SunTrust Banks Inc.’s SunTrust Center was acquired by Steelbridge Capital for $86.5 million. The 270,000 square foot office complex is located at 501 and 515 E. Las Olas Blvd. in downtown Fort Lauderdale. The complex has a 17 story office tower as well as a 3 story annex. Florida property management mentioned that although SunTrust Center is 77% occupied, Steelbridge Capital intends to renovate the...
The 2-acre Rader Memorial United Methodist Church at 205 NE 87th St. was purchased by Group 10 Capital Management last February for $3.2 million. Developers Seth Gadinsky and Sam Soriero intend to convert the former Methodist church and elementary school to an affordable mixed use building. They guarantee that the rent will still be affordable and be able to suit the needs of all kinds of tenants from...
According to Miami property management, South Miami commissioners and staff are currently negotiating the price for the City Hall. Some residents however are reluctant to part with their City Hall. Steven Alexander, the City Manager mentioned that over the past two years, several different entities have expressed their interest in the property. Oxford Group Holdings offered for $30 million for the...
Cushman & Wakefield reported that both Palm Beach and Miami-Dade Counties are included in the top 10 nationwide in demand for office space and rent growth for the first quarter of 2016. From January until March, Miami-Dade County ranked second and consumed 907,000 square feet for office space, just behind Metro Denver’s 909, 000 square feet. Miami-Dade ranked 6th place overall with an 11.8% rental rate...
Florida property management believe that the likelihood that South Florida homes will depreciate is narrow. Reports from Arch Mortgage Insurance Co. show that in a span of 3 years, the chances that Palm Beach County homes will have lower market values is only 3%. Both Broward and Miami-Dade counties as well as 22 other areas located in Florida have a 2% chance of price depreciation. The Arch risk index...
Developers and mall operators are planning to renovate and develop open-air shopping centers all over South Florida. Although the timing appears to be strange, due to the economic crisis in China, Europe and Latin America, experts believe that Miami’s market is strong and will be able to withstand the fears of oversaturation when the projects are completed. Although the luxury condo market has cooled...
Turyap, the pioneer Turkish real estate firm has opened its first franchise in Miami. Turyap Miami Realty LLC is open for business and is located at Dupont Building at 169 Easter Flagler St. Hilal Borque who originally hailed from Turkey opened the first franchise in the United States. Borque is an insurance claims professional who worked part time at Global Luxury Realty before earning her real estate...
During the 2016 Real Estate Trends event held last January, Jonathan Smoke, the chief economist of realtor.com announced that Florida is projected to become one of the hottest spots in the United States. The demand is rising, there is positive gains in recovery, good fundamentals and a positive momentum. Smoke also said that the national housing outlook is improving as home sales are recovering to normal...
Wealthy Brazilians who are facing an economic crisis in their homeland have been investing their money in what they perceive as the best place to invest, the South Florida real estate. Other countries in Latin America like Argentina, Columbia, Mexico and Venezuela are also doing the same. Miami real estate is appreciating while other investments have become volatile. Despite the high influx of money from...
Last January 13, 2016, federal authorities announced that they will require title insurance companies to disclose the identities of high end homebuyers. The order, issued by the Financial Crimes Enforcement will be implemented on the first of March and will expire on the 27th of August 2016. The order requires title insurance companies to reveal the true identities of shell companies that drop $1 million...
