooding within the next few decades that will be chronic and extensive enough to force difficult choices. Because this persistent flooding can render neighborhoods, commercial districts, industrial zones, and recreational and other areas unusable, communities will face either major coastal defense investments or the…

More than 3,000 new residential units in pipeline for Doral

With more than 3,000 new residential units and nearly 300,000 square feet of retail space approved or in the pipeline, Doral is sure to hold its place as one of the country’s fastest-growing cities. Perhaps the most significant project is Downtown Doral South, which will occupy a 130-acre parcel east of Northwest 87th Avenue and north of Northwest 41st Street, said Julian Perez, director of the city’s…

Pullback Continues in the Investment Sales Market for Apartment Properties

Investors spent a lot less money on apartment properties so far this year compared to 2016, but prices in the sector keep rising anyway. Prices for mid-rise and high-rise properties inched up 1.0 percent year-over-year, and prices for garden-style apartment properties grew 10.0 percent in the second quarter of 2017, according to the Real Capital Analytics Commercial Property Price Index…

Doral Evolving As A Live-Work-Play Destination

Once upon a time, Doral was a wasteland of industrial buildings and nondescript offices, with a soundtrack that came courtesy of planes landing at nearby Miami International Airport. Today, Doral is evolving into the live-work-play community that developers bet it could become. That is largely thanks to big-budget, meticulously planned developments. Back in 2015, Related Group CEO Jorge Perez told…

Are Brazilian Real Estate Buyers Back In Miami?

Brazil is to the Miami real estate market as LeBron James was to the Miami Heat: a supernova phenomenon that lifted us to the greatest heights, but left difficult questions and painful longing in its absence. And as the former MVP teased a dramatic comeback to the Magic City on his Instagram in July, Brazil appears doing the same. In 2010, Brazilians rescued Miami from the biggest housing bubble this…

Unrest in Venezuela alters market strategies for developers in Doral

Political and economic unrest in Venezuela are altering market strategies for developers in Doral. As Century Homebuilders Group moves forward on its two major projects in Doral – Midtown Doral and Mansions at Doral – it is shaking up the previous model to accommodate a new type of buyer. “When we began the project in 2012, the rate was about 30 to 40 bolívars per dollar; today, it’s about 10,000,” said…

A real estate broker’s guide to avoid being a victim of cyber fraud

The headline’s become all too familiar: “Cyber thief hacks real estate broker’s email, steals retired couple’s nest egg,” or something similar.  The past few years have seen a dramatic increase in such incidents, with the FBI reporting ten “hacked real estate broker email” investigations in Tampa in just the past two months. I’ve handled two such cases recently for real estate buyers tricked into wiring…

Miami Beach flooding: what you need to know

“Turn around, don’t drown” Many of the streets in Miami Beach are covered in water this evening as 7 inches of rain caused flooding throughout the area. The National Weather Service issued a flash flood warning Tuesday for central Miami-Dade County, which remains in effect until 7:45 pm. Flood advisories were also issued for Downtown Miami and Coral Gables. In their weather statement and on…

Miami just had its hottest month ever

0.2 degrees warmer than the previously record-setting June 2010 Miami just wrapped up its hottest month on record, per Climate Central, with July registering 0.2 degrees warmer than the previous high set in June 2010. Temperature tracking dates back to 1896. Miami also nearly set the mark for most consecutive days (41) with a high temperature in the 90s but Tropical Storm Emily…

Turnberry Isle Miami to renovate, expand, and rebrand

Turnberry Isle Miami willbe rebranded as a JW Marriott Turnberry Isle Miami is on the cusp of a significant renovation, expansion, and rebranding. Turnberry Associates announced the 300-acre Aventura resort will be rebranded as a JW Marriott upon completion of the renovation, which will include a new 16-story building designated for meeting space that was designed by Nichols, Brosch, Wurst…

Chinese overseas RE investment could nosedive this year: Morgan Stanley

From TRD New York: Chinese overseas real estate investment could fall by 84 percent this year and another 18 percent in 2018 amid a government crackdown on capital outflows, according to a new report from Morgan Stanley. This should concern Manhattan’s real estate market, where 30 percent of deals signed this year involved a Chinese investor, Bloomberg reported. Last year, the U.S. accounted…

Miami Design District luxury jeweler sues construction firm Moderna Development

A high-end jewelry and watch store in the Design District is alleging Miami-based construction company Moderna Development nearly tripled the negotiated price for interior work done to a two-story commercial building at 3818 Northeast Second Avenue owned by well-heeled real estate investor Sam Herzberg. And when the job was finished, Moderna claimed it was still owed an additional $21,966…

Who would be a retail broker right now?

From TRD New York: No deal is too small for Max Swerdloff, a retail broker at Eastern Consolidated. He trawls social media and the web for the latest food trends, and reaches out to fashion e-tailers and restaurateurs, always in the hope his efforts will result in a lease deal.
“I just love the process of dealmaking, I try to get my hands on any sized deal,” said Swerdloff, who started as a broker in 2015.

Miami home prices rise at a slower pace in June: report

Miami home prices rose at a slower rate in June, according to a newly released report by CoreLogic. Home prices in the Miami-Miami Beach-Kendall metro area increased 4.4 percent year-over-year, marking the seventh-highest increase in the U.S. From May to June, home prices increased by 0.1 percent. Prices rose 6.1 percent statewide and 6.7 percent nationally. Four of the 10 biggest metros in the…

CoStar Market Insights: Three Most-Active Multifamily Submarkets in South Florida

The Brickell/Downtown Miami submarket has been the focus of Miami developers’ attention in the midst of a period of aggressive construction. The submarket has historically ranked at the top of the South Florida market for new deliveries, but the current pace of construction is torrid even by Brickell’s standards. More than 5,000 units are under construction, representing more than 25……

BBG Acquires Appraisal Firm in San Antonio; Opens Offices in Miami, Tampa

Dallas-based commercial real estate valuation, advisory and appraisal firm BBG announced the acquisition of Trager Property Advisors (TPA), a San Antonio-based appraisal and consulting firm. Terms of the acquisition were not disclosed. TPA Managing Director Travis Taylor will continue to serve in that position with BBG’s new San Antonio office and Trager’s other employees will also join BBG.

Reis Chief Economist and VP of Research Victor Calanog Provides Q2 2017 Apartment Sector Trends Update

In this video update, Reis Chief Economist and VP of Research Victor Calanog provides an assessment of second quarter 2017 apartment sector (multifamily properties) trends. Highlights include: 4.4% vacancy rate is up 10 basis points from the prior quarter, the third consecutive quarterly increase; YTD 80,000 to 90,000 units have opened their doors, with 100,000 likely once all are accounted for…

Partition Actions: A More Detailed Look

In a previous post, we established an over-arching general understanding of Partition Actions and their applications.  Now let’s investigate some of the details of common Partition Actions. As with every facet of the justice system, proper procedure is a must in all court filings for Partition Actions.  As detailed in Florida Statute 64.041, the initial Complaint in a Partition Action must include the following…

Retail Condo Sale Negotiated For Westend Of Miami In Doral

A member of a managed network of commercial real estate firms, announced today the team of Lucia Custer and Gabriel Garcia-Menocal, SIOR, negotiated a retail sale for their client, Westend of Miami, LC, at 8726 Northwest 26th Street in Doral (birdseye view), Florida. The buyer, Benessere, LLC, purchased the retail condo for $575,000. Benessere Miami is located in Doral, and is established and run by…

Could west Coconut Grove get historic designation?

West Coconut Grove could become a historic district, a move that would impact future investment and development in one of Miami’s oldest neighborhoods. Miami commissioners on Thursday voted unanimously to consider whether the 65-block western portion of the Grove, which was founded by Bahamian settlers in the 1800s, qualifies as a historic district. Commissioner Ken Russell proposed the…

Why does our approved affordable housing take so long?

A report issued quietly Friday should startle anyone who cares about Miami-Dade’s future. In that report, Mayor Carlos Giménez details affordable housing completions and lists projects stuck in the pipeline from April 1 to June 30. It shows that the county provided financial aid to exactly one completed affordable housing development in the three months totaling 84 rental units at a cost from county funds…