Today’s most expensive listing is a single-family home in Miami that’s asking $6.9 million, according to Condo Vultures. The six-bedroom, seven-bathroom home sits on a 4.81-acre lot at 14949 Southwest 184th Avenue and comprises 11,004 square feet. It’s listed by Hernan Golod of Fortune International Realty. (Condo Vultures data includes condos and single-family listings in the main metropolitan areas of Miami, Fort Lauderdale, and West Palm Beach, as well as Monroe County that are newly listed.
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Fort Lauderdale leads South Florida in absorption of new condos
Fort Lauderdale bested downtown Miami and Miami Beach in the rate at which condominiums built during the boom were absorbed, according to a wide-ranging market report released today by development firm the Related Group. Just 142 of the 5,135 new units built between 2005 and 2009 remained as of January, compared to 1,020 of the 10,001 units built during that time in the Miami beaches and 2,497 of the 17,502 units built in downtown Miami [more]
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Broward bus depot to become vocational school
The unused $20 million Southwest Area Bus Facility in Pembroke Pines will be transformed into a vocational school next year that provides adult job training, the Orlando Sentinel reported. The 33-acre site, off Southwest 202nd Avenue and Stirling road, would allow adults to earn general education diplomas, learn english, and gain experience in commercial driving, automotive services and automobile maintenance. The proposal has the added benefit of saving the district’s transportation department, which runs at [more]
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Sales on the higher end of Miami’s residential real estate market are picking up, according to Miami Today. Several brokerages, including Esslinger-Wooten-Maxwell Realtors, Shelton & Stewat Realtors, Majestic Properties and Coldwell Banker all reported selling more properties worth more than $1 million in 2011 than they did in 2010. Morever, they’re seeing even larger strides in the luxury sector through the first six weeks of this year. While sales activity has long been hot in [more]
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New FHFA mortgage security proposal could government’s first step out of housing market
The Federal Housing Finance Agency has proposed replacing the mortgage-backed securities that Fannie Mae and Freddie Mac currently issue with a uniform security in a strategic plan it sent to Congress and the Obama administration, the Wall Street Journal reported. The switch would mark a major change for both companies, and according to the FHFA paper, would be a public utility that could outlast the government-sponsored enterprises. The firms currently adhere to individual proprietary systems for [more]
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Palm Beach home sells for $9.7, almost $2 million less than asking price
The home at 320 Island Road in Palm Beach has been sold for $9.7 million, according to a warranty deed filed last Thursday in Palm Beach County Circuit Court. The 6,028-square-foot home, which is has four bedrooms, five bathrooms and two half-bathrooms, was built in 1950 and was listed for $11.5 million. The property, which has direct Intracoastal frontage, includes a three-bedroom guest house on an adjacent parcel. Listing broker Cristina Condon of Sotheby’s International [more]
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New ordinance in West Palm Beach targets foreclosed homes
A new ordinance in West Palm Beach aims to address the number of foreclosed homes in the city, WPTV reported. The plan, which was approved unanimously by the city commission Tuesday, requires banks to use property managers to maintain foreclosed homes and will ultimately create a database of foreclosed homes in the city. "Foreclosures are actually up this year, now that laws are more refined at the federal level," said Doug Wise, director of development services for the city. See more in the video after the jump. [more]
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United States Supreme Court to decide fate of Riviera Beach houseboat
Fane Lozman lost his 57-houseboat in 2009, after the city of Riviera Beach alleged that he failed to properly register his vessel at the Riviera Beach Marina. But Lozman claimed the houseboat was not a vessel, but a “floating home,” and therefore did not need to be registered. Now, after losing his initial case and an appeal in the 11th Circuit Court of Appeals, his case will be heard by the Supreme Court in October, [more]
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Bulgari, Cartier, other luxury brands to set up shop in Design District
A number of high-profile luxury retailers will soon open up shop in the Design District, including Bulgari, Fendi, Dior, Pucci and Marc by Marc Jacobs, the Miami Herald reported. Also joining them will be Cartier, following deals by developer Craig Robins with Richemont and Louis Vuitton Moet Hennessy. “This demonstrates the viability and potential of the Miami Design District,” Robins said. “Our neighborhood has the potential to help redefine how fashion is merchandised in this [more]
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Coral Gables apartment building sells for $3.4M
The Capri Apartment at 800-801 Capri Street in Coral Cables has been sold for $3.4 million in an all-cash deal. The buyer was Capri Gables, a limited liability company. Colliers International South Florida’s John Crotty represented the seller, 800 and 801 Capri Street LLC. The property had been built in 1969 on two separate lots, one of which was on a ground lease, something that posed several obstacles. “Despite the challenges presented by the ground [more]
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