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Wall Street’s housing bet shuts out buyers

Wall Street Wall Street and institutional investors account for 70 percent of home sales in some Florida markets, raising doubts about the state’s housing recovery, the Washington Post reported. Investors are helping to revive moribund markets as well as the prospect of another Wall-Street-fueled bubble, the Washington Post reported. A surge in demand partly explains rising […]

Sellers sprint to find new home

A South Florida condominium project South Florida’s rapacious housing recovery and inventory shortage has left some home sellers scrambling for a new place to live, the Sun-Sentinel reported. Buyers are competing for a shrinking supply of single-family homes, leading to bidding wars, surging prices and record-speed sales, the newspaper said. “I had one client say […]

Upscale stores up prices in Design District

Design District A nearly 5,000-square-foot monolithic building in Miami’s Design District has sold for $10.5 million, according to Chariff Realty Group, who facilitated the deal. The sales price represents a record value per square foot in an area that has quickly transformed from a hipster outpost to one of the city’s most luxurious locales. Lyle […]

Boom-era condo units unsold in downtown Miami

Downtown Miami Seven years after South Florida’s 2007 condo crash, developers had 600 boom-era units in greater downtown Miami unsold at the end of the first quarter of 2013, CondoVultures.com reported. However, the number of units dropped by around 300 units compared to a year earlier, according to the report published late Saturday. “Greater Downtown […]

Prudential buys Sabadell Bank building

Sabadell bank building Prudential Real Estate Investors paid $184 million for Miami’s Sabadell Bank building, the South Florida Business Journal reported, citing unnamed sources. The Robert Allen law firm announced the $184 million price without identifying the buyer, but the Journal said it learned from sources in March that it was an off-market deal between […]

Tailoring interior design to a foreign palate

The Baccarat (source: Curbed) Residential developers are customizing interior design to suit the tastes of overseas buyers, the Wall Street Journal reported. A California designer’s earthy wood accents were not enough of a lure for would-be buyers to the Marquis Residences, a luxury 306-unit Miami condo tower. But when Brazilian furniture designer Paulo Bacchi outfitted […]

Wall Street’s short memory: A return to high-risk mortgage products

Wall Street In a resurgent real estate market, Wall Street is back to its old tricks, weaving together the same type of complicated financial instruments and mortgages that wreaked havoc during the housing bust, the New York Times reported. Investor optimism coupled with a strong real estate market and the Federal Reserve’s policy of maintaining […]

Homeowners say frozen land trusts still active

Two South Florida homeowners filed lawsuits this month following a state attorney general complaint that alleges Fidelity Land Trust and affiliate companies defrauded homeowners in a foreclosure rescue scheme, the Palm Beach Post reported. The complaint says the land trusts defrauded hundreds of property owners statewide, according to the Post. The homeowners say they continued […]

Sky-high parking at Porsche Design tower

Porsche Design Tower Among the most buzzed-about amenities of the Porsche Design Tower Miami, which breaks ground today, is the robotic automobile lift, which allows drivers to pull right up to their doorstep, however many stories high, the Wall Street Journal reported. Residents will be able to park their cars right outside of their units, […]

Banks upping issue of equity lines, second mortgages as homeowners’ stake grows

Using your home as an ATM is no longer a financial option, but the tools that allowed owners to pull out massive amounts of money during the boom years — equity credit lines and second mortgages — are making a comeback. Banking and credit analysts say the dollar volume of new originations of home equity […]