juditmiltz
Judit Miltz
I am Judit Miltz a Realtor. I travel to properties with clients to show off the features of each home and help them compare different properties base on their needs. I also assist clients in developing wish lists of features they want in their homes, guide clients through the process of staging and preparing their homes.
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Miami condo sales surged in March. Resi sales fell elsewhere in South Florida
Miami (Credit: iStock)
Miami’s condo market stood out in March — not for oversupply but for a boost in sales.
Residential sales throughout the tri-county South Florida region reported declines last month, with the exception of Miami’s condo market. Prices generally kept rising, but price growth slowed down compared to previous years.
Miami-Dade
Residential sales increased 7.6 percent year-over-year to 2,313 in March, thanks to a nearly 18 percent jump in condo sales, up to 1,230. Single-family home sales decreased by 1.9 percent to 1,083.
Sales totaling $1.1 billion closed in March, up 7.8 percent from the previous year.
Prices kept rising, but at a slower pace than before. The median price of a single-family home in March was $351,000, up 0.9 percent from the previous year. For a condo, the median price increased 6.7 percent to nearly $345,000.
Broward
A 3.3 percent decline in condo sales in Broward brought overall residential closings down slightly. Residential sales decreased 1.2 percent year-over-year in March to 2,830. Single-family home sales increased by 1.3 percent to 1,355, while condo sales fell to 1,475 from 1,525.
In Broward, residential sales volume increased to $944.1 million in March, up from $911.6 million the previous year.
The median price for single-family homes rose 4.1 percent year-over-year to $365,000. The median condo price increased by 4.3 percent to $169,525.
Palm Beach
Home sales dropped nearly 10 percent in March, down to 2,726 closings. Single-family home sales declined by 8.9 percent to 1,521, and condo sales decreased 10.5 percent to 1,205. The total sales volume declined as well, down 7 percent to $1.3 billion.
Price growth also slowed down. The median price of a single-family home increased slightly, up less than 1 percent to $350,000, while the median condo price fell by 1.1 percent to $175,000.
from The Real Deal Miami https://therealdeal.com/miami/2019/04/23/miami-condo-sales-surged-in-march-resi-sales-fell-elsewhere-in-south-florida/
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Billionaire Michael Dell is buying the 1,000-plus room Boca Raton Resort
Jonathan Gray, Michael Dell and Boca Raton Resort
Billionaire Michael Dell’s MSD Partners is under contract to purchase the waterfront 1,047-room Boca Raton Resort & Club from the Blackstone Group.
The deal is expected to close at the end of the second quarter, according to a press release. The 337-acre resort, which was developed in 1926, includes two 18-hole golf courses, a 50,000-square-foot spa, seven swimming pools, 30 tennis courts, a full-service 32-slip marina, 13 restaurants and bars, and 200,000 square feet of meeting space.
MSD Partners declined to provide a sale price, but it could be one of the biggest hotel sales to close in South Florida. At $1 million a key, the property could trade for more than $1 billion.
Jeffrey Davis and Gregory Rumpel of JLL are representing Blackstone. They could not immediately be reached for comment.
Blackstone invested more than $300 million into renovating the resort, designed by Addison Mizner, since it purchased it 15 years ago. It’s managed by Hilton under the Waldorf Astoria Hotels & Resorts brand.
Blackstone picked up the Boca Raton property in 2004 in a $1.25 billion deal that also included Bahia Mar and Pier 66 in Lauderdale as well as two resorts in Naples.
MSD Partners is an investment adviser that was formed in 2009 by the Dell Technologies founder and principals of his private investment firm, MSD Capital. Dell’s firm was also rumored to be the buyer of 1 Hotel South Beach, but that deal fell through and the hotel ultimately sold to Host Hotels for $610 million, or $1.42 million per room, in February.
from The Real Deal Miami https://therealdeal.com/miami/2019/04/22/billionaire-michael-dell-is-buying-the-1000-plus-room-boca-raton-resort/
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South Florida realtor killed in South Beach boat crash
Christopher Colgan and Elisaine Colgan (Credit: Facebook)
A South Florida real estate agent was among those killed in a boat crash in South Beach on Saturday night.
Elisaine Colgan, with Lokation Real Estate, formerly the K Company Realty, and her husband, Christopher Colgan, died after the boat they were on flipped on Government Cut, according to the Florida Fish & Wildlife Conservation Commission.
Elisaine, 38, and her husband, 56, worked together buying and selling investment properties, said Lokation Real Estate broker Jonathan Lickstein. Elisaine worked for Lokation out of its Pompano Beach office for more than three years, according to Lickstein.
“[She was] just a truly caring individual who sometimes gave up her own benefits and her own motivations to benefit those she was working with,” he said.
The couple and a third passenger, Jennifer Y Munoz Cadavid, were found dead. Their boat crashed in the same area where Marlins pitcher José Fernández died in a boat crash in 2016.
A fourth passenger, Troy Forte of Juno Beach, survived and is in stable condition, according to the Miami Herald.
from The Real Deal Miami https://therealdeal.com/miami/2019/04/22/south-florida-realtor-killed-in-south-beach-boat-crash/
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ESJ Capital sells troubled Wellington charter school for $14M
ESJ Capital’s Arnaud Sitbon and Eagle Arts Academy
ESJ Capital Partners sold the site of a former troubled Wellington charter school for $14 million.
Eagle Arts Academy was shut down by the Palm Beach County School Board last summer after the school ran into financial trouble and reportedly was late paying rent and salary to its faculty.
Miami-based Academica bought the 12.4-acre site at 1000 Wellington Trace, records show. Academica is a charter school service company that manages more than 100 schools throughout the United States, according to its website.
ESJ Capital Partners had previously leased the property to Eagle Arts Academy, a visual arts charter school that was founded in 2012. The school once had more than 700 students, but attendance fell to less than 200 after the school suffered financial woes.
The Palm Beach Post reported the school’s founder, Gregory Blount, directed $150,000 of school’s money into his own personal companies. The publication also reported that Blount collected at least $42,000 from the charter school through one of his companies for the rights to use the name Eagle Arts Academy and use its eagle logo, website and data-processing system.
Palm Beach County’s School Superintendent Donald Fennoy sought to shut the school down last July arguing that its financial conditions made it unsafe for students.
The school was built in 1989. ESJ had bought the property in June 2014 for $9.5 million, records show.
Aventura-based ESJ Capital Partners has been an active buyer and seller of charter schools in South Florida. In March, ESJ and its partner, Hollywood-based MG3 Developer Group, sold the Renaissance Charter School at 3200 South State Road 7 in Wellington to Red Apple at Wellington LLC for $23 million.
ESJ and MG3 also sold the Renaissance Charter School at Goldenrod in Orlando to Red Apple for nearly $22 million.
The company is currently redeveloping Jungle Island in the city of Miami.
from The Real Deal Miami https://therealdeal.com/miami/2019/04/22/esj-capital-sells-troubled-wellington-charter-school-for-14m/
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Virgin Trains closes $1.75B bond issue to fund expansion to Orlando
From left: Francis Suarez, Patrick Goddard, Richard Branson, Esteban Bovo and Ken Russell
Virgin Trains USA, formerly Brightline, closed a $1.75 billion private-activity bond issue to fund an expansion of its passenger train service to Orlando.
Investment banking firm Morgan Stanley was the underwriter for the bond issue purchased by 67 investors. A state agency, the Florida Development Finance Corp., approved the bond issue April 5.
Part of the Virgin Group founded by Richard Branson, Virgin Trains will use the bond-issue proceeds to fund construction of 170 miles of new track from West Palm Beach to an intermodal facility at Orlando International Airport.
Construction will start soon and is expected to conclude in 2022.
Virgin Trains, which also plans to extend its service in Florida to Tampa, has announced that it will operate passenger train service between Southern California and Las Vegas.
A subsidiary of Fortress Investment Group LLC, Virgin Trains last year launched service at downtown train stations in Miami, Fort Lauderdale and West Palm Beach.
“We have already seen firsthand the economic benefits our project has delivered in South Florida from revitalizing downtown Miami to spurring growth in Fort Lauderdale and West Palm Beach.” Patrick Goddard, president of Virgin Trains, said in a prepared statement. – Mike Seemuth
from The Real Deal Miami https://therealdeal.com/miami/2019/04/21/virgin-trains-closes-1-75-billion-bond-issue-to-fund-expansion-to-orlando/
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South Florida firms buy Orlando retail center amid “fear of the death of brick-and-mortar retail”
Century Plaza in Orlando
Two South Florida firms acquired a fully leased shopping center in Orlando for $12.25 million, or $92 per square foot, with a loan from Miami Lakes-based BankUnited.
Palm Beach-based M Street Holdings and Miami-based Highline Real Estate Capital bought Century Plaza, a 132,725-square-foot shopping center about five miles north of Orlando International Airport.
The $12.25 million purchase price is less than half of the estimated cost of replacing the shopping center, according to David Moret, president of Highline.
“As fear of the death of brick-and-mortar retail grows in the market, M Street expects to capitalize on this climate to identify assets, such as Century Plaza, that are well located with below-market rents or vacancy,” David Milgram, founder of M Street, said in a prepared statement.
Century Plaza, a 13.52-acre property on Semoran Boulevard, was built in 1973 and renovated in 2008. The location is within a 10-minute drive of 160,000 Orlando residents in an area where annual household income averages $62,000.
Tenants of the shopping center include ALDI, Ross Dress for Less, dd’s Discounts, Big Lots, Shoe Land, Sprint, Gamestop and Amscot.
Chris Drew, senior managing director of HFF, and Rebecca VanReken, managing director, arranged the BankUnited loan on behalf of the buyers.
The Orlando office of Atlanta-based TSCG will handle leasing and property management at Century Plaza.
Started in 2016, Highline has acquired six commercial assets valued at about $100 million. M Street Holdings is a real estate investment firm focused on retail and mixed-use properties in densely populated markets. – Mike Seemuth
from The Real Deal Miami https://therealdeal.com/miami/2019/04/21/two-south-florida-firms-acquire-shopping-center-just-north-of-orlando-airport-for-12-25m/
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Gorgeous corner unit, a creation of designer Steven G. Equipped...
Gorgeous corner unit, a creation of designer Steven G. Equipped with Gaggenau appliances and marble floors throughout, this spacious 5,397sf property features a wonderful 900 sf terrace ideal to take in the stunning unobstructed water and city views. http://bit.ly/2Pn4P5X
Gorgeous corner unit, a creation of designer Steven G. Equipped... published first on https://jonulamiamibeachrealestate.tumblr.com
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Billionaire Michael Dell is buying the 1,000-plus room Boca Raton Resort
Jonathan Gray, Michael Dell and Boca Raton Resort
Billionaire Michael Dell’s MSD Partners is under contract to purchase the waterfront 1,047-room Boca Raton Resort & Club from the Blackstone Group.
The deal is expected to close at the end of the second quarter, according to a press release. The 337-acre resort, which was developed in 1926, includes two 18-hole golf courses, a 50,000-square-foot spa, seven swimming pools, 30 tennis courts, a full-service 32-slip marina, 13 restaurants and bars, and 200,000 square feet of meeting space.
MSD Partners declined to provide a sale price, but it could be one of the biggest hotel sales to close in South Florida. At $1 million a key, the property could trade for more than $1 billion.
Jeffrey Davis and Gregory Rumpel of JLL are representing Blackstone. They could not immediately be reached for comment.
Blackstone invested more than $300 million into renovating the resort, designed by Addison Mizner, since it purchased it 15 years ago. It’s managed by Hilton under the Waldorf Astoria Hotels & Resorts brand.
Blackstone picked up the Boca Raton property in 2004 in a $1.25 billion deal that also included Bahia Mar and Pier 66 in Lauderdale as well as two resorts in Naples.
MSD Partners is an investment adviser that was formed in 2009 by the Dell Technologies founder and principals of his private investment firm, MSD Capital. Dell’s firm was also rumored to be the buyer of 1 Hotel South Beach, but that deal fell through and the hotel ultimately sold to Host Hotels for $610 million, or $1.42 million per room, in February.
from The Real Deal Miami https://therealdeal.com/miami/2019/04/22/billionaire-michael-dell-is-buying-the-1000-plus-room-boca-raton-resort/
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South Florida realtor killed in South Beach boat crash
Christopher Colgan and Elisaine Colgan (Credit: Facebook)
A South Florida real estate agent was among those killed in a boat crash in South Beach on Saturday night.
Elisaine Colgan, with Lokation Real Estate, formerly the K Company Realty, and her husband, Christopher Colgan, died after the boat they were on flipped on Government Cut, according to the Florida Fish & Wildlife Conservation Commission.
Elisaine, 38, and her husband, 56, worked together buying and selling investment properties, said Lokation Real Estate broker Jonathan Lickstein. Elisaine worked for Lokation out of its Pompano Beach office for more than three years, according to Lickstein.
“[She was] just a truly caring individual who sometimes gave up her own benefits and her own motivations to benefit those she was working with,” he said.
The couple and a third passenger, Jennifer Y Munoz Cadavid, were found dead. Their boat crashed in the same area where Marlins pitcher José Fernández died in a boat crash in 2016.
A fourth passenger, Troy Forte of Juno Beach, survived and is in stable condition, according to the Miami Herald.
from The Real Deal Miami https://therealdeal.com/miami/2019/04/22/south-florida-realtor-killed-in-south-beach-boat-crash/
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ESJ Capital sells troubled Wellington charter school for $14M
ESJ Capital’s Arnaud Sitbon and Eagle Arts Academy
ESJ Capital Partners sold the site of a former troubled Wellington charter school for $14 million.
Eagle Arts Academy was shut down by the Palm Beach County School Board last summer after the school ran into financial trouble and reportedly was late paying rent and salary to its faculty.
Miami-based Academica bought the 12.4-acre site at 1000 Wellington Trace, records show. Academica is a charter school service company that manages more than 100 schools throughout the United States, according to its website.
ESJ Capital Partners had previously leased the property to Eagle Arts Academy, a visual arts charter school that was founded in 2012. The school once had more than 700 students, but attendance fell to less than 200 after the school suffered financial woes.
The Palm Beach Post reported the school’s founder, Gregory Blount, directed $150,000 of school’s money into his own personal companies. The publication also reported that Blount collected at least $42,000 from the charter school through one of his companies for the rights to use the name Eagle Arts Academy and use its eagle logo, website and data-processing system.
Palm Beach County’s School Superintendent Donald Fennoy sought to shut the school down last July arguing that its financial conditions made it unsafe for students.
The school was built in 1989. ESJ had bought the property in June 2014 for $9.5 million, records show.
Aventura-based ESJ Capital Partners has been an active buyer and seller of charter schools in South Florida. In March, ESJ and its partner, Hollywood-based MG3 Developer Group, sold the Renaissance Charter School at 3200 South State Road 7 in Wellington to Red Apple at Wellington LLC for $23 million.
ESJ and MG3 also sold the Renaissance Charter School at Goldenrod in Orlando to Red Apple for nearly $22 million.
The company is currently redeveloping Jungle Island in the city of Miami.
from The Real Deal Miami https://therealdeal.com/miami/2019/04/22/esj-capital-sells-troubled-wellington-charter-school-for-14m/
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Virgin Trains closes $1.75 billion bond issue to fund expansion to Orlando
From left: Francis Suarez, Patrick Goddard, Richard Branson, Esteban Bovo and Ken Russell
From left: Francis Suarez, Patrick Goddard, Richard Branson, Esteban Bovo and Ken Russell
Virgin Trains USA, formerly Brightline, closed a $1.75 billion private-activity bond issue to fund an expansion of its passenger train service to Orlando.
Investment banking firm Morgan Stanley was the underwriter for the bond issue purchased by 67 investors. A state agency, the Florida Development Finance Corp., approved the bond issue April 5.
Part of the Virgin Group founded by Richard Branson, Virgin Trains will use the bond-issue proceeds to fund construction of 170 miles of new track from West Palm Beach to an intermodal facility at Orlando International Airport.
Construction will start soon and is expected to conclude in 2022.
Virgin Trains, which also plans to extend its service in Florida to Tampa, has announced that it will operate passenger train service between Southern California and Las Vegas.
A subsidiary of Fortress Investment Group LLC, Virgin Trains last year launched service at downtown train stations in Miami, Fort Lauderdale and West Palm Beach.
“We have already seen firsthand the economic benefits our project has delivered in South Florida from revitalizing downtown Miami to spurring growth in Fort Lauderdale and West Palm Beach.” Patrick Goddard, president of Virgin Trains, said in a prepared statement. – Mike Seemuth
from The Real Deal Miami https://therealdeal.com/miami/2019/04/21/virgin-trains-closes-1-75-billion-bond-issue-to-fund-expansion-to-orlando/
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Two South Florida firms acquire shopping center just north of Orlando airport for $12.25M
Century Plaza in Orlando
Two South Florida firms acquired a fully leased shopping center in Orlando for $12.25 million, or $92 per square foot, with a loan from Miami Lakes-based BankUnited.
Palm Beach-based M Street Holdings and Miami-based Highline Real Estate Capital bought Century Plaza, a 132,725-square-foot shopping center about five miles north of Orlando International Airport.
The $12.25 million purchase price is less than half of the estimated cost of replacing the shopping center, according to David Moret, president of Highline.
“As fear of the death of brick-and-mortar retail grows in the market, M Street expects to capitalize on this climate to identify assets, such as Century Plaza, that are well located with below-market rents or vacancy,” David Milgram, founder of M Street, said in a prepared statement.
Century Plaza, a 13.52-acre property on Semoran Boulevard, was built in 1973 and renovated in 2008. The location is within a 10-minute drive of 160,000 Orlando residents in an area where annual household income averages $62,000.
Tenants of the shopping center include ALDI, Ross Dress for Less, dd’s Discounts, Big Lots, Shoe Land, Sprint, Gamestop and Amscot.
Chris Drew, senior managing director of HFF, and Rebecca VanReken, managing director, arranged the BankUnited loan on behalf of the buyers.
The Orlando office of Atlanta-based TSCG will handle leasing and property management at Century Plaza.
Started in 2016, Highline has acquired six commercial assets valued at about $100 million. M Street Holdings is a real estate investment firm focused on retail and mixed-use properties in densely populated markets. – Mike Seemuth
from The Real Deal Miami https://therealdeal.com/miami/2019/04/21/two-south-florida-firms-acquire-shopping-center-just-north-of-orlando-airport-for-12-25m/
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Leonard Abess buys 86 acres of farmland in western Miami-Dade County
Leonard Abess and his new farmland (Credit: Miami University and Google Maps)
Leonard Abess, the former owner of City National Bank of Florida, bought 68 acres in western Miami-Dade County, adding to his massive portfolio of farmland.
A company tied to Abess bought the vacant land at Southwest 147 Street for $6 million, records show. Abess purchased the property from a company tied to Xavier Rosales Jr.
The property was last purchased in 1990 for $2.1 million, records show.
According to a South Florida Business Journal report from 2013, Abess has purchased over 1,100 acres of land in western Miami-Dade County. He has also owned other real estate in South Florida. In 2015, a partnership between Abess and Chariff Realty Group partners Lyle Chariff and Mauricio Zapata sold a property in the Design District at 3711 Northeast Second for $14 million.
Abess sold his shares in City National Bank of Florida for more than $900 million to the Spanish bank Caja Madrid in 2009. After selling the bank, Abess gave his current and former employees a gift of $60 million. Abess’ generosity was heralded by the press and even President Obama.
The bank is now owned by Banco de Crédito e Inversiones and is Florida’s third largest bank by assets.
Developers are increasingly eyeing the western part of Miami-Dade County as land becomes more scarce. Last year, Century Homebuilders paid $6.7 million for 11 acres of land, with plans to build 59 single-family homes in west Kendall at the southwest corner of Southwest 136th Street and 157th Avenue.
from The Real Deal Miami https://therealdeal.com/miami/2019/04/19/leonard-abess-buys-86-acres-of-farmland-in-western-miami-dade-county/
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Mark your calendars: These are South Florida’s top real estate events next week
A couple of interesting real estate events are coming up next week!
On April 24th, TRD is hosting its Shark Tank – Future Leaders of Real Estate Challenge at the University of Miami’s Glasgow Hall, 1210 Theo Dickinson Drive from 3:30 p.m. to 7 p.m. Amir Korangy, publisher of The Real Deal, will demonstrate the closed-door investment process as three teams pitch development project ideas to judges made up of University of Miami graduate school board members and TRD-approved professionals. A portion of the proceeds will be donated to the University of Miami’s School of Architecture, Masters in Real Estate Development and Urbanism Scholarship Fund.
On April 25th, the Miami Finance Forum is hosting a breakfast event at Miami Central, 700 Northwest 1st Avenue from 7:30 a.m. to 10 a.m. This event will focus on the newest market trends, featuring discussion on how emerging services are making waves within the industry. Speakers include Charles Russo of Nuveen Real Estate and Denver Glazier of Prologis.
To search for future industry events or browse past ones, click here. And to submit more industry events, please reach out to [email protected].
from The Real Deal Miami https://therealdeal.com/miami/2019/04/19/mark-your-calendars-these-are-south-floridas-top-real-estate-events-next-week-20/
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Moshe Popack pays $12M for senior living facility in Miami
Grand Court Lakes (Credit: Google Maps)
A company tied to investor Moshe Popack bought the Grand Court Lakes senior living facility near Miami Gardens for $11.5 million.
The New York-based Melohn Group sold the 140-unit facility at 280 Sierra Drive for $82,142 per unit. The building totals 183,828 square feet and sits on 3.4 acres. It was built in 1984.
The Melohn Group is managed by Alfons Melohn. The company previously owned an assisted living facility in Hallandale Beach.
Popack has invested in other property in South Florida. In 2017, he bought the 97,000-square-foot Executive University Courts, which includes six, two-story interconnected office buildings in Lauderhill. In 2015, Popack sold a Tamarac rental community for $16.3 million. The same year, he and Joseph Popack purchased a nearly 600-unit apartment complex in North Miami for $25.5 million.
With an aging baby boomer generation, developers are betting big on senior living developments in South Florida. Notably, in January, Baptist Health South Florida bought the former development site of The Collection Residences at 250 Bird Road in Coral Gables, with plans to build luxury senior housing.
from The Real Deal Miami https://therealdeal.com/miami/2019/04/18/moshe-popack-pays-12m-for-senior-living-facility-in-miami/
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South Florida resi sales fell in Q1: Elliman
Miami skyline (Credit: iStock)
Residential sales volume declined in a number of South Florida markets during the first quarter, according to the latest Douglas Elliman reports.
Jonathan Miller, who authored the reports, said market conditions are generally improving, but decreases in sales are sending mixed messages.
Miami Beach and barrier islands
Miami Beach, which in previous quarters has been saddled with an oversupply of inventory, was among the stronger areas. Unlike other markets that Elliman tracks, the median price for luxury condos in Miami Beach rose, and inventory fell. “The decline in supply probably has more to do with [condo] developers managing inventory,” Miller said. “We’ve seen it level off and we’ve seen a little bit of tightening but there’s still a ways to go.”
Still, the volume of residential sales dipped in Miami Beach and the barrier islands during the first quarter. The number of sales totaled 772, down 2 percent from the previous year, while the median sales price increased 2.3 percent to $440,000.
Single-family home sales remained flat in the first quarter, at 81 closings. Condo sales fell 2.3 percent to 691. Pricing held steady for condos, which reported a median sales price of $380,000 in the first quarter, but skyrocketed for single-family homes — up nearly 18 percent to a median price of $1.65 million.
Condos sat on the market for much longer than they did in the first quarter of last year, up 76.5 percent to 143 days. Single-family houses lingered for 171 days, an increase of a whopping 144 percent from the same period last year.
The area of the barrier islands includes Sunny Isles Beach, Bal Harbour, Bay Harbor Islands, Surfside, North Bay Village, North Beach, Key Biscayne and Fisher Island.
Coastal Miami mainland
Sales volume fell 7.5 percent to 3,104 on the coastal Miami mainland, which covers Aventura, downtown Miami, Brickell, Coconut Grove, Coral Gables, South Miami, Pinecrest and Palmetto Bay. Condo sales dropped by 4.6 percent to 1,580, while single-family home sales tumbled by 10.3 percent to 1,524 closings.
The Coral Gables condo market and the Palmetto Bay single-family market were the only markets on the coastal mainland to experience a positive quarter, with sales increasing 10.5 percent to 63 closings, and 24.4 percent to 56, respectively.
The median sales price in Miami was $249,000 for condos – up 4 percent year-over-year – and $375,000 for houses, an increase of 2.7 percent.
The condo inventory grew to 8,276, up 4.1 percent from the same period last year. The inventory of single-family homes grew by 13.2 percent to 3,971, according to Elliman.
Fort Lauderdale
Residential sales volume declined by 13 percent in the first quarter in Fort Lauderdale, down to 878 closings. Condo sales decreased to 507 closings, down 8.8 percent; while single-family home sales tumbled to 371 – an 18.3 percent decline.
The median price of a condo was $295,000, down 9 percent year-over-year. For a house, it reached $385,000, up 5.7 percent.
Condo inventory grew slightly (2.1 percent) to 1,584; and the single-family home inventory was 1,102, up 6.6 percent.
Palm Beach
In Palm Beach, sales volume fell 8.8 percent to 104 – a difference of 10 units compared to the first quarter of last year. Condo sales rose nearly 5 percent to 85 closings, and single-family home sales plummeted to 19, down 42.4 percent. It was the lowest level in seven years, according to Elliman.
The median price in Palm Beach for a house was $4.2 million, up 5 percent from last year, and $599,000 for a condo, roughly on par with the median condo price last year.
Boca Raton
Home and condo sales volume fell in Boca Raton during the first quarter to 1,083, an 8.4 percent drop year-over-year. Single-family home sales dropped 10.5 percent to 486; and condo sales decreased by 6.6 percent to 597.
The median sales price for a condo was up only 1.2 percent to $270,500. The median sales price of a single-family house was $450,000, an increase of 4.7 percent from the previous year, but flat from the fourth quarter of 2018.
from The Real Deal Miami https://therealdeal.com/miami/2019/04/18/south-florida-resi-sales-fell-in-q1-elliman/
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South Florida’s industrial market cooling after prices surged in 2018
South Florida industrial properties
South Florida’s hottest asset class may finally be cooling down.
Vacancy rates increased and rental rates decreased for industrial properties in some parts of South Florida in the first quarter, according to a recent report from Colliers International South Florida. Some experts project that the industrial market is due for a correction after prices have skyrocketed and inventory has soared.
While many segments of South Florida’s market have slowed down, such as the residential condo market, industrial properties’ prices continued to rise in the last few years due to the rise of e-commerce and the area’s proximity to Latin America.
In Miami-Dade County vacancy rates for industrial properties rose to 4 percent, up 0.1 percent from the fourth quarter of 2018. Rents decreased to $9.47 from $9.70 during the first quarter of 2018, due to an increase in warehouses being delivered, according to the report.
In Broward County, 611,771 square feet of new space was delivered in the first quarter which raised the vacancy rate to 4.1 percent, a 0.6 percent increase from the previous quarter. Rental rates rose to $8.70 percent, an increase from $8.30 from the first quarter of 2018.
In Palm Beach County, vacancy rates rose to 3.6 percent, an increase from 3 percent in fourth quarter of the previous year.
Institutional firms such as Blackstone and Cabot Properties are increasingly buying warehouses and industrial properties across the area, according to the report. This is especially true in places where land is still available to build for large scale development such as Pompano Beach and Weston.
Less than a month ago in March, Cabot Properties bought two warehouses totaling 438,331 square feet in Weston for $63 million or $143 per square foot.
Industrial prices have risen, in part due to land scarcity. South Florida has limited developable land left because of its location between the Atlantic Ocean and the Everglades.
Industrial developers also said another challenge is increased competition from commercial builders that are paying top dollar for sites ripe for redevelopment, according to a recent report from Commercial Industrial Association of South Florida.
For instance, the CIASF report highlighted the $40.3 million that a joint venture between Terra and Terranova Corp. paid for PepsiCo’s regional headquarters and distribution center in Doral in January of last year.
from The Real Deal Miami https://therealdeal.com/miami/2019/04/17/south-floridas-industrial-market-cooling-after-prices-surged-in-2018/
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